INSUBCONTINENT EXCLUSIVE:
The chief executive of Credit Suisse has stepped down following a spying scandal.The Zurich-based bank said it had accepted Tidjane Thiam's
resignation, amid a growing controversy over an illicit surveillance operation.However, the board of Switzerland's second-biggest bank
has given its backing to its embattled chairman Urs Rohner, who had also been under pressure to go.Image:Iqbal Khan (centre), who switched
to rival UBS, confronted a private detective who tailed himThe crisis began in September when Iqbal Khan, a leading wealth manager who had
switched from Credit Suisse to rival UBS, confronted a private detective following him and his wife through Zurich.The bank initially said
it was a rogue case overseen by then chief operating officer Pierre-Olivier Bouee, but the scandal grew as details emerged of further
instances of spying.Some believe the Credit Suisse spying scandal has been used as an excuse to get rid of Tidjane Thiam, Ian King Live
hears.Swiss financial supervisor FINMA is carrying out its own investigation after the bank subsequently acknowledged it had tailed former
human resources head Peter Goerke.In a statement, Mr Thiam said: "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."Image:Switzerland's second-biggest bank has been rocked by the spying
scandalHe will be replaced by Thomas Gottstein, the head of the bank's Swiss business.Mr Rohner said: "Based on his deep and comprehensive
experience in our business and in view of his impressive performance as head of our Swiss bank and his respect amongst our clients and
employees, Thomas Gottstein is excellently positioned to lead Credit Suisse into the future."Image:Urs Rohner will see out his term as
chairman after securing the board's backing
Pic: Credit SuisseMr Rohner, who himself had faced calls by the Swiss investment adviser Ethos Foundation to quit, will see out his term
that ends in April 2021, after securing the support of top management.Board member Severin Schwan said: "Urs Rohner has led the board of
directors commendably during this turbulent time."
