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his “personal actions” have caused difficulties for Credit Suisse and “compromised” his ability to represent the bank.
Horta-Osorio said his resignation—effective immediately—“is in the interest of the bank and its stakeholders.”he breached multiple Covid-19 restrictions last year—and possibly committing criminal offenses—including flying in and out of Switzerland and attending the Wimbledon tennis finals without following local quarantine requirements.
The bank has tapped Axel Lehmann, a former executive at the bank’s Swiss rival UBS, to replace Horta-Osorio as chair afterHorta-Osorio’s departure is the latest knock to the bank’s reputation after a string of scandals he was drafted to help it recover from. This includes associations with investment firm Archegos and supply chain financing firm Greensill Capital—both of which cost the bank
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