For years, he was a member of the elite of Swiss bankers. Now, the former Credit Suisse wealth manager is in a prison hospital in Geneva, charged with fraud, misappropriation, and criminal mismanagement, facing as many as 10 years behind bars.
The case reaches beyond the executive, who under Swiss law can’t be identified in public. Credit Suisse now faces criminal accusations from three clients, alleging it played a role in the fraud.
The timing is terrible for Switzerland’s No. 2 bank. Its new CEO, Tidjane Thiam, is betting its future on managing money for the rich. Wednesday, he announced plans for more cuts at its investment bank. He also told Bloomberg Television he was blindsided by risky debt and illiquid positions taken at the trading unit that he expects to contribute to a loss for the bank in the first quarter.
The full original article can be found at bloomberg.com