Credit Suisse’s former Chief Executive Tidjane Thiam never tired of touting the Zurich bank’s transformation into a much safer institution during his almost five-year term.

The group’s first-quarter results on Thursday contained 444 million Swiss francs ($456 million) of mark-to-market losses – partly leveraged finance deals it agreed to underwrite but is yet to put to market. In the right context, the scary-looking number may prove the Ivorian’s point.

Source: Breakingviews – Corona Capital: Tennis merger, Tidjane, Unilever – Reuters