Credit Suisse chairman resigns after Covid investigation

Chairman of Credit Suisse Group, António Horta-Osório, steps down immediately after an investigation involving violations of the Covid protocol.

Mr. Horta-Osório, in office for less than a year, would have broken quarantine rules to travel on a London-Zurich flight in November and attend the Wimbledon finals in July. The council then ordered an investigation into his conduct. The bank announced his resignation on Sunday.

“I regret that a number of my personal actions have caused difficulties for the bank and compromised my ability to represent the bank internally and externally,” Mr. Horta-Osório said. said in the statement.

“So I think my resignation is in the interest of the bank and its stakeholders at this crucial time,” he added.

Mr Horta-Osório will be replaced by Axel Lehmann, a former senior executive at Swiss investment bank UBS. Mr. Lehmann joined the board of Credit Suisse last year and served as chairman of its risk committee. Prior to joining UBS, he spent almost two decades with the Zurich Insurance Group.

Mr Horta-Osório, a former head of Lloyds Banking Group, took over as chairman in April. He was charged with a turnaround after the bank lost $5 billion on sour deals a small unit of its investment bank made with Archegos Capital Management. It was just one of a series of recent body shots. Credit Suisse is to lay off 69 employees in New York following the collapse of Archegos, as it plans to close its US prime services division by August 1.

“I have worked hard to get Credit Suisse back on track and I am proud of what we have achieved together during my short time at the bank,” Horta-Osório said.

Shares of Credit Suisse have fallen 22% over the past year, giving it a market capitalization of $28 billion.

Lananh Nguyen contributed report.

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