: Wealthy clients pulled more than $100 billion from Credit Suisse in the fourth quarter

by | Feb 9, 2023 | Stock Market

Beleaguered Swiss banking giant Credit Suisse on Thursday revealed that wealthy clients pulled 92.7 billion francs ($101 billion) out of the bank in the fourth quarter. Credit Suisse said two-thirds of the net asset outflows were in October, at a time of intense social-media speculation around its ability to survive. Credit Suisse has since announced a sweeping restructuring plan.

Other Swiss banks saw big inflows — UBS
for instance, reported $10.8 billion in net new money during the fourth quarter, and Julius Baer
recorded inflows of 9 billion francs ($9.8 billion). Credit Suisse posted the inflow data alongside its fourth-quarter results, in which it recorded a loss for the fifth straight quarter. Credit Suisse posted a loss of 1.39 billion francs on revenue of 3.06 billion francs, slightly worse than the company-com …

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