The 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.
"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," the bank said.
"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 acquisition is expected to be consummated by the end of this year, if possible, but the full absorption of Credit Suisse's business into UBS Group is expected to take around three to four years.
UBS on Monday announced that its Group Chief Risk Officer Christian Bluhm will remain in post due to the planned acquisition of Credit Suisse, delaying a planned May 1 handover 1 to Damien Vogel, who will now take up the newly-created role of group risk control head of integration.
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