Finance
Credit Suisse Saw $69 Billion of Outflows Before UBS Takeover
- Swiss bank said it’s also taking 1.3 billion-franc impairment
- Credit Suisse had 47 billion francs of outflows in wealth
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Credit Suisse Group AG reported 61.2 billion francs ($69 billion) of outflows in the first quarter and took a large writedown at its wealth management unit, underscoring the challenge for UBS Group AG in retaining key clients and assets after the emergency takeover of its biggest rival.
The Swiss bank lost more than 200 billion francs of customer deposits over a six-month period, culminating in several frantic days in March before the government-orchestrated sale. First-quarter results on Monday showed that its key units continued to lose money and shed clients, and the firm borrowed far more from a central bank liquidity backstop than previously known.