ZURICH: Credit Suisse Group AG Chairman Axel Lehmann apologized to shareholders for failing to stem a lack of believe within the financial institution that he stated have been constructed up smartly sooner than he took over.
“We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts,” Lehmann stated in remarks ready for the financial institution’s annual shareholder assembly in Zurich. In the tip, “the bank could not be saved.”
The public mea culpa comes as shareholders confront management over the ancient takeover through a bigger rival UBS Group AG that marks the tip of Credit Suisse after 167 years. The 3 billion-franc ($3.3 billion) deal used to be sealed ultimate month to place an finish to a disaster of self belief after years of scandals, losses and screw ups in possibility control. Fragile investor sentiment round banking used to be additional harm through the failure of Silicon Valley Bank.
The deal used to be agreed with out the approval of both Credit Suisse or UBS’s shareholders, underscoring the urgency for the Swiss govt to orchestrate an answer. In pronouncing the purchase, it cited an editorial of the charter that permits it to factor transient ordinances “to counter existing or imminent threats of serious disruption to public order or internal or external security.” In this example, this incorporated overriding merger regulations on shareholder votes.
“We wanted to put all our energy and our efforts into turning the situation around and putting the bank back on track,” Lehmann stated. “It pains me that we did not have the time to take action, and that during that fateful week in March our plans have been disrupted. For that I’m actually sorry.
The shareholder assembly, held in Zurich’s hockey stadium, is the primary instance in years the place traders will have the ability to confront control face-to-face. Previous conferences have been held nearly because of the Covid-19 pandemic.
Shareholders and proxy advisors indicated previous to the assembly their aim to vote in opposition to the re-election of a number of board individuals together with Lehmann and expressed dissatisfaction with the financial institution’s board of administrators and control’s management. It’s nonetheless unclear which of the failed financial institution’s best executives will live to tell the tale the takeover, with Lehmann and Chief Executive Officer Ulrich Koerner seenexiting.
“We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts,” Lehmann stated in remarks ready for the financial institution’s annual shareholder assembly in Zurich. In the tip, “the bank could not be saved.”
The public mea culpa comes as shareholders confront management over the ancient takeover through a bigger rival UBS Group AG that marks the tip of Credit Suisse after 167 years. The 3 billion-franc ($3.3 billion) deal used to be sealed ultimate month to place an finish to a disaster of self belief after years of scandals, losses and screw ups in possibility control. Fragile investor sentiment round banking used to be additional harm through the failure of Silicon Valley Bank.
The deal used to be agreed with out the approval of both Credit Suisse or UBS’s shareholders, underscoring the urgency for the Swiss govt to orchestrate an answer. In pronouncing the purchase, it cited an editorial of the charter that permits it to factor transient ordinances “to counter existing or imminent threats of serious disruption to public order or internal or external security.” In this example, this incorporated overriding merger regulations on shareholder votes.
“We wanted to put all our energy and our efforts into turning the situation around and putting the bank back on track,” Lehmann stated. “It pains me that we did not have the time to take action, and that during that fateful week in March our plans have been disrupted. For that I’m actually sorry.
The shareholder assembly, held in Zurich’s hockey stadium, is the primary instance in years the place traders will have the ability to confront control face-to-face. Previous conferences have been held nearly because of the Covid-19 pandemic.
Shareholders and proxy advisors indicated previous to the assembly their aim to vote in opposition to the re-election of a number of board individuals together with Lehmann and expressed dissatisfaction with the financial institution’s board of administrators and control’s management. It’s nonetheless unclear which of the failed financial institution’s best executives will live to tell the tale the takeover, with Lehmann and Chief Executive Officer Ulrich Koerner seenexiting.