Bloomberg News: There’s a critical mass to the size of investment banking below which “you are not credible, good people will simply not come to work for you," Thiam said in response to questions at a conference in Zurich.
“We made 1.5 billion of profits in Swiss francs in wealth management and global markets has a 22 million loss,” Thiam said. “We spent the whole call discussing the global markets loss," he said.
Scaling down trading in New York and London has been a key concern during Thiam’s first three years at Credit Suisse. He wants to focus on wealth management and emerging markets while using the investment bank to serve the ultra rich.
Hit the link below to access the complete Bloomberg News article: