Zurich — Credit Suisse Group said CEO Tidjane Thiam is resigning, a stunning reversal for the executive who was backed by key shareholders after a damaging spying scandal.

Thiam will be replaced by Thomas Gottstein, a 20-year veteran of the bank who leads the Swiss unit. The bank also said chair Urs Rohner has the board’s “unanimous” backing to complete his term until April 2021...

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