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Credit Suisse’s C.E.O. to Step Down


Credit Suisse said on Friday that its chief executive, Tidjane Thiam, will step down, the biggest casualty of a spying scandal last year that tainted the Swiss bank.

Mr. Thiam will resign on Feb. 14 after presenting the bank’s latest financial results, the company said. He will be replaced by Thomas Gottstein, a longtime veteran of the company who currently leads its Swiss operations.

The announcement came as a surprise. Mr. Thiam had been cleared of wrongdoing in a damaging scandal last year, in which Credit Suisse executives were found to have authorized surveillance of a top wealth-management executive who left to join a rival, UBS.

Indeed, several major shareholders had urged Credit Suisse’s board to back Mr. Thiam.

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