Credit Suisse Logged Asset Outflows of More Than $68 Billion During First-Quarter Collapse
Headline from NBC10 Philadelphia
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.
NBC10 Philadelphia's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Credit Suisse suffered outflows of 61.2 billion Swiss francs ($68.7 billion) in the first three months of the year and customers are still pulling their money from the bank as UBS races to complete a rescue of its stricken rival.
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.
Credit Suisse has published its financial details for the first quarter of the year, when it rapidly collapsed. It shows investors rushing to withdraw billions amid rumors of the bank's precarious position.
A bank run that forced Credit Suisse to be sold to domestic rival UBS last month saw nearly $69 billion in assets flee its vaults during the first three months of the year, it said.
By Hanna Ziady, CNN Credit Suisse bled customer deposits worth 67 billion Swiss francs ($75.2 billion) in the first three months of the year, and money is still leaving the bank as UBS races to complete a rescue of its stricken rival. The bank run was “most acute” in the days just before and just
