Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs.
Credit Suisse had been planning over the last few years to set up a wholly owned local bank in China that would have boosted its presence in the country by allowing it to set up its own branch network to draw deposits and expand wealth management business onshore.
UBS Chief Executive Sergio Ermotti said the situation at Credit Suisse has stabilized and he did not think outflows at the embattled bank were continuing.
SBPV managing director Natalia Ferrara has written to lawmakers to demand they consider staff affected by the collapse of Credit Suisse and halt any job losses until the end of 2023.