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Asset Outflows

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finance2 years ago•2 min saved

The Massive Outflows that Led to Credit Suisse's Rescue

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.

via CNN|

#asset-outflows #bank-run #credit-suisse

finance2 years ago•3 min saved

Credit Suisse's $68 Billion Asset Loss and Outflows During Frantic Quarter.

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.

via Reuters|

#asset-outflows #credit-suisse #finance

finance2 years ago•1 min saved

Credit Suisse's First Quarter Outflows Total $68 Billion Amid Collapse.

Credit Suisse suffered net asset outflows of $68.6 billion during the first quarter of 2023, leading to its emergency rescue by UBS. The Swiss lender posted a one-off profit of $12.43 billion due to the write-off of $15 billion of AT1 bonds by the Swiss regulator as part of the deal. The adjusted pre-tax loss for the quarter came in at $1.3 billion. Credit Suisse experienced significant net asset outflows, particularly in the second half of March 2023, which have "moderated but have not yet reversed as of April 24, 2023."

via CNBC|

#asset-outflows #credit-suisse #earnings-report