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Normally, the bass booms at the Hallenstadion in Zurich when a popular rock band is performing. Credit Suisse shareholders will explode next Tuesday and let their frustrations run wild, and they certainly won’t cheer the CS boardroom.
Due to Corona, the shareholders of the big bank were silenced for three years and had to endure in silence as CS stock continued to decline in value. And now it is sold to UBS at a very affordable price. The anger of owners big and small is certain, with Chairman Axel Lehmann (64) and CEO Ulrich Körner (60), who will chair CS’ general meeting for the last time.
Lehman talks about trust
The mismanagement of the CS bosses has cost shareholders billions of dollars. Normally around 1300 shareholders attend a CS general meeting. The march is likely to be significantly larger this time around, with more than 2,000 angry co-owners expected. Körner and Lehmann can expect to be cross-examined: Why did you repeat like a mantra that you are heading towards a massive restructuring of the traditional Swiss bank?
However, the shareholders no longer have much to say, events have outstripped them and the bank. Since March 19 it has become clear: CS will soon be history. The invitation to the GM from March 14 seems more like a mockery. “I would like to take this opportunity to express my most sincere thanks to you, our dear shareholders and our customers around the world, for your continued trust and support,” Lehmann wrote.
It is likely to be targeted by shareholders, especially as the CS chairman played a role in the collapse of the traditional bank with his failed communications. And maybe he’ll manage to apologize to the owners at the General Assembly.
Re-election VR at risk
CS-AGM’s agenda has been increasingly thinned over the past few days. Only shareholders can really have a say in the loss-making annual accounts, the compensation report, and the re-election of the board of directors. This is necessary as CS will remain an independent company until the acquisition is complete and will need appropriate governing bodies. But there is already resistance here.
The General Assembly will likely be the longest meeting in the bank’s history, and the number of speakers will be epic. At the end of the event there will be a wealth of snacks for the last time for poor CS shareholders.
Ermotti took over after the General Assembly
With coffee, a croissant and a snack, UBS is also likely to try to put its shareholders in a forgiving mood on Wednesday. While they may enjoy a rising share price, the anger of not having a say in the largest takeover in bank history will not have subsided for many. Just one day after CS-GV, the UBS General Assembly was held at St. It is made in Jakobshalle.
In addition to the disappointment of the shareholders, the recent appearance of UBS boss Ralph Hamers (57) should be interesting. The term of office ends with the General Assembly. The UBS Board, re-elected immediately after the shareholders’ meeting, will confirm at its first meeting that Sergio Ermotti (62) has been selected as the savior of the Swiss financial centre.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
