Credit Suisse CEO Pulls Out of Saudi Conference

(Bloomberg) -- Credit Suisse Group AG Chief Executive Officer Tidjane Thiam has canceled plans to attend Saudi Arabia’s FII event in the wake of the disappearance of a vocal government critic in Turkey, according to one person with knowledge of the matter. The person asked not to be identified because the information is private.

Key Insights

  • Credit Suisse is a strategic partner of the conference and one of its largest shareholders is Saudi Arabia’s Olayan family.
  • JPMorgan Chase & Co. CEO Jamie Dimon and Uber Technologies Inc.’s Dara Khosrowshahi have also dropped out of the three-day event. The heads of Blackstone Group LP and BlackRock Inc. are among the other absentees, people familiar with the matter said.
  • Credit Suisse has been seeking to expand its business in the kingdom by seeking a license to open branches, as well as hiring more relationship managers to run money for wealthy clients

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