Credit Suisse: QIA backs Thiam Ouster

7 February, 2020

Thomas Gottstein, 55, a two-decade Credit Suisse veteran, was named to succeed CEO Tidjane Thiam, making him the bank’s first Swiss-born CEO in almost two decades. David Herro, deputy chairman of Harris Associates, called on Credit Suisse Chairman Urs Rohner to quit. “Our worry is that you have this new CEO who is capable and talented but above him, a chairman who is less than capable and talented and a board who seems to just mimic, just follows blindly whatever he says.” The chairman was supported by Qatar’s sovereign wealth fund. Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, became the largest investor in Credit Suisse by increasing its stake to 5.21 percent in August 2018.

[January 27 2020 “bank within a bank”? ]

Screenshot 2020-01-27 at 11.52.40 AM - Edited

CSGN chief executive Tidjane Thiam

FINMA is investigating whether the Credit Suisse (CSGN.S)’s board gave chief executive Tidjane Thiam free rein to run a “bank within a bank”.
Credit Suisse said the characterisation of a “bank within a bank” was “absurd”.
“Credit Suisse is governed according to the highest international standards and to suggest otherwise is wholly incorrect.”
Swiss Financial Market Supervisory Authority[FINMA] is the Swiss government body responsible for financial regulation.

[October 1 2019 Do Credit Suisse and UBS have a ‘no cold call’ agreement?   in the U.S.? ]

Screenshot 2019-10-01 at 9.02.24 AM - Edited

Former Credit Suisse wealth management head Iqbal Khan, who left Switzerland’s second-biggest bank in July and began work on October 1 2019 at arch-rival UBS, was under surveillance by private detectives hired by Credit Suisse from Sept. 4 to Sept. 17, when he spotted them.

Chief Operating Officer Pierre-Olivier Bouee alone initiated observation of Khan to see if he was trying to poach former colleagues to join him at UBS.   Bouee stepped down.

Khan’s switch to co-head of wealth management at market leader UBS sealed the divorce.   Khan, 43, went to the police after the Sept. 17 confrontation with at least one detective who was shadowing him and his wife as they drove through Zurich. Conflicting versions have emerged of how the incident unfolded.

Do Credit Suisse and UBS have a ‘no cold call’ agreement?   in the U.S.?

In US v. Adobe Systems Inc., et al., the Department of Justice alleged that Adobe, Apple, Google, Intel, Intuit, and Pixar had violated Section 1 of the Sherman Act by entering into a series of bilateral “No Cold Call” Agreements to prevent the recruitment of their employees

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