Credit Suisse's Final Days Marked by Massive Outflows and Painful Rescue.
TL;DR Summary
Credit Suisse reported a loss of over $2 billion in Q1 2023, with customers withdrawing around $75 billion in deposits, leading up to its rescue by UBS Group AG. The bank posted a net profit due to paper gains from writing off $17 billion in bonds. Revenue fell across its investment-banking and wealth-management arms and its domestic bank.
- Credit Suisse Details Painful Final Days Before Rescue The Wall Street Journal
- Credit Suisse Saw $69 Billion of Outflows in 1Q Bloomberg Television
- £55bn withdrawn from Credit Suisse before rescue BBC
- Final Days at Credit Suisse Were Marked by a $69 Billion Race for the Exits The New York Times
- Credit Suisse logged asset outflows of more than $68 billion during first-quarter collapse CNBC
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