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

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FILE PHOTO: Antonio Horta-Osorio CEO of Lloyds Banking Group leaves Downing Street in London

FRANKFURT – Antonio Horta-Osorio will have earned roughly 3.5 million Swiss francs ($3.8 million) as chairman of Credit Suisse, a person familiar with the matter said, adding that he would not qualify for a payout after his departure on top of what he usually earned.

Earlier this week, Horta-Osorio abruptly resigned for flouting coronavirus quarantine rules in both Britain and Switzerland.

It marked the end of his attempts to reform Switzerland’s second-biggest bank, still dealing with the fallout from a slew of earlier failings, from spying on executives to investment losses running into billions of dollars.

Horta-Osorio’s annual pay package was roughly 4.5 million Swiss francs and he will receive three quarters of that in line with the roughly nine months he worked at the bank, the person said.

Credit Suisse declined to comment.

After resigning, Horta-Osorio expressed regret that his “personal actions … compromised my ability to represent the bank internally and externally”.

($1 = 0.9158 Swiss francs)

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(Reporting by John O’Donnell; Editing by Alexandra Hudson)