Credit Suisse Chairman apologises to angry shareholders at 167-year-old bank's last AGM

At Credit Suisse's annual meeting in a ice hockey stadium, temperatures went up as investors who stuck to the 167-year-old lender despite scams were naturally upset that it crashed. The bank's last AGM as an independent entity, was also its first in-person meet in four years, and Chairman Axel Lehmann faced the fire.

Too late to reach out

• For the crash that came in the aftermath of Silicon Valley Bank's collapse, the best Lehmann could offer was an apology, as investors sought an explanation.

• He called their anger, shock and bitterness palpable, after starting off by saying that its a sad day for investors as well as the bank.

• Apart from protests by the Swiss people angry about the Credit Suisse bailout involving UBS, the executives also expected 2000 shareholders.

• They were allowed to ask questions and vent out on the podium, after the stock crashed by 99 per cent from its 2007 peak as Credit Suisse was sold to UBS.

• The shareholders weren't even allowed to vote on the takeover, since it was rushed by the Swiss regulator as an emergency measure.

Shareholders slam executives

• One of them even told Lehmann not to worry as he didn't bring a gun, after pointing at the tight security for the event.

• Other shareholders urged the lender to stop financing an LNG project in Texas that endangers an indigenous burial ground.

• The Chairman who only took over a year back, termed Credit Suisse's history marred by investment in funds that went bankrupt and links to drug traffickers, as proud and often turbulent.

• His requests to shareholders to speak for a limited time were ignored and jeered by the crowd.

• As investors including Norway's sovereign wealth fund decided to vote against Lehmann, several board members stepped down even before facing a vote.