Credit Suisse shareholders have told the firm they feel “failed” and “cheated” after the bankrupt bank was bailed out by long-time rival UBS.
On Tuesday, the 167-year-old Swiss bank faced investors for the first time since the transaction was completed and for the last time as an independent company.
Credit Suisse President Axel Lehmann said he was “really sorry”.
But one investor told the bank that “everything had been stolen” from shareholders.
Credit Suisse was bailed out by UBS in a government-brokered deal last month after the turmoil in the US banking sector sent the Swiss lender’s shares into a tailspin.
The loss-making bank has been grappling with a series of scandals, compliance issues and bad financial bets for a number of years.
Mr Lehmann told investors at the AGM that management had a plan to turn things around but had been “frustrated” by fears sparked by the collapse of the US’s Silicon Valley bank.
But one shareholder suggested that the board would have been crucified in the Middle Ages.
Another held up a sack of empty walnut shells and said they cost the same as a single Credit Suisse stock.
Credit Suisse CEO Ulrich Korner said: “I understand that you may be disappointed, shocked or angry.
“I share the disappointment of you, our shareholders, but I also share the disappointment of all of our employees, our customers and ultimately the public.”
Shareholders of both Credit Suisse and UBS – which will hold an investor meeting on Wednesday – were denied a vote on the acquisition as the Swiss government took emergency measures to expedite the transaction.
Herr Lehmann said the only other option would have been bankruptcy.
“This would have led to the worst case scenario, namely a total loss for shareholders, incalculable risks for customers, serious consequences for the economy and global financial markets,” he said.
“It was our duty to protect the interests of our shareholders as much as possible in order to offer our customers security. We have done everything we could within our means.”
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