Credit Suisse exec quits over spying scandal

The chief operating officer of Credit Suisse (CS) has resigned over a spying scandal that rocked the buttoned up world of Swiss banking and threatened to topple the bank’s CEO.

Credit Suisse said on Tuesday that Pierre-Olivier Bouée had resigned as COO and stepped down from the board of directors and executive board. It follows an independent investigation into the tailing of a high-flying Credit Suisse banker who was poached by rival UBS.

Iqbal Khan, formerly head of Credit Suisse’s wealth management division, was tailed by private investigators working on behalf of the bank last month. Khan spotted his observers and eventually publicly confronted one of them in Zurich, leading to press accounts of the event. The story quickly spiralled and the board of Credit Suisse last week launched an independent inquiry to find out who was responsible.

Credit Suisse said on Tuesday that the investigation found Bouée ordered the observation of Khan without consulting any other senior executives or board members. Bouée authorised the tailing because he was concerned Khan may try to poach members of his former team to join him at UBS.

https://uk.finance.yahoo.com/news/credit-suisse-spying-scandal-tidjane-thiam-exoneratied-pierre-olivier-bouee-resigns-iqbal-khan-074140519.html