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A few months back, Credit Suisse wealth-management chief Iqbal Khan announced his resignation. This may have had something to do with the same job becoming available at UBS, although given the relative statuses of Credit Suisse and UBS at the moment, that seems unlikely to be the whole story. Especially when one considers that Khan, once seen as a possible future CEO at CS, has had a falling out with the incumbent CEO, and that his new gig at UBS includes a shot at the top job there once Sergio Ermotti’s bloodlust is sated.

Whatever the reason or reasons, this did not sit well at all at Credit Suisse, mostly since they considered Khan’s former underlings to be flight risks. Just in case, they decided to keep an eye on Khan and, presumably, any of its potentially wayward wealth managers who might be so bold as to meet their former boss in public with his entire family. This did not go well, and in light thereof, Credit Suisse is going to launch a second probe into the first, with hopes of no further arrests, temporary or otherwise.

Credit Suisse said Monday in a memo to employees that its board launched a “detailed inquiry” following Swiss and German media reports that the bank put former wealth-management head Iqbal Khan under surveillance, leading to a confrontation with three unidentified men last week outside a restaurant in Zurich…. A spokesman for the Zurich public prosecutor’s office said Monday that prosecutors opened a criminal investigation into possible assault and threat based on a complaint made by Mr. Khan. The spokesman said the investigation led to “temporary arrests” and declined to provide further details, citing a continuing investigation…. According to Swiss and German media accounts, led by an initial report by Swiss finance blog, Mr. Khan was followed last week by car and on foot while with his wife and child. Mr. Khan reported the alleged incident to Zurich police, according to reports and the public prosecutor’s office.

Credit Suisse Launches Probe Into Its Surveillance of Top Executive [WSJ]


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