The Swiss voice in the world since 1935
Top stories
Stay in touch with Switzerland

Thiam ‘proud’ of his record as he departs Credit Suisse

Tidjane Thiam
Thiam gave no indication of which job he will next take. Keystone / Ennio Leanza

Outgoing Credit Suisse chief executive Tidjane Thiam said he was proud of what he has achieved at the bank as it delivered strong 2019 results and a promising start to this year.

Thiam handed in his resignation last week after losing the confidence of the board following a spying scandal that had seriously damaged the bank’s reputation. Thursday was Thiam’s last day in office.

The bank is under investigation by the Swiss financial regulator and Zurich prosecutors after it emerged that its had twice hired private detectives to observe departing executives. A probe conducted by the bank found that Thiam had no involvement in the scandal.

“It’s not in my job description to make myself indispensable,” he told a media conference. “It’s to build something that lasts. I am very proud that we have built something of quality. That’s about all you can do in life.”

Strong results

Boosted by the CHF327 million ($334 million) sale of its InvestLab fund and a CHF498 million revaluation of its stake in the Swiss stock exchange, Credit Suisse reported a CHF4.7 billion pre-tax income for 2019. This compared to CHF3.4 billion at the end of 2018.

Net income attributable to shareholders rose from CHF2 billion in 2018 to CHF3.4 billion last year. The bank has attracted CHF200 billion in net new assets from wealthy clients and institutions since Thiam took over in 2015, including a CHF79 billion boost last year.

“The objective of everything we have done is to get the bank in a place where we are less dependent on the variations in the world economy,” said Thiam.

Thomas Gottstein said he felt “honoured” to be replacing Thiam as group CEO from Friday.

“I am privileged to call Tidjane a friend…even if he’s an Arsenal supporter,” he quipped, referring to the English football club.

“Whilst the last few weeks and months were not easy for all of us, it is now time to look forward and shape the future,” Gottstein added. “We have a strong Swiss corporate culture that is based on Swiss reliability, international finance expertise as well as entrepreneurship, teamwork, diversity, integrity and trust.”

“I am who I am”

Gottstein said the bank’s strategy and business focus would not change under his leadership.

Probed by journalists about the spying scandal that prompted his departure, Thiam said he had remained quiet because he did not want to be seen as trying to unduly influence ongoing investigations into the affair.

When asked about his image in Switzerland, he replied: “There are differences within Switzerland on how people feel about me. That’s life. I am who I am and I cannot change who I am.”

“It is the essence of injustice to hold against somebody what they are. I cannot change the fact that I am right-handed. If you don’t like right-handed people, I am in trouble. Because I can’t become left-handed.”

Popular Stories

Most Discussed

News

National voters decide on three proposals on 30 November

More

Swiss voters to decide on three issues on November 30

This content was published on Compulsory service for all, a tax on million-dollar inheritances, more indirect subsidies for media publishers: the electorate can vote on these three national issues on November 30.

Read more: Swiss voters to decide on three issues on November 30
Keller-Sutter and Macron discuss US tariffs in Paris

More

Swiss and French presidents discuss US tariffs

This content was published on Swiss President Karin Keller-Sutter has met French President Emmanuel Macron to discuss the EU treaties and geopolitical challenges. US tariffs were also part of the bilateral talks.

Read more: Swiss and French presidents discuss US tariffs
Wetlands in Switzerland are in poor condition

More

Wetlands in Switzerland in poor condition

This content was published on Swiss moors and floodplains are in a poor state. Researchers say further efforts are needed to preserve these biotopes in the long term.

Read more: Wetlands in Switzerland in poor condition
Flight ban for drones during the three Euro games in St. Gallen

More

Drones banned during the three Euro games in St Gallen

This content was published on The St. Gallen government has issued a temporary ban on flying drones around the football stadium in St. Gallen. The measure will apply on three match days of Euro 2025, which starts on Wednesday.

Read more: Drones banned during the three Euro games in St Gallen
Free movement: labour immigration to Switzerland

More

EU nationals come to Switzerland primarily to work

This content was published on Given the demographic slowdown, the Swiss labour market must remain open, argues the State Secretariat for Economic Affairs (SECO) in its annual report on the free movement of people.

Read more: EU nationals come to Switzerland primarily to work
UN expert accuses Glencore of complicity with Israel

More

UN expert accuses Glencore of complicity with Israel

This content was published on The UN Special Rapporteur on the Palestinian Territories has accused Zug-based Glencore of profiting from an Israeli economy that has become "an economy of genocide".

Read more: UN expert accuses Glencore of complicity with Israel
According to a survey, electricity prices will fall in 2026

More

Swiss electricity prices predicted to fall in 2026

This content was published on Electricity prices in 2026 are likely to be lower than this year, according to a survey. The main reason is the fall in prices on the electricity market.

Read more: Swiss electricity prices predicted to fall in 2026

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here . Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR