and that follows a power struggle between tidjane thiam and urs rohner.itate to say it was unexpected because we knew it was going to go one way or another, right? i would agree with that. it was a huge surprise when the story came out at 7:00 this morning. the power struggle had been unfolding in the last few days. it had to go either way as you said. it is worth remembering that this all basically started about six months ago when an unfortunate spying scandal unfolded at credit suisse. subsequently launched an internal investigation and in october announced all was well. the chief operating officer had to leave in the wake of the scandal. i think everyone at the bank hoped that would be yet. i daresay the story is not over yet. anna: it does not seem that way as specially as we are going to hear from credit suisse next week with their earnings report. it seems tidjane thiam is staying to go through that process which is interesting. what do we know about thomas gottstein. leading this with unit at the moment. swiss --ing the leading the swiss unit at t

it follows a power struggle between thiam and chairman urs rohner. we have patrick winners, who has been following the story, joining us from zurich, and also anothernkford, joh guest. patrick, we have heard there was a fight between the chairman and the chief executive, but a lot of shareholders have come out and supported the chief executive. patrick: good morning. i think it is still a massive surprise, a huge shock that tidjane thiam is leaving just a couple of months after his chief operating officer. i do not think many people saw this coming. there was an eerie kind of quiet indirect, and that we know why, because tidjane thiam was ousted. i do not think this is a big shop today. this tiedpatrick, is 100% to this by scandal? to say. it is difficult supporters are not saying it is tied to the spy scandal, but what you see in the press release today is that tidjane has apologized for everything that has happened, the first time he has done that. previously, the chairman has apologized, and today is the first day that you have seen tidjane doing

rohner hour or two ago.swers, he was very loyal and approaching in a fact-based manner that he would agree to disagree with guys like herro. my perspective, he's just saying you can try to unseat me, but we will see what happens. alix: there's two questions in relation to that. why now? i was struck by how quickly the board acted. are we going to have more accusations of spying coming out later, or did something happened that came to a true boiling point? patrick: from my conversation with mr. rohner, it seems that it was based on the spying incidents, and the second was potentially worse than the first because it indicated a pattern. it was at that stage at the end of last year that the board had to swing into action and think about topics like secession -- like succession. these news articles weren't stopping. i think that all accelerated in the last week or so. it accelerated with the shareholder attacks. you have seen the result of it this morning. alix: i was also struck by the fact that they are promot

september but there's also been a very public clash between and the chairman of credit suisse earth rohner over the past few weeks it was clear that one of them was going to have to go it's a little bit of a surprise that it's because he had a lot of support from shareholders and a lot of very vocal support from shareholders what about the new guy what's he going to be like the record. god signed it everyone says about him that he's very swiss so he's he is swiss he's the kind of thing. i think in this context it's supposed to be good but he also is very familiar with the corporate culture and switzerland which had been a bit of an issue between him and the board before so he's seen as as that a pair of very safe hands for credit suisse a living for us financial correspondent in frankfurt thank you. german industrial production dropped sharply in december and exports barely edged higher running off a forgettable year for manufacturing in europe's largest economy production of cars machinery drives the german economy and output at industrial firms fell 3 and a half percent exports were very

rohner's term was expected to end by 2021. this is nothing new.lan. in the plan always has been -- and urs' own words -- urs doesn't wnat to come back for a second term, if you ask him -- was to leave by 2021. by all indications, that will happen. francine: do you see issues at credit suisse that you're talking to other shareholders about? is there anything you would change? just see a very successful turnaround being executed it in used to be, if there was a volatile quarter in the global markets, for instance, you could expect a big loss at of credit suisse. as we have seen over the last eight to 10 quarters in particular, nothing but stable growth and stable capital built. i think people are pleased with this. they do not want the apple card upset -- apple cart upset. people do not want to see the board take and risk management. circleide of that little do not understand this kind of war against the ceo. eitherery frank, it seems envy from the competitors, or perhaps there is something else, given that mr. thiam looks different than the typical