Credit Suisse will stick to its restructuring strategy despite the abrupt departure of its “brain”, Antonio Horta-Osorio, following an internal investigation into his personal conduct, including breaches of coronavirus rules, the bank’s new president has announced.
Horta-Osorio’s departure comes less than a year after he was hired to help the bank deal with the collapse of investment firm Archegos, and the insolvency of British Greenshill Capital, even when it was in turmoil following the departure of CEO Tidjane Thiam in 2020. for a spy scandal.
Combined with these billion-dollar losses and layoffs at Switzerland’s No. 2 bank, Horta-Osorio unveiled a new strategy in November to hold back investment bankers.
“The strategy is out of the question,” Credit Suisse board member Alex Lehmann, who will replace Horta-Osorio, told Reuters.
The personal behavior of the Portuguese banker has recently been brought under control by the authorities, as he twice violated the rules for quarantine in 2021.
“I regret that some of my personal actions have led to difficulties for the bank and have jeopardized my ability to represent the bank internally and externally,” Horta-Osorio said in a statement.
“I therefore consider that my resignation is in the interest of the bank and the shareholders at this critical time,” he added.
Credit Suisse stressed that Horta-Osorio resigned after an investigation ordered by the board. and that Lehmann assumed chairmanship immediately.
Lehmann, a Swiss citizen who has served 10 years at the competitive UBS and almost two decades at Zurich Financial Group, said no sweeping changes were planned for Credit Suisse as it seeks to restore the bank to calmer waters.
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Source From: Capital
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