On Monday, Credit Suisse announced its 2023 in its first-quarter earnings report, indicating that it suffered a loss of nearly $69 billion. Photo by Michael Buholzer/EPA-EFE
April 24 (UPI) — The bank that forced the sale of Credit Suisse to domestic rival UBS last month saw nearly $69 billion flee its vaults in the first three months of the year.
The struggling Swiss lender announced the outflow on Monday in its first-quarter earnings report of $14.3 billion. $16.8 billion in pre-tax profit. USD of additional Tier 1 capital bonds, as ordered by the Swiss financial market watchdog known as FINMA, to facilitate its merger with UBS. .
Its pre-tax loss for the quarter was $1.3 billion.
The company has been through months of bank activity that forced the government and central bank to make a controversial sale decision on March 19. Credit Suisse with rival UBS for 3.2 billion
During the first three months of the year, the volume of money transfers amounted to 68.7 billion. fixed deposits”.
Customer deposits also fell by $75 billion during that time.
“These outflows, which were sharpest in the days before and after the merger announcement, have stabilized to much lower levels, but in 2023 April 24 has not yet withdrawn,” the statement said.
