Credit Suisse CEO Thiam Ousted in Board’s Damage-Control Bid (2)

Credit Suisse Group AG ousted Chief Executive Officer Tidjane Thiam, a move that the bank’s chairman called an attempt to fix its reputation after a damaging spying scandal.

“We saw a deterioration in terms of trust, reputation and credibility among all our stakeholders,” Chairman Urs Rohner said Friday after he rejected calls from major U.S. and U.K. shareholders to back Thiam. He said the bank’s reputation was particularly damaged in Switzerland, which accounts for about 40% of the bank’s pretax income.

Rohner is turning to Thomas Gottstein, a two-decade Credit Suisse veteran who heads the Swiss business, to ...