REPORT: The CEO of Credit Suisse is out

CEO Brady Dougan of Swiss bank Credit SuisseREUTERS/Arnd WiegmannCEO Brady Dougan of Swiss bank Credit Suisse smiles as he addresses a news conference to present the bank’s half-year results in Zurich July 25, 2013. Credit Suisse’s investment bank drove a one-third jump in second-quarter group earnings, while higher interest rates should help future profits at its private bank, the lender said.

Credit Suisse is replacing CEO Brady Dougan, according to a Wall Street Journal report. He’ll be replaced byPrudential U.K. CEO Tidjane Thiam.

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Dougan took over Credit Suisse in 2007, just in time to catch the worst global financial crisis in decades.

Last year Swiss lawmakers started pressuring him to resign after the bank plead guilty to helping clients evade taxes. The $US2.6 billion fine the bank had to pay resulted in its first quarterly loss since 2008.

Pressure was mounting on Dougan from inside the bank too. After he testified on Capitol Hill about the tax evasion matter, a staff group representing Swiss bankers at Credit Suisse and other Swiss banks demanded that he apologise. They said Dougan’s testimony simply served to “vilify lots of employees that had nothing to do with offshore U.S. banking.”

Thiam, for his part, has never worked in banking.

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