ZURICH (Reuters). Credit Suisse (SIX) The bank has around 10 major investors who back its board and strategy, chairman Axel Lehmann stated to Swiss newspaper NZZ.

Lehmann stated that while he was unhappy about the declining share price of the bank and the loss of money on his investments, large shareholders support the Board of Directors. This interview was published shortly after the annual general meeting.

The board proposed to relieve management of liabilities for 2020. Shareholder anger over costly mistakes grew during the AGM.

Lehmann stated that shareholders now expect “implementation and implementation, implementation, implementation” as well as an end to any negative surprises.

He stated, “If that is possible, then the share price will automatically rise.”

Lehmann supported Chief Executive Thomas Gottstein and expressed his support after noting that there were a number of managerial changes, which means 11 of 13 executives are now or will soon be new appointments. These changes underscore the bank’s “deeped and profound transformations”.

Lehmann explained to NZZ that “with so many new positions, it is also necessary for someone at the top who understands what drives the organization and which customers the most.” We have both continuity and changes at the moment.

He claimed that Switzerland has two major banks which is a competitive advantage and dismissed the notion as “speculation”, that Credit Suisse could be dismantled.