The Strategist

Employees start fleeing Credit Suisse, senior manager forced to apologise

07/20/2021 - 03:59

Employees have started fleeing the Middle East and African offices of European bank Credit Suisse, Bloomberg says. Analysts cite resentment at the style of Bruno Daher, head of the Middle East office, as one of the reasons.

According to the publication, at least five senior and 20 junior employees have quit the Credit Suisse Middle East branch since the beginning of 2019. As a result, Daher, known for his expressive and often unethical manner towards his interlocutors, was forced to apologise for his words for the first time in a long time.

The reason for this was his comment that some employees should have had a gun to their heads if they had not corrected their work performance. At a nearby meeting, Daher apologised for the poor choice of words and explained that he often likes to use metaphors.

Market participants say that Daher's communication style was instrumental in building a successful business with annual revenues of 75 billion Swiss francs ($82 billion) and also in creating a team of reliable and skilled like-minded professionals, many of whom had followed Daher from his previous job at US investment bank Merrill Lynch.

But dissatisfaction amongst individual staff members, coupled with the bank's strategic failings - one of them being the Archegos Capital scandal - has led the senior management to consider replacing Daher. So far, no personnel decisions have been taken.


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