Credit Suisse's chief operating officer has resigned after a probe found he initiated surveillance of an executive who left to join rival UBS.Private detectives were hired to track the Swiss bank's former head of wealth management, Iqbal Khan in September, in a scandal that has rocked the normally staid world of Swiss banking.Mr Khan left the bank in July.There was no indication chief executive Tidjane Thiam, who had fallen out with Mr Khan, knew about the surveillance.Mr Khan had initially been praised and promoted by Mr Thiam.But there were reports that a personal animosity had developed, which intensified after Mr Khan bought and spent two years redeveloping a property near Lake Zurich which neighboured a property belonging to his boss.Media reports su...
Media playback is unsupported on your device US regulators have approved a record $ 5bn (£4bn) fine on Facebook to settle an investigation into data privacy violations, reports in US media say. The Federal Trade Commission (FTC) has been investigating allegations that political consultancy Cambridge Analytica improperly obtained the data of up to 87 million Facebook users.The settlement was approved by the FTC in a 3-2 vote, sources told US media.Facebook and the FTC told the BBC they had no comment on the reports.How was the settlement reached?The consumer protection agency the FTC began investigating Facebook in March 2018 following reports that Cambridge Analytica had accessed the data of tens of millions of its users. The investigation foc
Five people have been arrested and questioned over alleged accounting fraud at the Patisserie Valerie chain, the Serious Fraud Office has said.The arrests took place last Tuesday, 18 June, in a joint operation with police, the SFO said.The move comes eight months after the firm's former finance director, Chris Marsh, was arrested and freed on bail.Patisserie Valerie went into administration in January and was bought for £5m by Causeway Capital.The collapse followed the discovery of a huge black hole in the firm's accounts, eventually valued at £94m.After it went into administration, the cafe chain was found to have overstated its cash position by £30m and failed to disclose overdrafts of nearly £10m.Patisserie Valerie's former chairman, Luke Johnson, who
By James Sillars, business reporter Bank of Scotland (BoS) has been fined £45.5m by the City regulator for failures to disclose suspicions of fraud at its scandal-hit Reading branch.The Financial Conduct Authority (FCA) said the bank first identified suspicious conduct in the Impaired Asset Team (IAT), based in the Berkshire town, in early 2007. It said that it was not until July 2009 that regulators were provided with full disclosure.Six people were jailed in 2017 in connection with the fraud, including two former HBOS managers. Image: Former Deal or No Deal TV host Edmonds allegedly fell victim to the fraud by former staff at HBOS Reading The £245m scam saw bank manager Lynden Scourfield approve
All ministers from Austria's far-right Freedom Party (FPÖ) have resigned, throwing the government into chaos. The Freedom Party's leader Heinz-Christian Strache, who was also vice-chancellor, was forced to resign at the weekend after a video sting. Mr Strache was filmed proposing to offer government contracts to a supposed Russian oligarch's niece.The FPÖ threatened a mass resignation earlier on Monday if Interior Minister Herbert Kickl was also forced out. Chancellor Sebastian Kurz had called over the weekend for Mr Kickl to be sacked, saying that as general secretary of the party he should take responsibility for the scandal. The scandal broke on Friday when footage from 2017 was published in German media, showing Mr Strache an