Credit Suisse clients pulled out CHF61.2 billion ($68.5 billion) of their assets in the first three months of the year as they rushed to leave the collapsing bank.
This content was published on
2 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
This comes on top of the CHF110 billion of withdrawals in the last quarter of 2022, reducing assets managed by the bank from CHF1.56 trillion to CHF1.25 trillion in the space of 12 months.
Clients at the bank’s flagship wealth management unit stampeded for the exit in the first quarter of this year, taking CHF47 billion in assets to other banks.
The takeover is expected to be complete in the coming weeks, making it likely that this is the last time Credit Suisse reports quarterly results as an independent company.
Credit Suisse made a nominal profit of CHF12.8 billion in the first three months of 2022 but this was only achieved by the financial regulator writing off bonds worth CHF15 billion.
The controversial bond write-off is subject to several potential lawsuits that will challenge the legality of the move.
Credit Suisse posted a CHF1.3 billion pre-tax loss in the first quarter of the year, excluding the result of the one-off bond write-off.
Switzerland’s second-largest bank had earlier this year reported a massive CHF7.3 billion loss for the whole of 2022.
Credit Suisse said on Monday that it had slashed staff numbers 9% from the 52,000 headcount last autumn when it announced a major restructuring plan. Costs have been cut 6% year-on-year as a result of the drive.
But plans to spin off parts of its investment banking operations have been put on hold since the UBS takeover was agreed.
Popular Stories
More
Banking & Fintech
Switzerland jostles to attract mobile millionaires
This content was published on
Potentially toxic arsenic compounds can form in the human body when seafood is consumed. This is caused by arsenobetaine, which is often found in seafood. It can be converted into partially toxic substances by intestinal bacteria.
This content was published on
Swiss retailer Coop is expanding its programme to avoid meat waste. A corresponding pilot project is gradually being extended to the entire store network.
This content was published on
Women and foreign nationals are rarely found on the boards of directors of Swiss small and medium-sized businesses (SMEs).
Almost 700,000 people moved house in Switzerland in 2023
This content was published on
In Switzerland, 9.3% of the population moved in 2023. This was the lowest rate in over ten years, the Federal Statistical Office (FSO) said on Monday.
New trial in Zurich for lawyer in ‘cum-ex’ scandal
This content was published on
German lawyer Eckart Seith, considered in Germany to be the whistleblower in the cum-ex transaction scandal, is set to appear for trial again in Switzerland on Monday.
Swiss Federal Railways rated second best in Europe
This content was published on
The best railway company in Europe is Trenitalia, according to NGO Transport and Environment (T&E). Swiss Federal Railways came second.
Berset: ‘Democracy is regressing in several countries’
This content was published on
Democracy is backsliding in a number of nations and needs to be strengthened, says Alain Berset, secretary general of the Council of Europe.
Fall of Assad: Switzerland calls for reconciliation in Syria
This content was published on
Following the fall of Bashar al-Assad's regime in Syria, the Swiss foreign ministry has called on all parties to protect civilians and respect international humanitarian law.
US authorities give green light to UBS takeover of Credit Suisse
This content was published on
The Federal Reserve approved on Friday the US side of the buyout, clearing another major hurdle for the completion of the deal.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.