The Swiss bank's kiss-off to the chairman of less than nine months is reportedly full pay on par with his predecessor and no restrictions about moving to a competitor.
António Horta-Osório is leaving Switzerland with 3.8 million Swiss francs ($4.1 million) including 1.1 million francs in cash, the «Financial Times» (behind paywall) reported on Wednesday. This represents his pay from taking over in April until his ouster on Monday.
The Portuguese-British banker is unfettered of non-compete clauses after leaving, the outlet reported, citing sources familiar with the departure terms. This means Horta-Osório can take another job quickly if he wishes to.
Bonus Clampdown
When Credit Suisse enlisted him 13 months ago, Horta-Osório clinched the same pay package as predecessor Urs Rohner, who originally was headed for a $5.1 million payday until he had to back down when the extent of Archegos’ wreckage at Credit Suisse surfaced.
While he has ranked among the top-paid bankers in the U.K., where he ran Lloyds for a decade, Horta-Osório hasn't approached «Swiss» pay levels. He had pledged to tame bonuses and risk-taking in the wake of Credit Suisse's scandals.
