The toxic mess at Credit Suisse
Swiss regulators are escalating an investigation into a corporate espionage scandal at Credit Suisse.

Swiss regulators announced last week that they were escalating an investigation into a corporate espionage scandal at Credit Suisse, says Kalyeena Makortoff in The Guardian. Credit Suisse has already admitted hiring private detectives to track two former executives: Iqbal Khan, the former head of the bank’s wealth management division, and former head of human resources Peter Goerke. While Credit Suisse has tried to reassure investors that the scandal has not affected its business, it has already been forced to sack chief operating officer Pierre-Olivier Bouée, while CEO Tidjane Thiam (pictured) was forced to resign.
The scandal is unlikely to hurt the bank’s bottom line, since Swiss regulators don’t have the power to issue fines, say Harry Dempsey and Owen Walker in the Financial Times. But this is just the latest in a “series of revelations” about the group’s involvement in “risky business”, which also includes its exposure to the collapse of fraudulent German payments group Wirecard.
The spying scandal raises “wider questions” about governance and a “toxic culture” where the board seems to have “lost control”, says Lucy Burton in The Daily Telegraph. One person “who might have the answers” about how to move on from such problems is Richard Meddings, who was appointed to Credit Suisse’s board of director in April. Meddings has been involved with trying to deal with the fallout of scandals at Deutsche Bank, which was fined $7bn by US authorities, and TSB, which was involved with “one of the sector’s worst IT meltdowns in recent history
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.
He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.
Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.
As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.
Follow Matthew on Twitter: @DrMatthewPartri
-
Spot the Dog: £67bn in underperforming funds revealed
Around 137 funds consistently underperformed their benchmark, BestInvest's Spot the Dog report finds. Which funds are in the dog house?
By Katie Williams Published
-
What does a BP and Shell merger mean for the UK oil industry?
BP’s struggles have made it vulnerable to a takeover. Could it merge with Shell to create a British behemoth?
By Dr Matthew Partridge Published
-
What investors can expect from stocks and the economy in 2025
There are reasons for investors to be hopeful about 2025, with slowing interest rates and moderating oil prices. But trouble may be brewing in bond markets
By Alex Rankine Published
-
South Korean won hits 15-year low – what it means for 'Korea discount'
After Yoon Suk Yeol's failure to declare martial law, South Korean markets are reeling, with the weakest won since 2009. Will this worsen the Korea discount?
By Alex Rankine Published
-
India's stock market drops - why it's thrown investors into frenzy
Nifty 50, India's stock market index, has dropped 8% from a September record amid concerns of an economic slowdown and foreign investors pulling out
By Alex Rankine Published
-
Shares in luxury goods companies take a hit – will they recover?
Luxury goods companies have run into trouble, and the odds of a rapid recovery have receded. What next?
By Dr Matthew Partridge Published
-
Modi’s reforms set Indian stocks on fire
Indian stocks pass a new milestone, but global fund managers are holding back. Are there signs of overheating?
By Alex Rankine Published
-
How to invest in the quiet market months
Here's how to invest in the quiet market months, since “sell in May” hasn’t paid off this year.
By Cris Sholto Heaton Published
-
Which British stocks offer the best quality and growth?
A professional investor highlights British stocks that hit the sweet spot. This week, Alexandra Jackson, manager of Rathbone UK Opportunities Fund, picks three favourites
By Alexandra Jackson Published
-
US stocks plummet – is it time to buy bonds?
US stocks have taken a dive – should you keep your focus on US markets or turn your head to bonds?
By Alex Rankine Published