Credit Suisse clears CEO in Khan probe, COO Bouee to go

This post was originally published on this site

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.