Credit Suisse Chairman Antonio Horta-Osorio Steps Down Over Breaking Past UK COVID Rules
Posted on 01/17/2022
Credit Suisse Group AG’s chairman Antonio Horta-Osorio stepped down. This is following an investigation commissioned by the board. The board appointed Axel Lehmann as its new chairman effective immediately, it said in a statement. Axel Lehmann was President Personal & Corporate Banking and President UBS Switzerland from 2018 to 2021.
In December 2021, a preliminary investigation by Credit Suisse found that Horta-Osorio attended the Wimbledon tennis finals in July 2021 during a visit to U.K. This is when the country’s COVID-19 rules required him to be in quarantine.
“I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,” Horta-Osorio said. “I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”
Horta-Osório is a Portuguese/British banker who was formerly Group CEO of Lloyds Banking Group from 2011 to 2021. In July 2020, Horta-Osório announced that he would stand down as Chief Executive of Lloyds Banking Group by summer 2021. Horta-Osório succeeded Urs Rohner Credit Suisse’s chairman in April 2021.
