Credit Suisse, earthquake at the top. Number One Horta Osorio resigns after violating Covid quarantine rules

The head of German banking group Credit Suisse, Antonio Horta Osorio, resigned just 9 months after his appointment for breaching Covid quarantine rules. A member of the Board of Directors has been appointed in his place, Axel Lehmann. Perhaps a “bridge” solution is waiting for a new manager to be defined. “I regret that some of my personal actions have caused difficulties for the Bank and impaired my ability to represent it both internally and externally. I believe my resignation is in the best interests of the Bank,” Horta Osorio wrote in a statement.

Horta Osorio was appointed as president last April, and flew back and forth between London and Zurich on November 28, ignoring the mandatory quarantine rules introduced by Switzerland. The manager had already been criticized for his participation in the Wimbledon finals in July, when those from Europe were already subject to a quarantine period. Previously, he had been forced to apologize for always violating quarantine rules in Switzerland by traveling to Spain on a private jet.

Horta Osorio was appointed in the hope of making a change in management of the largest Swiss bank with UBS. The Portuguese banker was formerly in fact the architect of the revival of the English Lloyd’s Banking Group. The move back comes at a complicated time for Credit Suisse in the wake of the scandals of Greensill Capital (the collapsed fund, for which Credit Suisse has returned nearly €7 billion to clients so far) and in the wake of huge losses in investments in the US speculative fund Archegos Capital Management and a number of One of the directors’ notable publications. Over the past year, the value of the bank’s stock market in Switzerland has fallen by 25%.

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