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Credit Suisse chairman resigns in wake of internal probe

Credit Suisse chairman resigns in wake of internal probe
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GENEVA (AFP) – Credit Suisse said its boss, Antonio Horta Osorio, has resigned after an internal investigation said he violated quarantine rules aimed at combating the COVID-19 pandemic.

The resignation of Horta Osorio, a British-Portuguese national who took office just eight months ago, was announced shortly after midnight on Monday. This amounts to the recent turmoil at the top-tier Swiss bank which has faced a host of recent problems including bad bets on hedge funds and an internal 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 issued by the bank, without elaborating.

“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.

Credit Suisse said Lehmann “successes Antonio Horta Osorio, who resigned following an investigation commissioned by the board of directors”. He did not go into details. The bank’s press office did not immediately respond to an email from The Associated Press asking for more details.

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

Online news service, citing two sources familiar with the situation, reported in late December that Horta Osorio was under investigation for allegedly violating the quarantine.

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