The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
“There is nothing that I don’t understand in investment banking”. So said Tidjane Thiam on being unveiled as the new chief executive of Credit Suisse last March. Given such reassuring chutzpah, investors will be wondering how the former boss of insurer Prudential presided over almost $1 billion of losses in the last six months. The failings look both operational and strategic.