ZURICH – Tens of billions were withdrawn from Credit Suisse in the first three months of 2023, the bank’s earnings report showed Monday, providing clues to the towering challenges ahead as UBS prepares an emergency takeover.
Switzerland’s long-time
second largest bank saw 61.2 billion Swiss francs ($68.6 billion) withdrawn in the first quarter alone, it said Monday in what is likely its final quarterly report before it is swallowed by its larger domestic rival, UBS.
The bank also reported deceptively bloated net profits for the quarter, after its high-risk debts were wiped out in the mega-merger deal, but warned of “substantial” losses to come.
