Credit Suisse's operating boss is leaving after an investigation found he was behind a private surveillance scheme on Iqbal Khan, a departing executive of the Swiss bank.
The Zurich-based's operating chief Pierre-Olivier Bouee (pictured below) is leaving with immediate effect and will be replaced with a James Walker, a finance executive, it said in a statement on Tuesday.
The exit of the Frenchman as well as the Swiss bank's head of global security is the culmination of a ten days of confusion over a September run-in near Zurich's tony Paradeplatz square between a private security detail and former top Credit Suisse banker Iqbal Khan.
CEO Not Informed
For his part, Khan is due to start at crosstown rival UBS, where he will co-run the Swiss bank's flagship wealth management arm, on Tuesday. Credit Suisse said an outside investigation found that Bouee ordered Khan followed by a private detective as soon as the banker's move to UBS was made public in August.
The operating chief, a long-time associate of CEO Tidjane Thiam, didn't tell his boss, nor the board, Credit Suisse said. Neither the bumbled security operation nor the shadowing of Khan turned up any evidence the wealth manager was busy trying to line up employees or clients to poach to UBS, Credit Suisse said.
