(ZEROHEDGE) – WSJ this past week exposed the shadowy 'banker surveillance state' in a story that centers on the former head of wealth management at Credit Suisse, Iqbal Khan, and a deep-seated beef with CS CEO Tidjane Thiam.
After reportedly getting into an argument with Thiam over purportedly being passed over for promotion, Khan quit the firm, and was swiftly poached by cross-town rival UBS. Apparently fearful that Khan would try and poach staff, Credit Suisse hired private security firm Investigo to monitor Khan and track all of his interactions.
But the plan, apparently 'standard procedure' in the buttoned-up world of international wealth management, backfired on Credit Suisse when Khan noticed that he was being followed while driving with his wife in downtown Zurich. The story gets a little murky at this point, but there was some kind of confrontation between Khan and his pursuers. Khan reported the issue to police, resulting in three Investigo employees being arrested.
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In response, prosecutors have launched a criminal investigation, and Credit Suisse's board has started a probe.