Credit Suisse Just Got More Boring
If anyone had suggested in 2007 that the head of a staid British insurance company could win the top job at a freewheeling global investment bank, they'd have been laughed out of the pub. Investment banking, though, is trying to shed its casino image. The firms that own investment banks have been nudged by regulators to concentrate on areas of finance that are more mundane -- and, increasingly, more profitable. So today's news that Credit Suisse is hiring Tidjane Thiam from Prudential Plc to replace Brady Dougan as chief executive officer is a welcome affirmation that banking is becoming more boring. (No offense to Thiam, who seems an interesting chap.)
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