Credit Suisse chairman admits failure, anger to shareholders

By JAMEY KEATEN
Associated Press

ZURICH (AP) — The chairman of Credit Suisse has apologized to shareholders for failures and acknowledged the shock and anger felt as the troubled Swiss bank is set to be swallowed up by rival UBS in a government-arranged takeover. Axel Lehmann on Tuesday decried the “massive outflows” of customer funds in October and a “downward spiral” that culminated last month amid global financial turmoil. Speaking to shareholders at what’s likely the last Credit Suisse shareholder meeting in its 167-year history, Lehmann said “the bank could not be saved.” Protesters gathered outside the Zurich hockey arena hosting the meeting and some shareholders voiced their anger as they got their last crack at managers amid a merger that sidestepped investor approval.