Pierre-Olivier Bouee, chief operating officer at Credit Suisse, stepped down after ordering the surveillance of one of its former star bankers, a move which the banks says has caused it 'reputational damage.'
... [+]: In a scandal that has rocked the staid world of Swiss private banking, Credit Suisse has seen its chief operating officer resign after he ordered the surveillance of a star banker wrongly suspected of poaching clients and employees after he defected to join a rival bank.
Pierre-Olivier Bouee stepped down on Tuesday after he admitted to asking the Credit Suisse head of global security services to place the former head of wealth management, Iqbal Khan, under watch, over unfounded concerns that he was poaching clients and employees for his new employer, UBS. It followed Khan’s abrupt departure from Credit Suisse to join competitor UBS, which led Bouee to trigger the spy operation “to protect the interests of the bank,” Credit Suisse said in a statement. Khan was being watched by Investigo private detectives, from September 4 to September 17.
An internal investigation by law firm Homburger on behalf of the Credit Suisse board found Bouee acted alone in ordering the surveillance of Khan. Bouee said that CEO Tidjane Thiam, who himself has been embroiled in tense relations with Khan, was unaware of Bouee’s actions. The board cleared chief executive Tidjane Thiam of wrongdoing, with chairman Urs Rohner telling reporters at a news conference on Tuesday morning: “We have absolutely zero evidence that he was informed about it,”James Walker, who holds a number of senior roles at the bank, has been named as Bouee’s successor, while the bank’s head of global security services also resigned.: The case gets more complex.
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