A Swiss flag is blowing on 8 May 2014 in Bern over a sign of the Swiss bank Credit Suisse.
FABRICE COFFRINI | AFP | Getty Images
Credit Suisse cleared Tuesday's director-general Tidjane Thiam in an in-depth investigation into the botched surveillance of bank former asset manager Iqbal Khan in an investigation that cost Thiam's right-hand man his job.
Chief Operating Officer Pierre-Olivier Bouee resigned after the Homburger Law Firm's investigation revealed that he alone initiated the Khan observation, which abruptly dropped out in July and later joined arch rival UBS.
"The Board of Directors believes that Iqbal Khan's mandate to monitor Iqbal Khan was wrong and disproportionate and caused the Bank serious reputational damage," states a statement by Switzerland's second-largest bank.
"The Homburger investigation revealed no indication that the CEO had consented to Iqbal Khan's observation or that he was aware of it by September 1
Two major shareholders had stated that they wanted Tidjane, an architect of a full three-year restructuring, to remain with the bank he joined in 2015, unless it has been proven to violate the law.
Credit Suisse initiated the investigation to find out the circumstances that led to a confrontation between Khan and private investigators in Zurich on September 17 that hired Credit Suisse to prosecute him.
"Neither the Homburger investigation nor the observation of Iqbal Khan suggested that Iqbal Khan had attempted to lure employees or clients away from his contractual obligations from Credit Suisse," it said.