February 7, 2020 / 9:06 AM / 12 days ago

Credit Suisse CDS jump after CEO Thiam quits

The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann

LONDON (Reuters) - The cost of insuring exposure to debt issued by Credit Suisse (CSGN.S) jumped by 3 basis points (bps) on Friday after Chief Executive Tidjane Thiam quit amid a power struggle at Switzerland’s second-biggest bank.

Credit Suisse’s five-year credit default swaps (CDS) CSGN5YEUAM=MG rose to 44 bps after closing at 41 bps on Thursday, according to IHS Markit.

The Zurich-based lender faces investor pressure over a spying scandal being investigated by Swiss regulators. nL8N2A70WM

Reporting by Karin Strohecker; Editing by Tom Arnold

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