The president of Credit Suisse spoke a little over two weeks after the entity was absorbed by his rival, UBSin an operation propped up by the federal authorities after the stock market crash that posed a threat to the global financial system.
The harmed shareholders were received for the assembly in Zurich with a carcass of a sinking boat with the phrase “Crisis Suisse” written on the bow, carried by an environmental organization.
The title ownerswho saw their investments evaporate, were not consulted about the merger, as the rules stipulate.
“I lost 10,000 Swiss francs ($11,000),” he told AFP in tears. Stephan Denzler at the entrance of the assembly.
“For my family it is a lot of money,” he said.
Albert Keelanother investor, said that it seems to him a “scandal” what the federal government did.
“I bought recently and I I lost everything“, he explained.
Credit Suisse stocks have continued to lose value in recent years. At the beginning of March they registered a fall of 80% with respect to their price of two years ago.
On March 15 the bank’s shares plunged 30% during trading and hit a low of 1.55 Swiss francs.
Credit Suisse has been part of the country’s history and its identity, with 167 years of existence, however, “the bank could not be saved,” Lehmann insisted.
“Ultimately there were only two options: a deal or bankruptcy. The merger had to go through,” he said.