Credit Suisse chairman Says that he is sorry that he has lost his way out
The Swiss bank has now acknowledged financial losses resulting from the liquidation of Archegos and Greensill after eight weeks of turmoil.
Author:Alberto ThompsonReviewer:Camilo WoodMay 03, 20215.4K Shares320.4K Views
As he was Credit Suisse AG Chairman, he felt compelled to express his regrets.
The Swiss bank has now acknowledged financial losses resulting from the liquidation of Archegos and Greensill after eight weeks of turmoil.
Rohner apologized for recent operational and financial setbacks on Friday at the bank's annual meeting, saying, "Those recent weeks have sullied the previous years for all time." This is sadly not the first time we've disappointed our customers, and they are probably disappointed with us as well. I mean no disrespect by this.
That was a more troubled departure for the former M&A lawyer who left Credit Suisse last year, who faced a coalition of shareholders who tried to have him dismissed after they found out he was involved in a hacking controversy. Over the decade, the bank's shares have fallen 73%, while rival bank UBS stock has fallen by 19%.
Incoming chairman Antonio Horta-Osorio commented that the latest setbacks at the Swiss bank have eclipsed the three-or-and-a-half decades of his previous experiences at banks. Following the twin bank failures, he promised to do a rigorous evaluation of the “strategic options”.
Several famous investors reportedly removed their support for the risk committee chairman, Andreas Gottschli, after the $5.5 billion fiasco with Archegos.
Any losses incurred by ArcheAge, the family office of US investor Bill Hwang, are more difficult to carry, due to Credit Suisse having a much higher position in the debt securities market. The situation has turned sour for Credit Suisse, which was beset by the Greensill Capital fiasco a short time ago, had to freeze investment funds just as it started a new one.
Rohner offered her regrets: “It's true, I particularly regret leaving the bank under these sad conditions, hard times. Of course, our employees feel hurt.”
Alberto Thompson
Author
Alberto Thompson is an acclaimed journalist, sports enthusiast, and economics aficionado renowned for his expertise and trustworthiness. Holding a Bachelor's degree in Journalism and Economics from Columbia University, Alberto brings over 15 years of media experience to his work, delivering insights that are both deep and accurate.
Outside of his professional pursuits, Alberto enjoys exploring the outdoors, indulging in sports, and immersing himself in literature. His dedication to providing informed perspectives and fostering meaningful discourse underscores his passion for journalism, sports, and economics. Alberto Thompson continues to make a significant impact in these fields, leaving an indelible mark through his commitment and expertise.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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