Some Credit Suisse Units Breached Liquidity Rules Amid Outflows
- Bank saw elevated withdrawals at the start of this month
- While outflows have slowed, they haven’t yet reversed
This article is for subscribers only.
Credit Suisse Group AG said one or more of its units breached liquidity requirements this month when depositors pulled their money amid speculation about the lender’s turnaround plan.
The withdrawals were triggered by “negative press and social media coverage based on incorrect rumors” and made worse because the bank had limited its access to debt markets in the weeks before it unveiled its restructuring plan. Liquidity and funding ratios for the group as a whole have been maintained at all times, Credit Suisse said in a statement Thursday.