Capsized Credit Suisse faces shareholder furyBy Reuters
April 4, 2023
ZURICH – Credit Suisse is expected to face shareholder anger at what will be its final annual general meeting on Tuesday after the bank was rescued last month by rival UBS.
The hastily arranged takeover by Zurich-based UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and largely wiped out the value of their holdings.
The meeting marks an ignominious end for the 167-year-old flagship bank founded by Alfred Escher, a Swiss magnate affectionately dubbed King Alfred I, who helped build the country’s railways and then the bank.
Protesters gathered outside the concert venue where the meeting was taking place, with some erecting a capsized boat to depict the bank’s demise.
Shareholder advisory firm Ethos decried the “greed and incompetence of its managers” as well as pay that reached “unimaginable heights”, as it prepared to challenge top executives at the meeting.
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Source:
https://nypost.com/2023/04/04/capsized-credit-suisse-faces-shareholder-fury/
