Credit history Suisse replaces CEO with insurance policy exec

Swiss banking huge Credit Suisse has named Tidjane Thiam as its new chief govt.

Credit Suisse has named a new boss — a single with no direct knowledge of banking.

Insurance coverage government Tidjane Thiam will get the reins when Brady Dougan measures down in June.

Thiam leaves the prime work at U.K. insurance company Prudential, ( PUK ) which he held considering that 2009. Given that then he has presided over robust development in the company’s share price tag.

Educated in France, Thiam worked for administration consultancy McKinsey and insurance policies group Aviva prior to joining Prudential in 2008. He was also a federal government minister in his native Ivory Coastline.

“His substantial international encounter, including in prosperity and asset management and in the successful growth of new marketplaces, offers a agency basis for foremost Credit score Suisse,” the bank’s chairman Urs Rohner mentioned.

Thiam will turn into the 2nd black main executive of a global bank, following Stanley O’Neal, who led Merrill Lynch for five several years until 2007.

Investors preferred the information of the management adjust, and shares in Credit history Suisse ( CS ) shot up much more than 7% on Tuesday.

Outgoing CEO Dougan put in a quarter of a century with Switzerland’s second greatest lender, which includes 8 years as main executive, and is one particular of the handful of remaining bosses to have steered a bank by means of the fiscal disaster.

The lender carries on to struggle allegations that it, alongside with other folks in the business, issued risky securities ahead of the crisis. It established aside about $ 280 million last thirty day period to deal with authorized issues and investigations in the U.S.

American-born Dougan arrived underneath intensive stress last calendar year as U.S. lawmakers investigated the organization above tax evasion .

Credit history Suisse agreed to shell out $ 2.six billion to U.S. authorities for illegally permitting some consumers to evade their taxes.

An investigation by the U.S. Senate located that Credit history Suisse held as considerably as $ twelve billion in assets for 22,000 U.S. customers, up to 95% of which was hidden from the IRS.

CNNMoney (London) March ten, 2015: six:fifty three AM ET

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