Credit Suisse saw $69 billion in outflows at start of 2023

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Credit Suisse says it saw nearly $69 billion in outflows in the first three months of the year and that clients are still withdrawing assets. The Swiss bank on Monday cited “significant net asset outflows” as it posted its results skewed by a government-backed takeover by rival UBS announced last month. The deal is expected to close in the coming months and is designed in part to help stabilize the global financial system after the collapse of two U.S. banks. Credit Suisse has posted pretax profit in the first quarter, stemming almost entirely from wiping out billions in higher-risk bonds. Otherwise, it had a pretax loss.