Januar 2019: Showdown at Cocktail Hour
What happens next is broadly uncontested: Thiam and Khan were involved in a loud confrontation at a small New Years cocktail in the CEO's home last January. The two, absurdly next-door neighbors in an upscale suburb of Zurich, appear to disagree over lakeside views impeded by arborvitae shrubs planted on a shared property line.
After the dispute, during which the two had to be separated, Khan is reportedly so shaken that he considers filing a police report. It becomes clear that the consultant-turned-banker will leave Credit Suisse – the question is not if, but when. The aftermath of the party marks the first time Chairman Urs Rohner becomes a protagonist in the conflict: Khan complains to Rohner about Thiam's alleged behavior.
February to Juni 2019: Khan Takes a Gamble
Thiam takes a victory lap following a grueling three-year restructuring of Credit Suisse which will win him «European Banker of the Year.» Khan grows perceptibly impatient behind the scenes: the younger banker reportedly feels shut down by Thiam and is prevented from media work following the revamp, for example.
Khan's stock rises with the conclusion of the Credit Suisse revamp: he is viewed as the strongest internal candidate to replace Thiam. He is also touted as a potential candidate to take the top job at $385 billion private bank Julius Baer. The rumor, which doesn't pan out, is attributed to people close to the frustrated and hamstrung Khan.
Juli 1, 2019: Conflict-Riddled Divorce
Less than six months after the cocktail hour showdown, Khan is out at Credit Suisse. He is feted at an internal town-hall handover to his finance chief, Philipp Wehle, several days later. The seemingly amicable parting masks a deeper rift between Khan and Credit Suisse.
