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Credit Suisse wooing top bankers to prevent more defections after Kahn's exit

Credit Suisse Group AG CEO Tidjane Thiam is holding talks with top private bankers in an effort to prevent further departures after former wealth management head Iqbal Khan left for rival UBS Group AG, Bloomberg News reported, citing people familiar with the matter.

The topics under discussion are compensation and career prospects, the sources said, adding that Thiam is focusing on emerging markets such as Brazil, the Middle East and emerging Europe. The Swiss lender is keen to retain relationship managers in its international wealth business who generate the most revenue for the bank, according to the report.

Jorge Torea, who oversaw Credit Suisse's international wealth management division in Brazil, departed Oct. 2 for Julius Bär Gruppe AG along with four other senior bankers, Bloomberg noted.

The news follows the resignation of COO Pierre-Olivier Bouée, who took responsibility for the decision to hire private detectives to spy on Khan to ensure that he was not poaching clients or employees before his move to UBS. Credit Suisse admitted that the botched surveillance operation, which came into light in September when Khan filed a criminal complaint alleging threats and coercion, was "wrong and disproportionate" and has resulted in "severe reputational damage" to the lender.