ZURICH (Reuters) – Credit Suisse (S:) said on Tuesday Chief Operating Officer Pierre-Olivier Bouee resigned after an internal investigation found he alone initiated surveillance of the bank’s former wealth management head Iqbal Khan.
The probe cleared Chief Executive Tidjane Thiam.
“The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank,” Switzerland’s second-biggest bank said in a statement, adding there was no indication that Thiam had approved or even been aware of the surveillance.
The bank had launched the enquiry to find out the circumstances that led to a confrontation in Zurich on Sept. 17 between Khan, who left in July and later joined rival UBS (S:), and private detectives that Credit Suisse had hired to tail him.
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