Richard E. Thornburgh, 64, was a permanent fixture at Credit Suisse (CS), Switzerland's second-biggest bank. Having worked for First Boston, the U.S. investment bank, he was taken over with his employer by CS, for whom he worked as chief financial officer for a couple of years.

He was still CFO when CS took the expensive decision to acquire Donaldson, Lufkin & Jenrette (DLJ) at the turn of the century – forking out some 18 billion Swiss francs.

Poisoned Chalice

The purchase proved a poisoned chalice – declining equity markets, cultural differences and a brain drain had CS struggle with dead weight for years to come. CS Chief Executive Tidjane Thiam only recently pared the remaining goodwill of 6.3 billion francs by 3.8 billion, putting the bank deep into the red.

Thornburgh won't be standing for reelection at the next annual general meeting, Swiss Sunday paper «Sonntagszeitung» reported yesterday. He will step down exactly ten years after his election to the board of directors.