Credit Suisse faced a staggering $69 billion of outflows in the first quarter, an amount that eclipses UBS's market cap
for $3.25 billion in an emergency rescue deal brokered by the Swiss government as the latter faced a crisis of confidence after its biggest investor, the Saudi National Bank, said it wouldn't be extending additional funding support.
The Swiss bank said it experienced significant net asset outflows during the second half of March. And while the outflows have moderated, they haven't reversed entirely, according to theCredit Suisse's highly regarded wealth-management arm saw $53 billion of net outflows during the January-March period, and that will likely lead to a"substantial loss" for the division in the current quarter, the bank said.
"Deposit outflows represented 57% of Wealth Management and Swiss Bank net asset outflows in 1Q23," per the release. "In the second half of March 2023, Credit Suisse experienced significant withdrawals of cash deposits as well as non-renewal of maturing time deposits. Customer deposits declined by CHF 67 bn in 1Q23. These outflows, which were most acute in the days immediately preceding and following the announcement of the merger, stabilized to much lower levels, but had not yet reversed as of April 24, 2023," the bank added.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse saw $68 billion in first-quarter outflows as it crumbledCredit Suisse said on Monday 61 billion Swiss francs ($68 billion) left the bank in the first quarter, shedding light on the scale of the bank run that caused the 167-year-old institution to crumble and forced its state-engineered rescue.
Read more »
Credit Suisse suffered outflows of 61.2 billion Swiss francs in first quarterThe first-quarter result comes as the Zurich-based bank is being taken over by Swiss peer UBS as part of an emergency measure to shore up confidence in the...
Read more »
Credit Suisse saw $68 billion in first-quarter outflows as it crumbled By Reuters*CREDIT SUISSE SAW $68 BILLION IN FIRST-QUARTER OUTFLOWS AS IT CRUMBLED $CS
Read more »
Credit Suisse Details Painful Final Days Before RescueThe Swiss bank gave a glimpse of its chaotic final weeks before a rescue by UBS in a first-quarter earnings report that showed revenue diving and customers rushing to pull deposits.
Read more »
Credit Suisse logged asset outflows of more than $68 billion during first-quarter collapseThe stricken Swiss lender posted a one-off 12.43 billion Swiss franc profit for the first quarter of 2023, due to the controversial write-off of 15 billion Swiss francs of AT1 bonds by the Swiss regulator as part of its emergency takeover by domestic rival UBS.
Read more »
Credit Suisse says lost $68 billion in assets last quarter, outflows continueCredit Suisse said on Monday that 61 billion Swiss francs ($68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group AG in rescuing its rival.
Read more »