Credit Suisse Chairman Apologizes for UBS Takeover and Shareholder Anger

Credit Suisse Chairman and CEO addressed the bank's near-collapse and UBS's planned takeover of it. The bank's leaders "didn't have the time" to get the beleaguered bank "back on track" and their plans "were disrupted" in March. Credit Suisse faced a "major setback" in October with "massive" outflows. The UBS merger "had to go through," arguing a restructuring would have "led to the worst scenario." The deal came about without shareholder approval and was slammed by many shareholders who attended the meeting.