Credit Suisse may have spied on more staff: Report

Bloomberg

Credit Suisse Group AG may have spied on other employees beyond former star banker Iqbal Khan and its ex-head of human resources, Swiss newspaper SonntagsZeitung reported, citing people familiar with the matter and a probe of the bank’s activities by banking regulator Finma.
The Swiss bank surveilled a former employee in the US as well as an ex-staff member in Asia and Finma is aware of the alleged activities, the newspaper reported, citing the people and an internal bank report. The employees that were allegedly spied on weren’t members of senior management, SonntagsZeitung reported.
Finma said earlier this month it had launched enforcement proceedings against Credit Suisse into alleged spying by the bank against Khan who joined rival bank UBS Group AG. It later emerged that ex-human resources chief Peter Goerke had also been monitored.
A Credit Suisse spokesman told Bloomberg that the bank couldn’t comment on the matter due to the ongoing Finma proceedings. The spokesman cited a previous statement that it would fully cooperate with Finma and that “the observation of employees is not part of the culture of Credit Suisse.”
SonntagsZeitung reported that one of the employees allegedly shadowed by Credit Suisse had threatened other staff and was therefore monitored. The other case could involve two former US workers who had a relationship and may have shared bank information with outside parties, SonntagsZeitung said, citing the people.
The Khan spy scandal tainted the bank’s reputation, led to the ouster of CEO Tidjane Thiam after a power struggle, and rattled the usually quiet world of Swiss banking.
An internal probe ordered by the bank at the time concluded that Thiam didn’t know about the spying, and that Chief Operating Officer Pierre-Olivier Bouee was responsible. Bouee was fired late last year.

Credit Suisse assessing exact scope of Brexit banker moves
Credit Suisse Group AG’s chief executive officer said the lender will keep evaluating how many bankers will leave London due to Brexit.
The bank currently plans to move between 250 and 300 people from London, Thomas Gottstein said at a conference in Zurich. Some of those bankers will go to Madrid, where Swiss bank is building a euro-area
investment banking hub.
The precise number will depend on how the final months of negotiations develop between Britain and the European Union and how London’s status as a
financial center evolves.
Gottstein’s comments are a reminder that more than four years after the Brexit vote, its ultimate impact on London’s future is an open question. The Brexit transition period is set to expire at the end of 2020, and negotiations over the future trade deal are deadlocked.
Far fewer bankers than expected have left so far. Firms had moved about 1,000 people by last September, compared with a prediction of 7,000 by the consulting firm EY. However, with a formal Brexit negotiating round set to begin next week, some UK lawmakers are worried about the risk of a chaotic split.