Teflon Thiam

1 October 2019 By Christopher Thompson Follow @CGAThompson

An internal investigation has cleared the Credit Suisse CEO of wrongdoing after his chief lieutenant hired spies to tail an ex-employee. Tidjane Thiam has now lost two key staff in three months. Worse, ignorance of key decisions in the company you run is not a good look.

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Credit Suisse said on Oct. 1 that its Chief Operating Officer Pierre-Olivier Bouée resigned after an internal investigation found he initiated surveillance of the bank's former wealth management head Iqbal Khan.

The probe cleared Chief Executive Officer Tidjane Thiam.

"The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank," Switzerland's second-biggest bank said in a statement, adding there was no indication that Thiam had approved or even been aware of the surveillance.

The bank had launched the enquiry to find out the circumstances that led to a confrontation in Zurich on Sept. 17 between Khan, who left in July and later joined rival UBS, and private detectives that Credit Suisse had hired to follow him.

Credit Suisse shares were up 0.3% at 12.30 Swiss francs by 0821 GMT on Oct. 1.

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