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Football helped take Horta Osorio out of Credit Suisse's four lines - Banca & Finanças

Football helped take Horta Osorio out of Credit Suisse’s four lines – Banca & Finanças

After all, it was not only tennis, but also football that took Antonio Horta Osorio out of the four lines of Credit Suisse.

In mid-July last year, after hours of traveling to watch the Wimbledon final between Novak Djokovic and Matteo Berrettini, the current Biel boss went to Wembley to watch the Euro 2020 final, and is applying to the Financial Times, thus doubly violating the quarantine system .

It was later reported that the game was categorized by Public Health England, which is responsible for leading the country’s public health, as a “highly prevalent covid-19 event”. The institute even reckons about 2,295 injured people were in the stadium.

The Financial Times also reported that Horta Osorio did not comply with the ten-day quarantine imposed by Switzerland, when in November, three days after arriving in Zurich, he went immediately to Madrid, for a meeting at the Spanish Central Bank, where Madrid President Florentino Perez is.

In this episode, a source close to the director explained to the British daily that “Horta Osorio only returned to Switzerland to make a presentation before the Swiss-American Chamber of Commerce,
This intervention was only online”, ensuring that there was no personal contact with anyone.

Antonio Horta Osorio resigned from his position as president of Credit Suisse after nine months assuming leadership of the banking institution, after an internal investigation to determine whether he had violated the rules in place to address the pandemic crisis.

“I regret that many of my personal actions have led to difficulties for the bank and impaired my ability to represent it internally and externally,” Horta Osorio said in the statement. “In this way I believe my resignation takes into account the interests of the corporation and its shareholders at this critical time.”

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Horta Osorio’s departure is the culmination of a disastrous year for Credit Suisse, after the Grencelle Capital and Archegos Capital Management scandals, which cost the bank more than five billion dollars. Grencelle’s demise was the first of two major setbacks in 2021, followed shortly after by the collapse of Archegos Capital Management, which was funded by the Swiss bank with billions of euros.

After the news broke on Monday, shares of the Swiss bank fell 2.26% to 9.33 Swiss francs (equivalent to about 8,945 euros). In terms of market capitalization, there has been a decrease from 573 million Swiss francs (or 549.4 million euros) to 24.731 million Swiss francs (23,711 million euros) at the moment.

The Portuguese director was called in in April to manage the crisis, considered one of the worst for the institution since 2008.

The bank has appointed Axel B. Lehmann, the Credit Suisse board member who oversees the bank’s risk committee, to replace Horta Osorio, effective with immediate effect.