Brady Dougan

Apparently yesterday’s statement before a Senate subcommittee–wherein Dougan said that neither he nor Credit Suisse executives knew tax evasion was going on, but would nevertheless take responsibility for the few bad apples that had to ruin things for the rest of the group– was not satisfactory, particularly the part where Dougan claimed to just to have no knowledge of the practice. In order to move forward, the group needs to hear Dougan 1. Apologize for the original apology and 2. Say he knew it was going on the whole time, that he weighed in on the best way to hide assets, and maybe offer up pictures of himself on the beach thumbing through a copy of the Credit Suisse Tax Evasion handbook and sipping a pina colada. Follow through on one and two, and all will be forgiven. Read more »

“Some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management,” Dougan said at a Senate subcommittee hearing in Washington today. “While that employee misconduct violated our policies, and was unknown to our executive management, we accept responsibility for and deeply regret these employees’ actions.” [Bloomberg]

Light your candles, hang some mistletoe, ring in 2013, and then come back January 2 prepared to clear out your desk. Read more »

  • 22 Jun 2012 at 2:21 PM

Credit Suisse: Leave Brady Dougan Alone!

In an unusual move, the board of Credit Suisse Group AG Friday issued a statement to back Chief Executive Brady Dougan, saying it is confident management’s plans to bolster capital will ensure Switzerland’s No. 2 bank meets and exceeds regulatory requirements. Mr. Dougan’s problems have been building in recent days. Last week, he was caught up in an unusual public spat with Switzerland’s central bank over whether Credit Suisse’s capital cushion is adequate. Meanwhile, the Swiss bank’s stock has fallen sharply and some of its bankers are grumbling about Mr. Dougan’s performance as chief executive. The questions about Mr. Dougan have intensified in recent days and represent an unwelcome distraction for the bank, which has prided itself on avoiding much of the turmoil that has befallen its larger rival, UBS AG. The board has now moved to quell any speculation about Mr. Dougan’s future at the bank, saying it was comfortable with the progress that has been made toward meeting the Basel III capital requirements. [WSJ]

  • 24 Apr 2012 at 11:44 AM

Layoffs Watch ’12: Credit Suisse

Cuts are going down at the House of Dougan today. Read more »

  • 24 Feb 2012 at 11:58 AM

Layoffs Watch ’12: Credit Suisse

Cuts are coming to the House of Dougan next month. Read more »

  • 31 Jan 2012 at 6:55 PM

Layoffs Watch ’12: Credit Suisse

The cuts won’t go down until the spring, so just something to keep in mind. Read more »