Credit Suisse Chairman Resigns Over COVID Breache

After serving as the chairman of banking giant Credit Suisse for just nine months, Antonio Horta-Osorio is now resigning from his position following an internal investigation that found Horta-Osorio guilty of breaching the bank’s COVID quarantine rules. The investigation revealed that Horta-Osorio attended the Wimbledon tennis finals in July 2021. At the time that he attended this event, though, Horta-Osorio had not yet fulfilled the United Kingdom’s quarantine requirements for travelers entering the country.

According to an article published by Reuters, Horta-Osorio is also said to have violated Swiss COVID restrictions when he allegedly flew into the country on November 28 but left on December 1. Swiss regulations would have required a 10-day quarantine upon his arrival, making such a short trip impossible if all rules were being followed.

In a statement released by Credit Suisse, Horta-Osorio said, “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. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”

This latest scandal comes on the heels of a 2020 scandal when it was revealed that Credit Suisse had been spying on its senior employees. Then-CEO Tidjane Thiam denied any knowledge of the spying operation but was nonetheless forced to resign.

Following Horta-Osorio’s resignation, Credit Suisse board member Axel Lehmann was quickly named as the bank’s new chairman.