Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Switzerland
  4. Swiss Exchange
  5. Credit Suisse Group AG
  6. News
  7. Summary
    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Credit Suisse settles spying case with former star banker

07/25/2021 | 02:13pm EDT
FILE PHOTO: Khan, former CEO International Wealth Management of Swiss bank Credit Suisse attends the company's annual shareholder meeting in Zurich

(Corrects to remove reference to criminal complaints in paragraph 8)

ZURICH (Reuters) -Credit Suisse has reached an out-of-court settlement with former star banker Iqbal Khan over allegations of spying that led to the resignation of the Chief Executive Tidjane Thiam, a spokesperson for the Swiss bank said on Sunday.

"Everybody involved has agreed to settle and this matter is now closed," Simone Meier said, confirming a report in Swiss newspaper NZZ am Sonntag.

A spokesman for Khan said his client did not wish to comment. UBS, where Khan is now co-president of global wealth management, declined to comment.

The agreement, details of which have not been disclosed, ends a dispute that rocked the normally sedate world of Swiss banking when allegations of corporate espionage involving Credit Suisse emerged in September 2019.

The affair became public when Khan, after defecting to UBS, confronted a private detective who was following him and his wife through Zurich.

What Credit Suisse initially described as a rogue spying case run by then-Chief Operating Officer Pierre-Olivier Bouee widened as details emerged of other instances of surveillance.

As well as the departures of Bouee and Thiam, a private investigator who organised the surveillance committed suicide after the affair came to light.

The NZZ am Sonntag said the settlement would see the withdrawal of the complaints Khan had filed against the bank and the private detectives.

"The investigations associated with the criminal charges will be discontinued," Erich Wenzinger, spokesman for the Chief Public Prosecutor's Office in the Canton of Zurich, told the newspaper.

Enforcement proceedings by Swiss financial markets FINMA last year into Credit Suisse's actions were still ongoing, a spokesman said. He declined to comment on how long the process, which started last September, would last.

(Reporting by John Revill, additional reporting by Oliver Hirt; Editing by Mark Potter and Edmund Blair)


ę Reuters 2021
All news about CREDIT SUISSE GROUP AG
05:22pBRILLIANT EARTH : Secures $115 Million Worth of Gross Proceeds on Closing IPO
MT
11:10aGLOBAL MARKETS LIVE : Intel, Apple, Rolls-Royce, Raytheon, MGM...
09:27aCREDIT SUISSE : West Virginia Gov. Jim Justice Offers $300 Mln Settlement Payment To Credi..
RE
09:27aWest virginia gov. jim justice offers $300 million settlement payment to credit suisse ..
RE
09:10aCREDIT SUISSE : extends time-off benefits for Swiss staff
RE
08:17aAPPLE : new iPhone to take longer to reach customers - analysts
RE
08:03aCREDIT SUISSE : Extends Holidays To Appease Employees
MT
08:02aCREDIT SUISSE : To Return $400 Million To Greensill Capital Investors
MT
07:24aPUBLIC JOINT STOCK MOSCOW EXCHANGE M : Renaissance Insurance eyes $290 million IPO on Mosc..
RE
07:10aCREDIT SUISSE : Investors set to get another $400 million from Credit Suisse supply chain ..
RE
More news
Analyst Recommendations on CREDIT SUISSE GROUP AG
More recommendations
Financials
Sales 2021 22 482 M 24 276 M 24 276 M
Net income 2021 539 M 582 M 582 M
Net Debt 2021 - - -
P/E ratio 2021 44,8x
Yield 2021 1,84%
Capitalization 22 714 M 24 545 M 24 527 M
Capi. / Sales 2021 1,01x
Capi. / Sales 2022 1,03x
Nbr of Employees 49 240
Free-Float 90,9%
Chart CREDIT SUISSE GROUP AG
Duration : Period :
Credit Suisse Group AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CREDIT SUISSE GROUP AG
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 9,42 CHF
Average target price 11,00 CHF
Spread / Average Target 16,8%
EPS Revisions
Managers and Directors
Thomas Gottstein Chief Executive Officer
David Richard Mathers Chief Financial Officer
Antˇnio Mota De Sousa Horta-Osorio Chairman
James Walker Chief Operating Officer
Thomas Grotzer Global Head-Compliance
Sector and Competitors