Credit Suisse chairman leaves after breaking isolation

by time news

Antonio Horta-Osorio, chairman of Credit Suisse, the second-largest bank in Switzerland, later resigned following his isolation violations affair.

Last summer the chairman came to the UK to watch the tennis matches at the Wimbledon tournament, where he violated the isolation regulations required for those coming to the country from abroad, according to an internal report by the company revealed to Reuters last December. Is supposed to stay in solitary confinement for 10 days, as the bank itself reported last month.

Two sources told the news agency that the company was also examining uses the chairman made of her private jets for his personal needs – such as stopping for a holiday in the Maldives on his way from a business meeting in Asia.

“I regret that some of the steps I have taken in my personal life have made it difficult for the bank and my ability to represent it, both internally and externally,” he wrote in his letter of resignation. “I believe my resignation is in line with the interests of the bank and its majority shareholders at this critical time,” he added.

Less than a year has passed since he was appointed, so when Credit Suisse was still drowning in the embarrassment of the collapse of the Family Office Arcagus, whose asset manager opened credit lines for leveraged and risky investments without adequate control.

Market analysts think the resignation was inevitable but of course in line with the change that Credit Suisse wanted to promote as quickly as possible. “His departure leaves the bank’s top without strong figures,” Citigroup wrote. “Leadership issues are likely to float now.”

David Harrow, an asset manager at Harris Associates, the third-largest shareholder in Credit Suisse, told Reuters that the retiring chairman’s strategic plan was “a good reason to invest in the stock. Now that he is leaving – this very important reason is leaving with him. ”

A senior bank news agency quoted him as saying, “How unfortunate that we are making headlines again for the wrong reasons. For a year the bank was on hold and waiting to promote the new chairman’s strategy.” In the meantime, and of the permanent appointment that follows.

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