Credit Suisse CEO Tidjane Thiam Resigns Amid Spying Scandals, Thomas Gottstein To Be Next Chief Executive

Credit Suisse CEO Tidjane Thiam Resigns Amid Spying Scandals, Thomas Gottstein To Be Next Chief Executive

Business

Credit Suisse CEO Tidjane Thiam has decided to step down amid spying scandals that rocked the Swiss bank last year. Thiam’s resignation has been unanimously accepted by the board of directors at a meeting. The board also decided to appoint veteran Thomas Gottstein as the new chief executive officer of Credit Suisse, reads a statement issued by the Swiss investment bank. Thiam joined Switzerland’s second-biggest bank in 2015 and his four-year-long journey will come to end on February 14. 57-year-old Thiam has maintained that he was not aware of the snooping scandal and there is no indication for the same. “It caused anxiety and undoubtedly disturbed Credit Suisse,” Thiam said in a statement and added that he regrets that something like that happened and ‘it should never have taken place.

The development comes after two spying scandals came to the fore last year. Pierre-Olivier Bouée, former chief operating officer of Credit Suisse, was accused of orchestrating snooping on former honchos. One of the persons who were snooped is the former head of wealth management Iqbal Khan. According to the bank, Bouée ordered snooping after Khan defected to global firm UBS. The former COO of Credit Suisse feared that Khan would try to poach employees and clients and ordered surveillance to protect its interests.

He stepped down after the snooping scandal came to the fore. The bank said previously that the former CCO did not inform Thiam or any other member of the Credit Suisse’s senior leadership of the snooping on Khan. The bank categorically stated that Thiam was not aware of the spying case until the media started reporting on it. Both Thiam and Bouée worked together for almost two decades at various firms. Before joining Credit Suisse, they were together at McKinsey in Paris for almost two years. They then went to British insurer Aviv in 2004 and later switched to Prudential in 2008. Thiam was made CEO without having any direct investment banking experience.

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