At the crisis-ridden major Swiss bank Credit Suisse, the outflow of assets continued in the first quarter. In the period from January to March, customers withdrew CHF 61.2 billion net, as the institute, which is about to be taken over by competitor UBS, announced today.
The bottom line after three months was a net profit of 12.4 billion francs. For the second quarter and for the year as a whole, the bank announced a significant pre-tax loss. UBS plans to publish its quarterly results tomorrow.
According to Credit Suisse, customers withdrew significant amounts of money, particularly in the second half of March. “These outflows, which were particularly high in the days immediately before and after the merger announcement, stabilized at significantly lower levels, but no trend reversal was observed until April 24, 2023,” the bank said.
The first quarter was marked by the emergency sale of Credit Suisse to UBS last month after a crisis of confidence had brought the institute to the brink of collapse.
