Credit Suisse Sees $68 Billion Outflow in Q1 2023
On Monday, Credit Suisse reported that 61 billion Swiss francs ($68 billion) worth of assets left the bank in Q1 2023, with outflows continuing.
The bank stated that customer deposits had declined by 61 billion francs in the quarter, with matured time deposits not being renewed.
Credit Suisse added that these outflows had moderated but not yet reversed as of April 24, 2023.
Most of the money left the bank came from its wealth management division across all regions. The bank reported results for the last time as it is expected to merge with UBS Group.
Credit Suisse’s revenue generation capacity has been negatively impacted, and unless a comprehensive overhaul plan is announced, it could continue to hamper UBS’s operating performance.
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In the last quarter, the bank declared a pre-tax profit of 12.8 billion francs, mainly due to the contentious write-down of AT1 bonds and the sale of a portion of its Securitized Products Group.
Still, after adjusting for these factors, it recorded a loss of 1.3 billion francs.
The group is projected to incur a loss for the year as both the wealth management and investment banking divisions are anticipated to operate at a loss during the second quarter.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
