In an emotional speech at Credit Suisse's last annual general meeting, chairman Axel Lehmann displayed a surprisingly high degree of self-criticism. He spoke of being caught off guard, pain, bitterness, accumulated scandals, and the grief that remains.
With a large crowd of shareholders and amidst the highest security measures, the last general meeting (AGM) of Credit Suisse began on Tuesday. Rival UBS is taking over the Swiss bank as part of a recently imposed government bailout.
The agenda of the AGM was set before recent developments and, accordingly, various agenda items were removed from the list, including the payment of a dividend and a bonus for top executives who were to have completed the reorganization of the bank. Nothing will come of this now.
Fatal Week in March
In his opening address, Credit Suisse chairman Axel Lehmann acknowledged, «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.»
«We wanted to put all our energy and our efforts into turning the situation around and putting the bank back on track. It pains me that we didn’t have the time to do so and that in that fateful week in March, our plans were disrupted. For that, I am truly sorry. I apologize that we were no longer able to stem the loss of trust that had accumulated over the years and for disappointing you,» he continued.
A Bitter Reality
Lehmann assured the shareholders that those responsible did their best to attempt a successful turnaround. He and CEO Ulrich Koerner were been aware that such a profound strategic and cultural transformation would take time, and that the bank would be most vulnerable in the first year of implementation.
«One legacy issue after another had already seen trust eroded – and with it, patience dwindled. At that, we failed. It was too late. The bitter reality is that there wasn’t enough time for our strategy to bear fruit,» he said.
Accumulated Series of Scandals
«We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts to rebuild the lost confidence,» the chairman said.
Credit Suisse was a Swiss institution for 167 years. For many former and current employees, clients, and citizens, the bank forms part of a Swiss understanding, and of the global financial market. But nothing can be done about the decline of Credit Suisse, its circumstances, and various influencing factors.
Bitterness, Resentment, and Sadness
«The decline of Credit Suisse, the circumstances, and various influencing factors can no longer be changed. Credit Suisse will, unfortunately, no longer exist in its historical and current form in the future. What remains is, understandably, disappointment, bitterness and – among the longstanding employees in particular – also sadness about the end of a bank that we continued to believe in,» said Lehmann.
More to follow
