Credit Suisse’s Credibility Is Hurt in Deal


Tidjane Thiam, the chief executive of Credit Suisse.CreditFabrice Coffrini/Agence France-Presse — Getty Images

Credit Suisse is culling its ugly ducklings. The Swiss bank sold $1.2 billion of distressed credit to TSSP, an affiliate of the United States buyout group TPG, locking in $100 million of write-downs on top of those it has already taken. The financial damage looks less painful than the dent to the group’s credibility.

Back in October, Credit Suisse surprised the market by deciding to stick with credit and securitized products it could have sold off. Tidjane Thiam, the chief executive, took the view that the outsize return on the assets justified the risk of losses…

Credit Suisse’s Credibility Is Hurt in Deal

Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.