Credit Suisse Chairman Antonio Horta-Osorio resigned on Monday after violating COVID-19 quarantine rules. Bringing up suspicions about the bank’s new strategy as it strives to recoup from a string of downfalls. Horta-Osorio was brought in less than a year ago to spruce up Switzerland’s No. 2 bank’s corporate culture. Which had been tarnished by its involvement with failed investment firm Archegos and insolvent supply chain finance firm Greensill Capital.
However, the Portuguese banker’s private life has appeared under scrutiny in recent years, with studies disclosing that he violated COVID-19 quarantine rules twice in 2021. Horta-Osorio resigned as a result of a board-commissioned investigation, according to the financial institution. As documented in December by Reuters, Horta-Osorio attended the Wimbledon tennis finals in London in July without adhering to Britain’s quarantine guidelines.
I, therefore, believe that my resignation is in the interest of the bank
Horta-Osorio furthermore broke COVID-19 regulations during a November trip to Switzerland. Leaving the country during a 10-day quarantine period. “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 mentioned in an announcement. “I, therefore, believe that my resignation is in the interest of the bank and its stakeholders at this crucial time,” he added.
Credit Suisse asserted board member Axel Lehmann had taken possession of the chairman position with immediate effect after the resignation. The company had made an announcement of a new strategy in November aimed at restricting a freewheeling tradition that has cost it billions. The bank acknowledged that Lehmann, the board, and the chief board would proceed with implementing Credit Suisse’s strategy. After approximately two decades at Zurich Insurance Group, Lehmann spent over a decade at rival UBS. Where he supervised the financial institution’s Swiss private and corporate banking unit. Moreover, Horta-Osorio’s hasty departure, on the other hand, disheartened employees. With some wondering what would occur next for the financial institution.