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Horta Osorio takes refuge in the flood gate

Horta Osorio takes refuge in the flood gate

After knocking on the door of the second largest Swiss bank, Antonio Horta Osorio took refuge in Comporta in the company of his wife. The Portuguese banker resigned from his position as head of Credit Suisse after nine months assuming leadership of the banking institution, after an internal investigation by the bank to determine whether he had violated the rules in place to deal with the pandemic crisis. to what Sunrise Found, the thoughtful Special One in the banking world still doesn’t know what his future will be. But upon leaving Credit Suisse, he explained his reasons: “I regret that many of my personal actions have led to difficulties for the Bank and impaired my ability to represent it both internally and externally.” These words came in a statement in which he added: “In this way, I believe that my resignation takes into account the interests of the Corporation and its shareholders at this critical time.”

At the beginning of the month, the head of the financial institution announced that the Portuguese banker would receive an official reprimand by the board of directors, after an internal investigation confirmed that Horta Osório had violated internal rules on covid-19, for the second time. . The dispute was his entry, at the end of November, into Switzerland, violating quarantine rules. A case he confirmed himself, claiming that it was not intended and that the trip had been reported to Swiss health authorities and the financial regulator. But this was not an unprecedented situation. The same thing actually happened in July, when he attended the tennis tournament at Wimbledon when he should have been in isolation, contrary to the rules of the country. to what Sunrise I found, that the banker was not aware that he was breaking the rules.

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On Friday, it was revealed that Horta Osorio had breached pandemic restrictions to attend the Euro 2020 final at Wembley in the UK. The match took place on July 11 last year, the same day she violated quarantine rules to attend the men’s Wimbledon final, according to the Financial Times.

It is reported that the Portuguese banker was called to lead Credit Suisse to manage the crisis created by the Grencelle Capital and Archegos Capital Management scandals, which represented the institution’s costs at more than five billion dollars (more than 4.3 billion euros). ). In fact, the downfall of Grensell was the first of two major problems it suffered in 2021, followed shortly afterwards by the collapse of Archegos Capital Management, which was funded by the Swiss bank with billions of euros.

And so Credit Suisse continues to face one of its worst crises since 2008 – which Horta Osorio was asked to solve, and for that, it was implementing a set of internally controversial reforms.
On the day he announced his departure, shares of the financial institution fell 2.26% to CHF9.33 (€8.94).

According to the Financial Times, the banker will have earned 3.66 million euros during this nine-month period, of which 1.06 million euros was paid in premium and cash.

The 10-year leadership of Llodys, considered one of Britain’s largest retail banks, has been abandoned.

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