Banking News

Credit Suisse CEO steps down amid spying scandal

Credit Suisse CEO steps down amid spying scandal

(7 February 2020 – Europe) Credit Suisse Group CEO Tidjane Thiam has surprisingly resigned following a damaging spying scandal despite assurances to key shareholders who publicly supported Mr Thiam.

Thomas Gottstein replaces Mr Thiam, boasting a 20-year tenure with the group, while the Credit Suisse board also stated Chairman Urs Rohner has their unanimous backing to complete his term until Q2 2021.

The move came in the wake of an acrimonious split between the CEO and Mr Rohner that intensified after a spying scandal dented the bank's reputation and prompted difficult questions about the group’s culture. In September it was confirmed that the bank spied on Iqbal Khan after he announced he was leaving Credit Suisse to join major rival UBS. Mr Thiam was cleared in an internal investigation that concluded Mr Thiam was unaware of the spying, and that COO Pierre-Olivier Bouee was ultimately responsible and forced to resign.

Ultimately the bank has struggled to progress beyond the scandal as more issues arose. It emerged that HR chief Peter Goerke was also followed, which the bank also accused Mr Bouee of instigating.

"Tidjane has made an enormous contribution to Credit Suisse since he joined us in 2015. It is to his credit that Credit Suisse is standing on a very solid foundation and has returned successfully to profit" Credit Suisse Chairman Urs Rohner stated.

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