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Credit Suisse says ex-COO was involved in HR head’s spying in February

on Dec 23, 2019
Updated: Mar 11, 2020
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  • Credit Suisse says ex-COO was involved in HR head’s spying in February.
  • Ex-COO lied in an earlier probe involving wealth management executive, Iqbal Khan.
  • The investment bank's reputation has been largely damaged following the spying incidents.

The Swiss multinational investment bank, Credit Suisse, has recently been under multiple spying incidents. While the CEO Tidjane Thiam along with a number of other top executives were previously under investigation for the incidents, the financial services company announced on Monday that the team has been emancipated of the allegations.

It was further added, however, that it was the ex-COO, Pierre-Olivier Bouee, who was involved in having the company’s HR head, Peter Goerke, followed. The incident happened in February and was covered up by the Chief Operating Officer until last week when a local newspaper announced the incident of Goerke’s tailing.

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Credit Suisse’s Reputation Is Greatly Damaged By The Spying Incidents

The recent news again flared questions on Credit Suisse’s reputation that was greatly damaged after a similar incident involving its wealth management executive, Iqbal Khan. Revealed earlier in 2019, the Swiss bank had claimed it to be a one-off at the time.

The bank’s chairman, Urs Rohner, commented on the news and expressed his disappointment in the spying incidents of Peter Goerke and Iqbal Khan that he agreed, has largely damaged the bank’s reputation. He further stated that the incidents are inexcusable and strict action will be taken against those involved. The chairman also remarked that it is a matter of grave concern for the financial services company that Peter Goerke’s tailing was covered up in the earlier probe.

Khan was spied by a private detective in Zurich along with his wife, following which, a criminal investigation on Khan’s spying was undertaken by a local law firm, Homburger. The incident was made public in September 2019 as the investigation concluded with finding the bank’s COO and the head of security responsible for the crime. Evidence for any other incident wasn’t found at the moment.

The incident resulted in getting both the employees sacked.

Ex-COO Bouee Had Lied In The Earlier Probe

The recent probe into Goerke’s tailing conducted by the same law firm, however, discovered that Bouee had lied in the earlier probe when investigated for other similar orders of spying. The executive had also made arrangements to disable the authorities from finding any evidence that contradicts his lie.

Despite the criminal investigations, the Swiss bank has managed to keep its strength in the stock market in 2019 so far. The company started the year at 10.84 CHF in January. As of April, share prices were seen trading as high as 13.81 CHF. While the subsequent months saw the stock drop below the opening level, the financial services company has picked right up with the stock currently exchanging hands at 13.09 CHF.

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