Amid a spy scandal that is still rocking the reputation of staid Swiss companies, and shareholders wanting him to say, Thiam is going
Zurich — Credit Suisse Group said CEO Tidjane Thiam is resigning, a stunning reversal for the executive who was backed by key shareholders after a damaging spying scandal.
The decision is the culmination of a conflict between the CEO and Rohner that escalated after a recent spying scandal dented the bank’s reputation and prompted difficult questions about the culture at the top of the firm. While Thiam was cleared in an internal probe and a close lieutenant of his took the fall, the bank has struggled to move beyond the scandal after more cases surfaced.
For Thiam, who was born in Africa and previously held top roles at Aviva and Prudential, the departure blemishes a largely successful four years at Credit Suisse, which he pivoted away from volatile trading and towards the more stable business of catering to affluent clients. While the shares lost about half their value during his tenure, he won shareholder support for stabilising the franchise by scaling back trading and bolstering wealth management.
“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.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Anheuser-Busch InBev CFO Felipe Dutra to step downFernando Tennenbaum, financial boss of the group's Brazilian unit, will step into the role
Read more »
Harry and Meghan are 'enjoying living a quiet life' with Archie and the dogsA source close to Harry and Meghan says the couple feel as though 'a weight has been lifted off their shoulders' as they settle into their new life in Canada.
Read more »
WATCH: Roger Baxter on what lies ahead for mining in SAMinerals Council SA CEO Roger Baxter talks about the challenges facing SA’s mining industry
Read more »
Neal Froneman: business must unite against government inefficiency‘The only organisation which can save this country now is business,’ Sibanye-Stillwater CEO says
Read more »
WATCH: Why Edcon is still battling to surviveEdcon CEO Grant Pattison talks to Business Day TV about the state of the company
Read more »
BRIAN KANTOR: Put growth on back burner and buy back shares to offset high costs of capitalThe ailing economy and sliding credit ratings make for expensive national debt that taxpayers have to fund
Read more »