Credit Suisse Rebuilding Gets Off To Painful Start

Credit Suisse Rebuilding Gets Off To Painful Start by Matthew Allen, swissinfo.ch

It has not been a good start for Credit Suisse Chief Executive Tidjane Thiam. Six months after he took on the job, he has announced 4,000 job cuts, CHF3.8 billion ($3.7 billion) in write downs and a CHF2.9 billion loss for 2015.

Thiam has used a heavy duty broom to sweep out the bank’s past problems. In October he announced that Credit Suisse’s United States private banking business would wind down with staff being given the opportunity to move to Wells Fargo. This followed a $2.8 billion fine that Credit Suisse had to pay in 2014 to settle a US tax evasion dispute.

The botched acquisition of Donaldson,...