The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Credit Suisse Group AG has started a probe into Chairman Antonio Horta-Osorio over his recent breach of Swiss quarantine rules, Finews reported, citing two people with knowledge of the matter.
Romeo Cerutti, the bank’s top lawyer, is overseeing the probe, according to Finews, which added that it was unclear who initiated the proceedings. Board discussions on the matter mean Horta-Osorio could have been part of the decision, the Swiss news site reported.
Horta-Osorio apologised for leaving Switzerland “prematurely†on December 1, when he “unintentionally violated†Swiss quarantine rules.
Swiss newspaper Blick reported at the time that the Credit Suisse chairman returned to Switzerland from the UK on November 28, requiring a 10-day period of quarantine. He received feedback from the local canton and the federal government that there would be no special exemptions and that he should remain in
isolation for the full period.
Blick reported that even after the order, Horta-Osorio left for the Iberian peninsula on December 1 aboard a private jet. On a separate occasion, he disembarked from a Credit Suisse business jet to meet his wife at a Southeast Asian resort, Finews also reported, without linking that trip to the bank’s probe.
Credit Suisse to Cut 69 employees in New york
Credit Suisse will permanently cut 69 employees from its workforce in New York City as it winds down a prime-services division there. The job cuts will take place on March 6, the Swiss bank said. The prime-services unit is set to close by August 1, the filing shows.
Credit Suisse moved last year to discontinue most prime-brokerage operations after being burned by the Archegos Capital Management scandal.
The collapse of Bill Hwang’s family office led to billions of dollars of losses for the Zurich-based bank.
The risk lapses at Credit Suisse prompted Chairman Antonio Horta-Osorio to undertake a sweeping review of operations. In addition to paring pieces of the firm that backfired, he’s planning to shift more resources to wealth management.