Credit Suisse's $68 Billion Asset Loss and Outflows During Frantic Quarter.
TL;DR Summary
Credit Suisse reported a loss of $68 billion in assets in Q1 2023, with outflows continuing, particularly in its wealth management division. The bank also saw a decline in customer deposits and significant non-renewals of maturing time deposits. UBS is set to take over Credit Suisse for 3 billion Swiss francs in stock and assume up to 5 billion francs in losses, with plans to scale back Credit Suisse's investment bank. Credit Suisse's future remains uncertain, with questions over the future of the brand and the possibility of job cuts.
- Credit Suisse says lost $68 billion in assets last quarter, outflows continue Reuters
- £55bn withdrawn from Credit Suisse before rescue BBC
- Credit Suisse logged asset outflows of more than $68 billion during first-quarter collapse CNBC
- Credit Suisse Saw $69 Billion of Outflows in Frantic Quarter Bloomberg
- Credit Suisse Details Painful Final Days Before Rescue The Wall Street Journal
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