At the last day of his job Thiam is proud of what he achieved

Departing CEO Tidjane Thiam of Credit Suisse can present strong earnings figures on his last working day. The Swiss bank closed the turbulent year 2019 with a profit of 3.4 billion francs (3.2 billion euros), an increase of more than two thirds compared to 2018.

Credit Suisse has been discredited by a espionage scandal. The bank left the former asset management division chief, Iqbal Khan, shaded by private detectives after leaving for competitor UBS. It was feared that he wanted to lure bankers away from his old employer.

Khan left Credit Suisse last summer, reportedly after a conflict with his boss. The two would have had a furious fight early last year at a party. Thiam announced his early departure last week. The Ivorian gets with Thomas Gottstein a successor from his own ranks.

In 2015, Thiam became the highest boss at Credit Suisse. A major reorganization was carried out under his leadership to save costs. The emphasis has also shifted more to asset management for wealthy clients. In 2019, the bank reaped the benefits of these interventions for the first time for a whole year.

“I am proud of what Credit Suisse achieved during my reign,” said Thiam.

According to him, the results show that the bank is “sustainably profitable”. In the years prior to his appointment, Credit Suisse was plagued by scandals involving fraud and tax evasion. They cost the bank billions in fines and settlements.