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Credit Suisse CEO quits after spying scandal

Video Credit: Reuters Studio - Duration: 01:18s - Published
Credit Suisse CEO quits after spying scandal

Credit Suisse CEO quits after spying scandal

Credit Suisse CEO Tidjane Thiam quit Friday after a widening spying scandal exacerbated a power struggle at the top of the Swiss bank.

Julian Satterthwaite reports.


Credit Suisse CEO quits after spying scandal

A shock departure Friday (February 7) morning at Credit Suisse.

Chief executive Tidjane Thiam has quit after a power struggle and spying scandal.

Credit Suisse has been trapped in crisis since September, when a former star wealth manager, Iqbal Khan, confronted a private detective who was following him and his wife after he had switched to rival bank UBS.

Credit Suisse blamed it all on then-Chief Operating Officer Pierre-Olivier Bouee, who was subsequently fired.

But further reports of spying emerged, including the following of another executive.

Now Swiss financial supervisor is conducting an investigation.

In a statement, Thiam again insisted that he knew nothing about the surveillance.

But Reuters sources say the scandal exacerbated tensions between him and Chairman Urs Rohner.

The board has now backed Rohner to complete his term, even though some investment advisers had called for him to go too.

Thiam will be replaced by Thomas Gottstein, head of the bank's Swiss business.

The veteran bank insider will take over from February 14th.

Credit Suisse shares fell as much as 4.5% percent in early trade Friday.

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