WSJ News Exclusive | Credit Suisse Spied on More Employees Than Previously Disclosed

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Credit Suisse, hit by a spying scandal, said physical surveillance wasn’t part of its toolbox. A probe has found earlier instances of employees being followed.

By Margot Patrick Close Margot Patrick and Patricia Kowsmann Close Patricia Kowsmann Updated Nov. 30, 2020 5:27 am ET Lawyers hired by Credit Suisse CS -0.23% Group AG’s board in the aftermath of a spying scandal last year have found two earlier instances of employees being followed by private investigators, despite the bank’s assertions that it doesn’t condone physical surveillance.

The people familiar with Homburger’s findings said that in October 2017, the bank suspected an employee in New York misused confidential information and had the employee followed outside work. A Credit Suisse spokesperson said that the bank “does not condone the physical observation of its people and it is not part of Credit Suisse’s culture.” The bank said it was cooperating with the Swiss regulatory proceedings and couldn’t comment further while those are ongoing.

The spying scandal began in September 2019 when Credit Suisse’s international wealth management head, Iqbal Khan, saw an investigator following him and his wife. Mr. Khan had resigned from Credit Suisse in July 2019 and was preparing to start a new job with rival UBS Group AG .

 

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Is Thiam personally implicated or involved?

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