Bulletin: Credit Suisse CEO's Exit May Not Instantly Disperse Clouds Over The Group - S&P Global Ratings’ Credit Research

Bulletin: Credit Suisse CEO's Exit May Not Instantly Disperse Clouds Over The Group

Bulletin: Credit Suisse CEO's Exit May Not Instantly Disperse Clouds Over The Group - S&P Global Ratings’ Credit Research
Bulletin: Credit Suisse CEO's Exit May Not Instantly Disperse Clouds Over The Group
Published Feb 07, 2020
2 pages (1265 words) — Published Feb 07, 2020
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Abstract:

FRANKFURT (S&P Global Ratings) Feb. 7, 2020--S&P Global Ratings today said that Credit Suisse Group AG's (core operating banks rated A+/Stable/A-1) appointment of a new CEO shows the rising risk of lasting damage to the group's franchise following revelations that two former executive board members had been under surveillance. The group announced today the resignation of CEO Tidjane Thiam, and the appointment of Mr. Thomas Gottstein as his replacement effective Feb. 14, 2020, the day after it presents its fourth-quarter and full-year results for 2019. Mr. Gottstein is currently the CEO of the group's Swiss domestic banking division (Swiss Universal Bank) and domestic subsidiary. In our view, today's decisions may allow management to refocus on strategic execution. However, we note

  
Brief Excerpt:

...February 7, 2020 FRANKFURT (S&P Global Ratings) Feb. 7, 2020--S&P Global Ratings today said that Credit Suisse Group AG's (core operating banks rated A+/Stable/A-1) appointment of a new CEO shows the rising risk of lasting damage to the group's franchise following revelations that two former executive board members had been under surveillance. The group announced today the resignation of CEO Tidjane Thiam, and the appointment of Mr. Thomas Gottstein as his replacement effective Feb. 14, 2020, the day after it presents its fourth-quarter and full-year results for 2019. Mr. Gottstein is currently the CEO of the group's Swiss domestic banking division (Swiss Universal Bank) and domestic subsidiary. In our view, today's decisions may allow management to refocus on strategic execution. However, we note that the Swiss authorities' investigations into the staff surveillance issue are ongoing and that the group has now lost three executive board members in quick succession. We think Credit Suisse...

  
Report Type:

Bulletin

Ticker
CSGN@VX
Issuer
Credit Suisse Group AG
GICS
Diversified Capital Markets (40203030)
Sector
Global Issuers, Public Finance, Structured Finance
Country
Switzerland
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Credit Suisse CEO's Exit May Not Instantly Disperse Clouds Over The Group" Feb 07, 2020. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Credit-Suisse-CEO-s-Exit-May-Not-Instantly-Disperse-Clouds-Over-The-Group-2379527>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Credit Suisse CEO's Exit May Not Instantly Disperse Clouds Over The Group Feb 07, 2020. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Credit-Suisse-CEO-s-Exit-May-Not-Instantly-Disperse-Clouds-Over-The-Group-2379527>
  
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