Credit Suisse Chief Tidjane Thiam Resigns Amid Spying Scandal

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In the wake of a spying scandal, Credit Suisse's Chief Executive Officer Tidjane Thiam has reportedly resigned and now he will be replaced by Thomas Gottstein

Written By Bhavya Sukheja | Mumbai | Updated On:
Credit Suisse

In the wake of a spying scandal, Credit Suisse's Chief Executive Officer Tidjane Thiam has reportedly resigned and now he will be replaced by Thomas Gottstein who currently heads the bank's Swiss unit. The bank's board announced on February 7 that they had 'unanimously accepted' the 57-year-old's resignation and further also gave its full support to the chairman, Urs Rohner, to complete his term until April 2021. 

"The Board of Directors of Credit Suisse Group has unanimously accepted the resignation of Tidjane Thiam and appointed Thomas Gottstein as the new CEO of Credit Suisse Group," the bank said in a statement. 

According to international media reports, the surveillance scandal initially came to light in September when a probe found that the bank's former chief officer, Pierre-Olivier Bouée, had hired private detectives to track its former Head of Wealth Management Iqbal Khan. However, Credit Suisse later admitted that its former Head of Human Resource Peter Goerke had also been tailed, which later prompted an investigation by Swiss financial watchdog FINMA. 

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Thiam to leave office on Feb 14

Thiam and Rohner have been in conflict ever since. Reportedly, Thiam recently also said that he had no knowledge of the spying incidents and earlier this week he also appeared to have an upper hand in Rohner's bid to oust him, gaining the backing of a number of Credit Suisse's top shareholders. While speaking to an international media outlet, Thiam said that he has agreed with the board that he will step down from his role as Chief Executive Officer. 

He further added that he had no knowledge about the former colleagues being tailed and it undoubtedly disturbed Credit Suisse and caused anxiety and hurt. He also reportedly said that he regrets that the incident happened and it should have never taken place. Thiam will be leaving on February 14 even though key shareholders had publically showed their support for Thiam, while Rohner had faced calls from Swiss investment adviser Ethos Foundation for him to quit. 

(With PTI inputs)

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