Espionage scandal turns down Credit Suisse CEO Tidjane Thiam

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Espionage scandal turns down Credit Suisse CEO Tidjane Thiam

On Friday, the 7th of February 2020, Credit Suisse Chief Executive Tidjane Thiam, 57, a French-Ivorian banker who had been serving the Zurich-based Swiss financial industry tycoon since March 2015, had resigned following reveal of an espionage scandal that had battered the reputation of one of the Europe’s largest lenders and sent a shockwave in to Swiss financial community.

Besides, shortly after the announcement of Thiam’s resignation, the Zurich-based lender was quoted saying in a statement that the present Chief of Credit Suisse’s Swiss business, Thomas Gottstein would take over from Thiam.

In point of fact, Thiam’s resignation would put an end to his conflict with Credit Suisse Chairman Urs Rohner, who was believed to be the mastermind behind the Swiss lender’s latest spying attempts on former executives who had raised questions on its financial practice.

If truth is to be told, Credit Suisse’s spying attempts were first brought in to light in September last year when a former star wealth manager Iqbal Khan had to confront a private detective who was following him and his wife in the Swiss city of Zurich.

Besides, as Swiss Stock Exchange-listed shares’ prices of Credit Suisse fell as much as 5 per cent on Friday’s (February 7th) pre-market trading to 12.20 Swiss Franc per share following the reveal of Thiam’s resignation, a KBW analysts wrote in a client note at the later part of the day, “A period of instability will ensue as Mr Gottstein attempts to lay the foundations for further growth. We would assume investor discontent following the change, with any fall-out unknown at this stage. ”