Weekly Global News Wrap: Credit Suisse CEO out over spying scandal; Wells Fargo chief reshuffles management

And German online bank N26 exits the UK.

From Reuters:

Tidjane Thiam has quit as Credit Suisse CEO after it arose that the bank had snooped on former executives.

Thomas Gottstein, head of the bank’s Swiss business, will take over the position.

The espionage surfaced in September last year when former wealth manager Iqbal Khan, after defecting to rival UBS, confronted a private detective who was following him and his wife through Zurich.

From Reuters:

Wells Fargo CEO Charles Scharf has named several executives to new roles and tapped a JPMorgan veteran as consumer lending head as the bank hopes to rebuild its reputation and increase accountability.

The new structure, which increases the business lines from three to five, closely resembles that of JPMorgan’s, where Scharf was mentored by CEO Jamie Dimon earlier in his career.

Scharf has already brought on several former colleagues from JPMorgan, including Mike Weinbach, who was tapped to lead Wells Fargo’s new consumer lending division in May.

From CNBC:

German online bank N26 is pulling out of the United Kingdom because it won’t have a license to operate there after Brexit.

The company said it will close down all UK accounts on April 15 and is advising customers in the country to transfer their funds to alternative bank accounts.

Founded in 2013, N26 is one of several so-called challenger banks that have seen considerable traction in Europe. When it arrived in the UK., the country was already home to a multitude of banking start-ups including Monzo, Revolut and Starling.

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