The ousting of Tidjane Thiam as chief executive of Credit Suisse could prove a forerunner to further changes in management and shareholder make-up at the bank, according to analysts, with investors and the board at odds over future leadership.

Thiam quit as chief executive on Friday after nearly five years in charge. This follows months of controversy linked to the bank’s unauthorised surveillance of employees, including its former head of wealth management, Iqbal Khan.