Business Week has learned that “Credit Suisse Group AG’s board threw its support behind Chief Executive Officer Brady Dougan a week after the Swiss National Bank said the company needs to accelerate efforts to raise capital.” The board includes representatives from Olayan Group and sovereign-wealth fund Qatar Holding LLC, the Zurich-based bank’s two largest shareholders. In a Friday statement, the directors wrote: “The board is comfortable with the progress that has been made toward meeting the Basel 3 capital requirements,” adding that they are “confident” that management’s plans will ensure the bank exceeds capital requirements.
Credit Suisse board backs CEO in feud with Swiss central bank
Credit Suisse’s board of directors supported CEO Brady Dougan following criticisms from the Swiss National Bank on the firm’s capital levels.
June 25, 2012