Credit Suisse posted a 69% rise in annual net profit on Thursday in a bitterswee...
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann/File Photo
Thiam quit after a spying scandal at the bank sparked a boardroom revolt and will leave formally on Friday. He will be replaced by company veteran Thomas Gottstein.Net income rose to 3.419 billion Swiss francs for the year. Analysts had on average expected Credit Suisse to generate 3.5 billion francs, according to a consensus of 13 analysts compiled by the bank.
But his legacy will be defined by the spying controversy which saw Credit Suisse, one of the most high-profile names in European banking, admit to snooping on two former executives. The bank blamed the espionage on a rogue operation run by one of Thiam’s closest lieutenants. Credit Suisse and Thiam have said the CEO knew nothing of the activities.
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