“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.” He had admitted breaking Swiss quarantine rules. It means that Horta-Osório managed less than a year in the job, after he was brought in to steady the bank after a series of expensive failures, including its involvement in the collapse of Archegos , an investment company, and Greensill Capital, a supply chain finance firm.
The board is understood to have held talks with Horta-Osório over the weekend informing him of the findings of its investigations into a series of alleged breaches of Covid-19 rules .
The alleged UK breach emerged in December , after Reuters reported it had been discovered through a preliminary investigation by Credit Suisse’s legal team. The news came just weeks after Horta-Osório admitted that he had breached Covid rules in Switzerland , having flown out within three days of arriving on 28 November despite being required to quarantine for 10 days.
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