The Massive Outflows that Led to Credit Suisse's Rescue
TL;DR Summary
Credit Suisse lost $75.2 billion in customer deposits in Q1 2023, with outflows most acute before and after UBS announced its takeover. The bank also reported net asset outflows of $68.7 billion in the same period. Credit Suisse's first-quarter earnings could be its last after being bought by UBS in an emergency deal orchestrated by the Swiss government. The merger presents an enormous challenge to UBS, which will need to cut thousands of jobs and downsize Credit Suisse's investment bank while aligning the lender with a more conservative risk culture.
- Depositors pulled $75 billion from Credit Suisse as it veered toward collapse CNN
- Credit Suisse Saw $69 Billion of Outflows in 1Q Bloomberg Television
- £55bn withdrawn from Credit Suisse before rescue BBC
- UBS's Rapidly Shrinking Credit Suisse Rescue Bloomberg
- Credit Suisse Details Painful Final Days Before Rescue The Wall Street Journal
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