Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Credit Suisse blames former COO for covering up second spying case

Published 12/23/2019, 03:16 AM
Updated 12/23/2019, 03:16 AM
© Reuters. FILE PHOTO: Logo of Swiss bank Credit Suisse is seen Zurich

By Brenna Hughes Neghaiwi

ZURICH (Reuters) - Credit Suisse (S:CSGN) on Monday cleared CEO Tidjane Thiam and other top executives from knowledge of a second spying incident, saying former Chief Operating Officer Pierre-Olivier Bouee had the Swiss bank's then-head of human resources followed in February and covered it up.

Switzerland's second-biggest bank confirmed it was behind the second internal spying scandal to surface this year after a newspaper report last week detailed former HR head Peter Goerke's tailing.

The matter comes as an embarrassment to Credit Suisse after an earlier probe into spying on wealth management executive Iqbal Khan depicted the incident as a one-off.

"The observation of Peter Goerke, which has now been confirmed, is inexcusable," Chairman Urs Rohner said in a statement, noting "grave concern" that those responsible for the tailing had not mentioned it during the earlier probe.

"We are aware that the observations of Iqbal Khan and Peter Goerke have damaged the reputation of our bank," he said.

An investigation by law firm Homburger into spying on Khan -- which became public in September after the departing executive confronted a private detective pursuing him and his wife through Zurich, triggering a criminal probe -- found Bouee and the security boss under him were alone responsible for the order and found no evidence of other cases.

Both resigned, and now Bouee has been sacked.

© Reuters. FILE PHOTO: Logo of Swiss bank Credit Suisse is seen Zurich

The latest probe, also conducted by Homburger, determined Bouee had lied when asked about any other surveillance orders and had taken care not to leave any identifiable traces in the bank's systems.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.