Credit Suisse's Painful Final Days: $75 Billion in Depositor Outflows.
TL;DR Summary
Credit Suisse reported that clients withdrew nearly $69 billion in the first quarter, leading to a fire sale to UBS in March. The troubled Swiss bank lost $1.46 billion in the first three months of the year and suffered significant net asset outflows, particularly in the second half of March. While client withdrawals have slowed down, they have not yet reversed, suggesting that UBS has its work cut out as it prepares to absorb its stricken competitor.
- Final Days at Credit Suisse Were Marked by a $69 Billion Race for the Exits The New York Times
- Credit Suisse Saw $69 Billion of Outflows in 1Q Bloomberg Television
- £55bn withdrawn from Credit Suisse before rescue BBC
- Depositors pulled $75 billion from Credit Suisse as it veered toward collapse CNN
- Credit Suisse Details Painful Final Days Before Rescue The Wall Street Journal
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