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The Boss of Credit Suisse Resigns Amid Backlash

The Boss of Credit Suisse Resigns Amid Backlash
Source: Cash

Antonio Horta-Osorio, the head of global banking behemoth Credit Suisse, has resigned with immediate effect following an internal corporate investigation.

He was found to have breached the UK’s Covid-19 quarantine restrictions, according to reports.

After a series of crises at Credit Suisse, the former CEO of Lloyds Banking Group joined the Swiss bank.

Mr Horta-Osorio, who had only been chairman of Credit Suisse for eight months, has now been replaced by Axel Lehmann, a member of the board of directors.

In a statement released by the bank, Mr Horta-Osorio said, “I apologize that a number of my personal acts have caused challenges for the bank and affected my capacity to represent the bank internally and publicly.”

“I think that, at this critical time, my resignation is in the best interests of the bank and its stakeholders,” he said.

According to Reuters, Mr Horta-Osorio was determined to have broken Covid-19 guidelines after a preliminary examination by Credit Suisse.

He apparently attended the Wimbledon tennis championships in July, despite the fact that he was obliged to be quarantined according to the UK’s Covid-19 rules.

Mr Horta-Osorio joined Credit Suisse after a series of problems at the bank. In February 2020, then-Credit Suisse CEO Tidjane Thiam resigned after it was discovered that the bank had spied on key executives.

Credit Suisse has also suffered significant losses as a result of the failing financial business Greensill, which funded Liberty Steel, and Archegos, the collapsed US hedge fund last year.

Mr Horta-Osorio stated last year in a report on the company’s relationship with Archegos, “We are dedicated to fostering a culture of personal responsibility and accountability.”

“Only eight months in is not really enough to do anything,” George Godber, fund manager at Polar Capital, said in response to Mr Horta-departure. Osorio’s

“He was brought in to turn around the firm – it’s a bank that’s been rocked by controversy – but his tenure has been cut short.”

“When it comes to Covid limitations, not everyone is above the law.”

A representative for Credit Suisse told reporters that the bank would not provide any more information about Mr Horta-resignation Osorio’s beyond what was stated in its statement.

They also stated that the investigation’s conclusions would not be made public.