The sudden departure of CEO Jean Pierre Mustier leaves Unicredit scrambling to replace him. Former Credit Suisse boss Tidjane Thiam is reportedly on the shortlist, as well as two prominent former UBS bankers.
Tidjane Thiam might be returning to European banking: Milans Unicredit is looking to replace ex-CEO Jean-Pierre Mustier, who left last month following a board dispute over strategy. The Italian lender has contacted Thiam about the job, the «Financial Times» (behind paywayll) reported on Wednesday.
The report comes two days after it emerged, also in the «FT», that the ex-Credit Suisse boss is pouring $250 million into a special purpose vehicle. Besides Thiam, Unicredit is also reportedly looking at ex-UBS investment bank boss Andrea Orcel as well as Martin Blessing, who briefly co-headed the Swiss bank's flagship $2.6 trillion wealth unit.
Triumphant Return?
Unicredit's board is expected to act quickly, the pink paper reported, citing undisclosed sources: it wants to appoint the CEO within four weeks. Thiam is «one of the board's preferred candidates,» but hasn't decided whether to pursue the job, the «FT» reported.
Milan would represent a triumphant return for Thiam, who was ousted at Credit Suisse last February amid a spy scandal, over the objections of the Swiss bank's largest shareholder. Shortly afterwards, he was elected a director at French luxury group Kering.
Locked In Litigation
Thiam also joined the African Union's fight against coronavirus, emerged as part of an Élysée plan for Côte d'Ivoire, and was elected chair of Rwanda Finance, an organization devoted to the development and promotion of the Kigali International Financial Centre.
By contrast, Orcel has kept a low profile since leaving UBS in 2018 and losing the top Santander job two years ago; he and the Spanish bank remain locked in a legal battle over the fallout. Blessing, who also left UBS in 2018, has since joined the board of embattled Danish bank Danske.
