New Credit Suisse CEO dismisses lack of investment bank experience

ZURICH (Reuters) - Credit Suisse's incoming chief executive, Tidjane Thiam, brushed aside criticism that his track record in investment banking may not be strong enough to lead a company where investment banking ties up most of the bank's capital.

Thiam, who has never held a senior position at an investment bank, is due to take over from Brady Dougan at the end of June. [ID:nL4N0WC1YO]

Thiam said his experience working as a management consultant at McKinsey had given him enough insight into the business to overcome his lack of formal ties within the organisation.

"I've been a customer of investment banks for 20 years," Thiam told Reuters on the sidelines of a Credit Suisse news conference in Zurich.

 

"I've worked on all kinds of things with them, from M&A (mergers and acquisitions) to raising capital. I've got a reasonable knowledge of all of that," Thiam said, adding he was confident he would know to ask the right questions and surround himself with the right people.

During the news conference, Thiam highlighted his time at consulting firm McKinsey & Co, where he helped reorganise some investment banks.

"There's more in life and in a 28-year career than you can read on a resume," Thiam told the news conference. "I'm very confident I can understand everything the investment bank does. I don't have any worries."

Thiam's recruitment has raised expectations that he will cut Credit Suisse's investment bank hard. European rivals such as UBS have been faster to shrink this business and focus on other areas of strength.

He told the news conference it was too early to ask about potential changes he might make to the bank's business.

(Reporting By Joshua Franklin and Edward Taylor; editing by Susan Thomas)