Credit Suisse Chairman Horta-Osorio resigns after board probe into breach of COVID-19 rules By Reuters
© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland, November 3, 2021. REUTERS/Arnd WIegmann/File Photo
SINGAPORE (Reuters) -Credit Suisse Chairman Antonio Horta-Osorio, who was being investigated by the bank’s board for breaching COVID-19 quarantine rules, has quit with immediate effect and board member Axel Lehmann has taken over the role.
Horta-Osorio’s resignation comes less than a year after he was brought in to clean up a corporate culture marred by Switzerland’s second-largest bank’s involvement with collapsed investment firm Archegos and insolvent supply chain finance firm Greensill Capital.
“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,” Horta-Osorio said in a statement issued by the bank in the early hours of Monday.
“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”
In late December, Reuters reported in an exclusive story that a preliminary investigation by Credit Suisse (SIX:) found that Horta-Osorio breached COVID-19 rules a second time.
He attended the Wimbledon tennis finals in July during a visit to Britain when the country’s COVID-19 rules required him to be in quarantine, Reuters cited sources as saying. [L1N2TF08K]
Credit Suisse said Lehmann, the board and the executive board would continue to implement Credit Suisse’s strategy.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Russia bans Biden but not Trump, on list of Americans travel-barred
President Donald Trump and Russian President Vladimir Putin arrive for a joint news conference after their meeting in Helsinki, July…
HSBC banker’s remarks on climate risk inconsistent with strategy, CEO says By Reuters
© Reuters. FILE PHOTO: HSBC CEO Noel Quinn attends the UN Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November…