The Swiss rage about the demise of Credit Suisse

Scenes from the firm’s final annual general meeting

Mandatory Credit: Photo by MICHAEL BUHOLZER/EPA-EFE/Shutterstock (13857282ab)A man wears a suit with the writing "Liquidate Criminal Suisse + Banksters Assets" as Swiss bank Credit Suisse Chairman Axel P. Lehmann, back, speaks during the annual shareholders' meeting of the Swiss banking group in Zurich, Switzerland, 04 April 2023. Swiss Bank Credit Suisse was rescued in a three billion dollars purchase by its Swiss rival UBS in a government-backed deal.Credit Suisse banking group annual shareholders' meeting, Zurich, Switzerland - 04 Apr 2023 — Say what you really meanImage: EPA

Apr 4th 2023|Zurich

When swiss regulators announced that ubs would rescue Credit Suisse from the brink of collapse on March 19th, the troubled bank’s shareholders seemed lucky to avoid a total loss on their investment. Yet if any of the 1,700 who entered Zurich’s Hallenstadion on April 4th for the firm’s final annual general meeting were relieved, they did not show it. Tickets to the historic event were cheap: the terms of the rescue deal, which was agreed without a shareholder vote, valued Credit Suisse’s shares at a mere SFr0.76 ($0.84).

This article appeared in the Finance & economics section of the print edition under the headline “An angry farewell”