9th February 2023

After relocating to Zurich final spring to run Credit score Suisse Group AG CS -1.83% as chairman, António Horta-Osório flew to London and Lisbon for work conferences and enterprise occasions, then frolicked together with his household at houses there.

On a number of events, a personal airplane paid for by Credit score Suisse dropped him off on a Thursday and returned empty to Switzerland, in response to folks accustomed to the journey. By Monday, a airplane picked Mr. Horta-Osório up for work in Zurich.

The empty flights have been recognized in an organization overview of his journey, which additionally recognized Covid-19 quarantine breaches in Switzerland and the U.Ok. An individual near Mr. Horta-Osório mentioned the planes have been rented, and couldn’t wait round for the weekend. The particular person added that financial institution guidelines on use of plane weren’t damaged.

The journey overview grew to become fodder for Credit score Suisse officers who pushed for Mr. Horta-Osório’s departure, and brought on his fellow board members to refuse to again him, folks accustomed to the board mentioned. The financial institution introduced his resignation earlier this week.

Credit score Suisse’s Zurich headquarters. The financial institution was based by a Swiss entrepreneur in 1856 to advertise commerce.


Mr. Horta-Osório had dedicated to repair a deeply wounded Credit score Suisse. He joined weeks after twin shopper collapses—Greensill Capital and Archegos Capital Administration—rocked the financial institution. The Portugal-born banker got here with a popularity for getting jobs carried out. He was granted a British knighthood for restructuring Lloyds Banking Group PLC after the monetary disaster.

In his temporary tenure at Credit score Suisse, Mr. Horta-Osório guided a broad pullback in danger taking and helped recruit new executives.

He additionally offended longtime executives with assaults on Credit score Suisse’s practices, compensation and litigation methods, in response to folks accustomed to the financial institution. Identified for his demanding model, some board members obtained complaints about how Mr. Horta-Osório spoke to employees and about situations when folks felt uncomfortable that he typically didn’t put on a masks on the financial institution regardless of Covid-19-related guidelines, the folks accustomed to the board mentioned.

The worth paid by Mr. Horta-Osório was leaked data on his airplane use and quarantine breaches to the Swiss and worldwide press, which preceded his resignation.

António Horta-Osório and several other members of the family watched Novak Djokovic beat Matteo Berrettini within the Wimbledon males’s tennis last.

Photograph: Pool/Getty Photos

For the board, an all-day sporting spree in July additionally stood out, the folks accustomed to the board mentioned. Mr. Horta-Osório and several other members of the family watched Novak Djokovic beat Matteo Berrettini within the Wimbledon males’s tennis last, then traveled to north London’s Wembley Stadium to see Italy defeat England within the finals of the UEFA European soccer championship.

The tickets had been purchased for purchasers who dropped out final minute, he instructed the financial institution, the folks accustomed to his journey mentioned. The entire invoice for the day was within the tens of 1000’s of {dollars}, in response to public ticket costs.

Mr. Horta-Osório wasn’t purported to be out and about in coronavirus-restricted England when he went to the 2 occasions. He had flown into the nation mistakenly believing Credit score Suisse received him an exemption from a 10-day quarantine, in response to the particular person near Mr. Horta-Osório.

Credit score Suisse was based by a Swiss entrepreneur in 1856 to advertise commerce. By the flip of the millennium, it had grown right into a pressure on Wall Road and in fast-growing Asian markets, reaping enormous dividends for shareholders.

Then a spate of scandals hit. Civil circumstances tied to poisonous mortgages within the U.S. price it billions in settlements in recent times. A unit pleaded responsible within the U.S. final 12 months to defrauding traders in a $850 million debt deal for a Mozambique state-owned firm.

Former Credit score Suisse CEO Tidjane Thiam resigned in 2020 after failing to comprise reputational fallout from a spying scandal.

Photograph: fabrice coffrini/Agence France-Presse/Getty Photos

One other Mr. Repair-it who got here by way of London, former Chief Government Tidjane Thiam, resigned in 2020 after failing to comprise reputational fallout from a spying scandal, sparked when a former high government came upon the financial institution was tailing him.

On his first day, April 30, Mr. Horta-Osório mentioned publicly that the financial institution’s issues went past something he had skilled at an organization.

The phrases rang out like an insult to bankers, merchants and different staff who thought of themselves guards of Credit score Suisse’s uncommon Swiss-American DNA of can-do and discretion, in response to present and former financial institution staff.

Mr. Horta-Osório introduced in key lieutenants and rolled out his Lloyds playbook. He got down to discover Credit score Suisse’s international footprint and meet employees, purchasers, traders and regulators in particular person.

He zipped to New York, Qatar, Singapore and London from his new base in Zurich, with visits too to Spain and Portugal, which haven’t historically been large markets for Credit score Suisse. He addressed a Portuguese banking convention in Lisbon at some point in November, then flew to London to interview a job candidate.

The journey, by way of non-public airplane, appeared warranted to folks round Mr. Horta-Osório as a result of he was constructing belief and exhibiting dedication.

In late November, the Omicron coronavirus variant flared within the U.Ok. Switzerland imposed a quarantine on vacationers from the nation, ensnaring Mr. Horta-Osório on a visit again from London. By way of a well being adviser working with Credit score Suisse, he sought a authorities waiver in order that he might go to the workplace for conferences, in response to the folks accustomed to his journey. The waiver was refused, and some days later Mr. Horta-Osório headed to conferences in Madrid, unaware that the Swiss guidelines didn’t enable for folks topic to quarantine to depart.

He solely realized his error when particulars of the journey appeared in Swiss newspaper Blick, the particular person near him mentioned.

Switzerland has a posh social and enterprise rulebook that may be onerous for newcomers to crack. A lifetime of wealth and privilege is allowed for many who succeed, nevertheless it ought to by no means generate headlines or be on show in instances of disaster, in response to individuals who have labored on the financial institution. Additionally: Observe the foundations.

Particular to Credit score Suisse, in response to the individuals who labored there, is to behave immaculately inside Switzerland, the place Credit score Suisse is a ubiquitous enterprise and retail financial institution.

Some within the higher echelons have been feeling unsettled by modifications pushed by Mr. Horta-Osório.

There have been rumblings that Eric Varvel, a 31-year veteran of the financial institution, was leaving. He had been the pinnacle of the asset-management unit that ran $10 billion funding funds with Greensill. The funds needed to be frozen when Greensill went bankrupt. Credit score Suisse is making an attempt to get all the cash again for fund traders.

However he was additionally seen as a legend contained in the financial institution for guarding his home with a bat throughout riots in Indonesia and for persuading traders in Saudi Arabia and Qatar to pump billions of {dollars} into Credit score Suisse throughout the 2008 monetary disaster, in response to folks accustomed to his profession.

Chief Government Thomas Gottstein was the one who instructed Mr. Varvel he needed to go, nevertheless it was Mr. Horta-Osório who had made it clear it needed to occur, in response to folks accustomed to the financial institution. Mr. Varvel’s departure was introduced Dec. 20.

There was additionally rising pressure with the financial institution’s normal counsel, Romeo Cerutti, who had held the highest authorized posting since 2009, in response to folks accustomed to the tensions. Mr. Horta-Osório seen the lawyer as broken since he had been on the financial institution by means of quite a lot of crises, among the folks mentioned.

Employees at Credit score Suisse assembled pages of Mr. Horta-Osório’s flight logs and bills and handed them to regulation corporations for the journey overview. The knowledge was additionally shared with Swiss regulators. Information of his whereabouts started showing within the Swiss press. That included having touched down within the Maldives to hitch his spouse on trip on the way in which again from a Singapore enterprise journey.

Mr. Horta-Osório left Singapore a day early in order that one other government might be part of him and take the airplane again to Zurich, in response to the particular person near Mr. Horta-Osório.

Credit score Suisse’s normal counsel, Romeo Cerutti, has had held the highest authorized publish since 2009.

Photograph: Andrew Harrer/Bloomberg Information

Simply after Christmas, Reuters reported that Credit score Suisse discovered he had breached quarantine whereas at Wimbledon. Board members who gave Mr. Horta-Osório a go on the Switzerland incident have been disillusioned, in response to the folks accustomed to the board.

Severin Schwan, the lead unbiased director at Credit score Suisse, is the chief government of Roche Holding AG , upping the ante for him to weigh in on the matter as head of a well being firm. Mr. Schwan helped set the tone for different board members in viewing the breaches as severe, the folks accustomed to the board mentioned.

Mr. Horta-Osório’s use of the non-public jet and attendance on the sports activities occasions additionally made some board members uncomfortable. Some felt Mr. Horta-Osório wasn’t totally clear about his actions, in response to the folks accustomed to the board.

Credit score Suisse had a possible successor within the wings. On Jan. 17, the board named a brand new chairman, Axel Lehmann, a Swiss, former UBS government who had joined Credit score Suisse’s board in October.

Write to Margot Patrick at margot.patrick@wsj.com and Emily Glazer at emily.glazer@wsj.com

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