Finance

Credit Suisse board has major investors’ backing, chairman says

The emblem of Swiss financial institution Credit score Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann

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ZURICH, April 29 (Reuters) – Credit score Suisse’s (CSGN.S) roughly 10 key traders again the financial institution’s board and its technique, Chairman Axel Lehmann instructed Swiss newspaper NZZ.

Whereas sad over the financial institution’s dwindling share worth and cash misplaced on their investments, large shareholders “help the Board of Administrators and its technique,” Lehmann stated in an interview revealed simply after its annual basic assembly.

Throughout the AGM, shareholders rejected by a large margin the board’s proposal to discharge administration from liabilities for the 2020 monetary 12 months, as investor ire over a slew of pricey missteps grows.

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Shareholders now anticipated “implementation, implementation, implementation” and an finish to damaging surprises, Lehmann stated.

“If we handle that, the share worth will mechanically enhance,” he stated.

Lehmann additionally expressed help for Chief Government Thomas Gottstein, after noting in the course of the shareholder assembly {that a} raft of administration modifications — which meant 11 out of 13 executives have been now or quickly can be new appointments — underscored the financial institution’s “deep and profound modifications”.

“With so many new appointments, you additionally want somebody on the high who is aware of what makes the complete group tick and who the important thing prospects are,” Lehmann instructed NZZ. “In the mean time, we now have mixture of continuity and alter.”

He stated it was a aggressive benefit for Switzerland to have two large banks and dismissed as “hypothesis” speak that Credit score Suisse could possibly be damaged up.

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Reporting by Michael Shields and Brenna Hughes Neghaiwi

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