Credit Suisse stated on Monday that it saw 61 billion Swiss francs ($68 billion) of outflow in assets in the first quarter of this year, putting pressure on UBS Group AG that recently acquired the bank in a shotgun wedding.
The bank also said that customer deposits declined by 67 billion francs. Meanwhile, a significant number of customers that reached maturing time deposits decided not to renew with the bank.
Most of the outflows in 1Q23 were from its wealth management division and occurred across all regions. The outflows are continuing, but have been moderated.
Despite the statement, share prices of Credit Suisse and UBS remain in positive territory in an early trading session on Monday.
Some analysts noted that the outflows were not as bad as the market feared. However, others said that outflows of this magnitude were alarming.
This report is seen as the last official report from Credit Suisse as the takeover by UBS is expected to complete soon.
UBS stated earlier that Credit Suisse will continue to operate under the same name in Switzerland in the foreseeable future.
