Connect with us

Banking

Former Credit Suisse security head targeted in Swiss regulator’s investigation

Former Credit Suisse security head targeted in Swiss regulator's investigation 1

ZURICH (Reuters) – Credit Suisse’s former head of global security services is one of three people targeted in a new investigation announced last week by Swiss financial markets watchdog FINMA following an espionage affair at the bank, a lawyer told Reuters on Sunday.

Zurich-based lawyer Andreas Josephsohn confirmed his client was one of three individuals targeted by the proceedings, speaking on condition his client wouldn’t be named.

Swiss newspaper NZZ am Sonntag was first to report that the former head of security services was a target of the investigation.

“As a matter of principle, we do not comment on specific FINMA enforcement matters nor on any speculation related to third parties, former or current employees,” a Credit Suisse spokesperson said.

FINMA said last Tuesday that it found “serious organizational shortcomings” surrounding how the bank managed and controlled the observation of some of its top executives and former employees between 2016 and 2019 in its proceedings against the bank that have now concluded.

It opened an investigation looking at the knowledge and conduct of three unnamed individuals to determine their responsibility in the context of violations of supervisory law FINMA identified at the Swiss bank.

In October 2019, the bank‘s chief operating officer at the time, Pierre-Olivier Bouee, and the head of global security services resigned over a snooping affair that ultimately also triggered the departure of former Chief Executive Tidjane Thiam.

(Reporting by Silke Koltrowitz; Editing by Susan Fenton)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now