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Swiss bank Credit Suisse Group AG (ADR) (NYSE: CS) has appointed Tidjane Thiam, group chief executive of U.K.-insurer Prudential, as its new CEO. Thiam is a top-tier executive, who helped his former company's stock rise more than 150% during his six-year tenure. The appointment comes at a difficult time for the Swiss financial institution. In February, the bank announced plans for steep cuts in the wake of the earth shifting decision by the Swiss central bank to remove its cap between the Franc and the Euro. The firm also agreed to cut staff bonuses and pay more than $2.5 billion in fines for helping wealthy Americans evade income taxes.