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Antonio Horta-Osorio could pocket £3.8m on way out of Credit Suisse

·2-min read
Group Chief Executive of Lloyds Banking Group, Antonio Horta-Osorio - Daniel Hambury/Stella Pictures Limited
Group Chief Executive of Lloyds Banking Group, Antonio Horta-Osorio - Daniel Hambury/Stella Pictures Limited

Sir Antonio Horta-Osorio is in line for a payout of up to £3.8m after stepping down as chairman of Credit Suisse over a trip to Wimbledon in breach of Covid rules.

The former Lloyds chief executive is set to be paid as much as a year's salary while on gardening leave, following an investigation which found he broke quarantine regulations last year when visiting London to watch the tennis finals.

He is paid an annual chair fee of shares worth up to £1.2m, and a base board fee of £2.4m. He is also entitled to benefits worth around £200,000.

It is understood that negotiations over Sir Antonio's departure are ongoing. The banker's contract states he has a notice period of six months, but he could be paid for 12 as part of a non-compete period to be agreed with the bank.

Any payment would be made under existing contractual obligations and no additional severance payment will be made.

Credit Suisse will report on its remuneration plans in March.

Sir Antonio stood down following an internal investigation by Credit Suisse's legal team. A decision on further action was then taken by the board's audit committee, chaired by the British banker Richard Meddings, who has been chosen as the next chairman of NHS England.

Sir Antonio breached Britain's Covid rules in July last year by flying to London to attend Wimbledon without spending ten days in quarantine.

It later emerged he flouted Swiss rules when he flew to Switzerland on November 28. The rules required him to stay in quarantine but he flew out of the country again on December 1.

Credit Suisse also examined trips Sir Antonio made on the bank's private jet, sources said. On one trip he used the bank's private jet to visit his family in the Maldives after a business trip to Singapore. Sources said the investigation cleared him of any breaches with the company jet, adding that the plane was old and had to stop off somewhere to refuel.

Swiss banker Axel Lehmann will take over as chairman of Credit Suisse.

Sir Antonio said: "I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally. I therefore believe my resignation is in the interest of the bank and its stakeholders at this time."

Sir Antonio is the latest high-profile executive to quit Credit Suisse. The bank was rocked two years ago when its then chief executive Tidjane Thiam stepped down over claims its bankers were tailed by private investigators.

Credit Suisse declined to comment.

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