Credit Suisse lost $68-billion in assets last quarter, outflows continue

The results reported on Monday underscore the challenge faced by UBS Group in rescuing Credit Suisse

Customer deposits declined by 67 billion francs in the quarter and the bank noted many matured time deposits had not been renewed.

The 167-year-old bank reported results for what is likely to be the last time, as its state-engineered marriage with UBS is expected to be completed soon. Much of Switzerland’s reputation as a trusted global financial centre – particularly for the ultra wealthy – will rest on whether the two globally important systemic banks can be successfully integrated.

Clients rapidly started pulling money from scandal-plagued Credit Suisse after it was ensnared in market turmoil unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank. The bank, however, reported a pre-tax profit of 12.8 billion francs, largely due to the controversial writedown to zero of AT1 bonds and a gain from the sale of a big portion of its Securitized Products Group to Apollo Global Management. When adjusted for these factors, it had a loss of 1.3 billion francs for the quarter.

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