Credit Suisse Chief Tidjane Thiam Rebuts Claim He Ordered Damaging Information
January 27 2020 - 10:45AM
Dow Jones News
By Margot Patrick
Credit Suisse Group AG Chief Executive Tidjane Thiam used his
new Instagram account to deny he sought out negative information
about an employee at the bank.
In a post Sunday, Mr. Thiam said Swiss newspaper reports that he
had ordered a search for incriminating material against a former
Credit Suisse executive are "entirely false and defamatory."
On Sunday, NZZ am Sonntag reported that Mr. Thiam asked Iqbal
Khan, Credit Suisse's former head of international wealth
management, to find damaging information about former Europe
private banking head Claudio de Sanctis to suppress Mr. de
Sanctis's rise within the bank. The report said the alleged request
led Mr. Khan to resent and feel bullied by Mr. Thiam. Messrs. Khan
and de Sanctis didn't respond to requests for comment.
"Staying silent is no longer a viable strategy," Mr. Thiam said
in the Instagram post, his seventh since joining the platform last
week. He said he would use Instagram from time to time to speak
when false information is spread. He marked the post as a "personal
note." The bank also put out an official statement denying the
Swiss newspaper report. Mr. Thiam had 2,452 followers as of
Monday.
Credit Suisse is trying to contain a scandal that began in
September when Mr. Khan, who now works at rival UBS Group AG,
spotted and confronted an investigator who was following him on the
streets of Zurich. Credit Suisse later blamed its then chief
operating officer, Pierre-Olivier Bouée, for ordering the
surveillance. It said Mr. Bouée told a law firm hired by the bank
that he acted to protect the interests of the bank. The Credit
Suisse board said the surveillance order was "wrong and
disproportionate" and had damaged the bank's reputation.
Mr. Thiam said Mr. Khan's surveillance was "strictly an isolated
incident" and that he hadn't been aware of it. The bank said it
didn't find any evidence that Mr. Khan was trying to poach staff or
clients. Mr. Thiam didn't know about that surveillance either,
Credit Suisse said.
In December, Credit Suisse confirmed that a second executive had
been followed earlier in 2019, and again blamed the COO. Mr. Thiam
didn't know about that surveillance either, Credit Suisse said.
Mr. Bouée hasn't commented and couldn't be reached for comment
Monday.
Mr. Thiam's Instagram post came as pressure is increasing on the
bank to explain the extent of its surveillance activities and its
oversight of executives. In December, Switzerland's financial
regulator, Finma, said it would appoint an independent investigator
to look at the surveillance activities.
Finma's chairman, Thomas Bauer, told a Swiss newspaper earlier
this month that there are unanswered questions from the episodes on
corporate governance and the bank's handling of data. A Finma
spokesman Monday confirmed Mr. Bauer's comments.
The Credit Suisse spokesman said it would work with the
regulator and the investigator in answering any questions. It said
the investigator hasn't been appointed yet. Finma declined to
comment on the appointment.
Write to Margot Patrick at margot.patrick@wsj.com
(END) Dow Jones Newswires
January 27, 2020 10:30 ET (15:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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