Credit Suisse CEO Urges Patience as Bank Sees Recent Inflows

CEO Ulrich Koerner says bank benefited from inflows on Monday
Bank flagged earlier on Tuesday that outflows not yet ceased

WATCH: Credit Suisse CEO Ulrich Koerner says the bank saw “material good inflows” on Monday in the wake of the failure of Silicon Valley Bank and addresses “material weaknesses” in its reporting and control procedures for the past two years.Source: Bloomberg

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By Marion Halftermeyer, Myriam Balezou, and Francine Lacqua

March 14, 2023 at 12:07 PM UTC

Updated on

March 14, 2023 at 1:01 PM UTC

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Credit Suisse Group AG Chief Executive Officer Ulrich Koerner pleaded for patience to orchestrate his radical overhaul, buoyed by signs that client confidence could be returning and faster progress on job cuts.

Business momentum improved this quarter, including in the markets unit, Koerner said in a Bloomberg Television interview on Tuesday, adding that the bank attracted funds after the collapse of Silicon Valley Bank. Koerner is seeking time to pull off his turnaround plan and signaled he’s not focused on the stock, which is hovering near a record low.