Credit Suisse parts ways with COO Pierre-Olivier Bouée due to Iqbal Khan “observation”

Maria Nikolova

Credit Suisse’s Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate.

The appointment of Iqbal Khan at UBS has resulted in a heavy scandal at Credit Suisse. The day the appointment was announced, Credit Suisse’s Chief Operating Officer (COO) Pierre-Olivier Bouée ordered the Credit Suisse Head of Global Security Services to initiate the observation of Iqbal Khan. Today, Credit Suisse made clear its stance on the events associated with this observation.

The COO has confirmed that he alone, in order to protect the interests of the bank, decided to initiate the observation of Iqbal Khan, and that he did not discuss it with Credit Suisse’s Chief Executive Officer (CEO), any other member of Credit Suisse’s Executive Board, the Chairman of the Board of Directors of Credit Suisse or the Chairman of its Audit Committee.

An investigation launched on behalf of Credit Suisse’s Board did not reveal any indication that the CEO had approved the observation of Iqbal Khan nor that he was aware of it prior to September 18, 2019, after the observation had been aborted.

Neither the investigation conducted on behalf of the Board nor the observation of Iqbal Khan identified any evidence that Iqbal Khan had attempted to poach employees or clients away from Credit Suisse, contrary to his contractual obligations.

The Board of Directors appreciates taking appropriate measures to protect the company’s interests, including when senior employees leave the company. However, the Board of Directors says it considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank.

The COO assumed responsibility for this matter and submitted his resignation to the Board of Directors, which has been accepted with immediate effect. The bank has also accepted the resignation with immediate effect of the Head of Global Security Services.

Following the resignation of the COO, Pierre-Olivier Bouée, and his consequential stepping down from the Executive Board, the Board of Directors of Credit Suisse has decided to appoint James B. Walker as Chief Operating Officer and member of the Executive Board of Credit Suisse with immediate effect.

James B. Walker currently holds several senior roles in the bank’s finance organization, including Chief Financial Officer of Credit Suisse’s key US subsidiaries and Head of Product Control. He has a long and excellent track record at Credit Suisse and the Board of Directors looks forward to working with him in his new role.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎


Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.


FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.