Credit Suisse chairman says he is ‘truly sorry’ for the demise of the 167-year-old bank
, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and all but wiped them out.
Inside, chairman Axel Lehmann issued an apology to the nearly 2,000 shareholders in attendance, saying 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. After years of scandal and losses, Credit Suisse came to the brink of collapse before UBS rode to the rescue with a merger engineered and bankrolled by the Swiss authorities.
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