Credit Suisse chairman steps down after breaking Covid rules

The Banking Giant at Credit Suisse, Antonio Horta-Osorio, resigned. Joining last April, he was on duty for only nine months. The internal investigation took place. And, it found Horta-Osorio breaking covid quarantine rules.

He broke the covid guidelines by attending Wimbledon. Mr. Horta-Osorio gives the following statement “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.”

He accepts the resignation as in the best interest of Credit Suisse. Also, it is in demand as per the current economic case.

Axel Lehman becomes the new boss of Credit Suisse. A preliminary investigation found Horta-Osorio invading the covid-19 rules. By attending the Wimbledon tennis finals, he breached the covid-19 restriction. Credit Suisse expects him to quarantine for 10 days.

There was also a list of other scandalous events at the bank. The bank also indulged in spying over its Chief Executive Officer. Tidjane Thiam resigned for the same reason. The ban is continuously spying on their senior employees.

Credit Suisse recorded a huge loss as the hedge fund collapsed. The failed financial firm Grensill, Liberty Steel, and Archegos were behind it.

Mr. Horta called it an attempt to cultivate accountability. In the relationship with Archegos, Mr. Horta-Osorio also commits to a culture of personal responsibility.

The resignation produces two different stories of resignation. The one with him breached covid guidelines. And, his attempt to bring reformation to the executive team also led to his resignation.

In the period, Credit Suisse lost billions of money. It took a multi-billion hit from the collapse of hedge funds due to Greensill Capital. The bank catered to spying scandals.

Mr. Horta was responsible for various new strategies at Credit Suisse. His resignation also requires revamping those strategies. The ironic twist brings us down to his statement of being proud of his achievement. The bank gained nothing but great loss during that quarter.

Credits: BBC