Credit Suisse is investigating quarantine violations by Horta-Osorio

In addition to disregarding quarantine regulations in Switzerland, the company boss also violated British Covid protection rules during a visit to the tennis tournament in Wimbledon, according to preliminary results of an internal review, said two people familiar with the situation told Reuters.

Now the subject lies with the board of directors. With the further incident, the pressure on the Portuguese, who actually wanted to steer the scandal-ridden institute into calmer waters, is likely to increase. Spokespersons for the major Swiss bank and the head of the board of directors declined to comment on the statements.

Horta-Osorio apologized for unintentionally violating Swiss quarantine regulations on December 1. Thereupon Credit Suisse initiated an investigation into the behavior of the chairman of the board of directors, said three people familiar with the process. A team from the legal department had been commissioned by the board of directors to support Horta-Osorio, said one of the insiders. Another person added that a report was drawn up and forwarded to the board of directors before Christmas. This will decide whether further steps will be taken.

According to the insider, the legal department found that Horta-Osorio disregarded UK Covid rules while traveling to England for the Wimbledon final in July. At the time, most travelers to England were subject to a ten-day quarantine requirement. The company director was allowed to enter. But he had not received clearance to go out of quarantine, the person said. A UK government spokesman said it did not comment on individual cases. Basically, passengers are responsible for complying with all travel regulations. Failure to do so could result in a fine or imprisonment.

This is the second case of a quarantine violation by the Portuguese. At the beginning of December, Horta-Osorio had already left the country after three days after returning from England, after which, according to Swiss rules, he should have been quarantined. “I apologize and will make sure that this does not happen again,” he said at the time. The public prosecutor of the canton of St.Gallen later confirmed that a corresponding voluntary disclosure had been received.

The incidents are likely to damage the reputation of Horta-Osorio. In response to Credit Suisse’s double debacle surrounding the Archegos hedge fund and the Greensill funds, the former Lloyds CEO has made it his mission to reform the bank’s risk management and culture.

At the beginning of October he reported the first successes: “We have created a greater awareness that every bank employee and every bank employee should be a risk manager at heart,” he said in a speech. But there is still a lot to be done. The focus on personal responsibility and accountability should be strengthened.