Clients rapidly started pulling money from Credit Suisse after it was ensnared in market turmoil unleashed by the collapse of Silicon Valley Bank and Signature Bank.
Credit Suisse said Monday that 61 billion Swiss francs ($68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group in rescuing its rival.
UBS’ chief risk officer Christian Bluhm postponed plans to focus on his photography today as the bank confirmed he will stay for the “foreseeable future”