Some Credit Suisse shareholders directed angry words at the Board of Directors at the last Annual General Meeting.
One investor held up walnut shells and said they were worth a single share in the bank.
Credit Suisse was acquired by competitor UBS after shares in the 167-year-old Swiss bank plummeted last month.
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At Credit Suisse’s last annual general meeting, shareholders vented their frustration, anger and disappointment in comments to the bank’s board of directors.
The 167-year-old Swiss bank’s stock plummeted last month before being bailed out by rival bank UBS.
“It’s a sad day for you and also for us,” said Axel Lehmann, Chairman of the Board of Directors of Credit Suisse, at the meeting in Zurich. “I can understand the bitterness, anger and shock of all those who are disappointed, overwhelmed and affected by the developments.”
The anger within the congregation grew by investors and climate protectors in front of the Zurich Hockey Arena, where the meeting took place. A spokeswoman for Credit Suisse declined to comment.
Although the bank’s shareholders were unable to vote on UBS’s acquisition of Credit Suisse, it was a turn for some of them to express their feelings to the board – and they didn’t hold back.
Business Insider has reached out to shareholders we’ve identified for additional comment.
“I don’t have my gun with me, don’t worry”
After disclosing that he had not brought his gun to the last AGM, shareholder Guido Roethlisberger said the security checks at the door to the conference “were enough to annoy me,” according to a translation of his remarks.
He also said he’s wearing a gray suit “because historically I think some people within Credit Suisse have definitely stepped out of the gray area.”
The red tie he wore represented his anger, he said.
“I chose my red tie this morning because I don’t own many red ties, but I thought I’d wear these today to show that I and a lot of others see red today,” he said.
“Instead of reminding them what would have been done to them in the Middle Ages, whether they would have been nailed to the cross, I want to give them something that everyone needs.”
Another angry shareholder seemed to imply that the Credit Suisse board of directors would have been crucified in medieval times.
The shareholder had previously said that 25 years ago a Credit Suisse share was worth over 80 francs, but today a share is not even enough for a Swiss pastry.
“It’s down 99 percent,” he said, “and for that performance, the world‘s top executives would have received not just millions but billions in bonuses.” And now they probably want to say goodbye to us with a golden parachute. Have you ever wondered how much is enough? How much is enough for a golden parachute lying on his crashing plane, the Credit Suisse?”
One shareholder held up a handful of walnut shells and said, “A bag of these costs about a share.”
He said he had a “gift” for Credit Suisse, holding up a handful of walnut shells and saying a sackful would cost as much as a share in the ailing bank.
He added that he “opened the shells, ate the nut inside, and then glued them back together. So they’re hollow nuts.”
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