“These outflows have been contained but not yet reversed as of April 24, 2023,” Credit Suisse said
Credit Suisse revealed it lost 61 billion Swiss francs ($68 billion/£55 billion) in the first quarter of 2023, shedding light on the magnitude of economic data that led to to the collapse of the banking institution and which subsequently necessitated its bailout by the state.
“These outflows have been contained but not yet reversed as of April 24, 2023,” Credit Suisse said on Monday.< /p>
The bank published – probably for the last time – its financial results, as the “marriage” with the rival Swiss bank UBS is expected to be completed soon.
As reported by a Guardian article, the Assets under management at Credit Suisse fell to 502.5 billion francs at the end of March, compared with 707 billion reported for the same period last year.
The bank's clients rushed to withdraw money. from Credit Suisse after signs of collapse appeared following developments in the US involving Silicon Valley Bank and Signature Bank.
These developments led the Swiss authorities to formulate a rescue package that included more than 200 billion francs in guarantees, for the takeover by UBS to proceed later.
Source: Guardian
