Credit Suisse CEO Tidjane Thiam Forced Out over Spying Scandal
Posted on 02/07/2020
Credit Suisse Group AG chief executive Tidjane Thiam is no longer CEO of the Swiss banking giant. Tidjane Thiam was under pressure for months over a spying scandal that has tarnished the bank’s reputation. After 5 years on the job, Tidjane Thiam handed in his resignation. Tidjane Thiam will be replaced by Thomas Gottstein, the CEO of the bank’s Swiss operations.
Tidjane Thiam joined Credit Suisse as CEO in March 2015, after heading up U.K. insurer Prudential for a number of years.
“I had no knowledge of the observation of two former colleagues,” Thiam said in the statement. “It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place.”
The spying scandal surrounds Credit Suisse hiring private investigators to spy on Iqbal Khan, the bank’s former head of wealth management. Iqbal Khan had feuded with Tidjane Thiam and then exited for Credit Suisse’s chief rival UBS Group AG. Pakistan-born Iqbal Khan joined Credit Suisse’s wealth management division in 2013 and rose to the CEO slot of wealth management in 2015.