Head of investment and private banking for Zurich Cantonal Bank, Hans Fischer, was reportedly forced to resign after a scandal involving the secret purchase of shares in a Swiss engineering firm. Mr Fischer will leave the bank by the end of the month, according to Reuters. It is believed Mr Fischer’s team bought up a stake in engineering firm, Sulzer, without the knowledge of superiors. The Swiss Federal Banking Commission is now understood to be investigating how a consortium managed to secretly gather so many Sulzer shares. The bank has not announced a replacement for Mr. Fischer. At the end of 2006 the bank managed SFr115.6 billion in assets.