SINGAPORE, Jan 17 – Credit Suisse (CSGN.S) chairman Antonio Horta-Osorio has resigned after violating COVID-19 solitary confinement rules, the bank said on Monday, raising questions about a new troubled credit provider’s strategy as it tries to get back on track. . scandals.
The move comes less than a year after Horta-Osorio was brought in to clean up Switzerland’s No. 2 banking business culture that had been damaged by its involvement with collapsed investment firm Archegos and debt-ridden finance company Greensill Capital.
However, the conduct of a Portuguese banker has been scrutinized, with reports that he has violated the COVID-19 double-locking laws by 2021.
“I regret that many of my actions have led to bankruptcy and undermined my ability to represent the bank internally and externally,” Horta-Osorio said in a statement issued by Swiss bank number 2.
“So I believe my resignation will help the bank and its structures at this critical time,” he said.
The bank said Horta-Osorio had resigned following a board-based investigation.
In December, Reuters reported that an internal banking investigation found that Horta-Osorio went to the Wimbledon tennis tournament in London in July without following British privacy laws. Learn more
Horta-Osorio also violated COVID-19 rules during a visit to Switzerland in November by leaving the country in solitary confinement for 10 days, the bank said in December.
Towards the end of December, David Herro, Harrisy’s deputy vice-chairman, who is the third largest investor in Credit Suisse, said Horta-Osorio kept his full support.
Credit Suisse, who announced a new strategy in November aimed at curbing the multi-billion dollar free wheel drive, said board member Axel Lehmann had immediately taken over as chairman. Learn more
The bank said Lehmann, the board and the executive would continue to use Credit Suisse’s strategy.
Lehmann spent more than a decade with his rivals UBS (UBSG.S), where his roles included helping the Swiss private and corporate bank after working for nearly a decade at the Zurich Insurance Group (ZURN.S).
Horta-Osorio’s sudden departure was disappointing, with some asking what was next in the bank.
“Even though this is a lot and we are in the news for the wrong reason,” said a private businessman from Credit Suisse who did not want to be named as he was not allowed to speak to the media.
“Meanwhile we stood for one year waiting for a new strategy from a new person!” he said.