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Credit Suisse chairman Horta-Osorio earned about 3.5 million francs before departure

by Mike Robinson

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© Reuters. FILEPHOTO: Antonio Horta Osorio CEO, Lloyds Banking Group departs Downing Street in London (Britain), September 2, 2019 REUTERS/Simon Dawson

FRANKFURT – Antonio Horta Osorio, chairman of Frankfort (Reuters), will have earned approximately 3.5 million Swiss francs ($3.8million). Credit Suisse (SIX) – A person who is familiar with this matter stated that the deceased would not be eligible for a payment after his departure, on top of the usual earnings.

Horta-Osorio abruptly quit earlier this week for violating quarantine rules regarding coronavirus in Britain and Switzerland.

He was done with his reform efforts at Switzerland’s second largest bank. However, the bank still faces the aftermath of several earlier failures. They were spied on top executives and suffered investment losses of billions of dollars.

Horta Osorio was paid approximately 4.5million Swiss francs annually. The person stated that he would receive three quarters of this amount, which is in line with roughly nine months of work at the bank.

Credit Suisse did not respond to our request for comment.

Horta-Osorio, upon his resignation, expressed regret for “personal acts… that compromised my ability” to represent the bank both internally and externally.

($1 = 0.9158 Swiss francs)

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