'It was too late': Credit Suisse chair Lehmann apologises for bank failure

Credit Suisse AGM

Credit Suisse chair Axel Lehmann has apologised to investors at the bank’s final annual general meeting and acknowledged the “bitterness, anger and shock” the past weeks have caused.

Lehmann explained he took on the role with "full knowledge of the size of the task", including the legacy issues of the bank, the time pressure to enact a successful turnaround and the wider geopolitical and macroeconomic environment. Swiss prosecutor probes UBS takeover of Credit Suisse "We needed a comprehensive strategic and cultural transformation," he said. "The business model had to be fundamentally overhauled and changed. "It was also clear that there were unhealthy developments, errant behaviours and wrong incentive systems. There were transactions that should not have been...