Switzerland’s largest bank, UBS, saw $28 billion (CHF25 billion) of client asset inflows in the first three months of the year as its rival, Credit Suisse, fell into ruin.
This content was published on
1 minute
swissinfo.ch/mga
Italiano
it
UBS raccoglie una parte degli asset sfuggiti al fallimento di Credit Suisse
Clients opened new UBS accounts from all over the world as it became clear that Credit Suisse was failing.
Swiss clients moved $8 billion to UBS, which also saw $5 billion inflows in the Asia-Pacific region, $4 billion form the Americas and $3 billion from Europe, the Middle East and Africa.
But UBS could not mop up all the assets departing from the failed Credit Suisse.
On Monday, Credit Suisse said clients had withdrawn CHF60 billion of assets in the first three months of this year on top of CHF110 billion in the last quarter of 2022.
UBS profits have also taken a hit, more than halving in the first three months of 2023 compared to the same quarter last year.
On Tuesday, the bank reported profits of $1 billion compared to $2.1 billion in Q1 2022. For the year as a whole UBS made a net profit of $7.6 billion in 2022.
Popular Stories
More
Swiss Abroad
Aussie adoptee gains Swiss citizenship at 54 thanks to old envelope
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
This content was published on
Economics Minister Guy Parmelin and Foreign Minister Ignazio Cassis have welcomed Chinese Vice Premier Ding Xuexiang to Bern
Michelle Hunziker to co-present Eurovision Song Contest
This content was published on
Swiss-Italian television moderator Michelle Hunziker will be one of the presenters of the 2025 Eurovision Song Contest (ESC), scheduled for May 13-17 in Basel.
Business travellers face highest public transport costs in Switzerland
This content was published on
Public transport ticket prices for adults in Switzerland are around the European average, according to a study. Swiss senior citizens and business travellers tend to pay more.
This content was published on
The amount of unproductive land in Switzerland has hardly changed in recent decades. Nationwide, it shrank by around 2% between 1985 and 2018.
Rescue teams had hands full at Lauberhorn ski race
This content was published on
From broken bones to heart attacks, the rescue teams had a busy weekend at the Ski World Cup in Wengen, which attracted a record 80,000 fans.
Swiss solar company Meyer Burger secures additional financing
This content was published on
The bridge financing concluded to stabilise the Swiss company has been extended and increased. The company has also launched a takeover process.
Centre Party president rules out run for Swiss government post
This content was published on
Outgoing Centre Party president Gerhard Pfister will not join the race to replace defence minister Viola Amherd in the Swiss government, the politician announced on Saturday.
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.
Read more
More
New UBS CEO tries to calm staff fears
This content was published on
Sergio Ermotti has told Credit Suisse staff to remain focused on clients and keeping the business running as the merger of the two banks proceeds.
UBS shareholders express concerns, but broadly support mega-merger
This content was published on
UBS bank has held its first Annual General Meeting since agreeing to take over Credit Suisse. Shareholders remained broadly supportive.
Credit Suisse reports CHF60bn of client withdrawals
This content was published on
Credit Suisse clients pulled out CHF61.2 billion of their assets in the first three months of the year as they rushed to leave the collapsing bank.
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.