Credit Suisse shareholders upbraided failures as chairman apologises

Credit Suisse shareholders on Tuesday upbraided the Swiss bank's leaders for years of mismanagement, scandal and obfuscation that sent its stock price into the gutter, while executives apologised and insisted that the only way forward for the once-venerable lender was a government-engineered takeover by rival UBS.

A largely polite if at times boisterous, emotional, angry and even humorous mood pervaded at the first in-person shareholder meeting in four years and likely the last in the bank's 167-year history: Credit Suisse is set to be swallowed by its crosstown competitor in the coming months in a deal that was forced through without a shareholder vote.

Despite speech after speech airing concerns ranging from Switzerland's role in global finance to environmental impact to wiped-out pension savings, shareholders narrowly approved a compensation plan for last year that will pay out millions to executives and board members.

Investors also reelected board members who will shepherd th