Thiam ‘proud’ of his record as he departs Credit Suisse
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.
This content was published on
3 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
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.”
Switzerland abstains from vote on Palestinian bid for full UN membership
This content was published on
On Friday, Switzerland abstained from the vote at the General Assembly on granting the Palestinians new rights at the United Nations (UN).
Protein in abdominal fat could help shape obesity treatment
This content was published on
The study analysed fat cells from different locations in the body, and found that those in the abdomen have unique properties.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Credit Suisse falls back on Swiss roots to restore order
This content was published on
Credit Suisse’s board has defied the wishes of several major shareholders with the surprise axing of chief executive Tidjane Thiam.
This content was published on
Urs Rohner says he does not expect to be voted out of office before his term ends next year following the departure of the bank’s CEO on Friday.
Credit Suisse braced for ‘spygate’ reputational fallout
This content was published on
How deeply will the Credit Suisse spying scandal affect the bank's reputation among shareholders and private banking clients?
This content was published on
The bank doubled profits for the period to CHF881 million ($886 million) compared to Q3 2018. Its International Wealth Management division, which used to be run by Iqbal Khan who was at the centre of the spygate row, saw pre-tax income rise 43% to CHF539 million. Wealth management returns were, however, boosted by the recent…
This content was published on
But the bank denied that CEO Tidjane Thiam or the board of directors had been aware of either spying case. The blame has again been laid squarely with former executive Pierre-Olivier Bouée, who has been sacked. The bank had already apologized for spying on former wealth management head Iqbal Khan, who has subsequently moved on…
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.