“Magnitude Of Losses And Outflows Is Alarming:” Credit Suisse Hemorrhages $69 Billion In Assets

• “Magnitude Of Losses And Outflows Is Alarming:” Credit Suisse Hemorrhages $69 Billion In Assets
  by Tyler Durden, https://www.zerohedge.com/
  Credit Suisse reported Monday that clients had withdrawn 61.2 billion francs ($69 billion) in the first quarter and that outflows were continuing, highlighting the challenge faced by UBS in rescuing its rival in March.
  –
  In the last financial statement as an independent company, Credit Suisse reported a loss of 1.3 billion Swiss francs ($1.46 billion) for the first three months of the year. It said “significant net asset outflows” were seen in March.
  –
  Most asset outflows originated from its wealth management unit and occurred in all regions. The troubled bank said, “These outflows have moderated but have not yet reversed as of April 24, 2023.” 
  –
  read more.

end