Switzerland initiates probe against Credit Suisse over spying scandal

Switzerland’s financial regulator started enforcement proceedings against Credit Suisse Group over the spying on former employees that led to the ouster of ex-chief executive officer Tidjane Thiam.

The move marks an escalation of regulatory involvement in the scandal, which has also seen probes by Swiss prosecutors. Finma said it will pursue indications of violations of supervisory law and in particular the question of how these activities were documented and controlled.

Switzerland’s second-biggest bank continues to be dogged by the scandal that erupted last year after it spied on star banker Iqbal Khan who was leaving for rival UBS Group AG.