A quick clean-up of the Zurich-based bank's embarrassing spy scandal could become Urs Rohner's masterpiece: the Credit Suisse chairman's swift «investigation» of surveillance the bank set on ex-top executive Iqbal Khan to contain the scandal is emblematic of his leadership style.

A brief, public show of power and influence without exposing any vulnerabilities or affording any risks – at first glance, Rohner appears to have managed the affair.

Unacceptable Handling

The chairman hasn't addressed his own role in exacerbating tensions between CEO Tidjane Thiam and Khan, after the latter bolted for UBS. Rohner's poor handling of the conflict is viewed by many observers as unacceptable.

One of them is Rainer Gut, Credit Suisse's honorary chairman since 2000. The bank to this day carries the imprimatur of the 87-year-old's six years as CEO and 17 as chairman.

Lost Trust

Gut is far removed from Credit Suisse's daily business but maintains an office at the bank's Zurich headquarters. He has the right to sit in meetings he wishes to, including top management or board sessions.

The Swiss banker has apparently lost trust in Rohner, who took over as chairman ten years ago: «Gut wants Rohner to leave before 2021,» according to a person familiar with his thinking. Rohner is expected to leave when his regular term on Credit Suisse's board runs out in 2021.

Sitting Out C-Suite Spat

Gut accuses Rohner of letting the Thiam-Khan dispute fester, according to this person. When it blew open, Rohner didn't mediate but instead infuriated Thiam by brokering a sweetheart deal for Khan to defect to Credit Suisse's biggest rival in just three months – an unprecedentedly short period.