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.
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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.
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