Credit Suisse chiefs face the music at AGM

More than 2,000 shareholders are expected to attend the Credit Suisse AGM to vent their frustrations.

The AGM is being held at the Hallenstadion, Zurich’s biggest indoor arena more used to staging the likes of Queen, ABBA, The Rolling Stones, Adele, Madonna and Ed Sheeran. Thanks to a string of scandals, shareholders have seen the value of their investment plunge from 12.78 Swiss francs per share in February 2021 to the 0.76 francs they will receive in the US$3.25-billion buyout by bigger Swiss rival UBS.

UBS is facing its own annual general meeting in Basel on Wednesday and the tone of the Credit Suisse AGM could feed into the mood when UBS chiefs face their shareholders, who also had no say in the takeover. Fearing a collapse that could have triggered an international banking crisis, the SNB and the government then strongarmed UBS into a deal before the markets reopened on March 20.In the hours following the takeover announcement, lawyer Perica Grasarevic launched a platform to help small shareholders take legal action. At its peak, the site recorded up to 300 requests per hour, he said on Twitter.

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