One of Swiss’s giant bank, Credit Suisse banker boss António Horta-Osório resigned. Two cases overshadowed, was it COVID-19 or banking scandals? António Horta-Osório’s reputation is unquestionable for he was one of the Llyods Banking Group mastermind serving for 10 years.
Sources reported that instead of Mr. Horta-Osório recent COVID protocol violation, the current depressing banking scandals in Credit Suisse also shortened his tenure.
Firstly reported by the Financial Times, Credit Suisse supports two Euro events. The events are Euros football final between England-Italy and Wimbledon tennis finals. António Horta-Osório attended the events as the bank’s representative. But he also took his family members with him.
Unfortunately, the time for the European championship took place during UK’s highest Covid restrictions, in which António Horta-Osório must be in quarantine. Besides of UK’s violated Covid restrictions, he missed 10 days quarantine in Swiss upon his arrival, Ruters said.
Health officials urgently declared that Euros final between England-Italy inflicted Covid superspreader events. This is because 2000 attendants were likely to be infectious. António Horta-Osório remark on his resignation told the public that his personal actions contributed to the bank’s representative image.
But besides of covid, Credit Suisse banking scandals may also trigger the banker boss’s resignation.
Although his internal issues during his leadership are bugging him. For instance, his promise to change executive cultural firm reform over employee spying allegations. He was expected also to end the bank’s negative headlines. Nine months are not enough to for Credit Suisse executive to reform.
In recent years, Credit Suisse is haunted with scandals. For instance, it lost multi-billion from the collapse of Hedge Fund Archegos, then trust issue from clients after Greensill Capital case. The bank expected António Horta-Osório to bring change. But he did not last long.
In the end, António Horta-Osório wanted his resignation statement is for the bank’s sake despite of covid or banking scandals.
