ZURICH: Credit Suisse said on Monday (Apr 24) it had 61 billion Swiss francs (US$68 billion) in net asset outflows in the first quarter, adding that outflows were continuing even in the wake of the 167-year-old institution's state-engineered rescue by UBS. 'These outflows have moderated but have not yet re
ZURICH: Credit Suisse said on Monday it had 61 billion Swiss francs in net asset outflows in the first quarter, adding that outflows were continuing even in the wake of the 167-year-old institution's state-engineered rescue by UBS.It also said it had experienced significant withdrawals of cash deposits as well as non-renewal of maturing time deposits. Customer deposits declined by 67 billion Swiss francs in the first quarter.
The bank reported results for what is likely to be the last time, as its shotgun marriage with rival Swiss bank UBS is expected to be completed soon. Assets managed by Credit Suisse's flagship wealth management division dropped to 502.5 billion francs at the end of March, compared to 707 billion reported for the same period last year.
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