Tidjane Thiam quits as Credit Suisse CEO following spying scandal

Finance

Credit Suisse CEO Tidjane Thiam

FAFabrice Coffrini | AFP | Getty Images

Credit Suisse CEO Tidjane Thiam is to step down as on Feb. 14 and will be replaced by Thomas Gottstein. 

The news follows a long drawn-out spying scandal at the bank. An internal investigation by law firm Homburger into the spying scandal which rocked the bank in 2019 was said to have found “zero evidence” that Thiam was aware of the surveillance of former wealth management boss Iqbal Khan.

However, the investigation directly resulted in the exit of COO Pierre-Olivier Bouee, claiming that he acted alone in directing efforts to establish whether Khan, who was heading to rival UBS, was attempting to poach colleagues and clients.

This raised questions over governance and how Thiam was kept out of the loop in an espionage plot devised and executed by one of his top executives.

The scandal also resulted in the suicide of the private investigator who worked as a middleman between Switzerland’s second-largest bank and the private security firm.

This is breaking news. Please check back for updates.

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