Credit Suisse chairman resigns over COVID-19 rules breach

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Credit Suisse chairman resigns over COVID-19 rules breach

 Credit Suisse chairman resigns over COVID-19 rules breach
Image source: © Leowolfert | Megapixl.com

Highlights 

  • Credit Suisse chairman Antonio Horta-Osorio resigns on reports of COVID-19 regulation breach.
  • Horta-Osorio had joined Switzerland's No.2 bank to clean up its’ corporate culture.

Global conglomerate’s chairman Antonio Horta-Osorio has quit Switzerland-based bank Credit Suisse, on an internal probe over COVID-19 rules breach.

Why is the Credit Suisse top boss quitting?

In not just one year after he took charge, Osorio, has been accused of flouting COVID-19 quarantine rules.

Antonio Horta-Osorio has broken UK's Covid-19 quarantine rules. Highlighted by a Reuters report last month, a preliminary investigation by Credit Suisse had identified the compromise. He had attended the Wimbledon tennis finals in July and not adhered to the quarantine rules applicable that time.

The more significant probe question on Horta-Osorio however, is on the embattled lender's strategy. Credit Suisse had introduced the new strategy in November with which it is seeking to curb a freewheeling culture in the company, that had cost it billions. Since Horta-Osorio was responsible, his tenure end means that the revamp is likely to be incomplete.

What does Osorio have to say?

Horta-Osorio has apologised for his personal actions marring the company’s image.

However, Horta-Osorio's sudden exit has dispirited the company ethos. The question buzzing over Credit Suisse is now about its new strategy which will come in with a new man on its helm.

Bottom line-

The abrupt resignation comes in less than a year from Horta-Osorio’s joining. Tough he had joined Credit Suisse to clean up its corporate culture, his resignation on a rule breach seems ironic.

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