Credit Suisse’s chairman apologized for taking the bank to the brink of bankruptcy on Tuesday, as he faced shareholder fury over the abrupt demise of a national icon. | Reuters
Chairman of Credit Suisse, Axel Lehmann speaks during Credit Suisse Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, at Hallenstadion, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre Albouy
With his voice breaking, he said: “Credit Suisse with its long and rich history is now taking a historic turn, we deeply regret this and, personally, this moment also makes me sad.” Shareholders criticized the board of directors and former management, including Urs Rohner, who was chairman for 10 years to 2021.
After a run on deposits, the Swiss government turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs , a fraction of its earlier market value. One of the world’s biggest investors, Norway’s sovereign wealth fund said it would vote against the re-election ofOn Tuesday, just over half of shareholders voted in favor of re-electingas chairman – far fewer than usual and a sign of dismay. The six remaining board members were also narrowly re-elected.
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