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António Horta-Osório has resigned as chairman of Credit Suisse for violating Covid rules

António Horta-Osório has resigned as chairman of Credit Suisse after investigating a number of violations of the coronavirus.

The former president of Lloyds Banking Group in the UK has been in office for eight months and has promised to restore the Swiss bank record following the expansion of high scandals.

However Horta-Osório’s actions became the subject of an agency investigation late last year after he was found to have violated privacy laws. maybe twice.

After the report was completed, Horta-Osório discussed with the banking committee over the weekend his decision to resign, according to a man who briefly briefed him on the negotiations.

“I am sorry that so much of what I have done has caused problems for the bank and undermined my ability to represent the bank internally and externally,” Horta-Osório said Sunday night. “That is why I believe that resigning will help the bank and its stakeholders during this crisis.”

Axel Lehmann, former chief of operations and director of Swiss business at UBS, has been named as the new chairman of Credit Suisse. He connected bank group in October.

“By carrying out our plans in a timely and orderly manner, without interruption, I believe that Credit Suisse will demonstrate the new strength and business interest needed to achieve sustainable value for our stakeholders,” Lehmann said.

Horta-Osório was found by violates UK privacy laws when he flew to London and later watched the final tennis games of Wimbledon on July 10 and 11. At that time, Switzerland was on the list of UK amber countries facing sanctions, and travelers had to isolate themselves for 10 days upon arrival.

Later, Horta-Osório violated Swiss Covid laws when it flew out of the country within three days. He left London for Zurich on November 28, just 10 days after living alone in Switzerland after discovering the Omicron coronavirus.

Horta-Osório apologized for the “mistake” and said the breach was “intentional”.

However, the Swiss newspaper Blick reports that he initially requested not to be allowed into canton by the federal government, but was told he was not receiving any special treatment and would have to isolate himself for 10 full days.

Credit Suisse was marred by two counts involving Greensill Capital and the Archegos family office during the Horta-Osório steering week. elected to chair Last April.

Since taking office, the Portuguese bank, which was honored on Queen Elizabeth II’s birthday last June, has spoken of “a commitment to fostering a culture of accountability and accountability” in the bank.

But the bad publicity surrounding Covid’s crackdown left a lasting impression light wisely announced in November.

“The most important thing for this bank to be quiet,” said Credit Suisse chief executive. “What happened around him didn’t help.”


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