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  "documentTitle": "id19 an effective approach 3 case studies",
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      "text": "Credit Suisse's profits increased steadily from 2015, supported by reduced volatility of revenue streams and operating costs.",
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      "text": "cost-to-income ratio: 77.6%",
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      "text": "Initially, many both inside and outside the bank doubted Thiam's ability to lead Credit Suisse. His background in insurance at Prudential led others to assume that he would not be able to understand the complexity in the banking industry. However, Thiam was hardly a stranger to financial markets.",
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      "text": "However, following the 2008 global financial crisis, Credit Suisse's share price has declined more than 90%. The bank has since made painstaking progress, with heavy cost cutting and restructuring, to achieve more stable financials today. More recently, Credit Suisse reported a 75% increase in profits in the first quarter of 2020 to US$1.34 billion, which was its “highest quarterly results in five years”.",
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      "text": "Tidjane Thiam was appointed the Chief Executive Officer (CEO) of Credit Suisse in March 2015 after being the Group CEO of Prudential plc. (Prudential) since 2007. He had a plan to scale up Credit Suisse's private banking and wealth management operations in Asia, Eastern Europe, Latin America, and Africa.",
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      "text": "Thiam's stellar performance came with high expectations that not many employees were able to meet. Two bankers came through amidst Thiam's efforts to break Credit Suisse from its past. One was finance chief, David Mathers, and the other was Iqbal Khan. Mathers succeeded in winding down under-perfoming assets within record time. Khan, who was in charge of private banking, was able to reduce costs through disposals in the asset management business and restructuring, and exceeded the targets set.",
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      "text": "After taking the helm, Thiam mapped out a three-year restructuring plan for Credit Suisse that was launched at the beginning of 2016, redirecting the bank's focus from riskier, capital-intensive investment banking to wealth management and emerging markets. Despite sustaining losses in 2016 and 2017 due to restructuring costs, legal settlements and U.S. corporate tax changes, Credit Suisse's profits increased steadily from 2015, supported by reduced volatility of revenue streams and operating costs. In 2018, the bank reported its first annual net profit since 2014, beating analysts' expectations. It continued to do well in 2019, achieving a cost-to-income ratio of 77.6% – its best since 2010. Thiam was awarded Banker of the Year by Euromoney in 2018. Chairman Urs Rohner credited Thiam as the reason that “Credit Suisse is standing on a very solid foundation and has returned successfully to profit.”",
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      "text": "We all deal with the same yield curve, the same equity markets, the same volatility. Yet people were acting as if I had landed at the bank from planet Mars. Saying that it was risky for Credit Suisse to appoint a non-banker felt to me like a cheap shot.",
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      "text": "We all deal with the same yield curve, the same equity markets, the same volatility. Yet people were acting as if I had landed at the bank from planet Mars. Saying that it was risky for Credit Suisse to appoint a non-banker felt to me like a cheap shot. — Tidjane Thiam, CEO of Credit Suisse",
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      "text": "Surprising the doubters",
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