Credit Suisse Spies Turned Up No Wrongdoing by ex-Executive Khan

(Bloomberg) -- In the end, the spying that has shaken the highest echelons of Credit Suisse Group AG yielded nothing.

Private surveillance ordered by Pierre-Olivier Bouee to ensure that Iqbal Khan didn’t poach clients or brokers failed to reveal any inappropriate behavior by the former Credit Suisse executive, an inquiry by Swiss firm Homburger found.

“Neither the Homburger investigation nor the observation of Iqbal Khan identified any evidence that Iqbal Khan had attempted to poach employees or clients away from Credit Suisse, contrary to his contractual obligations,” according to a Credit Suisse statement.

Bouee resigned and assumed responsibility for ordering the spying, which Credit Suisse said “resulted in severe reputational damage to the bank.” Chief Executive Officer Tidjane Thiam was cleared of any responsibility in the scandal.

Khan is due to begin his new job as co-head of wealth management at UBS AG on Tuesday.

To contact the reporter on this story: James Hertling in London at jhertling@bloomberg.net

To contact the editors responsible for this story: James Hertling at jhertling@bloomberg.net, Ross Larsen

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