Tidjane Thiam

Tidjane Thiam has been quoted 35 times. The two most recent articles where Tidjane Thiam has been quoted are Swiss bank Credit Suisse to cut 5, 500 jobs this year and Credit Suisse to cut 5, 500 jobs in 2017 after $2.4 billion full-year loss. Most recently, Tidjane Thiam was quoted as having said, “2016 was the first full year of implementing our new strategy and it was a challenging and busy 12 months. Thanks to our strong client franchise and the dedication of our teams, we have made good progress on our key objectives.”.

Tidjane Thiam quotes

Automatically powered by

We are now well-placed to capture growth and benefit from improving market conditions as a result of the tough actions we took in 2016.

2016 was the first full year of implementing our new strategy and it was a challenging and busy 12 months. Thanks to our strong client franchise and the dedication of our teams, we have made good progress on our key objectives.

We believe we are well positioned to continue to make progress with our restructuring program in 2017 and 2018.

From Brexit, frankly, we are effectively cautious. There are still a lot of open questions. One of them is the transition period. Certainly as an industry, and as a bank, we are in favor of a significant transition period, at least two to three years. I think that's in the interest of everybody. In the interest of the UK, in the interest of Europe, in the interest of the banking sector. So I hope that we can reach a reasonable agreement on that.

Certainty we see a strength in fixed income, you can see that. You can see the securitized products market going. You can see generally global credit products growing. You can see leveraged finance still at a reasonable level of activity.

After a year in 2016 where you saw revenues really go down (across the sector)...hopefully 2017 will be better but all this is markets permitting.

We really need to become much more nimble and articulating what we do and the benefits…for me regulation in many ways has become an expression of the loss of that mandate.

We have seen across the world the benefits of globalization…but we have also seen the tensions. The cracks in the system which then found a political translation.

We took for granted for a long time that we had a licence to operate, that society wanted big companies to exist and I think under the pressure of the financial crisis and the spread of information via social media, that mandate is getting weaker and weaker.

We are protecting returns during volatile markets to provide significant upside when conditions improve and there's good reason to believe that they are improving.

Looking ahead, we expect market activity to continue to be influenced by geopolitical and macro-economic uncertainty over the next several quarters and the outlook to remain challenging.

During 3Q16, we continued to make progress in implementing our strategy. We have reduced costs significantly and continued to grow profitably in our chosen markets.

We had since last year, announced a plan to reduce our footprint in London. We have around 2,000 people in London. Our strategy has always been to deemphasize London.

We will not be very impacted by passporting. Around 15-20 pct of volumes will be impacted.

We are going through our relationships with external asset managers and let's say pruning them to make sure that we only keep the desirable ones. I believe that's risk reduction. It's really an investment in the future.

Over his 25-year career at Credit Suisse, Eric has held a number of senior positions including: CEO of Asia Pacific, CEO of the investment bank, and CEO of Europe, Middle East and Africa. He also served on the executive board for six years from February 2008 to October 2014.

Since joining the bank in 2003, Brian has been one of our strongest risk managers and has been an integral part in developing the strength of our global markets franchise.

This has been a quarter of continued progress for Credit Suisse.

We have been very cautious, because everybody knows what the uncertainties are – (for example) Brexit – and no-one knows how it is going to play out.

That's the price paid for a chronic lack of investment in education. Something must be done at the national level so there aren't so many people left behind that the result of a national, democratic vote gives a result which is bad for the country in the medium term.

While we saw tentative signs of a pick-up in activity in March and then in April, subdued market conditions and low levels of client activity are likely to persist in the second quarter of 2016 and possibly beyond.

In this context, we have taken immediate action to reduce outsized positions in activities not consistent with our new strategy and systematically reduced our exposures.

Today, we are announcing an increase to our 2018 cost reduction target from 3.5 billion Swiss francs gross savings to at least 4.3 billion francs, driving our absolute operating cost base below 18 billion francs by 2018. For 2016, we aim to achieve 1.7 billion francs in cost savings.

Revenues (at Global Markets) have remained weak in the period, with negative operational leverage.

(We have) very unique market conditions and they are challenging, but fundamentally we are maintaining the objectives and the targets we have presented.

It's a clean-up and a turnaround. There is the need to deal with some legacy issues. There are a lot of restructuring charges attached to what we're doing. It's a big clean-up, but it's necessary.

Internationally speaking, the Swiss business is the most underestimated part of Credit Suisse and the share sale will reveal its value.

We need to continue to implement our strategy with discipline and clarify where there are misunderstandings.

What I can say is that we have a strong balance sheet.

I have asked the board of directors for a significant reduction in my bonus. Within the management team, the cut is greatest in my case. I cannot demand sacrifices from others and not make any myself.

We as a company, as a bank only encourage the use of structures when there is a legitimate economic purpose.

We do not condone structures for tax avoidance. Whenever there is a structure with a third party beneficiary we insist to know the identity of that beneficiary.

No quotes...
More Tidjane Thiam quotes
|< <
{{currentQuotePage}}/{{numberPage}}
> >|