Credit Suisse CEO Blindsided as Bank Added to Risky Positions

  • Thiam said trading actions were `completely unacceptable'
  • Firm has taken more than $250 million of writedowns this year

Credit Suisse CEO: There Needs to Be a Cultural Change

Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said the firm’s traders had ramped up holdings of distressed debt and other illiquid positions without many senior leaders’ knowledge, helping lead to a first-quarter loss in the markets business.

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