Inside Financial Markets

Senior Investment Banker of Credit Suisse Suicide Case.

Iqbal Khan, the former boss of Credit Suisse’s wealth management division





Senior Investment Banker of Credit Suisse Suicide case.

Here’s a timeline of what happened:

Background: Tidjane Thiam was appointed CEO of Credit Suisse in March 2015 after running UK insurer Prudential for six years. The French-Ivorian, a former McKinsey consultant, launched a three-year turnaround program that resulted in the Swiss bank posting its first annual profit in four years in 2018.

Iqbal Khan, who was born in Pakistan and moved to Switzerland at the age of 12, spent 12 years as an auditor at EY. He joined Credit Suisse’s wealth management division in 2013 and rose to CEO two years later. He oversaw an 80% increase in divisional profit and helped bring in upwards of $46 billion in net new assets between 2016 and 2018, according to the Financial Times.

January 2019: Thiam hosts a cocktail party at his home in the tony Herrliberg area on the “gold coast” of Lake Zurich, according to the Financial Times. Khan and his wife — who bought the house next door, bulldozed it, then redeveloped it over the course of nearly two years — are among the guests. Thiam complained to Credit Suisse Chairman Urs Rohner about the disruptive construction work, the Financial Times reported.

After Khan and Thiam’s partner squabble over some trees planted on the CEO’s property, Khan and Thiam have an argument away from the other guests. Khan’s wife has to separate them, Swiss newspaper Tages-Anzeiger reported.

Spring and summer: Khan complains to Rohner and Credit Suisse’s board about the incident, widening the rift between the two and creating an unpleasant working environment, the Financial Times reported.

Khan is allowed to quit with a shortened gardening leave period of three months. During meetings with UBS, Julius Baer, Goldman Sachs, and other prospective employers, he expresses a desire to recruit former Credit Suisse colleagues across structured trading, lending, relationship management and other functions, the Financial Times reported.

July 1: Credit Suisse announces Khan is leaving the company. He makes the move after growing frustrated with his profile within the bank, number of public appearances, and a lack of assurances from Thiam and other executives about his potential to rise further up the ranks, according to the Financial Times.

“He’s in a rush, wants a huge job and had become a bit frustrated because there’s no room at the top here — Tidjane isn’t going anywhere and he wasn’t comfortable in his seat,” a person familiar with the developments told the newspaper.

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

Add comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

The Canadian Securities Institute


CSI is part of Moody's Analytics Learning Solutions, which offers educational programs and credentials throughout the world.

Email Newsletter

Subscribe to receive inspiration, news, and ideas in your inbox.