Spying scandal forces out Credit Suisse executive

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Credit Suisse’s chief operating officer has resigned after a probe found he initiated surveillance of an executive who had abruptly left the firm.

Private detectives were hired to track the Swiss bank’s former head of wealth management, Iqbal Khan for two weeks in September.

Pierre-Olivier Bouee said that he alone had initiated observation of Mr Khan.

The investigation found no indication chief executive Tidjane Thiam knew about the operation.

Credit Suisse said that the decision to observe Mr Khan was “wrong and disproportionate and has resulted in severe reputational damage to the bank”.

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