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

[FRANKFURT] Antonio Horta-Osorio will have earned roughly 3.5 million Swiss francs (S$5.2 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 francs and he will receive 3 quarters of that in line with the roughly 9 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".

REUTERS