Feb 8, 2020 - Economy & Business

Tidjane Thiam out as Credit Suisse CEO

Tidjane Thiam. Photo: FABRICE COFFRINI/AFP via Getty Images

Tidjane Thiam will resign next week as CEO of Swiss banking giant Credit Suisse. His is the most senior head to roll as part of a multi-year scandal involving the bank spying on its employees.

Why it matters: Thiam was the first black person to head an FT10o company in the U.K., the first black person to head a European bank, and the first African to head a global bank.

Background: Thiam by all accounts was not involved in or cognizant of the spying, and he had the support of major shareholders. But he has been involved in a power struggle with board chair Urs Rohner — one that Rohner now seems to have won.

Go Deeper: Multi-country tax evasion linked to Credit Suisse

Go deeper

The banking industry's fake account scheme may have been widespread

Photo: Robert Alexander/Getty Images

The latest bank in the crosshairs of the Consumer Financial Protection Bureau is Fifth Third Bancorp, which disclosed in a securities filing this week that the CFPB is targeting the bank for “alleged unauthorized account openings,” American Banker's Kate Berry reported.

Why it matters: Wells Fargo has faced billions in fines and penalties and had been held up as a singular example of corporate wrongdoing for its account fraud scandal, but the disclosure of the complaint against Fifth Third could mean that there are one or many other shoes to drop.

JPMorgan CEO Jamie Dimon undergoes emergency heart surgery

JPMorgan Chase & Co. CEO Jamie Dimon. Photo: JIM WATSON/Getty Images

JPMorgan Chase chairman and CEO Jamie Dimon, 63, is recovering after emergency heart surgery for an "acute aortic dissection“ on Thursday, according to a memo sent to the bank's employees.

Why it matters: Dimon runs the nation’s biggest bank, and has been at the helm since 2005 — making him “the longest-serving leader of a major American bank,” per the New York Times. JPMorgan co-presidents Daniel Pinto and Gordon Smith will oversee the bank while Dimon recovers.

Black activist group gives its first presidential endorsement to Elizabeth Warren

Elizabeth Warren at an event in Nevada ahead of the caucus. Photo: Alex Wong/Getty Images

Elizabeth Warren is getting an endorsement from an influential activist group for black communities.

The state of play: Black to the Future Action Fund, a think tank and political organizing group, was formed by Black Lives Matter co-founder Alicia Garza. This is their first endorsement of a presidential candidate, though they've endorsed down-ballot Democrats like Stacey Abrams and Lucy McBath.