An executive admits to having an ex-colleague followed, fearing that he might poach staff or clients from 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 Bouée, the bank’s chief operating officer, and Remo Boccali, its head of security.
Alas, Mr Thiam and his talented, ambitious protégé had fallen out. Living next door to each other made matters worse. Mr Thiam was reportedly annoyed by Mr Khan’s lengthy building works; Mr Khan, by Mr Thiam’s planting of trees on the boundary. Eventually Mr Khan quit the bank. On August 29th UBS, Credit Suisse’s bigger local rival, said he would become its co-head of global wealth management.
Despite his exoneration—and the robust support of both the biggest shareholder and the chairman, Urs Rohner—the affair is nonetheless a blow to Mr Thiam. He has lost two of his top brass within three months. Whereas the split with Mr Khan may have been inevitable, Mr Bouée was a colleague of long standing. He was one of only a few outsiders Mr Thiam brought in when he took over at Credit Suisse in 2015; despite the bank’s troubles, he liked most of what he saw.
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