Credit Suisse caught out by big positions

摘要

Credit suisse boss Tidjane Thiam said he only became aware in January of big adverse positions in the bank's distressed credit book, prompting him to make more savage cuts to its markets business just five months after a strategic review. Thiam, who became chief executive in June, said last week that he and senior executives only found out about the positions two months ago and since then he has been assessing them closely. "In October, I was not aware of the positions on that scale," he told analysts. "There have since been changes in fixed income and accountability for that."