An email about press coverage of Credit Suisse Chief Executive Tidjane Thiam, originally intended for top managers only, quickly went «viral» inside the Swiss bank on Friday.

Signed by Credit Suisse’s head of communications in EMEA, the email warned of several upcoming stories, most notably one expected from the «New York Times» on Tidjane Thiam’s style and strategy that would contain both positive and negative comments, according to the bank's communications chief in London.

The tone of Credit Suisse’s warning to staff made clear that the bank was nervous that Thiam, who unveiled a massive restructuring of the bank last October, would be subjected to a hatchet job after an exodus of high-profile bankers recently. It also highlighted how sensitive Thiam has become to criticism of his public image, especially internationally.

It represents the second attack mounted in the pages of Wall Street's most widely-read newspapers, following a «Wall Street Journal» story in April highlighting how open feuding had erupted between Thiam’s management team and the investment bank.

Warning Shot From Investment Bank

When the story appeared online late on Friday, it became apparent why Credit Suisse had alerted its staff in advance. Leaning heavily on New York-based investment bankers, Credit Suisse staff anonymously voiced their anger at bearing the brunt of public comment from Thiam about restructuring, cultural change, and pay. Thiam had «lost the building,» according to the paper, referring to a Wall Street euphemism which loosely translates to a leader who is no longer credible with the traders, investment bankers and staff who make up the backbone.

The story represents a thinly-veiled attack by Credit Suisse’s New York-based investment bank, where morale is at a low point and suggests some bankers are struggling with more than a small amount of disappointment at no longer receiving the deferential treatment the unit had long enjoyed under former boss Brady Dougan.

Thornburgh Backs Thiam, Management

As a former derivatives banker and long-time Credit Suisse First Boston employee, detail-obsessed Dougan had little trouble commanding respect in the investment bank’s trenches. While attacks on chief executives are nothing new – especially for a bank like Credit Suisse, which has historically operated more as a series of units loosely tied under the same roof rather than «one bank» – the bank was nervous enough to dispatch Richard Thornburgh, a bank board member and former CSFB banker who enjoys good credibility.

Credit Suisse’s board is «100 percent behind the strategy, Tidjane, and the executive board,» Thornburgh was quoted as saying. His comments highlight that the board is increasingly the only base that Thiam still holds, after apparently losing the backing of Credit Suisse’s New York-based investment bankers.

Thiam's Stronghold?

After one year at Credit Suisse, it is apparent that Thiam has made few inroads with his home basis in Switzerland, where he has engaged a high-profile public relations firm to shore up his image. Thiam has installed trusted lieutenants in key leadership positions at the bank, and the bank has also been beset by a series of painful departures including that of revenue-generator John Haefelfinger and rainmaker David DeNunzio.

Thiam’s public image in Switzerland is already dented from reports, denied by the bank, that the CEO insists on the type of travel, accommodation and security arrangements usually reserved solely for heads of state.

To be sure, as an outsider Thiam doesn't need to «own» the investment banking room, but it is becoming apparent that after one year, he still doesn't have a stronghold to fall back on in wealth management, Switzerland or its investment banking. With the disposal of its Swiss universal bank set for sometime next year, divides at the bank will only deepen before the fruits of Thiam’s restructuring at Credit Suisse take hold.