Swiss Bank CEO resigned after he lost the confidence of the bank's board of directors in the wake of a scandal in which private investigators, hired by Credit Suisse, spied on 2 former senior-level executives
Share to linkedinknowledge of the observation of two former colleagues. It undoubtedly disturbed Credit Suisse and caused anxiety and hurt. I regret that this happened and it should never have taken place.”We usually don’t associate corporate espionage, car chases, physical altercations and a suicide with the staid conservative world of Swiss banking.
. The first reported incident was that of Iqbal Khan, the former head of the bank’s lucrative and highly successful wealth management unit. Khan was said to have bristled under Thiam’s management and told others that he was not shown the appreciation that he deserved. There was talk of Khan potentially taking over the CEO position.. Khan, in addition to being a successful banker, was neighbors with Thiam.
It was determined that the investigators were hired by Thiam’s close-knit ally, COO Pierre-Olivier Bouée. An investigation conducted by an external law firm cleared Thiam of involvement in the Khan spying episode, but also ended with the firing of Bouée. Sadly, in a tragic turn of events, a private investigator—who allegedly helped Bouée with the espionage plan—killed himself.
Some people, including David Herro, a portfolio manager at Harris Associates with a large stake in Credit Suisse, raised the issue of racial prejudice, which may have played a part in Thiam’s ouster. Herro said, “To be very frank, it seems like envy from competitors or perhaps something else given that Mr. Thiam looks a little bit different than the typical Swiss banker. Either one of these two rationales behind these attacks against him, to me are extremely distasteful.
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