Credit Suisse CEO Tidjane Thiam quits after a widening spying scandal exacerbated a power struggle at the top of the Swiss bank
ZURICH - Tidjane Thiam has quit as Credit Suisse chief executive after a spying scandal that has hit the reputation of one of Europe’s largest banks and shocked Switzerland’s financial community.
A spokesman for Switzerland’s market supervisor FINMA said it was important that calm was restored to the bank. The watchdog said it was continuing its investigation into the scandal. This was reflected in a 5% drop in the bank’s share price in early trade. It was just 0.6% lower by 1513 GMT.Related CoverageThiam, 57, was appointed as CEO in 2015, having never previously worked for a bank. At Credit Suisse, the ex-Prudential boss focused on cutting costs, reducing risk, scaling back investment banking to focus more on wealth management, and strengthening its balance sheet.
Swiss financial supervisor FINMA is investigating after the bank subsequently acknowledged that it had tailed former human resources head Peter Goerke.“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 said in the bank’s statement.
Gottstein will be the first Swiss citizen to run Credit Suisse in almost 20 years. The 55-year-old has been at the bank since 1999, joining from rival UBS. He has spent most of his career working in equity capital markets before taking over as chief of Credit Suisse’s Swiss bank in 2015.Citigroup analysts described Gottstein in a note as a “safe pair of hands”.
“Urs Rohner has led the board of directors commendably during this turbulent time,” said board member Severin Schwan in the bank’s statement.“After careful deliberations, the board has been unanimous in its actions, as well as in reaffirming its full support for the chairman to complete his term until April 2021.”
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