Credit Suisse chairman Antonio Horta-Osorio quits over COVID protocol violation

Horta-Osorio, who was Credit Suisse chairman for only eight months, has been replaced by board member Axel Lehmann.

Antonio Horta-Osorio, the head of global banking behemoth Credit Suisse, has resigned with immediate effect following an internal corporate investigation. He was found to have violated the UK's Covid-19 quarantine restrictions. Following a series of crises at the Swiss bank, the former CEO of Lloyds Banking Group joined Credit Suisse. Horta-Osorio, who was Credit Suisse chairman for only eight months, has been replaced by board member Axel Lehmann.

Horta-Osorio stated in a statement that he deeply regrets that his various personal activities have caused challenges for the bank and jeopardised his capacity to represent the firm internally and publicly. He went on to say that his resignation is in the best interests of the bank and its stakeholders at this critical juncture. News agency Reuters reported last month that a preliminary review by Credit Suisse discovered that Horta-Osorio had violated Covid-19 guidelines. He attended the Wimbledon tennis championships in July, even though the UK's COVID-19 guidelines required him to be quarantined at the time.

Meanwhile, a spokesman for Credit Suisse stated that the bank would not provide any further information about Horta-resignation Osorio's beyond what was stated in its statement. They also stated that there were no intentions to reveal the investigation's results.

Horta-Osorio was previously the CEO of Lloyds Banking Group in the United Kingdom. His resignation comes less than a year after he was hired to assist the bank in dealing with the collapsed investment firm Archegos and the insolvency of British supply chain finance company Greenshill Capital, even as it was still reeling from the 2020 departure of CEO Tidjane Thiam over a spying scandal.