Credit Suisse CEO beset by staff tension, sinking stock

New York

ANOTHER downturn in the stock price of Credit Suisse has put Tidjane Thiam, the bank's embattled chief executive, on the defensive - again.

Last Friday, Mr Thiam sent employees a memorandum which said that hedge funds were betting against shares of Credit Suisse - taking the view that Mr Thiam would have to raise more capital from investors. Credit Suisse officials said that the chief executive regularly sends updates to employees.

Mr Thiam called these concerns unfounded and said that they were a reflection of how market conditions have become difficult for Credit Suisse and other European banks.

Since he took over last summer as chief executive at Credit Suisse - which has large operations in New York and London - its stock has sunk…