Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland June 22, 2020.

Arnd Wiegmann/Reuters

Credit Suisse may have spied on more employees under its former chief executive Tidjane Thiam, Swiss newspaper SonntagsZeitung reported on Sunday, citing evidence of two further instances that had previously been undisclosed.

Switzerland’s market watchdog, FINMA, opened an enforcement case on Wednesday over the spying scandal to examine the bank’s culture and governance and whether management control failures allowed snooping on former executive board members.

Revelations of corporate espionage had rocked the discreet world of Swiss banking last year when it emerged that Credit Suisse had been spying on former wealth management boss Iqbal Khan, who was leaving for rival UBS, and former human resources head Peter Goerke.

Story continues below advertisement

The bank had hoped that the departure of Mr. Thiam over the scandal and his replacement with Thomas Gottstein, a Credit Suisse veteran, would draw a line under the affair.

SonntagsZeitung, citing multiple sources familiar with the matter, said that two further instances had come to light.

One was connected with an employee in Asia, who had made threats against other bank employees; and one was connected with a former high-level manager and an employee with whom the manager may have had intimate relations in the United States, SonntagsZeitung reported.

The paper cited one source as saying neither the bank’s executive committee nor board of directors had been aware of the two instances.

A Credit Suisse spokesman declined to comment on the SonntagsZeitung report, referring to the bank’s statement from Wednesday which said it was co-operating with FINMA and seeking to “incorporate lessons learned.” It reiterated that spying was not part of its culture.

FINMA declined to comment on continuing proceedings, referring to its statement from Wednesday, in which it said it will pursue indications of violations of supervisory law and, in particular, the question of how these activities were documented and controlled.

Mr. Gottstein, who stepped in after Mr. Thiam left his role at the head of Switzerland’s second-biggest bank in February, had said FINMA’s ramp-up of proceedings had been expected after an auditor visited the bank in recent months.

Story continues below advertisement

Credit Suisse had tried to remove the FINMA-appointed auditor, Thomas Werlen, because his law firm Quinn Emanuel Urquhart & Sullivan had been involved in legal cases against it.

Its appeal of a lower court decision backing his appointment is pending in the Swiss Federal Supreme Court.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Follow related topics

Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies