May 21, 2024


The business lovers

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

Sir Antonio Horta-Osorio has resigned as chairman of Credit score Suisse just after an inside investigation into breaches of Covid regulations.

In a dramatic statement late final evening, the loan company reported that Sir Antonio had stepped down with quick outcome just after just eight months in the purpose.

It follows stories the banker, a previous main executive of Lloyds, broke Covid quarantine regulations twice final yr.

He reported: “I regret that a range of my personalized actions have led to problems for the bank and compromised my potential to stand for the bank internally and externally.

“I hence consider that my resignation is in the interest of the bank and its stakeholders at this critical time.”

Past month stories emerged that Sir Antonio breached Covid regulations in July by traveling into London to go to Wimbledon. Restrictions at the time intended he should really have been in quarantine.

That adopted a earlier noted breach of Swiss regulations when he flouted quarantine to fly from London to Zurich and then back again within just a few days.

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

Sir Antonio was introduced into Credit score Suisse fewer than a yr back as it grappled with the fallout from the collapse of financial investment firm Archegos and the insolvency of scandal-hit source chain financing firm Greensill Cash.

The Swiss loan company was also continue to reeling from the 2020 departure of main executive Tidjane Thiam amid a spying scandal.

The controversies sparked heavy losses and sackings at Credit score Suisse, and Sir Antonio unveiled a new system in November in a bid to switch its fortunes all over.

The bank reported it would force ahead with its transformation program underneath Mr Lehmann.

Nonetheless, the most up-to-date scandal will mark a setback for traders, who had been hoping Sir Antonio’s variations would support inject new daily life into the bank’s ailing shares.

Adhering to the string of scandals, Credit score Suisse noted a 21pc slide in earnings in the 3rd quarter and warned of a loss in the final a few months of 2021. The loan company has dropped pretty much a quarter of its industry benefit in the final yr.

Mr Lehmann expended additional than ten years at UBS, the place his roles included primary its Swiss personalized and company banking unit. Prior to this, he expended just about two many years at Zurich Insurance policies Group.

Severin Schwan, vice chairman of Credit score Suisse, reported: “We regard Antonio’s final decision and owe him significant thanks for his leadership in defining the new system, which we will proceed to implement more than the coming months and years. 

“Axel Lehmann as the new chairman, with his intensive worldwide and Swiss industry experience, is ideally suited to drive ahead the strategic and cultural transformation of the bank. We wish Axel just about every good results in his new purpose and Antonio all the greatest for the upcoming.”