On Monday, Credit Suisse (CSGN.S) said that 61 billion Swiss francs ($68 billion) departed the bank in the first quarter, revealing the extent of the bank run that brought down the 167-year-old firm and forced its state-engineered rescue.
“These outflows have moderated but have not yet reversed as of April 24, 2023,” Credit Suisse stated.
As its shotgun marriage with UBS (UBSG.S) nears completion, the bank announced earnings for the last time.
At the end of March, Credit Suisse’s wealth management sector controlled 502.5 billion francs, down from 707 billion last year.
After Silicon Valley Bank and Signature Bank collapsed, Credit Suisse lost clients fast.
Swiss authorities scrambled to create a rescue package comprising over 200 billion francs in financial guarantees. UBS took over Credit Suisse for 3 billion francs in stock and assumed up to 5 billion francs in liabilities.
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