There is no way to clean up the past without generating losses, Credit Suisse Chief Executive Officer Tidjane Thiam told CNBC on Monday — but profitability’s on the way.
“We’ve been cleaning up a lot of undesirable trades that we should not have done” in the past, he said. Credit Suisse embarked on a three-year plan — slated to end this year — to reorganize operations around its wealth management and emerging markets businesses.
In February, the bank has reported its third consecutive annual loss.
“We’ve finished winding down that restructuring end of this year … after that the company will be very profitable,” Thiam said.
“There’s no way to clean up the past, given the legacy we have, without generating losses. Not to be confused — we have profitable operations of the company. Cleaning up the past generates losses. (But) the company is operating very profitable.”
