Credit Suisse Had Star Banker Followed Before He Joined Rival UBS

(Bloomberg) --

Iqbal Khan, the former Credit Suisse Group AG star banker hired by crosstown rival UBS Group AG last month, was shadowed by detectives trying to establish if he attempted to poach ex-Credit Suisse colleagues to join him at the world’s top wealth manager, according to several people familiar with the situation.

Khan, 43, on leave before he is due to join UBS as co-head of wealth management on Oct. 1, was followed by unidentified men while driving his car with his wife last week. He eventually noticed that he was being followed and took pictures of his pursuers, which led to a physical confrontation in broad daylight in downtown Zurich when the men tried to take away his mobile phone, according to several people briefed on the events.

Khan made a police report, which prompted the arrest of three men, according to reports in Swiss tabloid SonntagsBlick and Sunday newspaper SonntagsZeitung.

The Zurich prosecutor said on Friday it launched criminal proceedings in response to a complaint from Khan, saying he was threatened. The prosecutor declined further comment, citing ongoing investigations.

A spokesman for Credit Suisse on Sunday declined to comment on a report in SonntagsBlick that the bank’s head of security had authorized Khan’s surveillance. Citing unidentified insiders, the newspaper said “grave tensions” between Khan and CS Chief Executive Officer Tidjane Thiam had led to a fallout between the two managers and prompted Khan’s abrupt exit on July 1.

Last year, UBS attempted to hire Credit Suisse banker Marco Illy to run its Swiss investment bank but failed after it emerged Illy had contacted Credit Suisse clients while on gardening leave.

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