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The CS boss causes head shaking with violations of the Corona rules on leisure trips. The bank is silent. Now politicians are calling for action.
He is said to have broken the quarantine rule for a leisure trip to the Wimbledon final.
REUTERS
It is already the second violation of the rules; he only admitted a first violation in November, whereupon an internal investigation uncovered the second case.
REUTERS
CS boss António Horta-Osório is said to have violated the quarantine obligation twice.
Many are now satisfied with the scandal at the scandalous bank.
The bank’s trust and the authority of its boss are at stake.
Credit Suisse (CS) cannot get out of the scandals. After the billion-dollar scandal with the financial vehicles Greensill and Archegos, the new Chairman of the Board of Directors António Horta-Osório promised improvement.
But the new boss is causing even more unrest with his antics. He caused a stir when he reported himself for violating the Swiss quarantine obligation. The bank opened an investigation. She found out that the Portuguese should have disregarded the quarantine on a private trip to the Wimbledon final in the summer, as “Reuters” writes, citing anonymous sources.
The bank does not want to comment on this upon request. But for many, the scandal is enough. The compliance expert and lawyer Monika Roth has found Horta-Osório at the top of Credit Suisse no longer acceptable since the first known quarantine violation, as she says to 20 Minuten.
“This behavior just doesn’t work”
“We are in the second year of the pandemic, so behavior on the part of the chairman of the board of directors of a bank is simply not possible. Especially since CS has been battling scandals for years, ”says Roth. She does not expect the bank’s internal investigation to make any progress. “The first violation of the quarantine rules was simply accepted,” said Roth.
Business law professor Peter V. Kunz calls for 20 Minuten measures: “The board of directors should publicly warn Horta-Osório for the renewed violation of the rules.” Such a thing is very rare and is a strong sign that the problems are being taken seriously, said Kunz.
Politicians have no sympathy for the antics
Center National Councilor Lorenz Hess also finds it “very questionable” if the allegations are true. “As chairman of the board of directors, his job is to abide by rules,” says Hess to 20 Minuten. Formally, there is still no reason to resign, but the bank “has to consider whether it can still afford it for image reasons,” says Hess.
FDP National Councilor Kurt Fluri does not see the violation of the quarantine regulation as an actual failure in banking matters, “but a management failure,” as he says on request. The board of directors must now ask itself whether Horta-Osório still has enough authority in the bank.
GLP National Councilor Martin Bäumle does not want to dramatize the incident, but calls for consequences: “If he violates the rules for private pleasure, I have no understanding. It is up to the bank to determine the consequences, but it cannot simply let this behavior get away with it, otherwise it will gamble away trust. A reprimand would be good, ”says Bäumle about 20 minutes.
The GLP politician also calls for a rethinking of the quarantine rules. For example, you can loosen the quarantine with daily tests and a mask requirement so that the economy suffers less, so Bäumle.
The federal government fears an infrastructure collapse due to Omikron. As in the USA, the quarantine period should therefore be reduced from ten to five days, say business associations and politicians. According to the calculations by Jan-Egbert Sturm from the task force, only around half as many people would be in quarantine with a shortened period.
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