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Credit Suisse CEO Pulls A Dick Fuld

That's a road you generally don't want to go down.
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Photos: Getty Images

Photos: Getty Images

No, we don't mean Tidjane Thiam got into a fistfight with a fellow parent at a youth hockey game, sued his son-in-law, pumped up senior executives with the line "the BRos always wins!!", or delivered a keynote address about investment banking with nary a whisper of how he destroyed a 158 year-old company from the inside. We mean he blamed no-nothing shorts for Credit Suisse's current share price.

Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said hedge funds are wrong to assume that the Swiss lender will have to raise additional capital after the shares touched a fresh all-time low last week, according to two people with knowledge of the matter. The lender’s share price is hurt by “an unusually high level of short positions,” Thiam wrote in a memo to staff last week, the people said, asking not to be identified because the contents are private. While some hedge funds are speculating on another capital increase, partly because of restructuring measures and operational losses, they’re “not correct,” Thiam wrote.

Credit Suisse CEO Said to Tell Staff Shorts Wrong on Capital [Bloomberg]


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Like many a Credit Suisse employee, Thiam will see his bonus chopped (though in his case the slashing is voluntary).

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And it's going to need lots of employees' help to achieve it, by boxing up their things and leaving the building (forever).