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CREDIT SUISSE CEO: 'The doomsday scenarios are not justified'
(Thomson Reuters)
"I didn't create the sharp decline in the oil prices," Credit Suisse CEO Thiam said.
Credit Suisse just posted its first annual loss since 2008 and its stock plummeted, but CEO Tidjane Thiam says investors are on his side.
"The share price doesn't mean that investors are not convinced," Thiam said in an interview with CNBC.
"Please, you know what's going on in the world. I didn't create the sharp decline in the oil prices; right now there is a complete disconnect between share prices and value," he said.
Markets have seen a record amount of volatility recently.
Thiam is not the only finance titan talking about the "disconnect" in share prices.
Goldman Sachs CEO Lloyd Blankfein on Wednesday told CNBC that S&P 500 stocks are showing an unusual reaction to macro events like plummeting oil prices.
"I don't really know why S&Ps would have that reaction to the underlying cause," Blankfein said.
And Morgan Stanley CEO James Gorman last month said he was having just as much trouble making sense of the markets, citing their "emotional state."
"It's not obvious to me exactly what the connection is — absent oil of course," Gorman said, calling oil a "wild card."
It's all taking a toll on bank stocks. But Thiam said things would return to normal with time — and with more positive results out of China.
"The doomsday scenarios are not justified," he said. "There is an over-emphasis on the oil sector."
He continued:
People are scaring themselves about China. ... Of course these are real worries, but I think there's an over-statement of those worries. It's difficult to manage because China is managing a difficult transition, but the consumer is reacting well. The oil price decrease is very good for the U.S. consumer; it's very good for the European consumer – the PMI and consumer surveys in Europe are at historic highs and that's thanks to the oil price. So all that is going to have a positive feedback loop in the economy over time.
Read the full CNBC interview transcript here»
To get the must-read guide to the key issues at every major Wall Street bank, click here.
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