Home Business Credit Suisse, president resigns for violation of quarantine rules

Credit Suisse, president resigns for violation of quarantine rules

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Storm at the top of Credit Suisse. Antonio Horta-Osorio he resigned from the office of president of the Swiss bank due to criticism that rained down on the manager, since according to various press rumors he would have violated the quarantine rules twice in 2021. The bank’s board has appointed Axel Lehmann as the new president.

“I am sorry that a series of personal behaviors have led to problems for the bank and jeopardized my ability to represent the bank internally and externally,” said Horta-Osorio in a note released by Credit Suisse. “I therefore believe that my resignation is in the interest of the bank and the investors at this crucial time,” added Horta-Osorio, former CEO of Lloyds.

Credit Suisse, what happened

It all stems from an investigation by the Swiss German newspaper Blick, which brought to the spotlight the very casual behavior of the Portuguese manager in matters of compliance with Covid-19 rules.

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Returning to Switzerland from London on November 28, Horta-Osorio had inquired about the possibility of shortening or even being released from quarantine. The canton of Schwyz, where he resides, and the Confederation had rejected the request. Despite this, the first of December had flown in Spain on a private plane, violating the quarantine rules. He had then continued his journey to the destination of New York for a board meeting.

Not only. The former CEO of Lloyds Banking Group had also ended up in the center of criticism for having attended the Wimbledon tennis tournament final in July, not respecting the rules then in force in Great Britain.

News of Horta-Osorio’s resignation comes less than a year after the arrival of the manager, called to help Credit Suisse manage the collapse of the investment firm Archegos and the insolvencies of the British financial services firm Greenshill Capital, with the bank already proven by the abandonment offormer CEO Tidjane Thiam due to an espionage scandal.
Difficulties that cost the second largest Swiss bank several billion dollars and layoffs. In November, Horta-Osorio announced a new strategy to reassure investment bankers and revive the bank’s image. Now, yet another setback.

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