February 7, 2020 / 9:08 AM / 19 days ago

Credit Suisse CDS jump after CEO Thiam quits

FILE PHOTO: Switzerland's national flag flies in front of the logo of Swiss bank Credit Suisse in Luzern, Switzerland February 5, 2020. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) - The cost of insuring exposure to debt issued by Credit Suisse 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) 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.

Reporting by Karin Strohecker; Editing by Tom Arnold

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