Prudential's Thiam to be CEO of Credit Suisse

Zurich

CREDIT Suisse Group AG named Prudential Plc's Tidjane Thiam to replace Brady Dougan as chief executive officer as the bank grapples with regulations that have hurt earnings. Mr Dougan will step down at the end of June, Credit Suisse said in a statement on its website on Tuesday.

The switch puts an Ivory Coast-born French national, who has spent the past decade running insurance businesses, atop Switzerland's second-biggest lender. Mr Dougan, an American who has led Credit Suisse since 2007, has contended with pressure to shift strategy as the company's stock posts one of the worst performances among European banks this year.