Lehmann Appeals To Angry Shareholders At Annual Meeting
Shareholders of Credit Suisse have been appealed to after its collapse that led to the bank’s controversial takeover by UBS.
Chairman Axel Lehmann said he was “truly sorry” as it was a sad day for everybody.
Reports by CNBC said a number of shareholders took to the stage over the course of the day to lambast the bank’s leadership and demand further explanation of the process and reasoning behind the deal.
Swiss authorities brokered an emergency rescue of the stricken bank by its larger domestic rival for just 3 billion Swiss francs, over the course of a weekend in late March.
“I can understand the bitterness, the anger and the shock of all those who are disappointed, overwhelmed and affected by the developments,” Lehmann said at the bank’s annual meeting, the first time its leaders have addressed the public since the rescue.
“I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you.”
A police presence was established early Tuesday at the venue, as protesters and shareholders began arriving in droves, hoping for answers and accountability following the demise of the 167-year-old Swiss institution.
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