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.
An inquiry by Homburger ultimately found Credit Suisse COO Pierre-Olivier Bouée to be to blame, along with the former head of security, exonerating Thiam. Despite his name being cleared, Thiam chose to resign amid a reported ‘power struggle’ within the company. “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,” Thiam later said.
Thiam’s resignation came just as banks worldwide suffered a lockdown-induced slump. Universally, share prices took a dip, with Credit Suisse watching its shares more than halve through March, eventually settling at just 55% of its March 2015 stock price.
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