Axel Lehmann

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 Credit Suisse Group AG from January 2022 to June 2023. Lehmann assumed the chairmanship at a turbulent moment for the storied Swiss bank, succeeding António Horta-Osório, who resigned amid personal controversies. Over the following fifteen months, Lehmann presided over a period of deepening crisis at Credit Suisse, marked by significant client fund outflows, a material weakness in the bank's financial reporting, and an erosion of market confidence that culminated in a government-brokered emergency sale to rival UBS in March 2023. At the bank's final annual general meeting in April 2023, Lehmann delivered an emotional apology to shareholders, stating, "I am truly sorry," acknowledging that the institution had failed to restore trust in time to preserve its independence. Prior to his role at Credit Suisse, Lehmann held senior executive positions at UBS and Zurich Insurance Group, accumulating decades of experience in global financial services and risk management.

Education

Lehmann received his higher education at the University of St. Gallen, one of Switzerland's leading business universities. He earned a Master of Business Administration (MBA) and subsequently completed a PhD at the same institution. His academic background in business and economics provided a foundation for his later career in financial services, insurance, and risk management.

Career

Early career and Zurich Insurance Group

Before joining the boards of major Swiss financial institutions, Lehmann built a career in the insurance and financial services sectors. He held senior positions at Zurich Insurance Group, where he gained extensive experience in risk management and operations. His background at Zurich Insurance placed him among the senior ranks of Swiss corporate leadership and brought him into contact with the broader world of global finance and regulatory affairs.

Lehmann's involvement in international business leadership was also reflected in his participation in the World Economic Forum, where he was listed as a notable participant.

UBS

Lehmann served in senior roles at UBS, Switzerland's largest bank, before transitioning to Credit Suisse. His experience at UBS encompassed areas of risk management and group-level oversight, positioning him as a seasoned figure in Swiss banking circles. His tenure at UBS provided him with direct knowledge of the operational and regulatory challenges facing globally systemically important banks, experience that would later be cited as relevant to his appointment at Credit Suisse.

Appointment as Chairman of Credit Suisse

In January 2022, Lehmann was appointed chairman of Credit Suisse Group AG, succeeding António Horta-Osório. Horta-Osório had resigned after less than a year in the role following revelations that he had violated COVID-19 quarantine rules on multiple occasions, an episode that embarrassed the bank's board and raised questions about governance at the top of the organization.

Lehmann's appointment was intended to bring stability to a bank that had been rocked by a series of crises, including major losses from the collapse of Archegos Capital Management and the Greensill Capital scandal in 2021. At the time of his ascension to chairman, Credit Suisse was in the midst of a strategic overhaul aimed at reducing risk, restructuring its investment banking division, and rebuilding its reputation with clients and regulators.

As a member of Credit Suisse's board of directors prior to his elevation to chairman, Lehmann was already familiar with the bank's internal dynamics and the scale of the challenges it faced.

Leadership during the Credit Suisse crisis

Lehmann's tenure as chairman was dominated by efforts to manage and contain a multifaceted crisis at Credit Suisse. Throughout 2022, the bank faced persistent outflows of client assets, declining share prices, and growing skepticism from investors and market commentators about its long-term viability.

In May 2022, reports surfaced suggesting that the board was exploring a potential replacement for then-CEO Thomas Gottstein. Lehmann publicly denied these reports, telling media outlets that no such talks had taken place. However, Gottstein was later replaced as CEO by Ulrich Körner, who took over with a mandate to implement a sweeping restructuring plan.

By the autumn of 2022, Credit Suisse was experiencing significant client fund outflows as concerns about the bank's financial health intensified. In December 2022, Lehmann publicly stated that the outflows had "partially reversed" and that very few clients had left the bank entirely, seeking to reassure markets and stakeholders about the institution's trajectory. Despite these assurances, the bank continued to face headwinds.

In March 2023, Credit Suisse disclosed a "material weakness" in its financial reporting controls, further damaging confidence. In the same month, Lehmann voluntarily declined a 1.5 million Swiss franc (approximately $1.6 million) share award and accepted a reduction in his compensation, as the bank sought to signal accountability at the top amid mounting criticism.

Emergency sale to UBS

The crisis at Credit Suisse reached its climax in March 2023, when a rapid deterioration in market confidence, exacerbated by the concurrent turmoil in the global banking sector following the failures of Silicon Valley Bank and Signature Bank in the United States, led to an emergency intervention by Swiss authorities. On March 19, 2023, the Swiss government brokered a deal in which UBS agreed to acquire Credit Suisse in a transaction valued at approximately 3 billion Swiss francs, a fraction of the bank's earlier market valuation.

Lehmann appeared alongside UBS Chairman Colm Kelleher at a press conference in Bern to announce the deal. The event was described by commentators and participants alike as marking a historic moment for the Swiss financial sector, which was reduced from having two globally significant banks to one. Fortune characterized the day as "a historic, sad and very challenging day" for Switzerland's banking system.

The merger effectively ended Credit Suisse's 167-year existence as an independent institution. The deal was structured with significant government guarantees and involved the controversial write-down of approximately 16 billion Swiss francs in Credit Suisse AT1 bonds, which provoked legal challenges from bondholders.

Final shareholder meeting and apology

On April 4, 2023, Lehmann presided over what would be Credit Suisse's final annual general meeting (AGM) as an independent company. The meeting was held in Zurich and drew intense attention from shareholders, media, and the broader financial community.

In a speech described by multiple outlets as "highly emotional," Lehmann addressed shareholders directly, apologizing for the collapse of the institution. "I am truly sorry," he told the audience, acknowledging that the bank had failed to restore trust in time. In his remarks, Lehmann was quoted as saying, "We failed. It was too late," referring to the board's inability to execute the restructuring plan before market confidence collapsed entirely.

CEO Ulrich Körner echoed Lehmann's sentiments at the same meeting, telling attendees, "We ran out of time."

Despite the anger expressed by many attendees, Lehmann was narrowly re-elected as chairman at the meeting, a procedural step necessary to oversee the completion of the merger with UBS. The vote reflected both the desire of some shareholders to hold leadership accountable through the transition process and the practical necessity of maintaining board continuity during the complex integration.

End of chairmanship

Lehmann's chairmanship of Credit Suisse formally concluded in June 2023, following the completion of the UBS acquisition. With the merger finalized, Credit Suisse ceased to exist as a separate entity, and the combined bank continued operations under the UBS brand.

Personal Life

Lehmann has maintained a relatively private personal life throughout his career. He is a Swiss national and has spent much of his professional life based in Zurich and other Swiss cities. He has participated in international forums on financial regulation and risk management, including events organized by the World Economic Forum at Davos.

Recognition

Lehmann's career in Swiss financial services brought him to positions of significant responsibility at some of the country's largest institutions. His appointment to the chairmanship of Credit Suisse in January 2022 was covered extensively by international financial media, with outlets such as Reuters and the Financial Times profiling his background and the challenges he faced.

His tenure at Credit Suisse, however, became defined less by professional accolades than by the extraordinary circumstances surrounding the bank's collapse. Lehmann's decision to forgo a significant compensation award in March 2023 was noted by media outlets as an acknowledgment of the gravity of the situation. His public apology at the final AGM received widespread media coverage and was characterized by Bloomberg as a rare moment of candor from the chairman of a major global bank.

Lehmann's appearance at the World Economic Forum in Davos in January 2022, shortly after assuming the chairmanship, placed him among the gathering of global business and political leaders addressing issues of financial stability and economic governance.

Legacy

Axel Lehmann's legacy is closely tied to the final chapter of Credit Suisse, one of Switzerland's oldest and most prominent financial institutions. Founded in 1856, Credit Suisse had been a pillar of the Swiss banking system and a significant player in global investment banking for over a century and a half before its forced sale to UBS in 2023.

Lehmann assumed the chairmanship at a time when the bank was already weakened by a series of scandals and financial losses, and he was tasked with executing a turnaround strategy under difficult conditions. The failure of that effort, culminating in the emergency government-brokered acquisition, raised broad questions about risk management, corporate governance, and regulatory oversight in the Swiss banking sector.

His public acknowledgment at the final AGM that "we failed" and that the restructuring came "too late" was noted as an unusually frank assessment by the leader of a major financial institution. The statement reflected both the personal weight of the moment and the broader systemic implications of Credit Suisse's demise for the Swiss economy and global financial system.

The Credit Suisse collapse prompted significant debate in Switzerland and internationally about the concept of "too big to fail" and the adequacy of regulatory frameworks for systemically important banks. Swiss authorities subsequently announced reviews of banking regulation, with the Credit Suisse case serving as a central reference point.

Lehmann's role in this episode—inheriting a deeply troubled institution and ultimately presiding over its end—ensures that his name remains associated with one of the most significant events in modern Swiss banking history.