At Credit Suisse, it is business as usual after a grueling three-year revamp in which the Swiss bank worked «day and night» to right itself, according to CEO Tidjane Thiam.
The Swiss bank was in a vicious cycle, but has been able to leave its issues «definitively behind,» CEO Tidjane Thiam (pictured above) said in an interview with Swiss newspaper «NZZ am Sonntag» (behind paywall, in German). Credit Suisse ditched the positions at a loss of 7 billion Swiss francs ($7.2 billion).
During the period of fines in the U.S. as well as restructuring costs, Credit Suisse notched up withdrawals of 15 billion francs. Thiam said that Credit Suisse, after putting the scandals behind, can post an annual profit of up to 6 billion francs. The Swiss bank wants to ratchet up its business with Asia's super-rich in particular.
Swiss Home
Credit Suisse is ranked as the third-largest wealth manager on the European continent. Since Thiam became CEO in 2015, the bank hiked its managed assets in the region to 200 billion francs, from 130 million previously.
The CEO also spoke out on Switzerland, where his renown in international banking circles doesn't always translate. Thiam called Switzerland his home, saying he had given up his London digs in favor of Zurich.
Thiam said he flew 250 times in his first year at Credit Suisse CEO. «I'm looking forward to a normal life and my future here in Switzerland after three intense years.»
