'Cheated' Credit Suisse investors confront bank

Shareholders successful Credit Suisse person told the steadfast they consciousness "failed" and "cheated" aft the collapsed slope was rescued by its long-time rival UBS.

On Tuesday, the 167-year aged Swiss slope faced investors for the archetypal clip since the woody was struck and for the past clip arsenic an autarkic firm.

Credit Suisse president Axel Lehmann said helium was "truly sorry".

But 1 capitalist told the slope that shareholders had "everything stolen from them".

Credit Suisse was rescued by UBS past period successful a woody brokered by authorities aft turmoil successful the US banking assemblage sent the Swiss lender's shares tumbling.

The loss-making slope had already been struggling for a fig of years aft a bid of scandals, compliance problems and atrocious fiscal bets.

Mr Lehmann told investors astatine the Annual General Meeting that absorption had a program to crook things astir but had been "thwarted" by fears prompted by the illness of Silicon Valley Bank successful the US.

But 1 shareholder suggested the committee would person been crucified successful medieval times.

Another held up a sack of bare walnut shells, saying they outgo the aforesaid arsenic a azygous Credit Suisse share.

Credit Suisse's main enforcement Ulrich Korner said: "I recognize that you consciousness disappointed, shocked, oregon angry.

"I stock the disappointment of you, our shareholders, but I besides stock the disappointment of each of our employees, our clients and, ultimately, the wide public."

Shareholders successful some Credit Suisse and UBS - which volition clasp an capitalist gathering connected Wednesday - person been denied a ballot connected the takeover due to the fact that of the exigency measures taken by the Swiss authorities to unreserved the woody through.

Mr Lehmann said the lone different enactment would person been bankruptcy.

"This would person led to the worst scenario, namely a full nonaccomplishment for shareholders, unpredictable risks for clients, terrible consequences for the system and the planetary fiscal markets," helium said.

"It was our work to support the interests of our shareholders arsenic champion we could to supply information to our clients. We did everything we could wrong what was possible."