Credit Suisse CEO Tijdane Thiam resigned following a four-month long surveillance scandal. He is being replaced by the Swiss bank's top domestic banker.
The Zurich-based bank's CEO of nearly five years, Tidjane Thiam, will step down next Friday, it said in a statement on Friday. He will be replaced by Thomas Gottstein, a former investment banker who has run Credit Suisse's domestic operations for the last five years.

The exit is a victory for Chairman Urs Rohner in a power struggle that had played out publicly in recent days: Credit Suisse's biggest shareholder had wanted the CEO to stay. Rohner may have won, but he will also leave – in 14 months, the bank said.

Stanching Scandal?
It is an ignominious outcome for both Thiam, who had marshalled support from three major Credit Suisse investors in recent investors, as well as for Rohner, who failed to stanch an executive spying scandal which surfaced in September.

«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,» deputy chairman Severin Schwan said in a statement. Next year, term limits kick in for Rohner, who has sat on the board since 2009.

CEO Apologizes
Thiam was absolved in the spy scandal, but his long-time associate, Pierre-Oliviér Bouée, resigned and was fired retroactively two months later when a second spy case surfaced. Thiam issued an apology for the episode.

«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,» the outgoing CEO said. He will step down after Credit Suisse's results next Thursday.
More to follow
Friday, 7 February 2020 10:23 | Written by editors 
Timeline of Tidjane Thiam's Ouster
Thursday, 6 February 2020 07:12 
Credit Suisse: Pawn of Major Powers?

And more to come, although tomorrow we are preempting coverage of the big story for "Switzerland's Hottest Bankers".