Credit Suisse CEO quits after spying scandal
Credit Suisse CEO Tidjane Thiam has announced his resignation after a power struggle at the bank and mounting pressure regarding an investigation into a spying scandal.
Credit Suisse Group
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07:46 20/03/24
The CEO is set to step down as on 14 February and will be replaced by Thomas Gottstein.
The news comes after a spying scandal at the bank regarding former wealth management boss Iqbal Khan, who accused Credit Suisse of spying on him over alleged poaching of colleagues and clients for UBS as he was readying to change banks himself.
An investigation from Swiss regulators is currently underway but found “zero evidence” that Thiam was aware of the surveillance.
“I had no knowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place,” Thiam reiterated on Friday morning.
In a statement Friday morning, the board of directors said it had unanimously accepted Thiam’s resignation and Chairman Urs Rohner said Thiam has made an “enormous contribution” to the bank since he joined in 2015.
“Under Tidjane’s leadership, Credit Suisse simultaneously repurposed our strategy, restored our capital, reduced our costs, de-risked our business, promoted diversity and engendered an exceptional level of co-operation between various divisions,” he said.
“It is to his credit that Credit Suisse is standing on a very solid foundation and has returned successfully to profit.”
The spying scandal had exacerbated tensions between Thiam and Chairman Urs Rohner, people close to the bank have said.
Thiam said he was proud that his team “turned Credit Suisse around” and that he would be an “enthusiastic supporter” of his colleagues’ endeavours.