The resignation of the chairman of Credit Suisse, Switzerland's second-largest bank, has twice violated COVID-19 regulations

Source: Global Times

[Global Times special correspondent Li Fei] Credit Suisse Chairman Antonio Horta-Osorio resigned on the 17th, because of violations of the new crown epidemic quarantine regulations.

According to the British Broadcasting Corporation (BBC) reported on the 17th, the internal investigation carried out by Credit Suisse confirmed that Horta Osorio watched the Wimbledon Tennis Open final in the United Kingdom last July, and according to the travel restrictions of the new crown epidemic in the United Kingdom at that time, he should have been in quarantine. In addition, he violated Swiss epidemic prevention regulations. He arrived in Switzerland by plane on 28 November 2021 and departed on 1 December, when he was supposed to be quarantined for 10 days under Swiss epidemic regulations.

Horta Osorio issued a statement saying: "I am deeply sorry that my series of personal actions have caused trouble for the bank and made it difficult for me to work on behalf of the bank. At this important juncture, my resignation is in the interest of the bank and its shareholders. Horta Osorio's resignation is effective immediately, and board member Axel Lehmann will take over the helm of Switzerland's second-largest bank.

Ironically, Horta Osorio was a "firefighter" recruited by Credit Suisse, who only joined Credit Suisse last April and was only 9 months from his appointment to his resignation. He was expected to lead the team to clean up the investment banking giant's corporate culture and manage investment risks. Earlier, the collapse of a British financial firm called Greensill and the blow-up of a U.S. hedge fund called Archegos cost Credit Suisse dearly.

The BBC said that before working for Credit Suisse, Horta Osorio was the chief executive of lloyd's bank in the United Kingdom, and he was not at peace during his tenure at Lloyd's Bank, and he had a marital cheating scandal.