One of the most striking features of Tidjane Thiam’s ousting from Credit Suisse is how fiercely some of the bank’s US shareholders fought to prevent it.

Since Thiam took over in 2015, Credit Suisse shares have fallen by more than 40%. Although it has been a pretty torrid time for most European banks, that is much worse than rivals such as UBS, BNP Paribas and Barclays.