Horta-Osorio quits Credit Suisse over Covid breaches
Antonio Horta-Osorio, chairman of global banking giant Credit Suisse, has resigned with immediate effect following reported breaches of Swiss and UK quarantine rules that undermined confidence in his leadership.
The former chief executive of Lloyds Banking Group was brought in just a year ago to fix a number of scandals at the Swiss bank.
But he reportedly attended the Wimbledon tennis finals last July at a time when the UK’s Covid-19 rules required him to be in quarantine.
Mr Horta-Osorio also broke Covid-19 rules on a visit to Switzerland in November by leaving the country during a 10-day quarantine period, the bank said last month.
In a statement issued today, Credit Suisse said Mr Horta-Osorio resigned following an investigation commissioned by the board, and that board member Axel Lehmann had taken over as chairman with immediate effect.
Mr Horta-Osorio said: “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally.
“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”
Mr Horta-Osorio was credited with turning around Lloyds following the 2008-09 banking crisis. He left last year and joined Switzerland’s second-largest bank to clean up the culture following its involvement with collapsed investment company Archegos and insolvent supply chain finance firm Greensill Capital.
In February 2020, the Credit Suisse chief executive at the time, Tidjane Thiam, resigned after it was revealed the bank had spied on senior employees.