Credit Suisse said on 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 its first quarterly results, the Zurich-based bank said that it witnessed significant withdrawals of cash deposits along with non-renewal of maturing time deposits.
Credit Suisse CSGN.S said on 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 AG UBSG.S in rescuing its rival.It also said customer deposits declined by 67 billion francs in
UBS has hired JPMorgan to explore a possible IPO of Credit Suisse s domestic business, Zurich based finance blog Inside Paradeplatz reported on Thursday.. | April 13, 2023