Credit Suisse Gains Most Since 2020 After Asset Outflows Halted
- Chairman tells Bloomberg that bank basically stopped outflows
- Client withdrawals have been recent major investor concern
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Credit Suisse Group AG shares surged the most in more than two years on Friday after Chairman Axel Lehmann said liquidity was improving and the huge outflows of client assets that spooked markets were coming to an end.
Withdrawals at the Swiss lender, which surged to about 84 billion francs ($90 billion) earlier this quarter after rumors about the bank’s stability, have “basically stopped,” Lehmann said in a Bloomberg Television interview with Francine Lacqua. The bulk of the bleeding occurred in October, and the bank has since seen some assets come back in Switzerland.