Credit Suisse chairman Horta-Osorio resigns over Covid breaches

Credit Suisse will stick to its strategic overhaul despite the abrupt departure of its mastermind Antonio Horta-Osorio following an internal probe into his personal conduct, including breaches of Covid-19 rules, the embattled bank's new chairman said on Monday.

Horta-Osorio’s exit comes less than a year after he was hired to help the bank deal with the implosion of collapsed investment firm Archegos and the insolvency of British supply chain finance company Greenshill Capital, even as it was still reeling from the 2020 exit of CEO Tidjane Thiam over a spying scandal.

Combined these triggered multi-billion dollar losses and sackings at Switzerland's No. 2 bank, and Horta-Osorio unveiled a new strategy in November to rein in its investment bankers and curb a freewheeling culture.