Did Gut feeling favour Grübel?
The travails of Credit Suisse never cease to surprise and enthral.
But the latest instalment also carried a delicious whiff of revenge as Ossie Grübel returned in July as CEO of Credit Suisse Financial Services.
Just 12 months ago Grübel, the head of bond trading at CSFB in the glory days and a favourite of former Credit Suisse chairman Rainer Gut, lost a power struggle with Lukas Mühlemann, then chairman and CEO of Credit Suisse, and Muhlemann's protégé (and fellow McKinseyite) Thomas Wellauer.
Grübel lost his job as head of private banking and left the group at the end of last year. Wellauer, then CEO of the financial services division, took over the private bank as well and looked all set to end up running the group.
Seven months on, Mühlemann has been forced to give up the chairman's job - with some observers speculating that it is only a matter of time before he also loses the CEO role.