Credit Suisse CEO Tidjane Thiam will deliver his final earnings report at the helm of the Swiss lender on Thursday, less than a week after his resignation was announced.
Severin Schwan, the independent director of the board, said alongside the announcement on Friday that Rohner maintained the board's full backing as chairman until the end of his tenure in April 2021. However, the ousting of Thiam contradicted calls for support for the embattled CEO from major shareholders Eminence Capital, Silchester International and Harris Associates.
"It is very hard to imagine that you don't know about it and that as such is already a bad sign, and did apparently bring FINMA into the game, because as the highest organ you are supposed to know about this," Verstraete added. Credit Suisse acknowledged the reputational damage brought about by the spying scandal, but since the news of Khan's complaint to Swiss police emerged in September, the lender's shares are up by around 5% and net inflows have not been impacted materially.
Filippo Alloatti, senior credit analyst at Federated Hermes, told CNBC Monday that reputational damage of this magnitude "takes some time to filter through," but added that Thiam's restructuring of the bank had largely been successful in setting the trajectory back toward growth.
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