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Tidjane Thiam, former CEO of Credit Suisse, has been legitimized by an Abidjan court to remain chairman of the Democratic Party of Côte d'Ivoire (PDCI) after a trial questioning his Ivorian citizenship. Although he was initially deemed to have been elected illegally in December 2023 due to dual citizenship issues, he was re-elected in May 2025 after renouncing his French citizenship. However, Thiam remains ineligible for the presidential election scheduled for October 25, 2025.
Two whistleblowers from Credit Suisse are set to receive up to $153 million after revealing the bank's continued misconduct in helping US clients evade taxes, despite a previous settlement in 2014. UBS has agreed to pay a $511 million fine, a significant portion of which will reward the whistleblowers for their courage in exposing the truth. The case highlights ongoing issues within the Swiss financial sector, with many former managers no longer in banking roles.
The Federal Administrative Court ruled that the Federal Department of Finance's cuts to bonuses for former Credit Suisse managers were unlawful, citing a lack of legal basis and no proven individual misconduct. Despite claims of responsibility for the bank's failure, the court found no evidence against the twelve managers involved. The ruling, which can be appealed, highlights the excessive bonuses that contributed to Credit Suisse's financial downfall, with CHF 32 billion paid out over ten years despite significant losses.
The disqualification of Tidjane Thiam, former CEO of Credit Suisse and leader of Côte d’Ivoire’s main opposition party, from the presidential race raises concerns about the country's investment climate. His lawyer argues that this decision undermines trust in the legal system, potentially deterring foreign investment. Analysts warn that the political uncertainty, coupled with President Alassane Ouattara's ambiguous future, could destabilize Côte d’Ivoire, which has been recognized for its strong economic growth and governance in the region.
UBS has agreed to pay $511 million to the US Department of Justice to settle tax violations linked to its acquisition of Credit Suisse, which had previously faced fines for aiding tax evasion. This settlement addresses a long-standing conflict, as UBS has committed to full disclosure of US accounts and maintains a zero-tolerance policy towards tax evasion. The payment has negatively impacted UBS's quarterly results, while a separate tax dispute with France remains ongoing.
Credit Suisse's management, under Urs Rohner and Tidjane Thiam, faced scrutiny for pledging valuable domestic mortgages to hedge funds through a special purpose entity, jeopardizing the stability of CS Switzerland. Despite the risks, key figures like Chief Risk Officer Serena Fioravanti have continued to advance in their careers, raising questions about accountability as the bank neared collapse in March 2023.
UBS executives Sergio Ermotti and Colm Kelleher were notably absent from Zurich's Sechseläuten festival, missing a key opportunity for lobbying against regulation. While other prominent figures, including federal councillors and business leaders, participated, only Patrick O. Müller represented UBS, walking with the Zurich Women's Guild. This absence highlights a significant oversight in the bank's lobbying strategy.
Tidjane Thiam, the former CEO of Credit Suisse, has been barred from running in the upcoming Ivorian presidential election due to a court ruling on his nationality. He plans to appeal the decision to the Court of Justice of the Economic Community of West African States (ECOWAS), stating, "It’s me or no one," as his party will not nominate another candidate. This ruling follows the removal of other political opponents from the electoral roll, including former president Laurent Gbagbo.
Tidjane Thiam, the former CEO of Credit Suisse, has been barred from running for president of Côte d'Ivoire due to a court ruling that states he has lost his Ivorian citizenship. Despite being chosen as the presidential candidate by his party, the court's decision prevents him from participating in the upcoming election scheduled for October 2025. Thiam's citizenship status was affected when he acquired French citizenship in 1987, and no appeal can be made against the ruling.
Tidjane Thiam, the former CEO of Credit Suisse, is running for president of Côte d'Ivoire after being nominated by the Democratic Party of Côte d'Ivoire. At 62, he has renounced his French citizenship and aims to leverage his political experience, despite facing challenges due to his long absence from the country and a controversial tenure at CS. Thiam, whose family has ties to the country's first president, is competing against the ruling RHDP party, with incumbent Alassane Ouattara potentially seeking a fourth term at 83.
Tidjane Thiam
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