We live in a world where hustle-culture has been over-glorified by companies. Even though recent studies have shown that the new generation prioritises <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> over a bigger pay cheque, the situation is far from changing. Most companies, especially in India, still follow a rigid 9-5 schedule and often tend to overwork their employees to the extent that they sometimes affect their physical and mental health. A grave case has now surfaced where a 26-year-old employee allegedly passed away due to immense <keyword id="21000002" type="General" weightage="20" keywordseo="work-pressure" source="keywords">work pressure</keyword>. The woman, named <keyword id="23214242" type="General" weightage="20" keywordseo="Anna-Sebastian-Perayil" source="keywords">Anna Sebastian Perayil</keyword>, was a <keyword id="20065808" type="General" weightage="20" keywordseo="Chartered-Accountant" source="keywords">Chartered Accountant</keyword> who had joined EY in March this year. This was her first job. Her mother, in a letter to the company, expressed her sorrow at losing her daughter and said that she passed away due to immense work pressure. The letter has now gone viral on LinkedIn and people are reacting strongly to the news, calling to end the glorification of hustle culture. <h2>26-year-old dies, mother blames work stress </h2>In her letter to the company, Anna’s mother begins by writing that the young employee passed her CA Exams in November 2023 and joined the company in March this year. "She was full of life, dreams and excitement for the future," she added. She then writes how Anna was thrilled to be a part of the company but passed away four months later, on July 20. "My world collapsed when I received the devastating news," she wrote. In the letter, Anna's mother further explained how the work culture at EY is extremely toxic and that they burden newcomers with "backbreaking" tasks. She added that Anna experienced "anxiety, sleeplessness, and stress" soon after starting her new job. She also added how Anna was working even on the day of her convocation and insisted on getting back to work after they took her to a doctor after she complained of chest pain. "Since she had been complaining of chest constriction upon reaching her PG late at night for the past week, we took her to the hospital in Pune. Her ECG was normal and the cardiologist came to allay our fears, telling us she wasn't getting enough sleep and was eating very late." Anna's mother added that her manager would "reschedule meetings during cricket matches and assign her work at the end of the day." When Anna voiced her concerns, she was told that working late at night is something they all do. “Anna would return to her room utterly exhausted, sometimes collapsing on the bed without even changing her clothes, only to be bombarded with messages asking for more reports. She was putting in her best efforts, working very hard to meet the deadlines. She was a fighter to the core, not someone to give up easily. We told her to quit, but she wanted to learn and gain new exposure. However, the overwhelming pressure proved too much even for her,” the letter read. <h2>'No one attended her funeral'</h2> In addition to this, Anna's mother also wrote that nobody came to attend her funeral. The letter read, “ This absence at such a critical moment, for an employee who gave her all to your organization until her last breath, is deeply hurtful. Anna deserved better, and so do all the employees who continue to work under these conditions. "My heart aches not just for the loss of my child but also for the lack of empathy shown by those who were supposed to guide and support her. After her funeral, I reached out to her managers, but I received no reply. How can a company that speaks of values and human rights fail to show up for one of its own in their final moments?” <h2>Internet reactions</h2>The internet is reacting strongly to the news and various people have been sharing the letter with their own opinion. “Few managers really need to google the word HUMILITY and incorporate it into their lives. They are already destroying young Indian careers with toxicity, incompetence, and a lack of people management skills,” wrote Manisha Yadav, a CA finalist. “I hope people who did this to you get punished and shamed. I request everyone please take care of yourself, protect yourself. No Job is worth exploiting your mental and physical health,” wrote Fathima Shahjahan, an HR professional. “Very heart breaking to see young professional Anna Sebastian Perayil leaving us! We live in a world where it is difficult to be mentally strong as some things can worry us, affect us and hurt us,” wrote Prabhdeep Singh Baweja, a senior level employee at The Institute of Chartered Accountants of India

'The pressure became too much for her': Mother blames 'work stress' for 26-year-old EY employee's death

As the death of an EY employee allegedly due to 'overwork' sparked a nationwide debate on <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword>, <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword>, and corporate accountability, a psychiatrist at Sir Ganga Ram Hospital urged employers to recognise the fact that workers are human beings and not machines. Psychiatrist Rajiv Mehta has also advised the employees to be assertive with the "too demanding" employers. "All the stress that is occurring due to professional reasons or work reasons is called <keyword id="21541838" type="General" weightage="20" keywordseo="work-stress" source="keywords">work stress</keyword>. The symptoms are decreased interest, sadness, irritability, forgetfulness, helplessness, hopelessness, death wishes, suicidal attempts, sometimes there are anxiety symptoms as well," Mehta told ANI. He said that one should not make their job as be-all and end-all of one's life. "Life requires family, friends, and vacation. Work stress can also happen because of your ambitions. Be ambitious but don't be too quick for it. Have some patience. Work stress can also happen because of the employers. Employers are too much demanding. You have to be assertive with employers. Employers need to understand that workers are human beings and not machines," Mehta said. Anna Sebastian Perayil, a chartered accountant (CA) from Kerala who worked at EY's Pune office for four months, died on July 20. The tax consultancy major issued a statement expressing deep sadness over the death. The statement comes after a heart-wrenching letter written by the victim's mother went viral on social media, alleging that EY's work culture and excessive workload contributed to her daughter's demise. In the letter, her mother detailed the victim's struggles with anxiety, sleeplessness, and stress due to an overwhelming workload, citing instances where her manager prioritised work over employee well-being. EY's response acknowledged the victim's brief tenure at the firm and expressed condolences to the bereaved family. Regarding the allegations, EY stated, "We are taking the family's correspondence with the utmost seriousness and humility. We place the highest importance on the well-being of all employees and will continue to find ways to improve and provide a healthy workplace for our 100,000 people across EY member firms in India." The firm assured that it has provided assistance to the family and will continue to do so. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/tech/gadgets/news/samsung-galaxy-watch-ultra-review/articleshow/113520294.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/gadgets/news/samsung-galaxy-watch-ultra-review/articleshow/113520294.cms" target="_blank">Samsung Galaxy Watch Ultra review – premium watch with a rugged design</a><a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms" target="_blank">Xiaomi emerges as the world’s second-biggest smartphone brand in August</a>

EY employee's death: "Workers are humans not machines", says psychiatrist

For investment bankers, September can be one of the busiest months, as borrowers flock to the capital markets, and M&amp;A agreements fly in thick and fast.It's a bit of a sprint between now and the Thanksgiving holiday, when bankers typically hit the brakes again. And this time around, that sprint might involve more water-cooler chatter as Wall Street institutions clear a path for more staff to return to their offices.Jefferies wants employees back consistently, Goldman Sachs and Morgan Stanley are clearing COVID-19 testing hurdles, and Credit Suisse bankers could be wondering whether <a href="https://www.reuters.com/markets/europe/credit-suisse-weighs-cutting-around-5000-jobs-source-2022-09-01/">they'll get to keep their job</a> at the Swiss lender.Let's unpack <a href="https://finance.yahoo.com/news/how-wall-streets-mega-banks-are-rallying-staff-for-a-post-summer-return-183154414.html">where Wall Street stands</a> on in-office expectations.<hr />This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><hr /><a href="https://news.yahoo.com/jefferies-tells-staff-come-back-121230999.html"></a>1. For all the talk of flexibility around the return to work, big banks are not really hiding their desire to fill their office spaces. Goldman Sachs and Morgan Stanley are <a href="https://www.bloomberg.com/news/articles/2022-08-30/goldman-morgan-stanley-ease-covid-rules-clearing-path-to-desks?sref=eeq6exxF">suspending testing</a> for COVID, while Jefferies wants staff back to get through its backlog of business.Bankers are still torn over the issue. Most love the flexibility of being able to work from home for at least portions of the week. Some told me they're just as productive from home in their board shorts and flip flops. And if 2020 and 2021 deal-making numbers were anything to go by, I'm inclined to agree.Another banker who was in the Outer Banks in North Carolina last month told me he didn't want to leave the beach, and immediately texted me a picture of him and his golden retriever, who seemed to be having a jolly good time.The fact of the matter, however, is that Wall Street's top bosses <a href="https://www.reuters.com/business/finance/banks-battle-back-to-office-fatigue-with-ping-pong-snacks-indoor-gardens-2022-09-02/">want their employees back</a> in the office more. No bank has outright said that workers have to be at their desks five days a week, but the message is that these banks are doing everything to fill up their office floors.Goldman Sachs will let staff outside New York enter offices regardless of vaccination status. There will be no requirement to wear face coverings and no need for regular testing.Morgan Stanley told its New York staff that it is ending testing and no longer disseminating notifications regarding any exposure to COVID.Jefferies took a different approach. The bank asked employees to <a href="https://news.yahoo.com/jefferies-tells-staff-come-back-121230999.html">come in on a more "consistent basis"</a> to get through its investment-banking backlog of work. Jefferies has no issue when employees need to work from home, but it wants senior bankers to be present to motivate their minions.JPMorgan and Citi, meanwhile, have not outlined any official policy change.Citi still expects staff to be on the premises three days a week.JPMorgan's Chief Executive Jamie Dimon has been clear that he wants more employees in offices. Earlier this year, the bank went Orwellian, at least it seemed to some employees, when it took to <a href="https://www.businessinsider.com/jpmorgan-is-tracking-employee-id-badges-swipes-jamie-dimon-hybrid-2022-4">ID tracking</a> to ensure in-office quotas were being met.<hr />In other news:<a href="https://www.businessinsider.com/man-fell-to-death-identified-as-bed-bath-beyond-cfo-2022-9"></a><div type="image" title="A Bed Bath &amp; Beyond store in New York City." height="5464" width="7285" msid="94030677" hostid="261"></div>2. Gustavo Arnal, Bed Bath &amp; Beyond's chief financial officer, was identified as the man who fell to his death from an apartment in New York. His death comes as the retailer looks to revise its debt structure, cut its workforce, and <a href="https://www.businessinsider.com/man-fell-to-death-identified-as-bed-bath-beyond-cfo-2022-9">close 150 stores</a>.3. Canyon Partners, a $21 billion hedge fund, focuses on distressed loans, event-driven equities, and arbitrage. The fund is predicting a wave of bankruptcies and broke down its playbook <a href="https://www.businessinsider.com/canyon-partners-hedge-fund-distressed-investing-2022-8">for a fractured market</a>.4. In less than two years as Citi's chief executive, Jane Fraser unveiled plans to exit Russia, pare down risky assets, and sell consumer-banking businesses around the world. Analysts said that Fraser is taking the bank in the right direction, but that monumental challenges remain, according to this <a href="https://www.reuters.com/business/finance/citigroups-russia-exit-removes-one-obstacle-ceo-challenges-remain-2022-09-01/">analysis from Reuters</a>.5. A former Goldman Sachs employee said male colleagues mimicked the squeezing of breasts when she used the company's lactation room. She also said that her colleagues once put a toy cow on her desk <a href="https://www.businessinsider.com/former-goldman-sachs-employee-colleagues-mooed-lactation-rooms-pump-milk-2022-9">as she used the area</a>.6. Ernst &amp; Young executives are closing in on a plan to split the financial-services company. A group of leaders met on Labor Day to hash out the details to a plan that would separate EY's auditing business <a href="https://www.businessinsider.com/ernst-young-executives-finalizing-plan-split-auditing-consulting-businesses-2022-9">from its consulting services</a>.7. The head of research at crypto investment firm Arca explains barriers and catalysts for success on the ethereum network. Katie Talati runs research at the $600 million crypto shop, and said that layer-2s can "turbocharge" <a href="https://www.businessinsider.com/ethereum-blockchain-bull-bear-case-crypto-arca-investment-firm-exec-2022-8">the ethereum blockchain growth</a>.8. SoftBank is planning to cut at least 20% of staff at its Vision Fund operation, Bloomberg reported. The company will cut at least 100 positions, and they may be <a href="https://www.bloomberg.com/news/articles/2022-09-02/softbank-is-said-to-plan-vision-fund-staff-cuts-of-at-least-20?cmpid=BBBXT090222_DEALS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220902&amp;utm_campaign=deals">announced later this month</a>.9. The Federal Reserve has terminated a decade-long enforcement action against HSBC. The British bank was ordered to improve practices after violating money laundering and sanction rules. In 2012, HSBC was accused of being a "preferred financial institution" <a href="https://www.reuters.com/business/finance/us-fed-terminates-enforcement-action-against-hsbc-2022-09-02/">for drug cartels</a>.10. Startups in the marketing and media spaces are using tech to disrupt advertising. Here are 30 pitch decks that they're using to raise millions of <a href="https://www.businessinsider.com/pitch-decks-that-advertising-media-startups-used-to-raise-millions-2021-6">dollars from top investors</a>.<hr />Done deals:<ul><li>Digital grocery delivery company Instacart said it <a href="https://www.bloomberg.com/news/articles/2022-09-01/instacart-buys-ai-pricing-platform-eversight-in-enterprise-push?cmpid=BBBXT090222_DEALS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220902&amp;utm_campaign=deals">will acquire Eversight</a>, a platform that helps retailer and packaged-goods companies determine pricing. Union Square Advisors advised Eversight.</li><li>Camera maker Nikon said it will buy German 3D metal-printing machine maker SLM Solutions Group <a href="https://www.reuters.com/markets/deals/nikon-conduct-tender-offer-germanys-slm-solutions-group-2022-09-02/">for $622 million</a>.</li></ul><hr />Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street banks' latest messages on return-to-office policies might seem flexible, but the underlying message is clear: Come back to your desks.

Good morning! This is the tech news you need to know this Tuesday.<ol><li><a href="https://www.businessinsider.com/trump-executive-order-work-visas-immigration-2020-6?r=US&amp;IR=TIR=T">President Donald Trump signed a proclamation Monday halting a variety of immigration visas</a>. It temporarily suspends H-1B, H-2B, H-4, J-1, and L-1 visas, affecting the tech industry, students, and au pairs, among others.</li><li><a href="https://www.businessinsider.com/amazon-google-twitter-speak-out-against-trump-h1b-visa-freeze-2020-6?r=US&amp;IR=TIR=T">Amazon, Google, Twitter, and other major tech companies are criticizing Trump's move to halt certain immigration visas</a>. The companies said it will make American firms less competitive and less diverse.</li><li><a href="https://www.businessinsider.com/apple-silicon-new-chip-ios-ipad-apps-run-on-mac-2020-6?r=US&amp;IR=TIR=T">Apple on Monday unveiled a new processor that the company says will replace Intel chips in MacBooks, iMacs, and Mac Pros going forward</a>. Apple's chip, called Apple Silicon, will make app architecture more consistent across Mac, iPhone, and iPad, the company said at its annual <a href="https://www.businessinsider.com/apple-wwdc-2020-keynote-live-blog-ios-14-watchos-announcements-2020-6">Worldwide Developers Conference</a>, which took place virtually.</li><li><a href="https://www.ft.com/content/b8eec9d0-0c85-467d-8cb1-467ad87adced">SoftBank Vision Fund executives are set to lose out on millions after a complex investment in scandal-hit German fintech Wirecard, according to the Financial Times</a>. One of the executives behind the deal, Akshay Naheta, lashed out at Wirecard's auditor EY on Twitter on Thursday, saying the auditor had "materially failed in their fiduciary duties."</li><li><a href="https://www.businessinsider.com/ios-14-new-apple-iphone-features-2020-6?r=US&amp;IR=T#home-screen-1en-1">Apple unveiled the next big update to iOS, unveiling major changes to the iPhone's software</a>. iOS 14 includes new features for the home screen such as App Library, which will automatically organize your apps based on type, and widgets that you can pin and alter in size.</li><li><a href="https://www.businessinsider.com/apple-watch-sleep-tracking-app-announced-wwdc-fitbit-2020-6?r=US&amp;IR=TIR=T">Apple's update to the Apple Watch finally brings a long-awaited sleep tracking feature, which will use motion sensors, heart-rate sensors, and microphones to gather sleep data</a>. It's a noteworthy addition that brings the Apple Watch up to speed in one key area where it's lagged behind rivals like Fitbit and Garmin.</li><li><a href="https://www.businessinsider.com/googlers-send-letter-ceo-sundar-pichai-stop-working-with-police-2020-6?r=US&amp;IR=TIR=T">More than 1,600 Google employees have signed a letter to Google CEO Sundar Pichai that asks the company to stop selling its technology to police forces</a>. About 20 workers wrote the letter, which outlines ways that employees are "disappointed" in the company's response to the deaths of George Floyd and Breonna Taylor. </li><li><a href="https://www.businessinsider.com/depixelator-turned-obama-white-illustrates-racial-bias-in-ai-2020-6">An AI tool which reconstructs pixelated pictures to look like clear images ended up making Barack Obama to look like a white man, garnering immediate criticism for algorithmic bias</a>. Experts in machine learning speculated that the tool, Face Depixelizer, had a common problem — its training set of images was not diverse enough.</li><li><a href="https://www.ft.com/content/7d79f753-a274-4829-9a7d-7735a36c5d9e">UK payments firm Checkout.com is now valued at $5.5 billion after raising $150m of new cash</a>. The firm is eyeing an IPO, according to the Financial Times.</li><li><a href="https://www.businessinsider.com/microsoft-closes-mixer-partners-with-facebook-2020-6">Microsoft is shutting down its Twitch competitor Mixer and partnering with Facebook going forward — even after spending millions on deals with top streamers</a>. Mixer has struggled to compete against Twitch, despite a string of high-profile exclusivity deals with major streamers like Tyler "Ninja" Blevins and Mike "Shroud" Grzesiek said to be worth millions of dollars each.</li></ol>Have an Amazon Alexa device? Now you can hear <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword> each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.You can also <a href="https://newsletter.businessinsider.com/join/free">subscribe to this newsletter</a> here — just tick "10 Things in Tech You Need to Know.

10 things in tech you need to know today

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d931a9b2e22af5445002bb9-2400/2019-09-25t151455z1lynxmpef8o1eartroptp4wealth-summit-credit-suisse.jpg" border="0" alt="Iqbal Khan, CEO International Wealth Management of Swiss bank Credit Suisse" data-mce-source="Reuters" data-mce-caption="Iqbal Khan, CEO International Wealth Management of Swiss bank Credit Suisse" />ReutersIqbal Khan, the former boss of Credit Suisse's wealth management division.</div></div></div><ul><li>The secretive world of Swiss banking has been rocked by a wild scandal involving spies, a suicide, and a clash at a cocktail party.</li><li>Credit Suisse hired private investigators to spy on Iqbal Khan, its former head of wealth management, after he feuded with CEO Tidjane Thiam and left for local archrival UBS earlier this year.</li><li>The fiasco has culminated with the resignation of both the Swiss bank's operating chief and head of global security, and the death of the contractor who hired the spies to follow Khan.</li><li>Here's a timeline of what happened.</li><li>Watch <a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Credit Suisse</a> and <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> trade live.</li></ul>The secretive world of Swiss banking has been rocked by a public scandal involving spies, a suicide, and a clash at a cocktail party.<a href="https://markets.businessinsider.com/stocks/credit_suisse-stock">Credit Suisse</a> hired private investigators to spy on Iqbal Khan, the head of its wealth management division, after he feuded with CEO Tidjane Thiam and left for local archrival <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> earlier this year.The fiasco has culminated with the <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-coo-resigns-over-spying-of-iqbal-khan-2019-10-1028565903">resignation</a> of both the Swiss bank's operating chief and head of global security, and the death of the contractor who hired the spies to follow Khan.<h2>Here's a timeline of what happened:</h2>Background: Tidjane Thiam was appointed CEO of Credit Suisse in March 2015 after running UK insurer Prudential for six years. The French-Ivorian, a former McKinsey consultant, launched a three-year turnaround program that resulted in the Swiss bank posting its first annual profit in four years in 2018.Iqbal Khan, who was born in Pakistan and moved to Switzerland at the age of 12, spent 12 years as an auditor at EY. He joined Credit Suisse's wealth management division in 2013 and rose to CEO two years later. He oversaw an 80% increase in divisional profit and helped bring in upwards of $46 billion in net new assets between 2016 and 2018, <a href="https://www.ft.com/content/bbe24f04-dfa2-11e9-9743-db5a370481bc">according to the Financial Times</a>.January 2019: Thiam hosts a cocktail party at his home in the tony Herrliberg area on the "gold coast" of Lake Zurich, according to the Financial Times. Khan and his wife - who bought the house next door, bulldozed it, then redeveloped it over the course of nearly two years - are among the guests. Thiam complained to Credit Suisse Chairman Urs Rohner about the disruptive construction work, the Financial Times reported.After Khan and Thiam's partner squabble over some trees planted on the CEO's property, Khan and Thiam have an argument away from the other guests. Khan's wife has to separate them, Swiss newspaper Tages-Anzeiger reported.Spring and summer: Khan complains to Rohner and Credit Suisse's board about the incident, widening the rift between the two and creating an unpleasant working environment, the Financial Times reported.Khan is allowed to quit with a shortened gardening leave period of three months. During meetings with UBS, Julius Baer, Goldman Sachs, and other prospective employers, he expresses a desire to recruit former Credit Suisse colleagues across structured trading, lending, relationship management and other functions, the Financial Times reported.July 1: Credit Suisse announces Khan is leaving the company. He makes the move after growing frustrated with his profile within the bank, number of public appearances, and a lack of assurances from Thiam and other executives about his potential to rise further up the ranks, according to the Financial Times."He's in a rush, wants a huge job and had become a bit frustrated because there's no room at the top here - Tidjane isn't going anywhere and he wasn't comfortable in his seat," a person familiar with the developments told the newspaper.August 29: UBS <a href="https://www.businessinsider.com/ubs-appoints-iqbal-khan-wealth-management-co-head-2019-8?r=US&amp;IR=T">announces</a> Khan will become its co-president of global wealth management on October 1. Pierre-Olivier Bouee, Credit Suisse's operating chief, orders the bank's security chief to begin observing Khan out of concern he may be planning to poach clients and former coworkers. Bouee's worries are elevated by the fact that Khan continues to socialize with key Credit Suisse employees.Credit Suisse hires Investigo, a security firm, to keep tabs on Khan. Investigo assigns private detectives to trail Khan and identify everyone he meets.September 17: During a shopping trip, Khan spots and confronts one of his tails in downtown Zurich. He exits his car and photographs the license plate of the private investigator's vehicle. The investigator confronts him, asks him to stop, and tells Khan to hand over his phone. Khan shouts for police help, and the investigator departs.Khan files a complaint with Zurich's public prosecutor, saying three men chased him and his wife through the streets of Zurich by car and on foot. He says things turned physical behind the Swiss National Bank, when the men tried to take his mobile phone as he was photographing them and their car.However, the detective provides a sworn statement to Credit Suisse and authorities that he was alone that day, and Khan chased him, the Financial Times reported. The bank instructed the investigator to follow Khan only on weekdays from a suitable distance and take note of the people he meets, without breaking any criminal or traffic laws, according to a document seen by the newspaper.September 18: Credit Suisse halts its observation of Khan.September 23: Credit Suisse's board says it has appointed external consultants and lawyers to inquire whether executives signed off on the decision to hire private investigators and if the move was justified.Zurich's public prosecutor's office confirms it has opened a criminal case for coercion and threat, and city police have made three arrests, <a href="https://www.ft.com/content/2c48ed78-dee2-11e9-9743-db5a370481bc?desktop=true&amp;segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content">the Financial Times reports</a>.September 24: An unnamed contractor who hired Investigo to trail Khan on behalf of Credit Suisse dies by suicide. A lawyer for Investigo later confirms the death to the Financial Times.September 26: Pressure mounts on Credit Suisse to address the scandal."It's something of extreme gravity; in Zurich it is becoming a time bomb and you can feel the panic," a major investor in the bank <a href="https://www.ft.com/content/bbe24f04-dfa2-11e9-9743-db5a370481bc">told the Financial Times</a>. "Both sides have been damaged, but especially Credit Suisse." "We have said to the chairman and board they have to provide a clear outcome and explanation; whoever did wrong has to pay," the investor added.September 30: Inside Paradeplatz, a Swiss financial blog, reports the contractor's death by suicide. Credit Suisse's board meets to discuss the findings of an investigation into the spying scandal by Homburger, a law firm.October 1: Bouee, Credit Suisse's COO, resigns after Homburger finds he independently made the call to follow Khan. The bank's head of global security also resigns."The Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank," Credit Suisse <a href="https://www.credit-suisse.com/about-us-news/en/articles/media-releases/statement-investigation-201910.html">says in a statement</a>.The Homburger inquiry failed to find any evidence that Khan tried to poach employees or clients, the bank added, or any indication that Thiam approved the spying or was aware of it before it ceased on September 18.Credit Suisse says Bouee alone, "in order to protect the interests of the bank," ordered the observation of Khan, and he didn't discuss it with Thiam or any other executives.Zurich's public prosecutor is still investigating the matter. <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"><img src="https://static.businessinsider.com/image/5d5ed980adbcf82f1f1bc60b" alt="Exclusive FREE Slide Deck: 10 Up and Coming Fintechs by Business Insider Intelligence" border="0" style="margin: 0 auto !important; width: 100% !important; min-width: 280px !important; max-width: 640px !important" /></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-mars-starship-spacex-starhopper-rocket-moon-2019-6">Elon Musk's multibillion-dollar Starship rocket could one day take people to the moon and Mars</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/Bsa5q9dJ-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

Spies, suicide, and a clash at a cocktail party - here's what we know about the scandal rocking Credit Suisse

<img src="https://static-ssl.businessinsider.com/image/5ddea765fd9db205ad665b48-2400/erin-hatzikostas2.jpg" alt="Erin Hatzikostas" />Courtesy of Erin HatzikostasErin Hatzikostas.<ul class="summary-list"><li><a href="https://www.bauthenticinc.com/about">Erin Hatzikostas</a> is a former corporate CEO turned career coach, speaker, and podcast host. She is the founder and CEO of <a href="https://www.bauthenticinc.com/">b Authentic inc</a>. You can listen to her offbeat career podcast, "<a href="https://www.bauthenticinc.com/podcast">b CAUSE with Erin &amp; Nicole</a>," or you can start pumping up your career with her free guide,"<a href="https://bauthenticinc.mykajabi.com/pl/74108">10 Simple Steps to a Rich Career</a>."</li><li>She writes that women's business conferences are a "noble idea" - but gender diversity still persists as a big issue in many workplaces. While improving them won't solve the issue at large, looking at their problems is helpful.</li><li>These conferences can be dominated by jargon. They don't offer up enough women who have actually done it, and often end up being a time suck for the women they're trying to support. </li><li>Instead, give women the tools to change up jobs, and make conferences more creative.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>In comes a new email from your boss. The subject reads, "You are invited … "Your stomach flutters with anticipation. What could this possibly be about? You open it up to learn … your boss is sending you to a "women's conference."Every year, hundreds of women-focused business conferences are held across the globe. This is great, right? At first blush, it certainly feels great to be selected for one. Wow! They must think a lot of me to choose me to participate!Awesome! Who will I be able to mix and mingle with?(Secretly) What will I wear? I need to stand out. But pretty soon reality sets in.Hang on. I'm already slammed. This is going to throw another monkey-wrench in my schedule.Wait, why is Janice invited? She leaves every day at 4:00.So, what are all the men doing that day?What exactly are the chances that I'll be volunteered to help organize this thing?Women's business conferences are a noble idea. If you've been to one, it's hard not to be in awe of the passion, sophistication, and attention to detail demonstrated by the organizers and attendees. But if there are so many amazing women's conferences, why is gender diversity still such a massive issue in the corporate workplace?Obviously, this is a complicated question. Improving women's conferences isn't a silver bullet, but considering how they miss the mark can shed some light on the problem as a whole. My podcast cohost and I recently drew up a list of all the things we've generally disliked about the over 25 women's conferences we've collectively attended. Here they are:<h2>1. They are too politically correct and vanilla. There simply isn't enough plain speak and authentic, hard-earned perspective. </h2>Suggesting that women's conferences should be less politically correct immediately brings to mind a <a href="https://www.huffpost.com/entry/women-ernst-young-how-to-dress-act-around-men_n_5da721eee4b002e33e78606a">recent HuffPost article</a> that shared an insider look at a particularly egregious (and politically incorrect) conference held by Ernst &amp; Young. When I read this article, I gasped. And then laughed. The gist of it was a completely ludicrous education about how to rise in your career by working within the gender stereotypes of the 1960s: Eschew anything masculine (but don't flaunt your body), approach men deferentially, avoid being assertive, and above all, avoid being authentic. This is not the kind of political incorrectness we need. Instead, what we need is less jargon and more real talk. We also need to laugh more; we face a lot of ridiculous things in the average work day, and sometimes simply laughing together about it helps us get through it all. Cut the crap. No more phrases that have been done to death such as "lean in," "executive presence," "speak up," etc. These are all solid ideas, mind you, but they've become meaningless with overuse. For example, the term "executive presence" infers that women have to change who they are to succeed. The result? Many of the most qualified women decide to opt out of the bigger roles. Women need authentic examples, preferably interesting ones, not buzzwords.<h2>2. There are too many professional facilitators and consultants and too few women who have actually been in the trenches</h2>Consultants have their place, and conferences definitely need facilitators to start - and keep - the balls rolling. But relying on academic advice from people who have never personally navigated the landmines of rising through the corporate ranks leaves a lot of expertise on the table. Conferences need to do more than pay lip service to the idea that women can be leaders by allowing them to actually lead. Encourage them to share their experiences, their ideas, and their solutions. Another common issue with these conferences: Focusing on problems women are assumed to face without enough timely, tactical, or tangible advice on how to solve them. If we want women to be leaders, we must make sure that the conferences aimed at that goal are interactive and offer opportunities to put those skills to use.<h2>3. Organizing conferences is often a time suck for the very people they are supposed to be supporting </h2>Too often, organizing a women's conference falls to a woman who is already working her butt off in a leadership position. And although helping each other rise is a noble and worthy goal, the women leading the charge are generally forced to shoehorn the planning into an already tight schedule filled with all the other responsibilities of the job. One wonders: How many male executives spend hours on end organizing events for other men? According to McKinsey's latest <a href="https://www.mckinsey.com/featured-insights/gender-equality/women-in-the-workplace-2019">"Women in the Workplace" study</a>, companies' commitment to gender diversity has gone up 13% since 2015. However, only half of employees think that gender diversity is a priority in their company. Could this be because it is left to women alone to lead the charge?<h2>4. The conferences are too darn formal</h2>Generally, a women's business conference looks and feels like a conference designed for a very uptight, stuffy, unapproachable man. Everything - from the agenda to the seating - screams button up and mind your manners. Is this really an environment that fosters the authenticity and vulnerability required to bring your best self to bear? We think not. Why not customize the experience to the attendees? What's wrong with comfy couches, bean bag chairs, or (gasp) yoga pants?To be fair, many icebreakers are not formal. In fact, they can be cheesy and sometimes downright offensive. This isn't true across the board, but we've definitely experienced some doozies. Women may prefer comfortable clothes and humor, but we aren't children. Drop the dumb games. <h2>5. Women's conferences only include, well, women </h2>Though the intention behind female-only conferences is good, they still perpetuate the myth that women need to learn how to behave in order to become leaders. This is simply not true. The same leadership skills that work for men work for women as well. We need conferences designed to challenge the idea that there is one right style of leadership - and that that winning style can only be achieved by straight white men. Yes, women must be included in these conferences, but so must leadership. How can we drive change without all the leadership in the room?So what do we do?<h2>Don't try to change women for the job. Instead, enable them to change the job. </h2>Though the EY conference is an extreme example, it highlights one of the biggest issues we have. We give advice to women focused on how to act just like those before them - whether male or female. For some reason, we believe there is only one way to be in order to be successful. That couldn't be further from the truth.When I was initially tapped for my first corporate executive position, I actually said, "No thank you." I feared I'd have to become someone I'm not. I feared I would have to compromise my family, my health, and even my identity to be successful. It took a while to realize that I have unique qualities that I could exploit (humor, humility, and the ability to inspire) and that the things that I wasn't so good at (extensive travel, detailed operations) could be addressed by strengthening the team around me.I love the <a href="https://thriveglobal.com/stories/abby-wambach-you-dont-have-to-be-perfect-to-be-a-great-leader/">quote by soccer legend Abby Wambach</a>, "Imperfect men have been empowered and permitted to run the world since the beginning of time. It's time for imperfect women to grant themselves permission to join them."We have got to stop pretending that there is a linear formula for being a successful leader. Instead, we must help women celebrate and exploit their unique, positive qualities.<h2>Go ahead, hold women's conferences, but shake them up … significantly </h2>In our perfect world, there would be no need for women's conferences or talk of gender parity. We're making progress toward this goal: The <a href="https://womenintheworkplace.com/">number of women rising to a top CEO spot has increased 24%</a> over the last five years. But obviously, we're not there yet. So, until we arrive at the nirvana that is true gender diversity (of all kinds, mind you), women's conferences offer a unique opportunity for us to learn from each other. However, that only happens if the women attending and leading are allowed to show up as their authentic selves. Showcase speakers that tell it like it is. Give real-life actionable examples of women who've crushed their careers without selling their souls, and play some fun music while you're at it. A few weeks ago, my <a href="https://www.bauthenticinc.com/podcast">podcast cohost</a> and I experimented with something like this. Imagine a conference that kicks off with dancing and lip synching into a room packed to the gills with high-powered and successful women in the financial industry. Not sounding so bold? One of us was wearing a bedazzled tracksuit, and we may have had props, parody videos, and cheese cubes. And, it wasn't just a show. We got real down and dirty about the things that helped us rise into executive positions. The crowd left incredibly inspired to be more of themselves, both in work and in their personal lives.If we can't shake up a conference, how can we hope to shake up the workplace?It is time we start acknowledging that we must get much more creative in our approach to gender diversity if we ever want to have a shot at reaching parity.We need to start asking the tough questions:<ul><li>What is working and what isn't? </li><li>What bold moves do we need to make to go from looking at gender diversity as a problem to solve and embracing it as an organic source of strength, especially in the corporate world?</li></ul>Whether you're a decision-maker or low down on the totem pole, one thing is clear. It is going to take all of us thinking well beyond the current conference box to get where we need to be. <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-jay-z-and-diddy-made-millions-off-of-cheap-alcohol-zack-omalley-greenburg-2018-3">How Jay-Z and Diddy used their fame to make millions off of 'cheap grapes'</a></h3> <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/qhWHAjCo-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>

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