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  • Writer's pictureBy The Financial District

Credit Suisse To Continue Revamp Despite Chairman's Sudden Exit

Credit Suisse will stick to its strategic overhaul despite the abrupt departure of chairman Antonio Horta-Osorio following an internal probe into his personal conduct that includes breaches of COVID-19 rules, the bank told Anshuman Daga and Oliver Hirt of Reuters.

Photo Insert: Former Credit Suisse CEO Antonio Horta-Osorio

Horta-Osorio leaves less than nine months after he joined the bank to help it deal with the implosion of investment firm Archegos and the insolvency of British supply chain finance company Greensill Capital, while it was still reeling from the 2020 exit of CEO Tidjane Thiam over a spying scandal.

The Portuguese banker unveiled a new strategy for Switzerland's No. 2 bank in November to focus on wealth management, rein in its investment bankers and curb a freewheeling culture.

"In the years ahead the strategy will be reviewed regularly, but at the moment it's not an issue at all," Axel Lehmann, the Credit Suisse board member picked to replace Horta-Osorio, told Reuters in an interview, his first with the media since his appointment. The bank's shares were down around 1.6% in early afternoon trade.

Horta-Osorio's personal conduct has recently come under scrutiny after he breached COVID-19 quarantine rules twice in 2021 - an embarrassment for the former Lloyds chief executive who has said every banker needed to be a risk manager.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

"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," the Portuguese banker said in a statement issued by Credit Suisse on Monday.

"I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time," he said.

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