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The class action lawsuit quotes a «Bloomberg» interview with Thiam, in which he commented that «A lot of the problems in the investment bank are that people are trying to generate revenue at all costs.»

Swiss Push

Alexander Amann, a Liechtenstein-based lawyer at legal firm Schwaerzler, sees the lawsuit on solid ground. The lawsuit is only open to investors who bought Credit Suisse stock between March 2015 and February of 2016 on New York's stock exchange, and not European shareholders.

The lawyer wants to launch a parallel push for domestic shareholders, according to «Sonntagszeitung». «We will begin an appeal to Credit Suisse shareholders shortly. Because of the late disclosure of the loss-making trading positions, damage claims by Swiss and European shareholders are a possibility,» he said.

Disgruntled Investors

The unwelcome news comes as Thiam, CEO since 2015, prepares to report Credit Suisse's third consecutive full-year loss, after big changes in U.S. corporate taxes which have hit several banks including UBS and Bank of America Merrill Lynch.

The bank also hit the headlines earlier this week, when its clients were walloped by massive losses on an anti-volatility bet offered by the bank which plummeted in the stock market rout. The losses have apparently led U.S. lawyers to marshal investors who lost money, to find out whether the bank broke U.S. securities law.