Credit Suisse's First Quarter Outflows Total $68 Billion Amid Collapse.
TL;DR
Credit Suisse suffered net asset outflows of $68.6 billion during the first quarter of 2023, leading to its emergency rescue by UBS. The Swiss lender posted a one-off profit of $12.43 billion due to the write-off of $15 billion of AT1 bonds by the Swiss regulator as part of the deal. The adjusted pre-tax loss for the quarter came in at $1.3 billion. Credit Suisse experienced significant net asset outflows, particularly in the second half of March 2023, which have "moderated but have not yet reversed as of April 24, 2023."
- Credit Suisse logged asset outflows of more than $68 billion during first-quarter collapse CNBC
- Credit Suisse suffered outflows of 61.2 billion Swiss francs in first quarter MarketWatch
- Credit Suisse Saw $69 Billion of Outflows in Frantic Quarter Bloomberg
- Credit Suisse Details Painful Final Days Before Rescue The Wall Street Journal
- Credit Suisse saw $68 billion in first-quarter outflows as it crumbled Reuters.com
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