Credit Suisse Chairman Resigns

Photo: Simon Dawson/Reuters

The Facts

  • Antonio Horta-Osorio has resigned as chairman of Credit Suisse Group because of multiple violations of international COVID-19 rules.

  • He was brought in to rehabilitate Credit Suisse's reputation after it was caught up in two of major scandals, and had been chairman for less than a year.

The Spin

Narrative A

Horta-Osorio's violations and his resignation have further sullied Credit Suisse's reputation and the company will need to change its culture through "changing its business practices and demonstrating leadership by example," not by making splashy hires like Horta-Osorio.

Narrative B

He was suited for cleaning up Credit Suisse, so his ouster might signify that powerful forces within the company resist changing its reputation and culture, and leaked his COVID violations to force him out before he could affect real change.

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