UBS supposedly wants Iqbal Khan, its new co-head of wealth management, to drop his criminal complaint following a “spying scandal” involving his former employer Credit Suisse, according to multiple media reports.

However, UBS denied these allegations stating: “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.”

The scandal has already seen Credit Suisse’s chief operating officer leave the bank...