Credit suisse boss faces revolt from bankers over strategy shift – the new york times

Credit Suisse has a wide range of businesses, like overseeing the fortunes of billionaires and managing initial public offerings for technology companies. High profit margin industries But for decades, the bank has been dominated, both culturally and financially, by a richly paid banking elite. High profit items to sell These deal makers in New York and London are now furious at Mr. High profit shares Thiam, not just for cutting their pay but also because they resent his blaming them for the $6 billion in losses that the firm has suffered on his watch. High profit crafts Continue reading the main story

But what makes the situation at Credit Suisse stand out is that Mr. Low cost high profit business Thiam appears to have done little to cloak his disdain for these activities.


Low cost high profit shares The question is not whether Mr. Small business with high profit margin in india Thiam is right to grab power and capital from these declining businesses but whether his blunt, domineering style as a change agent will end up alienating bankers instead of winning them over.

“It is never easy to tell people that whole parts of the business that have put bread on their table and bought them a second house have become uneconomic,” said Guy Moszkowski, a longtime securities analyst at Autonomous Research.

By any measure, Mr. Low investment high profit business in kerala Thiam is an unconventional choice to lead an investment bank. High profit agriculture business in india Born to a prominent family in Ivory Coast, he cut short a career at McKinsey & Company in Paris in 1994 to join a reform-minded government in his home country as a top banker and minister.

Following a military coup in 1999, Mr. Businesses with high profit margins Thiam returned to McKinsey, and in 2009, he was named chief executive of Prudential, the British insurance conglomerate — becoming the first African to head a major listed company in Britain.

Six-foot-four and snugly tailored, Mr. Low value high profit shares Thiam has an air about him of not suffering fools. Business with less investment and high profit He had a successful run at Prudential (no relation to an American company with a similar name), overcoming an uproar following a failed bid to buy the Asian operations of the American International Group. Profit margin high or low Along the way, he became one of London’s more celebrated executives and a regular on the circuit of global get-togethers.

That he has not bent to the complaints of bankers and traders in unprofitable businesses should not come as a surprise. Low capital high profit business ideas “There needs to be a cultural change,” he said in a televised interview in March, in which he argued that bankers were pursuing risky trades to justify their high pay. Retail business with high profit margin “A lot of the problems in the investment bank are that people are trying to generate revenue at all costs.”

More than any other bank on Wall Street, Credit Suisse restricts the cash portion of its bonuses, allocating large chunks in company stock, which has halved in value. Low investment high profit business ideas in india So when their new chief executive gave a speech in May and said that Credit Suisse’s stock price “reflected reality,” bankers, especially the many who have worked at the firm for decades, could not believe it.

On Credit Suisse’s newly renovated trading floor in New York, several bankers, who spoke on the condition of anonymity, grumbled that Mr. Retail products with high profit margins Thiam had “lost the building,” which is Wall Street parlance for chief executives who no longer command the respect of their traders. High profit business with low investment And when he has appeared on television in recent months, employees loudly vented their frustrations at the screen, according those bankers, who witnessed the events but were not authorized to speak publicly.

Mr. High profit business india Thiam was hailed during his first visit to the trading floor in New York last year, but the reception during a more recent appearance was chillier, said two employees who were on the floor during his visits but were not authorized to speak publicly. Low budget high profit business in india In particular, many at Credit Suisse find Mr. High profit low cost business Thiam’s personal style to be jarring at a time when thousands are being laid off and the stock is trading at a multiyear low.

This is particularly true when compared with Brady W. Business with high profit in india Dougan, his low-key predecessor: Mr. Low investment high profit business in hyderabad Thiam’s own dealings with the media are handled by a British firm, Powerscourt. High profit items to sell on amazon He enjoys a robust social life and has been seen doing the rounds at clubs in London and Davos, Switzerland. Best business ideas with high profit in india And he recently purchased a luxury home in Herrliberg, an exclusive lakeside enclave in Zurich.

To be sure, analysts agree that Credit Suisse can no longer rely on trading derivatives with firms like Deutsche Bank as a profit center. High profit margin items Instead, Mr. Highest profit margin items on ebay Thiam is encouraging his deal makers to support the firm’s private bankers in Asia, by providing loans to palm-oil magnates in Indonesia or helping billionaire clients in China with initial public offerings.

Mr. Low cost high profit products Thiam is clearly enamored with the prospect of tapping growth markets in emerging economies. High profit items to sell on ebay He has been to China and broader Asia at least four times in his new capacity, and his business cards carry a Mandarin translation on the back.

Mr. Business with high profit margins in india Thiam’s defenders say that with the future of Credit Suisse in doubt, he has no choice but to make these painful changes and that resistance from well-compensated traders and bankers should not deter him. Ebay products with highest profit margin And it is also true that wealth managers in Switzerland and Asia, where Mr. High profit business ideas philippines Thiam is adding resources, are embracing the new strategy. Low investment business with high profit in chennai Photo

To date, the Credit Suisse board appears to be standing with Mr. Small business low investment high profit Thiam. Best business with highest profit margin Indeed, having had two Wall Street chiefs since 2001, the board clearly believes that only a prominent nonbanker like Mr. High profit jobs Thiam can wean the firm off a line of business that has so long defined it.

Nevertheless, directors were not happy with his televised comments in March when Mr. High profit items to sell online Thiam suggested that traders at the bank were hiding losses from him. Business with low investment and high profit in india Mr. High profit business ideas uk Thiam quickly corrected himself at a conference that same day and said no limits were breached, though not without taking another dig at his traders by questioning their judgment. High profit margin products Mr. Low cost business ideas with high profit philippines Thiam also called these distressed-debt traders and offered what a spokeswoman for the bank said was a “clarification” of his remarks.

“The board is 100 percent behind the strategy, Tidjane and the executive board,” said Richard E. Low startup high profit business Thornburgh, a former Credit Suisse banker with 30 years of experience at the firm who is now chairman of the board’s risk committee.

With morale in New York at a low point, Mr. High profit products Thornburgh has had recent meetings with top bankers and traders, hearing them out and urging them to remain focused on their clients. Low investment high profit business in kolkata For many, though, this is easier said than done. High profit margin products to sell It is unusual, after all, for an incoming chief executive to be so publicly critical of employees responsible for a quarter of a firm’s revenue.

That is particularly true on Wall Street, where punctured vanities can quickly harm a firm, as productive bankers head for the exits in droves. High profit selling pdf Over the last six months, at least 18 bankers and traders have left the firm, with many of these coming from Credit Suisse’s once prestigious technology unit in San Francisco.

The culture clash at Credit Suisse recalls a similar dispute at Morgan Stanley a decade ago. Items with highest profit margin on ebay Like Mr. Low startup cost high profit business Thiam, Philip J. Business ideas with high profit margins Purcell was a former whiz kid consultant from McKinsey who preferred slow and steady brokers over bankers with big egos and even bigger paychecks. Highest profit business in india A banker-led uprising forced Mr. Low investment high profit business philippines Purcell’s departure, since power on Wall Street was then still in the hands of deal makers and traders.

With wealth managers now ascendant, Mr. High profit business to start Thiam seems willing to accept the wounded cries of his own bankers as a painful necessity if his grand plan is to succeed. High profit shares in india “Is there a vision. Low cost high profit business ideas Is there a direction?” Mr. High profit business ideas in india Thiam asked aloud last year in a speech introducing his strategy. High profit margin business “The Germans say that the horrible end is better than horror without end.”

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