Credit Suisse chief, architect of new strategy, leaves Reuters over COVID-19 breach

By Anshuman Daga

SINGAPORE (Reuters) – Credit Suisse President Antonio Horta-Osorio has resigned in violation of COVID-19’s 40 rules, raising doubts about the lender’s new strategy, despite trying to heal from a series of scandals.

Swiss credit (SEI :), the 2nd bank in Switzerland, said Horta-Osorio had resigned following an investigation commissioned by the commission.

His resignation comes less than a year after he joined the bank’s corporate culture, due to his involvement with the bankrupt investment firm Archegos and the insolvent supply chain finance company Greensill Capital.

“I regret that some of my personal actions have led to difficulties for the bank and jeopardized my ability to represent the bank internally and externally,” Horta-Osorio said in a statement issued by the bank on Monday.

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

In December, Reuters reported that a preliminary investigation into the bank had revealed that Horta-Osorio had gone to the Wimbledon tennis finals in London in July without following the rules of the UK quarantine.

The Portuguese banker also broke COVID-19 rules during a visit to Switzerland in November, leaving the country in quarantine for 10 days.

Credit Suisse, which announced a new strategy to reduce the free wheel culture that cost billions in November, said Axel Lehmann would take over as chairman immediately.

Lehmann, the board and the executive council will continue to implement Credit Suisse’s strategy, the bank said.

Lehmann was a former member of the management team of the UBS rival group after having been with the Zurich Insurance Group (OTC 🙂 for almost two decades.