Credit Suisse facing Swiss courts over spying scandal

Switzerland’s financial supervisor opened enforcement proceedings against Credit Suisse bank over a spying scandal in 2019.

Revelations of corporate espionage emerged after allegations were made that the company had been monitoring former wealth management boss Iqbal Khan and its former head of Human Resources.

The scandal, which came to light in 2019, led to the ousting of former Chief Executive Tidjane Thiam and tarnished the lender's reputation.

An internal Credit Suisse probe concluded that Thiam didn’t know about the spying, and that Chief Operating Officer Pierre-Olivier Bouee was responsible.

The move by FINMA follows the completion of a review of the bank’s corporate governance by an independent auditor regarding the use of tech to carry out surveillance of former employees.

FINMA said on Wednesday it will pursue indications of violations of supervisory law and the way in which these activities were controlled.

According to Reuters, Credit Suisse said it would cooperate “to ensure a complete and expeditious conclusion of the review of this episode and incorporate lessons learned.”

It also said on Wednesday that spying on employees was not part of its culture.