Credit Suisse’s top executive resigns over spying scandal

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Credit Suisse’s chief operating officer, Pierre-Oliver Bouee, as decided to resign after an investigation revealed that he ordered a surveillance operation on one of the top bankers who joined a crosstown rival of the European bank.

Bouee is stepping down with immediate effect, pointing out that the affair had caused “severe reputational damage.”

The top executive admitted during an investigation conducted by law firm Homburger that he had asked the Swiss bank’s security chief to place head of wealth management Iqbal Khan under observation in late August after rival bank UBS announced he would be joining them.

In a statement Credit Suisse said that Bouee had ordered a full surveillance on Khan “in order to protect the interests of the bank” and hadn’t informed CEO Tidjane Thiam or any other top member of the bank’s senior leadership.

The Swiss bank also said that Bouee reportedly feared that Khan would try to encourage some other Credit Suisse executives to join him at rival bank UBS. Apparently, Bouee was “extremely worried” that Khan represented a risk to the bank and the fact that he kept socializing with “key employees” increased his concerns, the bank added.

Article (c) Fourth Estate – All Rights Reserved.
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