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Former Credit Suisse security head targeted

Credit Suisse’s former head of global security services is one of three people targeted in a new investigation. This was announced by Swiss financial markets watchdog FINMA following an espionage affair at the bank.  Zurich-based lawyer Andreas Josephsohn confirmed his client was one of three individuals targeted by the proceedings. Swiss newspaper NZZ am Sonntag was first to report that the former head of security services was a target of the investigation.

A spokesperson said that as a matter of principle, they do not comment on specific FINMA enforcement matters nor on any speculation related to third parties, former or current employees. FINMA said 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. It also opened an investigation looking at the knowledge and conduct of three unnamed individuals. This is for determining 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. This had also triggered the departure of former Chief Executive Tidjane Thiam.

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