Credit Suisse COO Bouee quits over spying affair

Tuesday, 01. October 2019 08:13

Credit Suisse on Tuesday pronounced Chief Executive Tidjane Thiam innocent in an internal investigation of the "messed-up" surveillance of the bank’s former wealth management head Iqbal Khan. The bank hired a private detective agency to shadow the former executive because of fears he’d poach employees after moving to UBS Group AG earlier this year.

In the worst scandal in the bank's history, Homburger law firm found that Chief Operating Officer Pierre-Olivier Bouee initiated observation of Khan, prompting him to step down. Khan left for UBS in July.

The bank said: "The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank. The Homburger investigation did not identify any indication that the CEO had approved the observation of Iqbal Khan nor that he was aware of it prior to September 18, 2019, after the observation had been aborted."

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Breaking the News / TF