Credit Suisse faces more upheaval after chairman's sudden exit

The Portuguese banker unveiled a new strategy for Switzerland’s No. 2 bank in November to focus on wealth management, rein in its investment bankers, and curb a freewheeling culture.

“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time,” he said. Lehmann, a Swiss citizen who previously worked for rival UBS and spent nearly two decades at Zurich Insurance Group, said no change of course was planned for Credit Suisse as it tries to steer its way back into calmer waters.

In December, Reuters reported that a preliminary internal bank investigation had found that Horta-Osorio attended the Wimbledon tennis finals in London in July without following Britain’s quarantine rules. David Herro, portfolio manager at Harris Associates, Credit Suisse’s third biggest shareholder, told Reuters before Horta-Osorio’s departure he believed the infractions were “minor” and that he and his turnaround plan had the institution’s full backing. “So, that’s a very important reason to invest in the company. And if that person leaves, that very important reason leaves.

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