Finance & Economics

Spying scandal costs European bank CEO his position

Tidjane Thiam has been a part of Credit Suisse’s team since 2015

Credit Suisse

Spying scandal costs European bank CEO his position. Source:

Credit Suisse announced it had accepted Chief Executive Officer Tidjane Thiam’s resignation due to a spying scandal. The bank revealed that Thomas Gottstein, the head of the bank’s Swiss business, would replace him.

Thomas Gottstein has over 30 years of experience in the banking industry, including more than 20 years with Credit Suisse. During his administration, the Swiss business boosted its contribution to the Group income before taxes from CHF 1.6 billion to CHF 2.1 billion.

Tidjane Thiam has all along denied being aware of a spying scandal in 2019.

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
Tidjane Thiam, former CEO of Credit Suisse

Although his denial hasn’t changed, Tidjane Thiam has been kept under permanent pressure. This way, he announced his resignation at a board meeting in Zurich.

Earlier in September 2019, Credit Suisse accused its former chief operating officer Pierre-Olivier Bouee of hiring detectives to keep track of former HR head Peter Goerke.



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