Like the peaks that ring its lakes, Switzerland’s private banks stay above scandal and do not swim in it. At Credit Suisse the opposite was true and for this reason CEO Tidjane Thiam lost his job.

Opprobrium over spying on high-ranking executives had created too many waves, and over the side he went. The bank announced Thiam’s resignation on Friday. While replacing someone with his star qualities will be tough, an investigation from local watchdog Finma meant someone had to go. But do not expect big changes to Credit Suisse’s strategy.

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