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Phalanx of Advisers

As he had with the exit of Khan, a young Swiss banker protegéd by the CEO in 2015, Thiam voiced satisfaction that his successor, Thomas Gottstein, was one of his own. Gottstein, who Thiam said was «a bit concerned» to find himself entrusted with the bank’s key businesses back in 2015, had warm words for his soon-to-be former boss and «friend».

Neither man was asked any questions about the state of Credit Suisse during the 45-minute press briefing, during which questions centered around fallout from a spy scandal which has preoccupied the bank since September.

A phalanx of advisers including City PR firms Finsbury and Powerscourt could do little to improve Thiam’s image in Switzerland – even before the spy scandal, he was faulted for being aloof, insular, and impatient with those he perceived as below his intellectual grade.

«Essence of Injustice»

He ran afoul of Swiss press early in his tenure and alluded indirectly to racism and xenophobia behind some of the criticism: «I have always believed it is the essence of injustice to hold who they are against someone,» he noted, comparing it to preferring left-handers to those who are right-handed. «I cannot change who I am.»

Thiam will be remembered most for the spy scandal: the absurd chapter will pursue him for the rest of his career. He had already said Credit Suisse would be his last executive role. What about politics in Cote d’Ivoire? Or a top job like the International Monetary Fund, where the 66-year-old Kristalina Georgieva was recently enthroned?

Holding Head High

What’s next? «I’ve given five years of my life to this company. I’m proud of what we accomplished. I’m going to spend time with my family. And I’m going to rest.» Thiam clearly wanted to leave through the front door, head held high – and Credit Suisse's board afforded him that (it will fall to Chairman Urs Rohner to face shareholders in April). 

As the briefing closed, a swarm assembled around Gottstein, who takes over tomorrow after holding a staff town hall together with Thiam later on Thursday. His work effectively done, Thiam and an assistant quietly took the back door out to return to his Paradeplatz office to finish packing up.