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Credit Suisse Chairman Resigns After Internal Investigation | Business News

GENEVA (AFP) – Credit Suisse said its boss has resigned after an internal investigation that reportedly violated quarantine rules aimed at combating the COVID-19 pandemic.

The resignation of Antonio Horta Osorio, a Briton-Portuguese who took office just eight months ago, was announced shortly after midnight on Monday. This is the latest revolution in a top-tier Swiss bank that has faced a host of recent problems, including bad hedge fund bets and an insider spying scandal.

“I regret that a number of my personal actions have led to difficulties for the bank and impaired my ability to represent the bank both internally and externally,” Horta Osorio, 57, said in a statement from the bank.

“So I believe my resignation is in the best interests of the Bank and its shareholders at this critical time.”

Axel Lehmann, a Swiss citizen and former CEO of rival bank UBS, who joined Credit Suisse’s board in October, will take over as chairman.

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Credit Suisse said Lehmann “successes Antonio Horta Osorio, who resigned following an investigation commissioned by the board of directors”. No details were given, and bank spokesman Dominic von Arks declined to comment after the press release.

On Monday, Swiss media reported that Horta Osorio, the former chief executive of Lloyd’s Banking Group in Britain, violated quarantine rules, including traveling to Britain in December, and to Wimbledon tennis during the summer.

Online news service finews.com, citing two sources familiar with the situation, reported in late December that Horta Osorio was under investigation over allegations of quarantine violations.

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