Economy Ivorian Tidjane Thiam leaves Credit Suisse leaving regret and...

Ivorian Tidjane Thiam leaves Credit Suisse leaving regret and profit

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Published on : 2/13/2020 – 6:27 PM

Forced to resign following the revelations of espionage within Credit Suisse, the Ivorian banker Tidjane Thiam, real star in his country of origin, leaves the Swiss bank Friday February 14, after five years at its head. Thursday, on the eve of his departure, he presented very positive results. Some shareholders deplore his departure.

He wanted to leave with panache. Tidjane Thiam, who will abandon his post on Friday at the head of Credit Suisse, the second bank in the country, announced Thursday, February 13, a profit up 69% in fiscal 2019, to 3.4 billion Swiss francs, or just over 3 billion euros.

Splashed by a spy scandal of a former collaborator of the bank, the Ivorian leader, pushed to resign, at least retains the reputation that was his for two decades: that of a brilliant financier and an outstanding business rectifier.

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His forced departure causes a stir within Credit Suisse

When he arrives in 2015 at the head of Credit Suisse, his mission is to read the accounts of an establishment with an unbalanced balance sheet and whose strategic choices had proved disastrous. Haled his reputation after saving the British insurer Prudential, Tidjane Thiam is cutting costs and redirecting the bank to wealth management, a much more profitable branch.

In three years the bet was successful, and Credit Suisse now sees the future with serenity. ” I am proud of what Credit Suisse achieved during my tenure “Tidjane Thiam said in a statement, saying the bank had been turned over” on good rails “.

Some shareholders, such as the Harris Associates fund, are not recovering from his departure. The company, which holds more than 8% of the bank’s capital, claims the head of the Swiss Urs Rohner, president of the board of directors, whom it makes responsible for the departure of Tidjane Thiam.

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