Antonio Horta-Osorio speaks at the British Chambers of Commerce annual meeting in central London, Britain on Feb 10, 2015.ZURICH - 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 bank's new chairman said on Monday .
"In the years ahead the strategy will be reviewed regularly, but at the moment it's not an issue at all," Axel Lehmann, the Credit Suisse board member picked to replace Horta-Osorio, told Reuters in an interview, his first with the media since his appointment.
Two people familiar with the situation said that besides Covid-19 breaches the probe also looked into Horta-Osorio's use of company private jets, citing an instance when he has directed one to take him to the Maldives on his return from a business trip in Asia.His exit marks a professional low point for the banker who spent a decade at Lloyds rebuilding the lender following its bailout during the 2008 financial crisis.
Horta-Osorio also broke Swiss Covid-19 rules in November by leaving the country during a 10-day quarantine period, the bank said last month. 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.
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