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Business

Credit Suisse CEO Brady Dougan resigns

The CEO of Switzerland's second-largest lender, Credit Suisse, has unexpectedly resigned. He had come under criticism for the bank's involvement in helping US citizens illegally dodge taxes.

In confirming the resignation of Credit Suisse CEO Brady Dougan, Chairman Urs Rohner said in a statement Tuesday that Dougan had kept the lender "on track in recent years despite a complex environment and considerable headwinds in the global financial industry."

Dougan had been at the helm of the country's second-biggest bank since 2007, and so found himself responsible for keeping the lender afloat during the global financial crisis.

Alongside Jamie Dimon of JPMorgan and Lloyd Blankfein of Goldman Sachs, he'd been among the very few chief banking executives who'd kept their posts after the worst of the financial crisis was over.

Hefty fine

But calls for Dougan's resignation came last year, after Credit Suisse's settlement with US regulators over the bank's role in

helping wealthy US citizens evade taxes

. The lender had to pay the highest-ever fine in Swiss banking history.

Dougan also received a good share of criticism because, unlike the management team at domestic rival UBS, he'd been unwilling to rethink his company's investment banking strategy.

US-born Brady Dougan will be replaced in June by Tidjane Thiam, the head of British insurer Prudential.

Credit Suisse Chairman Urs Rohner described Thiam as "a strong and distinguished leader with an impressive track record."

hg/nz (Reuters, AP)

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