Credit Suisse (CSGN.CH) is trading down over 2% in today's session following the resignation of its CEO, Mr. Antonio Horta-Osorio. In his place will sit the COO of UBS bank, Mr. Axel P. Lehmann.
Horta-Osorio resigned as CEO of Credit Suisse on Sunday amid multiple scandals over his failure to comply with COVID-19 quarantine rules. The whole situation is quite problematic for the bank, as Horta-Osorio had obliged to improve the current corporate governance, which had been in ruins by the bank's bankruptcy scandal involving Archegos Capital.
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Credit Suisse (CSGN.CH) chart, D1 interval. The company's shares failed to break above the EMA 200 (gold line) and are now falling towards the EMA 100 (purple line). If the buying side fails to regain control of the market, the declines may accelerate towards the previously mentioned EMA 100 and EMA 50 (blue line). The nearest resistance remains at the level near EMA 200. Source: xStation 5
