Credit Suisse hits another bump as chair quits over Covid-19 rules

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Move comes less than a year after Horta-Osorio was hired to help deal with the implosion of Archegos

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Singapore — Credit Suisse chair Antonio Horta-Osorio has resigned after flouting Covid-19 quarantine rules, the bank said on Monday, raising questions over the embattled lender's new strategy as it tries to recover from a string of scandals.

However, Horta-Osorio's personal conduct has recently come under scrutiny, with reports he breached Covid-19 quarantine rules twice in 2021. Credit Suisse said Horta-Osorio resigned after an investigation commissioned by the board, and that board member Axel Lehmann had taken over as chair with immediate effect.

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 after Britain's quarantine rules. Tennis superstar Novak Djokovic flew out of Australia on Sunday after a court upheld the government's decision to cancel his visa, capping days of drama over the country's Covid-19 entry rules and his unvaccinated status.

Credit Suisse said on Monday that Lehmann, the board and the executive board will continue to implement the bank's strategy.

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