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Credit Suisse Chairman Axel Lehmann apologized to shareholders for the bank's collapse and controversial takeover by UBS at the bank's annual meeting, while Swiss authorities investigate potential breaches of Swiss federal law.

Summary

• Credit Suisse Chairman apologizes to shareholders for the collapse and loss of trust that led to the bank's controversial takeover by UBS
• Swiss authorities investigate potential breaches of Swiss federal law by government officials, regulators, and top executives at Credit Suisse and UBS
• Credit Suisse CEO Ulrich Koerner shares his disappointment in failing to build a new Credit Suisse that shareholders, clients, and employees could be proud of
• Holders of Credit Suisse's AT1 bond instruments, subject to a $17 billion wipeout as part of the UBS takeover, instructed a global law firm to pursue discussion and possible litigation with Swiss authorities
• Norway's sovereign wealth fund, Norges Bank Investment Management, will vote against the re-election of Lehmann and six other board members
• UBS announced that former CEO Sergio Ermotti would return to the helm of the new bank as it integrates Credit Suisse into its business
• Plans for the new integrated lender reportedly include a 20%-30% cut to its combined global workforce