It is promising to see that one of the great names of investment banking now stops using its capital for suicidal positions in capital markets and instruct its bankers to concentrate on transactions that support the wealth management activities. This is clearly clever and lower the risk at a time when our economies float in an uncontrollable deflation land.
The board of Directors of Credit Suisse were smart when they recruited Mr Tidjane Thiam from the insurance industry. As humans we have weakness that professor Daniel Kahneman refer to as Theory blindness - if and when we have accepted the logic or analytics of a particular industry we are not able to think different. So it is wise for directors in a corrupt ridden and risky industry to recruit management externally.
Considering this weakness, it is a waste of time to recruit CEOs from within the industry. Shareholders, customers and employees in Scandinavian banks would benefit greatly from fresh blood that could enable the banks from stepping out of the copy cat strategies.