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Credit Suisse Boss Antonio Horta-Osorio Quits After Breaking Covid Quarantine Rules

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This article is more than 2 years old.
Updated Jan 18, 2022, 04:02am EST

Topline

Credit Suisse chairman Antonio Horta-Osorio resigned Monday after an internal investigation found he breached multiple Swiss and U.K. Covid-19 quarantine rules, the bank announced, an abrupt departure just nine months after he joined the bank to help restore its image following a series of scandals.

Key Facts

Horta-Osorio, the former chief of Lloyds Banking Group, said his “personal actions” have caused difficulties for Credit Suisse and “compromised” his ability to represent the bank.

Horta-Osorio said his resignation—effective immediately—“is in the interest of the bank and its stakeholders.”

His departure follows an internal board investigation into reports he breached multiple Covid-19 restrictions last year—and possibly committing criminal offenses—including flying in and out of Switzerland and attending the Wimbledon tennis finals without following local quarantine requirements. 

The bank has tapped Axel Lehmann, a former executive at the bank’s Swiss rival UBS, to replace Horta-Osorio as chair after he joined the bank’s board in October. 

Key Background

Horta-Osorio’s departure is the latest knock to the bank’s reputation after a string of scandals he was drafted to help it recover from. This includes associations with investment firm Archegos and supply chain financing firm Greensill Capital—both of which cost the bank billions after collapsing shortly before Horta-Osorio was appointed chair—and hiring private investigators to spy on executives.

Further Reading

António Horta-Osório resigns as Credit Suisse chair over Covid breaches (FT)

Credit Suisse, Burned By Archegos And Greensill Scandals, Shifts Focus To Wealth Management In Overhaul (Forbes)

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