Axel Lehmann

Axel P. Lehmann
Lehmann at the World Economic Forum in Davos, 2022
Axel P. Lehmann
Born	1959
Nationality	Swiss
Occupation	Business executive
Title	Former Chairman, Credit Suisse
Known for	Chairman of Credit Suisse (2022–2023)
Education	University of St. Gallen (MBA, PhD)

Axel P. Lehmann (born 1959) is a Swiss business executive who served as chairman of the Credit Suisse Group from January 2022 to June 2023. Appointed to lead the embattled Swiss banking giant at a time of deepening institutional crisis, Lehmann became the public face of Credit Suisse's final chapter as an independent entity — a period marked by significant client fund outflows, mounting financial losses, and an erosion of market confidence that ultimately culminated in the bank's emergency acquisition by UBS in March 2023. A graduate of the University of St. Gallen, where he earned both an MBA and a PhD, Lehmann had built a career in the insurance and financial services industries before joining the Credit Suisse board. His tenure as chairman, though brief, placed him at the center of one of the most consequential events in modern Swiss banking history. At Credit Suisse's final annual general meeting in April 2023, Lehmann delivered an emotional apology to shareholders, stating publicly that the bank had "failed" and that efforts to restore trust had come "too late."

Early Life

Axel P. Lehmann was born in 1959 in Switzerland. Details regarding his family background and upbringing have not been extensively documented in public sources. He grew up during a period of significant expansion in Switzerland's financial services sector, which would come to define his professional career.

Education

Lehmann attended the University of St. Gallen, one of Switzerland's most prominent business universities, where he completed both a Master of Business Administration (MBA) and a Doctor of Philosophy (PhD). The University of St. Gallen, formally known as the HSG, is recognized as a leading institution for economics, law, and business administration in the German-speaking world. Lehmann's advanced academic credentials in business and economics provided the foundation for a career that would span major roles in insurance and banking.

Career

Pre-Credit Suisse Career

Before assuming the chairmanship of Credit Suisse, Lehmann accumulated extensive experience in the financial services and insurance industries. According to Reuters, he was known in Swiss financial circles prior to his appointment as chairman, having held senior positions across the sector. His background included roles that provided him with experience in risk management and corporate governance — skills that would be tested during his subsequent tenure at Credit Suisse.

Lehmann was also involved in international economic forums and leadership networks. He was listed as a participant and contributor at the World Economic Forum (WEF), reflecting his standing within global business and policy circles.

Appointment as Chairman of Credit Suisse

In January 2022, Lehmann was appointed chairman of the Credit Suisse Group, succeeding António Horta-Osório, who had resigned following reports that he had violated COVID-19 quarantine rules on multiple occasions. Horta-Osório's departure, after less than a year in the role, added to a period of significant leadership instability at Credit Suisse, which had already been rocked by the Archegos Capital Management and Greensill Capital scandals in 2021.

Lehmann's appointment was intended to bring stability and credibility to a bank that was grappling with reputational damage, regulatory scrutiny, and financial losses. Reuters noted at the time of his appointment that Lehmann was seen as a steady, experienced hand who could help guide the institution through its difficulties.

Leadership During the Credit Suisse Crisis

Lehmann's chairmanship was defined by the escalating crisis at Credit Suisse. Throughout 2022, the bank faced mounting challenges including significant financial losses, strategic uncertainty, and a growing loss of confidence among clients and investors.

Client Fund Outflows

By late 2022, Credit Suisse was experiencing substantial client fund outflows as concerns about the bank's financial health intensified. In December 2022, Lehmann addressed the situation publicly, telling Reuters that client fund outflows had "partially reversed" and that "very few clients have left entirely." The remarks were part of an effort to reassure markets and stakeholders that the bank's restructuring efforts were beginning to take hold, though the situation remained fragile.

CEO Succession

In May 2022, reports emerged suggesting that the Credit Suisse board was exploring the possibility of replacing CEO Thomas Gottstein. Lehmann publicly denied these reports, telling CNBC that no such talks had taken place. However, Gottstein was later replaced as CEO by Ulrich Körner, who was tasked with leading a major restructuring of the bank's operations. The leadership change was part of a broader strategic overhaul that Lehmann oversaw as chairman.

Compensation and Governance

As Credit Suisse's difficulties deepened, Lehmann took steps regarding his own compensation. In March 2023, it was reported that Lehmann had voluntarily given up a $1.6 million award and accepted a pay cut, as the bank continued to face serious problems including the identification of "material weaknesses" in its financial reporting controls. The decision was seen as a gesture of accountability at a time when the bank was asking shareholders and employees to bear the costs of its crisis.

The UBS Merger

The defining event of Lehmann's chairmanship came in March 2023, when Credit Suisse was acquired by its rival UBS in an emergency deal brokered by Swiss authorities. The transaction, which was announced on March 19, 2023, was characterized by Fortune as marking the moment when "Switzerland goes from 2 financial giants to just one."

Lehmann was photographed sitting beside UBS Chairman Colm Kelleher during the press conference in Bern, Switzerland, where the deal was announced. The acquisition was carried out under extraordinary circumstances, with Swiss regulators and the Swiss National Bank facilitating the transaction to prevent what was feared could become a broader crisis in the global banking system. Fortune described the day as "historic, sad and very challenging" for Swiss banking.

The merger marked the end of Credit Suisse as an independent institution after 167 years. The bank's collapse represented one of the largest failures in European banking history and raised significant questions about regulatory oversight, risk management, and corporate governance in the Swiss financial sector.

Final Annual General Meeting

On April 4, 2023, Lehmann presided over what would be Credit Suisse's final annual general meeting (AGM). The meeting was a highly charged event, with shareholders expressing anger and frustration over the destruction of value in their investments.

Lehmann delivered an emotional and widely reported apology during the meeting. According to Bloomberg, he told shareholders he was "truly sorry" for the bank's failure to stem the crisis of confidence that had engulfed the institution. He acknowledged that the loss of trust had proved fatal to the bank's survival as an independent entity.

CNN reported that Lehmann's apology was directed at "angry shareholders" who had seen the value of their holdings decimated by the emergency rescue. Despite the circumstances, Lehmann was narrowly re-elected as chairman at the meeting, according to Banking Dive, which noted that CEO Ulrich Körner also apologized, telling attendees that the bank had "ran out of time."

In coverage by finews.com, Lehmann's speech at the AGM was described as displaying "a surprisingly high degree of" emotional candor. The outlet quoted Lehmann as stating: "We failed. It was too late." The remark was interpreted as an acknowledgment that the board's restructuring efforts, launched in the autumn of 2022, had not been sufficient to restore market and client confidence before the bank's liquidity position became untenable.

End of Tenure

Lehmann's chairmanship formally ended in June 2023, following the completion of the UBS acquisition of Credit Suisse. His tenure as chairman lasted approximately 18 months, during which the bank went from a crisis of confidence to complete absorption by its domestic rival. The brevity and intensity of his chairmanship made it one of the most scrutinized board-level appointments in recent European banking history.

Personal Life

Lehmann has maintained a relatively private personal life. He has been a participant in major international economic forums, including the World Economic Forum in Davos, where he appeared in his capacity as Credit Suisse chairman in 2022. Beyond his professional activities, limited personal information has been made publicly available. Lehmann is based in Switzerland.

Recognition

Lehmann's career brought him to positions of significant influence within Swiss and international financial circles. His appointment as chairman of Credit Suisse placed him at the helm of one of the world's most prominent banking institutions, albeit during its most turbulent period.

His participation as a featured figure at the World Economic Forum in Davos in 2022 reflected his standing among global business leaders. However, his public recognition is inextricably linked to the collapse of Credit Suisse. The events of 2022 and 2023 made Lehmann a central figure in discussions about banking regulation, corporate governance, and the stability of the global financial system.

Lehmann's voluntary pay cuts and forfeiture of his $1.6 million award were noted by financial media as gestures of personal accountability during the crisis. His emotional apology at the final Credit Suisse AGM in April 2023 received extensive international media coverage and was characterized by multiple outlets as an unusually candid acknowledgment of institutional failure by a sitting chairman of a major bank.

Legacy

Axel Lehmann's legacy is defined primarily by his role as the final chairman of Credit Suisse, a 167-year-old institution that was one of Switzerland's two globally significant banks. The collapse and emergency sale of Credit Suisse to UBS in March 2023 represented a watershed moment in Swiss financial history and in the broader story of global banking regulation following the 2008 financial crisis.

Lehmann assumed the chairmanship at a point when Credit Suisse was already deeply troubled, having been damaged by a series of scandals and losses in 2021, followed by the abrupt departure of his predecessor, António Horta-Osório. His efforts to stabilize the bank through leadership changes, strategic restructuring, and public reassurance ultimately proved insufficient to prevent the institution's demise.

The events that unfolded during Lehmann's tenure prompted significant debate in Switzerland and internationally about whether existing regulatory frameworks were adequate to prevent the failure of systemically important banks. The Swiss government subsequently launched inquiries into the circumstances surrounding the collapse, examining the roles of the bank's management, its board of directors, and the regulatory authorities.

Lehmann's public statements during and after the crisis — particularly his admission that "we failed" and his apology to shareholders — have been cited in media coverage and financial commentary as examples of the human dimension of institutional collapse. His willingness to accept personal financial consequences, including forgoing compensation, was noted though it did not shield him from criticism regarding the board's overall stewardship of the bank.

The Credit Suisse collapse under Lehmann's chairmanship remains a subject of study and analysis in banking, corporate governance, and financial regulation. The episode underscored the speed with which confidence in a major financial institution can erode and the limitations of leadership changes in reversing deeply embedded institutional problems.