Credit Suisse: Net asset outflows topped $68 billion in Q1
Credit Suisse says investors are continuing to withdraw assets this month as it reported over 61 billion Swiss francs (over $68 billion) in net asset outflows in the first quarter
GENEVA (AP) — Ailing Swiss bank Credit Suisse on Monday reported over 61 billion Swiss francs (over $68 billion) in net asset outflows in the first quarter, when Switzerland’s government arranged for its takeover by rival UBS, and said investors are continuing to withdraw assets this month.
The Zurich-based bank cited “significant net asset outflows” as it posted its first-quarter results that were skewed by the rescue plan, which was ordered by Switzerland’s financial markets regulator and included the write-down of some 15 billion francs in debt tied up in a particular type of bond.
The takeover by UBS is expected to close in the coming months, and was designed in part to help stabilize the global financial system that had been roiled by the collapse of two U.S. banks.
The reputation of 167-year-old Credit Suisse had been pummeled in recent years over stock price declines, a string of scandals and the flight of depositors worried about the bank’s future amid global financial turmoil.
