Clients of the Swiss banking group Credit Suisse Group withdrew up to 84 billion Swiss francs ($88.3 billion) from early October to November 11, a clear sign that their confidence has been shaken. The move clearly shows their ongoing concern over Credit Suisse’s attempts to restructure its business after a wave of scandals. The Zurich investment bank yesterday warned investors and markets that it expects losses of up to 1.5 billion Swiss francs ($1.6 billion) in the last three months of the year, partly as a result of a reduction in assets and funds under its management. The withdrawal was particularly strong in the core asset management division, accounting for 10% of assets under management, well below the elevated level of the first two weeks.

The bleak outlook also reflects the urgent need for the Swiss group’s president, Axel Lehmann, to get it back on track after a sweeping reorganization. Such a campaign would change the investment bank to focus more on private banking. Shareholders on Wednesday approved a capital increase of around 4 billion Swiss francs, which is needed to financially support the aforementioned changes. In light of this, Credit Suisse’s workforce will also drop sharply by nearly 9,000 by 2025. “Credit Suisse is currently on an important journey,” Axel Lehmann said in a speech posted on the Swiss group’s website. “We will work to rebuild this proud 166-year-old Swiss institution with a global reach and a refocus on our goals.” Share price of Credit Suisse fell 4.6% yesterday in morning trading in Zurich, setting the stage for a close at new record lows.

His constant losses and involvement in banking scandals force wealthy savers to withdraw their funds.

The Swiss bank said it expects losses in both its asset management and investment banking divisions due to “sluggish performance, market conditions, continued outflows of client assets and the sale of secondary businesses.”

In recent months, the exit of clients has contrasted with the inflow of funds to competing asset managers. UBS Group, for example, added more than $17 billion to its asset management division in the third quarter. Julius Baer Group on Monday reported a “clear improvement” in new cash flows since the end of June, with its wealthy clients adding CHF4.1 billion in the July-October quarter. “The huge net outflow of funds in asset management, the main activity of Credit Suisse, is deeply worrying, and above all that they have not yet been reversed,” said Andreas Venditti, banking analyst at Bank Vontobel in Zurich. “Credit Suisse needs to restore confidence as quickly as possible, though that’s easier said than done.”