Clients pull $68bn from Credit Suisse in Q1

Credit Suisse said 61bn Swiss francs ($68bn) left the bank in the first quarter, as customers flocked to retrieve assets in response to a series of management scandals that led to its collapse.

“These outflows have moderated but have not yet reversed as of April 24 2023,” Credit Suisse said on Monday.

In what could be the embattled bank's last results as a single entity ahead of its forced takeover by rival Swiss bank UBS, assets managed by Credit Suisse’s wealth management division fell to SFR 502.5bn at the end of March down from 707bn a year earlier.

Credit Suisse was caught in the market turmoil caused by the collapse of US lenders Silicon Valley Bank and Signature Bank.

This led Swiss authorities to scramble together a rescue package that included more than SFR 200bn in financial guarantees and saw UBS agree to take over Credit Suisse for SFR 3bn in stock and assume up to SFR 5bn in losses.

Reporting by Frank Prenesti for Sharecast.com