Of Course Tidjane Thiam’s Moment Of Triumph Will Be Overshadowed By An Intern-Licking Scandal

This is Credit Suisse, after all.
By World Economic Forum from Cologny, Switzerland [CC BY-SA 2.0], via Wikimedia Commons

"Can you fucking believe this shit?" By World Economic Forum from Cologny, Switzerland [CC BY-SA 2.0], via Wikimedia Commons

When he took over the collapsing bank back in 2015, Tidjane Thiam warned his unruly shareholders and unhappy employees that returning Credit Suisse to something resembling stability would be a long and winding road. And so it has been, what with all the layoffs and lack of bonuses and open enmity and comparisons to Deutsche Bank and layoffs and money laundering fines and layoffs and subprime mortgage fines and more layoffs and more money laundering fines and shit from proxy advisors and front-running fines and continued lack of bonuses and everything else that was coming down the pike.

“You have to put things in perspective. There was an enormous amount of cleaning up,” Mr. Thiam said at a press conference Tuesday, referring to legal settlements, tax-related charges and restructuring costs. “There’s never been a quiet quarter.”

Thiam said it would all take three years. And so it has.

Credit Suisse Group AG’s second-quarter profit more than doubled on the year, putting it on track for its first annual profit since 2014…. The bank reported Tuesday a net profit of 647 million Swiss francs($655 million) for the second quarter, compared with 303 million francs a year earlier…. Profit was 1.3 billion francs for the first six months of 2018.

Of course, this is Credit Suisse, so don’t expect any quiet quarters in the near future, what with the geopolitical tensions and uncertainties. In fact, even its first good quarter in memory wasn’t quiet, what with that now-former M&A MD getting a little too handsy and tongue-y with the interns, ensuring that the summer of 2018 will not be remembered as Credit Suisse’s season of triumph but as the Summer of the Licking Banker.

Credit Suisse on Track for First Annual Profit in Four Years [WSJ]