NEW YORK (TheStreet) -- Credit Suisse (CS - Get Report) reportedly is on the verge of ousting embattled CEO Brady Dougan and has gone as far as finding his replacement, according to published reports.
Dougan, who has served as CEO since 2007, will be replaced by Prudential CEO Tidjane Thiam, according to the Wall Street Journal.
Dougan is expected to step down amid legal and regulatory challenges faced by the Swiss Bank, according to the Journal. Detractors criticized Dougan for the whopping $2.8 billion settlement the Swiss Bank reached with the U.S. Justice Department in 2014 over allowing Americans to evade U.S. taxes by placing them in Swiss bank accounts. The bank also plead guilty to criminal charges for helping Americans evade taxes.
Although Dougan noted he regreted the bank's conduct, apparently it was just another strike against him, according to the New York Times.
On the financial front, Credit Suisse told investors as part of its fourth-quarter conference call that it had shaved costs to adjust to a stronger franc, the Journal reported. Although the Swiss bank beat Wall Street's estimates initially, it had to restate its net profit two weeks later, according to the Journal. Credit Suisse cut its fourth quarter profit due to higher legal provisions for its mortgage issues in the U.S.