Credit Suisse Chairman Axel Lehman apologized to shareholders at the bank’s annual general meeting on Tuesday over the sudden collapse of the 167-year-old bank.
Last month, Swiss authorities brokered an emergency rescue of Credit
Suisse by merging it with domestic rival UBS for about $3B.
- Lehmann
told shareholders he was truly sorry that the bank was unable to stem
the loss of trust that had accumulated over the years.
- Lehmann
said the bank’s leadership fought hard to find a solution, but
ultimately there were only two options: deal or bankruptcy.
- Some shareholders took the stage during the meeting to demand further explanation of the process and reasoning behind the deal.
- Neither UBS nor Credit Suisse shareholders were allowed a vote on the deal.
- Lehmann was re-elected as chairman until the completion of the merger, receiving 55.67% of shareholder votes.
