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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group AG    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Credit Suisse : Ousted Credit Suisse CEO Thiam to collect up to $30 million - sources

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02/13/2020 | 10:11am EST
CEO of Credit Suisse Group Tidjane Thiam attends the 2019 New Economy Forum in Beijing

Credit Suisse Chief Executive Tidjane Thiam, ousted over a spying scandal, stands to collect as much as 30 million Swiss francs ($30 million or £23.5 million) after resigning this month, two people familiar with the matter said.

The compensation for Thiam, including pay, bonus and stock options, marks the end of a five-year reign at Switzerland's second-largest bank that ended after a split with the chairman following revelations of spying on top managers.

Thiam has denied any knowledge of staff surveillance, which first came to light in September when former executive Iqbal Khan confronted a private detective who was following him through Zurich.

The package would make Thiam, who has on average been awarded roughly 10 million francs annually by the bank in the three years to 2018, one of the highest-paid European bank chiefs. Credit Suisse declined to comment.

High executive payouts at the bank have irked its investors, prompting a protest in 2017. During Thiam's tenure, its share price has fallen by almost half as it raised fresh funds from investors.

Thiam, however, is entitled to the money because he is resigning from the bank this week officially on good terms, which means there is no need for the management board to dock his pay.

He nonetheless departs under a cloud. Although Credit Suisse cleared Tidjane of snooping on former star manager Khan, the suicide of a private investigator involved and the emergence of a second spying case as it sought to draw a line under the first sparked an outcry in Switzerland.

The scandal rattled faith in the Swiss bank, a pillar of the local economy that was founded to finance the building of the nation's rail network that tunnels through the Alps.

Credit Suisse has said Thiam was unaware of the surveillance and that former Chief Operating Officer Pierre-Olivier Bouee, a longtime Thiam aide, initiated it in a solo run. He was since fired and has not commented publicly.

Ultimately chairman Urs Rohner won board backing to ask Thiam to leave, according to people with direct knowledge of the matter.

For many investors, Thiam leaves behind a mixed legacy.

"He took out 4 billion francs of costs. That was critical," said Andreas Venditti, an analyst at Vontobel. "On the downside, he had to cut his original targets because they were too optimistic."

As he handed over to his successor on Thursday at a press conference, Thiam took issue again with what he described as false reports, including one that he had chartered helicopters for work.

"I've given five years of my life to this company, it's not nothing," he said. "Now I'm going to go and get some rest."

(Reporting By John O'Donnell; Editing by Jan Harvey)

By John O'Donnell and Koh Gui Qing

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -1.29% 13.39 Delayed Quote.3.51%
VONTOBEL HOLDING AG -0.75% 72.75 Delayed Quote.6.00%
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Financials (CHF)
Sales 2020 22 154 M
EBIT 2020 5 429 M
Net income 2020 3 801 M
Debt 2020 78 809 M
Yield 2020 2,22%
P/E ratio 2020 8,65x
P/E ratio 2021 7,77x
EV / Sales2020 5,03x
EV / Sales2021 4,90x
Capitalization 32 621 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 15,39  CHF
Last Close Price 13,39  CHF
Spread / Highest target 49,4%
Spread / Average Target 14,9%
Spread / Lowest Target -10,4%
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Managers
NameTitle
Thomas Gottstein Chief Executive Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
David Richard Mathers Chief Financial Officer
John Ivan Tiner Independent Non-Executive Director
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