Investors Yearn for New Credit Suisse CEO, Survey Suggests

Tidjane Thiam, CEO Credit Suisse

Tidjane Thiam, CEO Credit Suisse

Investors seem to have tired of Credit Suisse Chief Executive Tidjane Thiam less than a year after his appointment, a survey published by the «Financial Times» suggests.

Tidjane Thiam, the chief executive of Switzerland's No. 2 bank, has not be able to sway the opinion among investors in his attempts to turn around the fortunes of Credit Suisse (CS). In a survey of 74 institutional investors conducted by Autonomous Research and published by the «Financial Times», the CS boss comes second only to Stuart Gulliver, head of the U.K.'s HSBC bank, as the European bank Chief Executive who investors would most like replaced.

Job Cuts, Annual Loss, Capital Increase

In his short tenure as CEO of Zurich-based CS, Thiam has so far largely made headlines internationally for the wrong reasons – what with a whopping loss in 2015, a strategic rethink that had to be accelerated and bolted up several times, thousands of job cuts, a capital increase that leaves investors with stakes worth less than before.

In Switzerland, Thiam has made headlines for his apparent penchant for amenities like domestic helicopter flights, presidential hotel suites, and first-class travel arrangements for himself and his entourage. Credit Suisse has said Thiam adheres to the bank's travel guidelines.

HSBC and Banco Popular

Stuart Gulliver 506

The survey results are not due to be published, but people who knew them told the FT that Gulliver (pictured) had received 26 votes, almost double the number of Thiam. Francisco Gómez Martín, chief executive of Spain’s Banco Popular, came third.

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