A spying furore rocks Credit Suisse

AT NOON ON September 17th, in central Zurich, Iqbal Khan confronted a man he suspected of following him. The suspicion was correct. The incident sparked a criminal investigation, still under way, and a speedy inquiry by Homburger, a law firm, for Credit Suisse, Mr Khan’s former employer. The inquiry led on October 1st to the resignation of Pierre-Olivier Bouee, the bank’s chief operating officer, and Remo Boccali, its head of security.Until July Mr Khan oversaw Credit Suisse’s wealth-management business outside Switzerland and Asia. He was a star. The chief executive, Tidjane Thiam, was reorienting the bank towards wealth management and away from the riskier bits of investment banking, and after a rocky start the bet was paying off. In the second quarter of 2019 the bank’s return on equity was 9.7%, a shade under the 10% that investors regard as par. Revenues and profits in Mr Khan’s division had grown nicely.
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