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Credit Suisse Proposes Lloyds’ Horta-Osorio as Next Chairman

(Bloomberg) — Credit Suisse Group AG proposed Lloyds Banking Group Plc chief Antonio Horta-Osorio as its next chairman, as the Swiss bank seeks to reverse a run of low profitability.



António Horta Osório wearing a suit and tie: Antonio Horta-Osorio, chief executive officer of Lloyds Banking Group Plc, poses for a photograph following a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 22, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 - 24.


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Antonio Horta-Osorio, chief executive officer of Lloyds Banking Group Plc, poses for a photograph following a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 22, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 – 24.

Shareholders will vote on the 56-year-old’s nomination at the bank’s next annual general meeting on April 30, Credit Suisse said in a statement on Tuesday. He will succeed Urs Rohner, who is departing after reaching his term limit.

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Horta-Osorio, a native of Portugal, is one of the U.K.’s best known executives and the longest serving boss of a major bank in Britain. His pay package often stoked controversy even as he steered Lloyds to profitability and full private ownership after a bailout during the financial crisis.

“Antonio Horta-Osorio will make a major contribution to the future success of our bank as a leading wealth manager with strong global investment banking capabilities,” Rohner said in the statement.

Credit Suisse missed analyst estimates in key businesses and failed to capitalize on a trading rally that lifted rivals as Chief Executive Officer Thomas Gottstein reins in risk-taking following a series of missteps. Profit was dragged lower by the key international wealth management and Swiss units.

Lloyds poached HSBC Holdings Plc’s Charlie Nunn as Horta-Osorio’s successor, a choice that puts a wealth veteran at the helm of the British bank.

(Adds chairman’s comment in fourth paragraph)

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