An internal investigation by the main Swiss bank Credit Suisse has found that CEO Antonio Horta Osorio has violated quarantine rules in connection with the coronavirus for the second time. This raises doubts about the personal judgment of the senior manager at the same time that he is working to fix the bank’s cultural problems and its reputation, Scriver Financial Times.
The investigation revealed that Horta Osorio violated the rules of isolation when he traveled to London in July this year and was present at the Wimbledon final in tennis while in fact he was sitting in isolation, according to the British Corona rules. At the time of the accident, the rules said that travelers from Switzerland, such as Horta-Osório, must be in isolation for ten days after entry. The CEO of Credit Suisse should not have done that.
The Financial Times writes that the investigation has been completed and the findings have been presented to the bank’s board of directors, which will now decide what to do.
Horta-Osório was appointed in April of this year to fix issues with culture and the ability to manage risk at the Swiss bank. The combination of the two problems was a major factor in the crises affecting the bank this year, which led to huge losses.
Not the first violation of the rules
Also on a previous occasion, Horta-Osório was caught breaking Corona rules. In November 2020, he violated Swiss isolation rules when he chose to drop the imposed isolation period, returning to London just three days after arriving in Switzerland.
Later, he apologized, believing that violating Corona’s rules was a mistake and that he did not break the rules on purpose.
However, the Swiss newspaper Blick reported that Horta-Osório initially applied for an exemption from the quarantine rules, but was rejected by the Swiss authorities.
difficult 2021 for bank
The main Swiss bank faced a tough test in 2021. The bank’s reputation as the most prominent of the major banks in the Alpine country is at risk due to two scandals, which also contributed to the bank’s loss of more than 800 million dollars in the first quarter of this year.
- The bank was heavily involved in the pullout after the bankruptcy of financial firm Greensill Capital, which collapsed earlier this year and had to withhold an investment of more than $10 billion in Greensell.
- The bank also ended up in a corner of shame when it became known that it had the most exposure of all the financial institutions that helped the hedge fund manager’s massive Archegos Capital bets on individual stocks, which ended with the fund trading at Easter. Credit Suisse lost a total of $5.5 billion In the case of Archegos.
Moreover, it was also Five years of conflict Between ex-chief manager Tijani Thiam and ex-star broker Iqbal Khan is a hot topic in 2021. The conflict arose after a showdown at a cocktail party, and ended in a settlement this summer. Tijani Thiam also resigned as the bank’s director in February 2020.
Credit Suisse’s stake so far this year is down about 25 percent. By comparison, the share of UBS, the bank’s largest competitor, will rise by about 30 percent in 2021.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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