Credit Suisse Group chief executive officer Tidjane Thiam dropped a bombshell on investors: Caught off guard by a buildup of illiquid trading positions, the CEO said the bank will probably post a second straight quarterly loss as it unwinds the trades.
While Thiam earlier yesterday said that some of the positions were built unbeknownst to management in what he described as “unacceptable” practices, within hours he said...
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