6. Investigations Pending
Credit Suisse can't truly draw a line under spygate for the simple reason that two investigations of far more significance than its own are still pending. Zurich prosecutors are still looking into a complaint lodged by Khan in September, after an awkward melee with a private detective near Credit Suisse's Paradeplatz headquarters.
On Friday, Switzerland's regulator weighed in and said it would appoint its own investigator on grounds of corporate governance. The mandate hasn't been granted to an auditing or law firm – the matter hasn't even begun its regulatory course yet and will be part of Credit Suisse's story for months to come.
7. Restocking the Seat of Power
More than four years after shuffling top management, Thiam replaced top investment banker Jim Amine. This leaves finance chief David Mathers and top litigator Romeo Cerutti as the only holdovers from previous CEO Brady Dougan. Several of Thiam's executive board colleagues were appointed to top management in a stratospheric rise – and thus may be somewhat beholden to the CEO. This may have softened the blow for Thiam, who is increasingly isolated – and by several accounts hyper suspicious – after losing two of his closest associates (Bouée and Goerke).
Among Thiam's appointees is risk boss Lara Warner, who was instrumental in an earlier, ugly employee dispute with well-known Swiss investment banker Marco Illy. Warner was an equities analyst and finance chief of Credit Suisse's investment bank before being promoted to the top compliance job (she inherited the risk job from Joachim Oechslin in an executive shuffle earlier this year).
Other appointees who aren't in a strong position to question Thiam include current compliance boss Lydie Hudson, global markets head Brian Chin, and wealth chief Philipp Wehle. All were promoted to top management by Thiam – and benefit from his remaining there.
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