Thiam wants to see two big banks in Switzerland to strengthen the industry in the country. He doesn't see fighting UBS for top spot as a priority either, emphasizing his desire to make his own bank stronger instead.
He also spoke of his interaction with a thorn in his side, activist investor Rudolf Bohli, who is calling for changes at Credit Suisse. «I met him and talked to him and I explained our strategy. I have also made it clear that I continue to believe the strategy is working. That is all there is to say,» Thiam said.
Pay and Bonus Snafu
Thiam sidestepped the issue of bonus payouts and the salaries of top bankers at Credit Suisse: «You have to be able to retain your top people, it is, however, a complex process.»
On the ongoing Brexit confusion, Thiam said the planning process is well underway and expects jobs to be transferred from Britain to other locations but did not specify to where.
Wealth Priority
Under Thiam's leadership, wealth management has been elevated and enjoys his robust support. Credit Suisse's wealth managers are in line for double the bonus their colleagues in other parts of the bank will receive, and in Asia a new onshore business will soon launch in the Philippines.
The bank also plans to squeeze more revenue and productivity out of its existing advisor force by making investment bankers and wealth managers work more closely together. The wealth management business though requires a strong investment bank. «That is why we must continue to offer best in class service and be a top performing investment bank as well as a wealth manager,» Thiam says.
In five years time, Thiam wants to see his bank with a strong capital base, risk reduced to a minimum and recognized as the world’s leading bank for entrepreneurs.
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