Board member Axel Lehmann was appointed to take his place.
Zurich, Switzerland:
The head of Credit Suisse has resigned less than a year after taking over the government of the scandal-stricken bank after reports of violating Covid quarantine rules.
Antonio Horta-Osorio’s resignation was effective immediately, with board member Axel Lehmann taking over, Switzerland’s second-largest bank said in an overnight statement.
The head of Credit Suisse has resigned less than a year after taking over the government of the scandal-stricken bank after reports of violating Covid quarantine rules.
Antonio Horta-Osorio’s resignation was effective immediately following an investigation ordered by the board, Switzerland’s second-largest bank said in a statement overnight.
Board member Axel Lehmann was appointed to take his place.
“I regret that some of my personal actions have caused difficulties for the bank and compromised my ability to represent the bank internally and externally,” Horta-Osorio said in the statement.
“I therefore believe that my resignation is in the best interest of the bank and its stakeholders at this crucial moment.”
The Portuguese banker came under fire in December after media reports that he violated Swiss quarantine rules while traveling.
The resignation adds to the woes of the Swiss banking giant, which was rocked by its ties to the multibillion-dollar meltdowns at financial firms Greensill and Archegos last year.
Horta-Osorio, who had built a solid reputation by turning over British bank Lloyds, had committed to addressing the risks at Credit Suisse.
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