October 14, 2019: Major Shareholder Backs CEO
While Thiam's reputation suffers with Credit Suisse employees as well as in the wider banking industry, the bank's biggest shareholder continues to back the CEO: David Herro of Harris Associates, a U.S.-based mutual fund, offers its support publicly.
The spy scandal was ginned up and «overblow,» the U.S. fund manager says in an interview – the staunch Credit Suisse loyalist also supported ex-CEO Brady Dougan through criticism.
December 17, 2019: «Spygate» Scandal Deepens
Just weeks later, Thiam's and Rohner's avowal that the surveillance of Khan was isolated are disproven: another top executive, Peter Goerke, was also tailed, it emerges. Separately, Credit Suisse's former top U.S. compliance officer says she too was shadowed by private security after falling out with the bank.
The scandal's deepening intensifies the pressure on Thiam – but also puts Bouée in the spotlight again. Credit Suisse sacks him retroactively for the cause of lying in the initial investigation.
20. December 2019: Finma Gets Involved
The second surveillance incident rouses Credit Suisse's regulator into action. Finma vows to appoint an independent overseer to look into the bank's corporate governance.
The Swiss overseer later clarifies that it isn't necessarily bothered about the surveillance – which isn't illegal even in privacy-minded Switzerland. Finma doesn't like the sound of instant messages involving surveillance being deleted – a cardinal sin in Swiss banking.
January 8, 2020: Complaint vs Iqbal Khan
While Thiam is busy with Finma as well as open season on how long he will be able to hold into the CEO seat, Khan sets to revamping UBS' flagship wealth division. But the affair is perilous for the 43-year-old too,
Khan, his wife, and a police officer involved in the original writ in September face a criminal complaint by the private detective hired by Credit Suisse. It accuses Khan of coercion, making false accusations, unlawful detention and misleading the judicial authorities.
