The protracted conflict between top managers of the Swiss investment bank Credit Suisse turned into a fight at a party at one of them, writes the Financial Times.
As the publication found out, the head of the bank, Tijan Tiam and the head of the bank’s asset management, Iqbal Khan, worked well together for several years.
But over time, Khan began to show dissatisfaction with the fact that he was not given the opportunity to speak publicly, and also constantly only promised to give him a position in the leadership of a financial organization. Between the bankers, FT writes, personal dislike arose.
She became stronger when Khan bought an estate next to the boss’s mansion and began rebuilding it. Work was carried out including on weekends. After that, Tiam even wrote a complaint to his subordinate to the chairman of the Board of Directors of Credit Suisse, Urs Roner (FT does not list the contents of the complaint).
In January 2019, when Khan had already moved to a new house, Tiam hosted a party for his colleagues, where Khan had a falling out with a boss’s partner – the argument was about the trees on the Tiam site. According to FT, Tiam took Han away, and they got into a fight, with other guests participating in the fight. This incident is currently being studied by the Swiss prosecutor.
After the fight, Han and Tiam barely spoke, “creating a toxic atmosphere at work,” say FT sources familiar with the situation. In July, Khan announced that he was leaving Credit Suisse at UBS. Due to the conflict with Tiam, he was allowed to leave the post in a shorter time than his contract required. Khan should start work at UBS on October 1.