Antonio Horta-Osorio forced out at Credit Suisse after rule-breaking Wimbledon trip

Lavern Vogel

Sir Antonio Horta-Osorio has resigned as chairman of Credit history Suisse immediately after an internal investigation into breaches of Covid rules.

In a dramatic statement late very last night, the loan company said that Sir Antonio experienced stepped down with quick influence immediately after just 8 months in the function.

It follows reviews the banker, a previous chief government of Lloyds, broke Covid quarantine rules twice very last calendar year.

He said: “I regret that a range of my particular actions have led to complications for the financial institution and compromised my potential to represent the financial institution internally and externally.

“I for that reason believe that my resignation is in the interest of the financial institution and its stakeholders at this vital time.”

Last thirty day period reviews emerged that Sir Antonio breached Covid rules in July by flying into London to show up at Wimbledon. Polices at the time intended he should have been in quarantine.

That followed a beforehand reported breach of Swiss rules when he flouted quarantine to fly from London to Zurich and then back once more inside 3 times.

Sir Antonio will be replaced by board member Axel P Lehmann, who was previously chief operating officer at UBS.

Sir Antonio was brought into Credit history Suisse a lot less than a calendar year ago as it grappled with the fallout from the collapse of investment decision business Archegos and the insolvency of scandal-strike offer chain financing business Greensill Cash.

The Swiss loan company was also nevertheless reeling from the 2020 departure of chief government Tidjane Thiam amid a spying scandal.

The controversies sparked large losses and sackings at Credit history Suisse, and Sir Antonio unveiled a new approach in November in a bid to convert its fortunes all around.

The financial institution said it would thrust in advance with its transformation approach underneath Mr Lehmann.

However, the most up-to-date scandal will mark a setback for buyers, who experienced been hoping Sir Antonio’s modifications would support inject new life into the bank’s ailing shares.

Next the string of scandals, Credit history Suisse reported a 21pc drop in gains in the 3rd quarter and warned of a decline in the very last 3 months of 2021. The loan company has misplaced pretty much a quarter of its current market worth in the very last calendar year.

Mr Lehmann used a lot more than 10 years at UBS, where his roles bundled foremost its Swiss particular and company banking device. Prior to this, he used almost two a long time at Zurich Insurance Group.

Severin Schwan, vice chairman of Credit history Suisse, said: “We regard Antonio’s choice and owe him significant thanks for his management in defining the new approach, which we will continue on to employ above the coming months and years. 

“Axel Lehmann as the new chairman, with his extensive international and Swiss market practical experience, is ideally suited to generate forward the strategic and cultural transformation of the financial institution. We desire Axel every single achievement in his new function and Antonio all the best for the long term.”

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