Friday April 3, 2020

Credit Suisse will post second straight quarterly loss

CEO caught off guard by build-up of illiquid positions as he cuts his variable pay

24th March, 2016
CEO Tidjane Thiam. Pic: Getty

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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