Credit Suisse CEO, Blindsided by Risk Buildup, Cuts Jobs

Updated on
  • Thiam says trading actions were `completely unacceptable'
  • Bank announced additional 2,000 job cuts at securities unit

Credit Suisse CEO: There Needs to Be a Cultural Change

Credit Suisse Group AG Chief Executive Officer Tidjane Thiam, who said he was blindsided by a buildup of illiquid trading positions that will probably spark a first-quarter loss, pledged to make deeper cost cuts.

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