Some Australian staff believe that former chief executive Tidjane Thiam’s decision to sideline his investment bank was responsible for the company’s failure.
Tidjane Thiam was one of the most talented, cultured and academically successful men ever appointed chief executive of a European investment bank. He was also responsible, many believe, for setting Credit Suisse on the road to its destruction.
“soared through top-flight institutions with a heady cocktail of crystal-clear intellect, fizzing ambition and a healthy dash of charm”.Credit Suisse had stumbled, and Thiam wanted to make it safer for shareholders. This meant reining in its risky investment bank. As their targets shrank to domestically driven clients, the business entered a downward spiral that was almost impossible to reverse. Less capital for bonuses meant fewer star hires, which made it harder to win new clients, which reduced the money available for rewarding talented staff.led the Australian investment banking league tables. Credit Suisse didn’t make the top 10.
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