Chief executive of Prudential lined up to replace Brady Dougan as the boss of Credit Suisse
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| Mr Thiam has been chief executive of Prudential since 2009 |
Mr Thiam’s appointment could be announced as early as Tuesday morning, according to the Financial Times. It follows a period of turmoil at Credit Suisse in which investors have questioned the bank’s direction and criticised a shake-up led by Mr Dougan.
Mike Wells, the head of Prudential's US operations, is expected to replace Mr Thiam, according to reports.
Sky News said Mr Wells, who is president and chief executive of Jackson National Life Insurance, has been chosen by Prudential’s board to replace Mr Thiam later this year. However, it is understood that Mr Wells' appointment will not be announced until the company has secured regulatory approval, which could take several weeks.
Mr Thiam has been chief executive of Prudential since 2009. His departure from the Asia-focussed insurer will be a blow to the company, which has seen its share price double over the past two years as the company has continued its aggressive expansion.
Swiss banks have come under renewed scrutiny this year after the dramatic surge in the value of the Swiss franc following the central bank’s decision to remove the country’s currency peg with the euro.
Concerns that Credit Suisse's balance sheet wasn't strong enough and doubts about Mr Dougan's plan for its securities unit pushed shares down by more than 20pc in January. Credit Suisse is one of the worst performing European banks this year outside of Greece.
Mr Dougan joined the bank 25 years ago, and has served as the company’s chief executive since 2007, before the financial crisis.
American Mr Dougan, who has been described as a low-key figure, has come under increasing pressure following the bank's $2.6bn (£1.7bn) settlement with US regulators last year over allegations that it helped clients to dodge tax.
Credit Suisse and Prudential did not respond to requests for comment.
The Telegraph
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