Finance

Credit Suisse Chairman ‘Truly Sorry’ for Failure to Stem Crisis

Axel Lehmann confronts shareholders after bank rescued by UBS
In the end, ‘the bank could not be saved,’ the chairman says

WATCH:“I apologize that we were no longer able to stem the loss of trust that had accumulated over the years,” Chairman Axel Lehmann says.Source: Bloomberg

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By Marion Halftermeyer

April 4, 2023 at 8:32 AM UTC

This article is for subscribers only.

Credit Suisse Group AG Chairman Axel Lehmann apologized to shareholders for failing to stem a loss of trust in the bank that he said had built up well before he took over.

“We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts,” Lehmann said in remarks prepared for the bank’s annual shareholder meeting in Zurich. In the end, “the bank could not be saved.”