The details of his violation of the quarantine rules came to light about a month ago. Horta-Osorio returned to Switzerland from the United Kingdom in late November and then departed for the Iberian Peninsula, before the mandatory 10-day isolation period was over. He would also have previously violated the corona rules when visiting the Wimbledon tennis tournament in July last year.
Horta-Osorio said in a statement that he regrets that his personal actions have embarrassed Credit Suisse and that his departure is in the best interests of the bank. He was previously CEO of the British bank Lloyds Banking Group. Credit Suisse has already named a successor who will take up the position immediately. Axel Lehman is now the new chairman of the board at the financial group.
Credit Suisse was previously discredited by a espionage case, as a result of which CEO Tidjane Thiam had to resign in 2020. The bank has also had to deal with billion-dollar financial debacles involving the investor Archegos and financing company Greensill Capital. On the stock market, Credit Suisse’s share price has fallen considerably in recent years.