Credit Suisse chair Axel Lehmann has apologised to investors for the collapse of the 167-year-old Swiss bank at its final shareholder meeting as an independent business.
“It is a sad day. For all of you, and for us,” Lehmann told shareholders at the bank’s AGM in Zurich.
“The bitterness, anger, and shock of all those who are disappointed, overwhelmed, and affected by the developments of the past few weeks is palpable.”
“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.
Shareholders expressed their anger at the way Credit Suisse was forcibly taken over by UBS as Switzerland's government sought to avoid triggering a global banking crisis.
One investor quoted by the Financial Times said: “I didn’t bring my gun along today, don’t worry.”
He added “I am wearing my red tie today to represent that I and many other shareholders are seeing red.”
Shareholder advisory firm Ethos decried the "greed and incompetence of its managers" as well as pay that reached "unimaginable heights", as it prepared to challenge top executives at the shareholder meeting.
"Shareholders have lost considerable amounts of money and thousands of jobs are on the line," it said.
Dominik Gross of the Swiss Alliance of Development Organisations said: "The government's use of emergency powers to push this deal through goes beyond legal and democratic norms."
"Swiss taxpayers too are on the hook for billions of francs of junk investments and yet the government, (regulator) FINMA and the central bank have given little explanation about the state's 9 billion (franc) loss guarantee to UBS."