Credit Suisse boss Tidjane Thiam is rapidly losing the goodwill he had when he was appointed chief executive of Switzerland's second-biggest bank. Criticism about helicopter flights and cronyism comes from an unusual source. What happened to the manager flown in to rescue CS?

Swiss business newspaper «Finanz und Wirtschaft» isn't known for an aggressive style, but rather for its analytic approach. However, at the weekend, the paper unexpectedly wheeled out the heavy artillery and pointed it at Tidjane Thiam, chief executive of Credit Suisse (CS).

Under the heading of «Der Praktikus», a usually reliabable source of information, «Finanz und Wirtschaft» said the CEO of CS had installed a group of well-paid advisers who protected the boss from criticism from within the bank. Thiam, issued with a personal driver also had a penchant for helicopter flights, insisted on travelling in first class with his entourage and demanded being put in the presidential suite in the luxury hotels.

CS on Monday told finews.ch that the chief executive didn't use a helicopter for travel in Switzerland and complied with the travel guidelines issued by the bank.

«If this is the case, Thiam fundamentally misunderstood something,» the newspaper concludes.

Role Model?

The workforce of CS is ready to embark on something new, is ready for real change, but the management has to take the lead and act as a role model, «Der Praktikus» said. Insisting on being pampered like a king, reacting with a snarl to criticism and surrounding yourself with stooges will end in disaster.

Thiam has indeed changed in the past months and weeks. The beaming appearance at the start of the year has been replaced by a sullen look, he's losing his temper at the slightest criticism and will have realized by now that the workforce and banking experts are not unanimously cheering his grand new strategy.

Abrupt Departure of Managers

The abrupt manner of dissociation of loyal managers who had been loyal for years after the strategy presentation of October 21 left a sour taste and displayed a lack of magnanimity and generosity you wouldn't have thought possible.

The recent reports about his personal life may have been coincidental, but people say the CEO was rather clumsy in how he dealt with the changes. The boss of a bank with a compensation of presumably well above 10 million francs should devote all his time and energy on leading the company and ought to keep out of the people's news – this at least is what high-ranking CS managers think who are slightly worried at the behavior of Thiam.

The reaction of the communications department to even slightly critical reports is also a reflection of the influence of Thiam's stooges.