Credit Suisse Chief Horta-Osorio Resigns Over Covid Breaches
LAHORE MIRROR (Monitoring Desk)– The chairman of global banking giant Credit Suisse, Antonio Horta-Osorio, has resigned with immediate effect after breaking Covid quarantine rules.
Mr Horta-Osorio, who was with the bank for just nine months, left following an internal investigation.
The former boss of Lloyds Banking Group joined Credit Suisse after a series of scandals at the Swiss bank.
But it has emerged he breached Covid rules last year, including by attending the Wimbledon tennis finals.
“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.
Mr Horta-Osorio has been replaced by board member Axel Lehmann.
Last month, a preliminary investigation by Credit Suisse had found that Mr Horta-Osorio had breached Covid-19 rules.
He 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 also breached Swiss Covid restrictions when, according to Reuters, he flew into the country on 28 November but left on 1 December. Swiss rules meant he should have quarantined for 10 days upon his arrival.
Mr Horta-Osorio joined Credit Suisse in April last year 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. Mr Thiam denied knowledge of the spying operations.
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.”
SOURCE: BBC NEWS