Bizarre spying cash leaders to the resignation of top Credit Suisse executive

The Credit Suisse COO has stepped down after an odd spying scandal rattled the firm.

An internal probe at the firm found that Pierre-Olivier Bouée ordered the spying on the bank’s former head of wealth management. He has resigned because he put private investigators on the ex-executive without a conversation with company CEO Tidjane Thiam or other bank leaders. A probe suggests that the CEO did not know about the surveillance of Iqbal Khan, who departed for UBS this year and feuded with Thiam. Down the rabbit hole we go.

The Odd Story of the Credit Suisse COO

Khan had feuded with Thiam over trees planted on the latter’s property. Why: Because Khan purchased a home next door, bulldozed it, and had a public argument at a cocktail party in January 2019. Khan departed on July 1, despite a very successful track record at Credit Suisse. Once he obtained a job at UBS, the Credit Suisse COOO ordered security firm Investigo to trail Khan, who ultimately confronted an investigator on the streets of Zurich. Once details were made public of the incident, Credit Suisse ordered an external review of the decision to monitor Khan.

Meanwhile, multiple media outlets report that the unnamed consultant who linked the bank to Investigo has died by suicide.

HSBC Bolsters Alternatives Team

Meanwhile, a day after HSBC restructured its “markets arm” to focus on China, it hired a specialist for its alternatives team. The Hong Kong-based bank announced that Jorge Huitron would be the firm’s new senior product specialist for its London-based alternatives team. The company aims to expand its private market offerings across Europe and Asia. Huitron will report to Steven Ward, the firm’s global head of alternative products. 

Okada Steps Down from Highland Capita

Finally, a legend is retiring from the firm he founded. Mark Okada co-founded Highland Capital Management with Jim Dondero in 1993. Today, he is announcing his retirement. Okada will maintain his ownership stake in the firm after retirement. In the meantime, he will hold a senior advisory role through the end of 2019.

“We are grateful to Mark for his service, his performance, his leadership, and his personality,” said Dondero. “Over our 30-year partnership, we built a lasting business that has been tested by multiple credit cycles. Mark helped shape Highland and position the firm for future growth. I look forward to working with him across our continuing endeavors.”