Credit Suisse Group CEO Tidjane Thiam Resigns

The Group Chief Executive Officer (CEO) of Credit Suisse, Tidjane Thiam, has handed in his resignation, according to a statement from the Swiss bank this Thursday, following its spying scandal.

Thiam submitted his resignation to the Board of Directors at its meeting on February 6, and his resignation will be effective from February 14, 2020, following the presentation of the bank’s fourth-quarter and full-year results for 2019.

Succeeding Thiam is Thomas Gottstein, who is the current CEO of Credit Suisse (Switzerland) Ltd. Taking on his role after the promotion will be André Helfenstein, effective from February 14.

Commenting on his resignation, Thiam said in a statement: “I have agreed with the Board that I will step down from my role as CEO. I am proud of what the team has achieved during my tenure. We have turned Credit Suisse around. In particular, we have grown our leading Wealth Management franchise, reenergized our Global Markets business, and pursued a bespoke regional approach to client coverage.

“I will be an enthusiastic supporter of my colleagues, as they continue to build momentum in the business. I want to extend my heartfelt thanks to all at Credit Suisse for their support in my work. I will be forever grateful.

“I had no knowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place.”

FINMA looks into Credit Suisse

As Finance Magnates reported, Credit Suisse’s handling of internal affairs was brought into the spotlight after it was discovered that the Swiss lender was spying on its chief executive officer Tidjane Thiam and his top lieutenants.

Now, according to media reports, the Swiss Financial Market Supervisory Authority (FINMA) is looking into Credit Suisse’s oversight as part of its investigation into corporate espionage.

Chairman Urs Rohner to complete term at Swiss bank

Although Thiam is on his way out, the bank’s Chairman Urs Rohner has secured backing to complete his term that runs until April 2021.

“Urs Rohner has led the Board of Directors commendably during this turbulent time. After careful deliberations, the Board has been unanimous in its actions, as well as in reaffirming its full support for the Chairman to complete his term until April 2021,” Severin Schwan, Lead Independent Director outlined in the statement.

The newly appointed Group CEO Gottstein has spent more than two decades working at the Swiss lender, and a career spanning more than 30 years in the banking industry, having also worked for UBS for nine years.