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When Colleen Graham heard a story of investigators looking into Credit Suisse for spying on its recently departed head of wealth management, something sounded familiar.
She had recalled, years prior, when she was working on a JV between the bank and Palantir Technologies, a "striking tall blonde" had followed her in Manhattan after she refused to sign off on how revenue from the JV would be booked. She filed a complaint in 2017 alleging the bank had taken retaliatory measures against her, including the surveillance, according to Bloomberg.
Credit - Suisse - Frustration - Stance - Revenue
Credit Suisse had “expressed strong frustration” about her stance on the revenue recognition, she claimed.
So she reached out to CEO Tidjane Thiam and Chairman Urs Rohner, offering up the details of her story. She also reached out to the law firm the bank hired to investigate.
October - Lawyers - Evidence - Credit - Suisse
However, on October 1, the lawyers came out and said they had “not identified any evidence that Credit Suisse had ordered observations of other employees.” Instead, it was COO Pierre-Olivier Bouee who had acted alone in ordering the former employee be followed. Rohner said that staff surveillance was not “part of our toolbox.”
The bank said it’s “examining the new information.”
Graham - Report - Lawyer - Findings - Newspaper
Graham's report didn't make it into the lawyer's findings. Additionally, Swiss newspaper NZZ reported on December 16 that the bank's HR chief, Peter Goerke, was also followed for 3 days in February.
The events continue to act as a headwind for Thiam, who is focused on trying to shift the narrative to Credit Suisse's performance - and away from the scandal that has dented the bank's reputation. Questions continue to be raised about who was "in the know" about the behavior at the bank.
Credit - Suisse - Results - Investigation - Monday
Credit Suisse said the results of its own investigation will be published on Monday.
Preliminary results show no evidence of Thiam having knowledge of...
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