Credit Suisse cleared CEO Tidjane Thiam of ordering a surveillance of former wea...
ZURICH - Credit Suisse cleared CEO Tidjane Thiam of ordering a surveillance of former wealth management head Iqbal Khan, but said his right-hand man has resigned over the botched spying case that severely damaged the bank’s reputation.
An internal Credit Suisse investigation carried out by law firm Homburger found Chief Operating Officer Pierre-Olivier Bouee alone initiated observation of Khan to see if he was trying to poach former colleagues to join him at UBS, the bank said on Tuesday. Rohner told a news conference Thiam still enjoyed the full confidence of the board. “We have absolutely zero evidence that he was informed about it,” he said, while apologizing to Khan and his family for the incident.
Rohner and John Tiner, head of the board’s audit committee, batted back questions about the credibility of the probe’s findings, saying the incident was unusual and insisting Thiam was on top of what was happening at the group. Messages between Bouee and Thiam from Aug. 22 onward, which were sent via company email and messaging platform WhatsApp, had been reviewed and found not to be relevant, he added.Two big shareholders have said they wanted Thiam, architect of a sweeping three-year revamp at the bank, to stay unless it was shown he broke the law.The investigation found no evidence that Khan had attempted to poach employees or clients from Credit Suisse.
The abrupt departure of Pakistan-born Khan, who moved to Switzerland when he was 12, exposed his falling out with Thiam, the 57-year-old Franco-Ivorian executive who revamped a stagnant Credit Suisse by cutting thousands of jobs, scaling back investment banking and bolstering its balance sheet.
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