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They’re Banking on Him
Photo by Luke MacGregor/Bloomberg via Getty Images
When António Horta-Osório (AMP 164, 2003) joined Lloyds Bank in 2011, many said he had his work cut out for him: The British icon had already received a 17-billion-pound government bailout but was still in danger of going under. After eight months on the job, Horta-Osório was diagnosed with stress-induced exhaustion and forced to take a short leave to recuperate. But he came back—and so did Lloyds, which ultimately reprivatized, repaying the taxpayer money it had borrowed.
Now he’ll take on a task that many consider more difficult: Righting the ship at Credit Suisse as it confronts a series of scandals, investment write-offs, and allegations of racism. Named chairman in December 2020, the Portuguese native stepped into the role on April 30. “I have been educated to help others, serve others,” Horta-Osório told Money Week, in reference to his years of Jesuit schooling in Lisbon. “[It is] a moral obligation.”
All eyes will be on Horta-Osório, in another high-stakes, high-stress moment on the global banking stage. “Shareholders and employees cannot wait for months for a new strategy,” Manuel Ammann, a professor at the Swiss Institute for Banking and Finance at the University of St. Gallen told Money Week. “They need to deliver fast.”
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