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Credit Suisse Saw $88 Billion Outflows as Confidence Slumped

  • Loss expected in wealth division and investment bank
  • Continues to see outflows of customer assets in fourth quarter
Bloomberg business news
WATCH: Credit Suisse saw clients pull as much as 84 billion Swiss francs ($88.3 billion) from the bank during the first few weeks of the quarter. Charlie Wells reports.Source: Bloomberg
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Credit Suisse Group AG clients pulled as much as 84 billion Swiss francs ($88.3 billion) of their money from the bank during the first few weeks of the quarter, underlining ongoing concerns over the bank’s restructuring efforts after years of scandals.

The Zurich-based bank warned on Wednesday that it will face a loss of up to 1.5 billion Swiss francs ($1.6 billion) for the three final months of the year, partly as a result of the decline in wealth and asset management client funds from the start of October to Nov. 11. That’s potentially the worst exodus since the financial crisis.