Axel Lehmann, chairman of Switzerland’s bank Credit Suisse, apologized to shareholders on Tuesday for the institution’s failures and said he understood their shock and anger.
Significantly, after government efforts, UBS is taking over this troubled bank. Lehman came to Credit Suisse in 2021 from UBS itself. He took over the responsibility of the top post here last year. He said that in October customers largely withdrew their deposits from the bank and as a result the bank could not be saved.
Credit Suisse’s chairman said that after this the bank was left with only two options – either get the deal done or go bankrupt. “I can well feel the frustration, the anger and the pain that people have been going through because of the events that have happened over the past few weeks,” he said.
“I’m sorry for disappointing you and for not being able to live up to the trust we’ve built over the years,” Lehman said at what was probably the last meeting of the bank’s shareholders.
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