Credit Suisse Confusion on Costly Trades Adds to CEO's Woes

  • Illiquid trading positions to contribute to quarterly loss
  • Thiam says positions a result of `unacceptable' practices

Credit Suisse CEO: There Needs to Be a Cultural Change

Credit Suisse Group AG Chief Executive Officer Tidjane Thiam dropped a bombshell on investors: Caught off guard by a buildup of illiquid trading positions, the CEO said the bank will probably post a second straight quarterly loss as it unwinds the trades and deepens cuts at that business.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.