{"id":116863,"date":"2020-10-14T20:14:14","date_gmt":"2020-10-15T00:14:14","guid":{"rendered":"https:\/\/africaglobalnews.com\/?p=116863"},"modified":"2020-10-14T20:14:14","modified_gmt":"2020-10-15T00:14:14","slug":"top-african-banker-forced-out","status":"publish","type":"post","link":"https:\/\/africaglobalnews.com\/website_b1ce9d46\/top-african-banker-forced-out\/","title":{"rendered":"Top African banker forced out"},"content":{"rendered":"\n<p>(AGN) \u2013 He was a celebrated banker. Euromoney named him Banker of the Year. Credit Suisse, which he briefly headed, saw an incredible turnaround under his leadership \u2013 from a troubled bank with billions owed in fines &#8211; to a successful one.<\/p>\n\n\n\n<p>But after a few short years at the helm of the Swiss bank, their cold message to the accomplished Senegalese director was: \u201cYou\u2019ve cleaned up the mess. Now leave.\u201d<\/p>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-5506089157017573\" data-ad-slot=\"1517254432\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<p>With the departure of Tidjane Thiam, diversity in the key banking sector has taken a major blow. A <a href=\"https:\/\/www.facebook.com\/africaglobalnews\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Financial News<\/a> analysis of 650 top dealmakers in 11 leading investment banks in the City of London found that just three were Black, exposing the yawning gap in the upper echelons.<\/p>\n\n\n\n<p>Evidence of ingrained racism was apparent early in his tenure when a shareholder at the annual investor meeting raised reservations about Mr. Thiam\u2019s background. \u201cThe bank is called Suisse \u2014 Credit Suisse,\u201d the shareholder said in German. \u201cI ask this question of Mr. Thiam, if he can understand me: I heard him mention the third world \u2014 is that really what we want? That a good, solid, Swiss bank sinks to the level of the third world?\u201d<\/p>\n\n\n\n<p>A recent New York Times piece titled \u201cThe Short Tenure and Abrupt Ouster of Banking\u2019s Sole Black CEO\u201d exposed such racist offenses as a Black performer dressed as a janitor at a party for the bank chairman, to a Studio-54-themed party last November that included bank chairman Urs Rohner&#8217;s friends dancing on stage wearing afro wigs.<\/p>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-5506089157017573\" data-ad-slot=\"1517254432\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<p>The banking giant said in a statement: &#8220;We are sorry for any offense caused.&#8221;<\/p>\n\n\n\n<p>Yet Tidjane Thiam\u2019s story is remarkable for his proven successes despite his racially-based ouster after turning the failing bank around.<\/p>\n\n\n\n<p>Among his achievements was putting the bank\u2019s books in order and settling a controversial $2 billion loan to Mozambique that plunged the country into its worst <a href=\"https:\/\/africaglobalnews.com\/category\/finance\/\">financial<\/a> crisis since independence.<\/p>\n\n\n\n<p>In that case, Credit Suisse helped arrange loans to improperly fund Mozambique\u2019s shipping fleet and tuna fishing industry. Three former Credit Suisse bankers pleaded guilty in the case involving $200 million in kickbacks. Loans arranged by Credit Suisse were reportedly hidden from <a href=\"https:\/\/www.imf.org\/en\/Home\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">the IMF<\/a> and other international donors.<\/p>\n\n\n\n<script async=\"\" src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\n<ins class=\"adsbygoogle\" style=\"display:block; text-align:center;\" data-ad-layout=\"in-article\" data-ad-format=\"fluid\" data-ad-client=\"ca-pub-5506089157017573\" data-ad-slot=\"1517254432\"><\/ins>\n<script>\n     (adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<p>Like Mozambique, many poor and heavily indebted African countries such as Angola, Cabo Verde, Congo, Djibouti and Egypt must now, amid a pandemic, borrow heavily to survive. It remains to be seen who will consider their plight in the nearly all-white lending institutions.&nbsp;<em>W\/pix of T. Thiam<\/em><\/p>\n\n\n\n<p><strong><em>By Lisa Vives<\/em><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/africaglobalnews.com\/\">Africa Global News<\/a> Publication <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(AGN) \u2013 He was a celebrated banker. Euromoney named him Banker of the Year. Credit Suisse, which he briefly headed, saw an incredible turnaround under his leadership \u2013 from a troubled bank with billions owed in fines &#8211; to a successful one. But after a few short years at the helm of the Swiss bank, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":116864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"tdm_status":"","tdm_grid_status":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[505,430],"class_list":{"0":"post-116863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-bank","9":"tag-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top African banker forced out - Africa Global News<\/title>\n<meta name=\"description\" content=\"He was a celebrated banker. 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