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Board of Directors statement on the findings of the investigation into the observation of Iqbal Khan

The Board of Directors of Credit Suisse Group AG took note of the results of the investigation, which Homburger, attorneys-at-law, conducted on behalf of the Board of Directors. A summary of the scope and key findings of the investigation is attached in Annex 1.

The key findings of this investigation are the following:

  • On August 29, 2019, when UBS announced the employment of Iqbal Khan, Credit Suisse’s Chief Operating Officer (COO) ordered the Credit Suisse Head of Global Security Services to initiate the observation of Iqbal Khan.
  • During the Homburger investigation, the COO said 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.
  • The Homburger investigation did not identify 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 Homburger investigation 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 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.

James B. Walker appointed as Chief Operating Officer of Credit Suisse

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 our key US subsidiaries and Head of Product Control. James 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. Please find the CV of James B. Walker attached in Annex 2.

The Chairman of the Board of Directors, Urs Rohner, and the Chairman of the Audit Committee, John Tiner, will provide further explanation on these decisions at the media conference.

Media conference – Tuesday, October 1, 2019

A media conference will take place today, October 1, 2019, 8:00am CEST at Forum St. Peter, Zurich. Participation via webcast or telephone conference is also possible on a listen only basis.


Via Webcast (listen only): Live webcast

Via Phone (listen only):
Switzerland: +41 44 580 48 67
Europe: +44 203 057 6528
US: +1 866 276 89 33

Reference: Credit Suisse media conference
Conference ID: 7886329
Please dial in 10 minutes before the start of the call