Feb 8, 2020 - Economy

Tidjane Thiam out as Credit Suisse CEO

Felix Salmon

Credit Suisse CEO Tidjane Thiam attends a session on the opening day of the World Economic Forum 2018 annual meeting — 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

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Tidjane Thiam out as Credit Suisse CEO

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