Credit Suisse ousting boss Brady Dougan and makes way for Prudential's CEO Tidjane Thiam

Credit Suisse ousted its CEO of eight years Brady Dougan and announced it will replace him with British insurer Prudential's boss Tidjane Thiam.

The Swiss banking giant confirmed in a statement that Dougan will step down at the end of June 2015. Thiam, who has served as Prudential's CEO for six years, will take over from Dougan immediately after his steps down.

"We are extremely grateful to Dougan for his exceptional commitment, unparalleled personal contribution and leadership to Credit Suisse over many years. Dougan and his management team have mastered even the most difficult challenges together," said Urs Rohner, Chairman of the Board of Directors at Credit Suisse in a statement.

"With Tidjane Thiam, a strong and distinguished leader with an impressive track record in the global financial services industry will take the helm of our bank. His extensive international experience, including in wealth and asset management and in the successful development of new markets, provides a firm foundation for leading Credit Suisse. As CEO, he led Prudential to great success in challenging times."