Credit Suisse Chairman Resigns After Covid Inquiry

January 17, 2022
Business

Mr. Horta-Osório will be succeeded by Axel Lehmann, a former senior executive at the Swiss investment bank UBS. Mr. Lehmann joined the Credit Suisse board last year, where he has been the chairman of the risk committee. Before his time at UBS, he spent nearly two decades at Zurich Insurance Group.

Mr. Horta-Osório, a former chief of the Lloyds Banking Group, took over as chairman in April. He was tasked with a turnaround after the bank lost $5 billion over soured trades that a small unit of its investment bank made with Archegos Capital Management. It was just one in a string of recent body blows. Credit Suisse will lay off 69 employees in New York in the wake of the Archegos collapse because it plans to close its U.S. prime services division by Aug. 1.

“I have worked hard to return Credit Suisse to a successful course, and I am proud of what we have achieved together in my short time at the bank,” he said.

Shares of Credit Suisse are down 22 percent over the past year, giving it a market capitalization of $28 billion.

Lananh Nguyen contributed reporting.

Article source: https://www.nytimes.com/2022/01/16/business/the-chairman-of-credit-suisse-resigns-after-an-inquiry-into-his-pandemic-conduct.html