Credit Suisse chairman Axel Lehmann has apologised for the bank's failure. His apology came during what will be the bank's final annual general meeting. In an emotional speech, Lehmann apologised for taking the Swiss bank towards bankruptcy. He said that he had run out of time to turn the bank around, despite his belief 'until the beginning of the fateful week' that it could survive.
"I am truly sorry. I apologise that we were no longer able to stem the loss of trust", said Lehmann as he faced the wrath of the shareholders. The chairman added, "It is a sad day. For all of you, and us. The bitterness, anger, and shock of all those who are disappointed, overwhelmed, and affected by the developments of the past few weeks are palpable."
As per Business Today, the last AGM, which was organised in Zurich, marked the ignominious end for the 167-year-old flagship bank founded by Alfred Escher, a Swiss magnate affectionately dubbed King Alfred I, who helped build the country's railways and then the bank.
Followed by years of loss, Credit Suisse was in the verge of collapse, before UBS came to the rescue with a merger engineered and bankrolled by the Swiss authorities.