What’s going on at Credit Suisse?
Spying scandals, huge loses, bad investments and top-tier resignations mark a bizarre year for the investment bank
- Words by: Tom Ward
Spying scandals, huge loses, bad investments and top-tier resignations mark a bizarre year for the investment bank
Spying scandals, huge loses, bad investments and top-tier resignations mark a bizarre year for the investment bank
Credit Suisse’s strange year began a little bit later than everyone else’s. It started in February when its then chief executive officer, Tidjane Thiam was ousted in the wake of a spying scandal. After his appointment in 2015, the company’s stock increased by 7.5% and, by 2019, Thiam had increased pre-tax profit from €2.5 billion in 2015 to €4.4 billion in 2019. But, winning streaks don’t last forever, and Thiam resigned on 7 February after Iqbal Khan, Credit Suisse’s former head of wealth management, accused Thiam of ordering surveillance on him.
Credit Suisse’s strange year began a little bit later than everyone else’s. It started in February when its then chief executive officer, Tidjane Thiam was ousted in the wake of a spying scandal. After his appointment in 2015, the company’s stock increased by 7.5% and, by 2019, Thiam had increased pre-tax profit from €2.5 billion in 2015 to €4.4 billion in 2019. But, winning streaks don’t last forever, and Thiam resigned on 7 February after Iqbal Khan, Credit Suisse’s former head of wealth management, accused Thiam of ordering surveillance on him.
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