Bloomberg – Myriam Balezou – November 23, 2022 at 7:26 AM (1 hour ago)
Credit Suisse Group AG clients pulled as much as 84 billion Swiss francs ($88.3 billion) of their money from the bank during the first few weeks of the quarter, underlining ongoing concerns over the bank’s restructuring efforts after years of scandals.
The Zurich-based bank warned on Wednesday that it will face a loss of up to 1.5 billion Swiss francs ($1.6 billion) for the three final months of the year, partly as a result of the decline in wealth and asset management client funds from the start of October to Nov. 11. That’s potentially the worst exodus since the financial crisis.
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