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Report: Credit Suisse COO under scrutiny for alleged role in exec spy probe

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Report: Credit Suisse COO under scrutiny for alleged role in exec spy probe

Credit Suisse Group AG COO Pierre-Olivier Bouée may have been involved in approving the alleged spy probe of the Swiss lender's former wealth management head, Iqbal Khan, Bloomberg News reported, citing a person familiar with the matter.

Swiss law firm Homburger, which was hired by Credit Suisse's board to look into the matter, is focusing on Bouée's alleged role in the scandal. However, no final decision has been made yet as the investigation is still ongoing, according to the source. It reportedly was not made clear whether anyone else had approved the alleged surveillance of Khan.

Credit Suisse declined to comment, the report added.

The bank was reported on Sept. 23 to have hired three private detectives to investigate whether Khan, who left the group in July, was trying to lure its employees to rival UBS Group AG, where he is set to join as co-head of wealth management. Khan also has been reported to have had an uneasy relationship with Credit Suisse CEO Tidjane Thiam.

Another person familiar with the situation told the newswire that the Swiss lender's chairman, Urs Rohner, would take swift disciplinary action against the group's senior executives if they were found guilty.

However, U.S.-based Harris Associates, which owns an 8.1% stake in Credit Suisse, reportedly has urged the group not to dismiss any senior official due to the issue.

Credit Suisse's board is expected to decide early in the week beginning Sept. 30 on who will be held liable on the matter, following a final report from Homburger, according to the first source.