The chairman of the Credit score Suisse Group, António Horta-Osório, is stepping down instantly after an investigation involving breaches of Covid protocol.

Mr. Horta-Osório, who has been within the place for lower than a yr, reportedly broke quarantine rules in touring on a London-to-Zurich flight in November and in attending the Wimbledon finals in July. The board later commissioned an investigation into his conduct. The financial institution introduced his resignation on Sunday.

“I remorse that a variety of my private actions have led to difficulties for the financial institution and compromised my potential to signify the financial institution internally and externally,” Mr. Horta-Osório said in statement.

“I due to this fact consider that my resignation is within the curiosity of the financial institution and its stakeholders at this significant time,” he added.

Mr. Horta-Osório shall be succeeded by Axel Lehmann, a former senior govt on the Swiss funding financial institution UBS. Mr. Lehmann joined the Credit score Suisse board final yr, and has been the chairman of its threat committee. Earlier than his time at UBS, he spent almost twenty years at Zurich Insurance coverage Group.

Mr. Horta-Osório, a former chief of the Lloyds Banking Group, took over as chairman in April. He was tasked with a turnaround after the financial institution misplaced $5 billion over soured trades {that a} small unit of its funding financial institution made with Archegos Capital Administration. It was only one in a string of recent body blows. Credit score Suisse will lay off 69 staff in New York within the wake of the Archegos collapse as a result of it plans to shut its U.S. prime providers division by Aug. 1.

“I’ve labored arduous to return Credit score Suisse to a profitable course, and I’m pleased with what we now have achieved collectively in my brief time on the financial institution,” Mr. Horta-Osório stated.

Shares of Credit score Suisse are down 22 % over the previous yr, giving it a market capitalization of $28 billion.

Lananh Nguyen contributed reporting.


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