OUR Credit Suisse revealed that he lost 61 billion Swiss francs ($68 billion / £55 billion) in the first quarter of 2023, shedding “light” on the scale of financial data that led to the collapse of the banking institution and then demanded a bailout of the state. .
“As of April 24, 2023, these outflows were capped but not yet reversed,” Credit Suisse said on Monday.
The bank has released – perhaps for the last time – its financial results, as it is expected that the “marriage” with rival Swiss bank UBS will be completed in the near future.
According to the Guardian, Assets managed by Credit Suisse fell to 502.5 billion francs at the end of March, compared to 707 billion francs in the same period last year..
Bank customers rushed to withdraw their money from Credit Suisse after there were signs of a crash following the events in USA which involved Silicon Valley Bank and Signature Bank.
These developments prompted the Swiss authorities to formulate a rescue package that included guarantees worth more than 200 billion francs in order to later start the process of taking over UBS.
Source: Guardian
Source: Kathimerini
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.