Credit Suisse chairman quits over Covid breaches

Credit Suisse is having to deal with the fallout of another scandal.

The bank's chairman Antonio Horta-Osorio has resigned, following an internal probe into his personal conduct - including breaches of Covid-19 rules.

Horta-Osorio spent less than a year in the job, after being brought in to help the bank recover from a number of crises.

Including the collapse of investment firm Achegos Captial Management - where Credit Suisse was found to have failed to stop serious risk-taking.

As well as the insolvency of British supply chain finance company Greenshill Capital and a spying scandal linked to the bank's former CEO Tidjane Thiam.

The Portuguese-born banker stepped down after an investigation found he had ignored quarantine rules twice in 2021.

Horta-Osorio apologised for his actions in a statement, saying they had 'led to difficulties for the bank and compromised [his] ability to represent the bank'

It now leaves questions over the embattled lender's new strategy which was revealed by Horta-Osorio in November and involved plans to reign in its investment bankers and curb a freewheeling culture.

Meanwhile board member Axel Lehmann has become chairman of Credit Suisse with immediate effect

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