Credit Suisse Chairman Horta-Osorio resigns after board probe into breach of COVID-19 rules

Credit Suisse Chairman Antonio Horta-Osorio, who was being investigated by the Swiss bank's board for breaching COVID-19 quarantine rules, has quit with immediate effect and board member Axel Lehmann has taken over the role.

"I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally," Horta-Osorio said in a statement issued by the bank in the early hours of Monday. "I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time."

Switzerland's second-largest bank said Lehmann, the board and the executive board will continue to implement Credit Suisse's strategy. Horta-Osorio was brought in last April to clean up a corporate culture marred by the bank's involvement with collapsed investment firm Archegos and insolvent supply chain finance firm Greensill Capital.

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