Credit Suisse defends big bank

[cory777]

Source: Reuters

Credit Suisse launched a defence of its big bank structure and the bonus culture on Friday and made its first top management change since the financial crisis.

The bonus structure "helped us manage through the crisis," CEO Brady Dougan told shareholders at the bank's annual meeting, and Chairman Hans-Ulrich Doerig added that calls to break up the banks in the aftermath of that crisis would be a "spectacular own goal."

The bank also said it would replace its Chief Financial Officer Renato Fassbind, who helped steer the bank through the financial crisis and shaped its integrated business model in his six-year tenure, with insider David Mathers.

Read more: http://uk.news.yahoo.com/22/20100430/tot-uk-creditsuisse-ceo-b86c26b.html

[fasttense]

1. Yeah, right, paying out billions in bonuses really helped the bankrupt banks.

It's all that free money from the Fed and tax payers that helped not the stupid "Ball Street" culture.