Credit Suisse Group Chairman Axel Lehmann has apologized to shareholders for failing to stem a loss of confidence in the bank that he said accumulated long before he took office.
"We failed to stem the impact of old scandals and counter negative headlines with positive facts," Lehmann said in remarks prepared for the bank's annual shareholder meeting in Zurich, which are posted on the bank's website. "In the end, the bank cannot be saved." The public decision comes as shareholders face leadership in the historic takeover by rival UBS Group AG, which marks the end of Credit Suisse after 167 years.
The 3 billion franc ($3.3 billion) deal was struck last month to end a crisis of confidence after years of scandals, losses and failures in risk management.
Shareholders and acting advisors indicated before the meeting their intention to vote against the re-election of several board members including Lehman, and expressed their displeasure with the board and management leadership of the bank, as it remains unclear that any of the top executives of the failed bank will survive the process. The acquisition, where Lehman and CEO Ulrich Korner saw the exit.
Okaz (Zurich) @okaz_online