Credit Suisse Chairman Apologizes to Shareholders Amid Fury and Demands for Accountability

Credit Suisse is expected to face shareholder anger at its final annual general meeting after being rescued last month by rival UBS, which largely wiped out the value of their holdings. Shareholder advisory firm Ethos decried the “greed and incompetence of its managers” as well as pay that reached “unimaginable heights”. Credit Suisse had been attempting to restructure before a shock triggered by the collapse of Silicon Valley Bank in the US sent it into a spiral. After a run on deposits, the Swiss government turned to UBS, which agreed to buy Credit Suisse for $3.3bn, a fraction of its earlier market value.