After almost ten years in the top management of the world’s largest financial companies, the Franco-Ivorian banker is expected to succeed Christine Lagarde at the head of the IMF. A virtual world revolution.
The current CEO of Credit Suisse is going through a rather difficult period for not having achieved its maximum profitability targets. The action of his bank has lost 50% of its value since the arrival of Tidiane Thiam in July 2015. After gaining about 15% in the days that followed the appointment of the so-called Barack Obama at the time of finance , the share price fell back to its 1989 level.
A market sanction that explains the mistrust of some influential shareholders of the group and results in half-tint.
If he cleaned up Credit Suisse’s balance sheet and did the housework, Tidiane Thiam will not remain as the one with the most dividends for long-term dividend-free shareholders. Due to fines in the United States and restructuring costs (1,600 jobs lost), Credit Suisse had to deal with a capital outflow of CHF 15 billion. Despite these efforts, the expected benefits in 2018 will be lower than in the previous year. “The market will not retain the balance sheet cleaning but the depreciation of assets,” slice a trader.
If in Britain, the departure of Tidiane Thiam was explained by a daring OPA on the Asian branch of the American insurer AIG, in Switzerland it is rather for lack of spectacular decisions that the Ivorian became as and when measure the evil of the press and the establishment. “It’s clear, he is objectively on the start,” says a Swiss analyst.
What is at least sure is that at 56, Tidjane Thiam no longer plans to become CEO at another financial institution. “Credit Suisse is my end of career. I’m in my tenth year as CEO and I do not think I’ll be a third time! ”
The bureaucratic style of the IMF would remove Tidiane Thiam from the permanent sanction of the market attached to the function of a bank or insurance executive. Lagarde’s term ends in 2021. But until then, there are applications for the IMF to be closed on February 10th. And then, the maturity of February 14, 2019, Credit Suisse will present its results largely anticipated by the rest of the market. The hedge funds are clearly sellers on the Crédit Suisse share.
Tidiane Thiam, who will face the market analysis, the financial press and, above all, the shareholders, will have no respite in terms of emotion. Only one question remains: is the French-Ivorian still in the graces of Urs Rohner, powerful Chairman of the Board of Credit Suisse?
In the meantime, the IMF will designate in a few days the lucky successor of Christine Lagarde. The Board of Directors of the Fund, representing its 188 member states, hopes to make its final choice “by March 3” on the basis of “consensus”.
According to the Chained Duck, France would think of pushing the candidacy of the Franco-Ivorian Tidjane Thiam to avoid the legal troubles of the current general manager Christine Lagarde.
