Credit Suisse chairman resigns after internal investigation

GENEVA – Credit score Suisse says its chairman has resigned following an inside investigation that reportedly turned up that he had violated quarantine guidelines meant to struggle the COVID-19 pandemic.

The resignation of Antonio Horta-Osorio, a British-Portuguese nationwide who took the job barely eight months in the past, was introduced shortly after midnight Monday. It’s the newest upheaval on the top-drawer Swiss financial institution that has confronted an array of current troubles, together with unhealthy bets on hedge funds and an inside spying scandal.

“I remorse that plenty of my private actions have led to difficulties for the financial institution and compromised my capacity to symbolize the financial institution internally and externally,” Horta-Osorio, 57, mentioned in an announcement from the financial institution, with out elaborating.

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“I subsequently consider that my resignation is within the curiosity of the financial institution and its stakeholders at this significant time.”

Axel Lehmann, a Swiss nationwide and former govt at rival financial institution UBS who joined the Credit score Suisse board in October, will take over as chairman.

Credit score Suisse mentioned Lehmann “succeeds Antonio Horta-Osório, who resigned following an investigation commissioned by the board.” It didn’t elaborate, and financial institution spokesman Dominik von Arx declined to remark past the information launch.

Swiss media reported Monday that Horta-Osorio, a former CEO of Lloyds Banking Group in Britain, had violated quarantine guidelines, together with touring to Britain in December and to the Wimbledon tennis match over the summer season.

On-line information service finews.com, citing two sources conversant in the state of affairs, reported in late December that Horta-Osorio was being investigated over allegations of breaking quarantine.