The chairman of global banking giant Credit Suisse, Antonio Horta-Osorio, has resigned with immediate effect after an internal company probe.
He was reportedly found to have broken the UK’s Covid-19 quarantine rules.
The former boss of Lloyds Banking Group joined Credit Suisse after a series of scandals at the Swiss bank.
Now, Mr Horta-Osorio, who was the chairman of Credit Suisse for just eight months, has been replaced by board member Axel Lehmann.
“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,” Mr Horta-Osorio said in a statement issued by the bank.
“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time,” he added.
Last month, Reuters reported that a preliminary investigation by Credit Suisse had found that Mr Horta-Osorio had breached Covid-19 rules.
He reportedly attended the Wimbledon tennis finals in July at a time when the UK’s Covid-19 restrictions required him to be in quarantine.
Mr Horta-Osorio joined Credit Suisse following a series of scandals at the bank, In February 2020, then-Credit Suisse chief executive Tidjane Thiam resigned after it was revealed the bank had spied on senior employees.
Credit Suisse has also been hit with huge losses in connection with the failed financial firm Greensill – which backed Liberty Steel – and Archegos, the US hedge fund which collapsed last year.
Last year, in a report into its relationship with Archegos, Mr Horta-Osorio said: “We are committed to developing a culture of personal responsibility and accountability.”
Commenting on Mr Horta-Osorio’s departure, George Godber, fund manager at Polar Capital, told the BBC: “Only eight months in is not really time to achieve much.
“He was brought in to turnaround the business – it is a bank that has been hit by scandal – and so it means that his reign has been cut short.
“Not everybody is above the law for Covid restrictions.”
Speaking to the BBC, a spokesperson for Credit Suisse said that the bank would give no further details on Mr Horta-Osorio’s resignation other than those in its statement.
They also said that there were no plans to release the findings of the investigation.
Source: BBC
