A report said UBS’s board would welcome a move by Khan to call off his complaint because a trial could pose dangers for Khan and the bank.

UBS wants Iqbal Khan, the co-head of its wealth management business, to abandon his criminal complaint over a spying scandal that surfaced after he left rival Credit Suisse, according to SonntagsZeitung newspaper. 

The saga, which has seen Cold War-style headlines shake up the normally staid world of Swiss private banking, throws a spotlight on the fierce battle for talent that exists in parts of the wealth management industry. 

The media reports said that UBS’s board would welcome a move by Khan to call off his complaint because a trial could pose dangers for Khan and the bank, particularly if details emerged that could incriminate Khan.

Khan was put under observation by Credit Suisse from 4 to 17 September. He realised he was being followed and confronted the detectives. In the days following the matter, Credit Suisse's chief operating officer, Pierre-Olivier Bouée, resigned. An investigation by Credit Suisse absolved its chief executive, Tidjane Thiam of being involved in the affair.

“We are not commenting on the ongoing criminal proceedings. We are very happy to have Iqbal Khan in our team. He is concentrating fully on his role at UBS and is in close contact with employees and clients,” UBS said in an emailed statement when contacted by WealthBriefing.