Banking
Credit Suisse says €61bn withdrawn in lead-up to UBS rescue
The bank upped its profit warning for the business, saying it expects a “substantial” loss there and also for the group as whole this year
Credit Suisse Group AG reported 61.2 billion francs (€61.9 billion) of outflows in the first quarter and took a large writedown at its wealth management unit, underscoring the challenge for UBS Group AG in retaining key clients and assets after the emergency takeover.
The Swiss lender reported 47.1 billion francs of net outflows in wealth management, traditionally the most prized business, and said that a 1.3 billion franc impairment charge was mostly related to that ...
