Chairman of the Board of Directors of Credit Suisse, Antonio Horta Osorio, resigned after an internal investigation revealed he had broken quarantine rules in connection with Covid-19. he He had been with the bank for less than nine months and was replaced by board member Axel Lehmann.
the credit Swiss She was informed that she would maintain her strategic rework despite the sudden departure of Horta Osorio.
“I regret that many of my personal actions led to difficulties for the bank and impaired my ability to represent it internally and externally,” he said. Horta Osorio In a statement issued by the bank. “Therefore, I believe that my resignation is in the interest of the bank and its shareholders at this critical time,” he added.
A preliminary investigation by Credit Suisse found that his boss attended the Wimbledon tennis finals in July, at a time when UK restrictions imposed a quarantine.a.
According to the news agency, Horta-Osorio also violated Swiss restrictions Reuters He traveled to the country on November 28, but left on December 1 – rules stipulated that he must be quarantined for 10 days after arrival.
Two people familiar with the situation said Horta Osorio’s behavior, including his use of the bank’s private jets, was at the heart of the investigation. The two sources said that in addition to the violations related to the epidemic, the CEO directed Credit Suisse’s plane to fly him to the Maldives on the way back from a business trip in Asia.
A spokesperson for Horta Osorio said he is not speaking to the press.
He is leaving less than nine months after joining the bank to help it deal with the collapse of investment firm Archegos and the bankruptcy of British Greensill Capital. The executive left the institution at a time when Credit Suisse sought to recover from the departure of CEO Tijani Thiam, which occurred in 2020 amid a spying scandal.
The bank’s shares fell about 1.6% in European trading today.
Prior to joining Credit Suisse, Horta-Osorio led the British group Lloyds Bank. He was knighted in Britain for his contribution to financial services and mental health, and has been commended for speaking out about the stress he experienced after taking over the institution.
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Lehmann, a Swiss who previously worked for rival UBS and spent nearly two decades at insurance group Zurich, said there were no plans to change course at Credit Suisse as the bank tries to return to calmer waters.
Lehman said client business has remained excellent despite the recent turnaround and that there are no major management changes underway. The CEO added that CEO Thomas Gotstein is “fundamental to our ability to continue the transformation together.”
Analysts said that after Horta-Osório was found to have twice violated Covid-19 rules, it was inevitable that he would leave the bank, but that this could make it difficult for Credit Suisse to recover.
After suffering a disastrous year, Credit Suisse reported a 21% drop in third-quarter earnings last year and warned of a loss in the final three months of 2021.
Credit Suisse shares are down 23% last year, while UBS shares are up 33%, hitting a four-year high.
* With Reuters
