Investment Banks Still Engaging in Espionage, Warns Expert

Ten years have passed since Credit Suisse became embroiled in a spying scandal that involved private detectives, a chase through Zurich streets, and an altercation outside the Swiss National Bank. The bank's penchant for covertly watching its staff began in 2016, according to a probe by the Swiss financial regulator, which found 'serious organisational shortcomings'.

The regulator imposed measures on Credit Suisse, reprimanded two individuals, and opened enforcement proceedings against three others. However, experts warn that the practice of spying on staff may still be common among investment banks.

Oonagh van den Berg, a compliance and financial crime expert, says 'every case we know about surfaced through a journalist, a whistleblower or a botched operation', rather than through internal controls. She fears governance only improves in response to detection, which has been largely accidental.

David Gibson-Moore, a strategic adviser with decades of experience in investment banking, agrees that covert surveillance could recur where personal tensions or commercial rivalries override sound judgment.