Credit Suisse chair apologises to investors at bank’s final AGM

Credit Suisse chair Axel Lehmann has apologised to investors for the 167-year-old Swiss bank’s collapse at its final shareholder meeting as an independent business on Tuesday morning.

“It is a sad day. For all of you, and for us,” Lehmann told shareholders at the bank’s first in-person AGM in four years, held at a 15,000-capacity ice hockey stadium in a north Zurich suburb.

“The bitterness, anger, and shock of all those who are disappointed, overwhelmed, and affected by the developments of the past few weeks is palpable.”

Credit Suisse executives had been braced for protests from Swiss citizens at the meeting after the bank was rescued by its rival UBS two weeks ago in a contentious takeover.

“For that I am truly sorry. I apologise that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you,” Lehmann said.

The bank had been expecting up to 2,000 shareholders to attend the meeting. After Lehmann — who took over as chair a year ago — and chief executive Ulrich Körner’s introductory speeches, attendees will be given the opportunity to ask questions and vent their frustration, a process that could take several hours.

More than three-quarters of Swiss voters want the combined mega bank to be split up by new legislation, according to opinion polls.

“I understand that you feel disappointed, shocked, or angry,” Körner told investors at the AGM. “I share the disappointment of you, our shareholders, but I also share the disappointment of all of our employees, our clients, and, ultimately, the general public.”

Körner added: “After 167 years Credit Suisse is giving up its independence.

“A proud and, at times, turbulent company history is drawing to an end and something new is being created.”

Shareholders of both UBS and Credit Suisse were denied a vote on the $3.25bn takeover thanks to emergency measures taken by the Swiss government to rush the deal through.

Proxy advisers have urged shareholders to vote against several members of the board, including Lehmann. Norway’s sovereign wealth fund — a top 10 independent shareholder — said it would vote against the majority of the board, including Lehmann.

Several Credit Suisse board members decided to step down before facing a vote, with just seven standing for re-election. Shan Li, Seraina Macia, Blythe Masters, Richard Meddings and Ana Paula Pessoa all stood down.

The first shareholder to speak at the event commented on the strict security measures put in place, which Lehmann said was to ensure attendees were protected.

“I didn’t bring my gun along today, don’t worry,” he told the Credit Suisse board.

“I am wearing my red tie today to represent that I and many other shareholders are seeing red.”