Head of Credit Suisse resigns over Covid rules breach

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The logo of Swiss banking group Credit Suisse is pictured on November 11, 2018 in Geneva
The logo of Swiss banking group Credit Suisse is pictured on November 11, 2018 in Geneva
Fabrice Coffrini/AFP/Getty Images

The head of Credit Suisse has resigned less than a year after taking the reins of the scandal-hit bank following reports that he had broken Covid quarantine rules.

Antonio Horta-Osorio's resignation was effective immediately following an investigation commissioned by the board, Switzerland's second-largest bank said in a statement overnight.

Board of directors member Axel Lehmann was appointed to take his place.

"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," Horta-Osorio said in the statement.

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

The Portuguese banker came under fire in December after media reports that he had breached Swiss quarantine rules during a trip.

The resignation adds to the woes of the Swiss banking giant, which was rocked by its links to the multi-billion-dollar meltdowns at financial firms Greensill and Archegos last year.

Horta-Osorio, who built a solid reputation in having turned around British bank Lloyds, had pledged to tackle risk at Credit Suisse.

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