Credit Suisse board has major investors' backing - chairman
Reuters
Published Apr 29, 2022 10:37AM ET
ZURICH (Reuters) - Credit Suisse (SIX:CSGN)'s roughly 10 key investors back the bank's board and its strategy, Chairman Axel Lehmann told Swiss newspaper NZZ.
While unhappy over the bank's dwindling share price and money lost on their investments, big shareholders "support the Board of Directors and its strategy," Lehmann said in an interview published just after its annual general meeting.
During the AGM, shareholders rejected by a wide margin the board's proposal to discharge management from liabilities for the 2020 financial year, as investor ire over a slew of costly missteps grows.
Shareholders now expected "implementation, implementation, implementation" and an end to negative surprises, Lehmann said.
"If we manage that, the share price will automatically improve," he said.
Lehmann also expressed support for Chief Executive Thomas Gottstein, after noting during the shareholder meeting that a raft of management changes -- which meant 11 out of 13 executives were now or soon would be new appointments -- underscored the bank's "deep and profound changes".
"With so many new appointments, you also need someone at the top who knows what makes the entire organization tick and who the key customers are," Lehmann told NZZ. "At the moment, we have a good mix of continuity and change."
He said it was a competitive advantage for Switzerland to have two big banks and dismissed as "speculation" talk that Credit Suisse could be broken up.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.