Credit Suisse boss faces revolt from bankers

New York

WHEN Tidjane Thiam took over at Credit Suisse last July, he laid out a new direction for a financial giant with a storied investment banking history: do less investment banking.

And he used forceful language in doing so. He has referred to once-core businesses - such as trading in distressed bonds and derivatives - as "ugly ducklings". He has suggested publicly that traders ramped up their investments in risky debt without his knowledge.

Instead, Mr Thiam said, the firm should dedicate itself to cultivating billionaires in China, Indonesia and Africa. The message: the future for the company is in managing the wealth of others.

One year in, Credit Suisse stock is down 50 per cent. And the investment bank, the…