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The investigation also left open the question of why Khan felt the need to hire private security staff – an unheard of measure in low-crime Switzerland – after he left Credit Suisse in July.

Trope of «Rogue» Staff

The findings fit what has become a well-worn trope in banking: a covert operation by one or two «rogue» employees, coordinated through Threema, an encrypted Swiss messaging service so as to leave no fingerprints on the bank's server (messages were also later erased), and in no way sanctioned by management.

The duo aimed to safeguard Credit Suisse's interests, but instead grossly violated the Swiss bank's culture and values. Fittingly, Homburger said it found no evidence that Khan had actually jeopardized the bank's interests during his extraordinarily short gardening leave (meaning, the Swiss banker didn't start trying to lure his former colleagues or any Credit Suisse clients over to UBS).

«Private» Bursts into Public

The investigation laid no blame with CEO Thiam, without addressing why it would occur to Bouee, a former McKinsey consultant, to go behind his CEO's back. The bank had initially deemed Khan's tailing a «private matter,» giving rise to the narrative of a dispute between the two over their shared property border in an upscale Zurich suburb as much as about power and influence at Credit Suisse.

It also handed out the private detective's report from the day of the confrontation with Khan to some media – it makes the narrative that Thiam was betrayed by two people he trusted hard to swallow. It is plain as day that Rohner had little choice but to back Thiam in order to appease several major shareholders who don't want the roller-coaster of a management change, and also to avoid an even bigger dent to the Swiss bank's already severely battered reputation.

Share of Blame

It feels like the gambling scene in «Casablanca» when Credit Suisse's chairman says he is «shocked and angry» to learn that a top executive had disregarded the bank's culture and values in orchestrating a covert scheme to shadow a departing colleague.

It also distracts from Rohner's full-throated support of a CEO whose management style, retinue, and willingness to conduct a bitter feud over power and influence within the bank had emboldened the deputy, Bouee, into an anticipatory obedience.