Former Credit Suisse Chief Tidjane Thiam Defends His Record| MENAFN.COM

Sunday, 05 February 2023 11:07 GMT

Former Credit Suisse Chief Tidjane Thiam Defends His Record


(MENAFN- Swissinfo) Tidjane Thiam called for a cultural change during his tenure as Credit Suisse CEO. Keystone/ennio Leanza

Former Credit Suisse chief executive Tidjane Thiam has defended his record at the Swiss lender despite the litany of crises that have hammered the bank since his departure.

This content was published on November 30, 2022 - 09:45 November 30, 2022 - 09:45 Owen Walker and Stephen Morris, Financial Times

Shares in the group hit a 30-year low on Tuesday morning, extending their decline to more than 35% since the bank announced a radical restructuring and CHF4 billion ($4.2 billion) capital raise last month.

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A year after Thiam left Credit Suisse in 2020 following a damaging corporate espionage scandal, the bank was forced to close $10 billion of supply chain finance funds linked to the defunct company Greensill Capital. It was also hit with a $5.5 billion trading loss — the biggest in its 166-year history — tied to the implosion of family office Archegos.

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