Inside the Credit Suisse crisis: how a garden party bust-up turned into a national spy scandalThe TelegraphSearch IconSaveFacebook iconTwitter iconInstagram iconLinkedIn iconFacebook iconTwitter iconInstagram iconLinkedIn icon

When financier Huw van Steenis asked Credit Suisse boss Tidjane Thiam who would be held accountable for nearly $1bn in write-downs  in 2016, Thiam said the number had been a “surprise” to him.

“I was not aware of the existence of those positions and that scale,” he told Van Steenis when asked for a second time who is behind the losses. “I’ve said that there has been consequences. I don’t want to name names, but there has been changes in fixed income.”

Fast-forward three-years and Thiam has been caught by surprise again, this time by a spying scandal that has rocked the bank and led to the resignation of two top executives, including Thiam’s right-hand man Pierre-Olivier Bouee.

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Post time: Oct-03-2019