Credit Suisse COO resigns over spying scandal

Chief operating officer Pierre-Olivier Bouee, the CEO’s chief lieutenant at three companies for more than 10 years, stepped down after ordering detectives to shadow former wealth-management head Iqbal Khan to ensure he didn’t poach clients and brokers for his new post at UBS Group AG.

ZURICH: Credit Suisse Group AG exonerated CEO Tidjane Thiam as one of his key allies took the fall for a corporate spying scandal that shook Zurich’s financial elite and tainted the bank’s reputation.

Chief operating officer Pierre-Olivier Bouee, the CEO’s chief lieutenant at three companies for more than 10 years, stepped down after ordering detectives to shadow former wealth-management head Iqbal Khan to ensure he didn’t poach clients and brokers for his new post at UBS Group AG. The bank said that he acted alone, informing neither Thiam nor the board of his intentions.