Global Banks Search for McKinsey in CEO Resume
UPDATE: Tidjane Thiam has been named the new CEO of Zurich-based Credit Suisse Group AG – both companies have confirmed. Current Credit Suisse CEO Brady Dougan will step down in June 2015.
Corporate climbers take notice, as global banks become increasingly complex with regulatory rules and lower profitability in traditional areas of finance – corporate boards are seeking strategy experts. A growing number of McKinsey & Co. alumni run Fortune 500 companies. This trend is gaining traction with global banks, where traditionally, investment bankers became CEOs. However, having McKinsey on a CEO’s resume shouldn’t be an automatic stamp of board approval. Jeff Skilling, former CEO of Enron, who became a convict, was a former McKinsey employee.
Credit Suisse and Morgan Stanley
Zurich-based Credit Suisse Group AG is looking to replace its CEO Brady Dougan who has a history of investment banking. The replacement appears to be Tidjane Thiam, the current CEO of U.K.’s Prudential insurance group. Thiam joined Prudential in 2009, shaking things up by allocating investments into Asia. Thiam had a stint as a management consultant at McKinsey.
Select McKinsey Alumni – CEOs and Presidents of Financial and Finance-Related Companies*
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