Credit Suisse chair re-elected at AGM as shareholders reject CEO pay

‘I am truly sorry’

Credit Suisse chair Axel Lehmann has been re-elected to the board at the bank’s annual general meeting, where he told shareholders he had believed until the eleventh hour that the bank could rescue itself.

Addressing shareholders "in a situation that no one could have anticipated", Lehmann said it was a "sad day". He said: "The bitterness, anger and shock of all those who are disappointed, overwhelmed and affected by the developments of the past few weeks is palpable." 'It was too late': Credit Suisse chair Lehmann apologises for bank failure Credit Suisse was rescued by its Swiss rival UBS just over two weeks ago for $3.3bn, a downfall triggered by the publication of its delayed annual results, and the findings themselves revealing the bank's "material weakness". This occurred at...