Credit Suisse boss Tidjane Thiam has been forced to resign following a spying scandal.
According to media sources Thiam is leaving the Swiss bank amid a reported power struggle with chairman Urs Rohner.
It emerged that two former employees had been put under surveillance, although Thiam denied knowledge of the operations.
Speaking to Swiss media, Rohner said Thiam’s departure was to maintain the bank’s credibility, and denied there was ill-feeling between the two.
In September last year it emerged that the bank’s former chief operating officer, Pierre-Olivier Bouée, had hired private detectives to track its former head of wealth management, Iqbal Khan.
Credit Suisse later admitted its former human resources head Peter Goerke had also been tailed, prompting an investigation by Swiss financial watchdog FINMA.
The bank’s board has accepted Thiam’s resignation, although he has received several pledges of support.
Thiam will leave on February 14 and is being replaced by Thomas Gottstein, who is head of the bank’s Swiss business.
Relations between the chief executive and chairman had been increasingly strained following the spying scandal.
In a statement, Thiam said: “I had no knowledge of the observation of two former colleagues.
“It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place.”