The chairman of failed bank Credit Suisse has apologised for taking the company to the brink of bankruptcy, as he faced fury from shareholders over the abrupt demise of the bank.
The hastily arranged takeover by Zurich-based UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and all but wiped them out.
Shareholders met in Zurich yesterday for their final meeting that marked the end of the 167-year-old bank. Credit Suisse Chairman, Axel Lehmann, issued an apology to the nearly 2,000 shareholders who were at the meeting, saying that he had run out of time to turn the bank around, despite his belief "until the beginning of the fateful week" that it could survive.
Shareholders took to the stage to voice their anger at the merger between the two banks. They also criticised the board of directors and former management, including Urs Rohner, who was chairman of Credit Suisse for the 10 years up to 2021.
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