Clients from Swiss global investment bank Credit Suisse pulled out a record amount of funds in the fourth quarter as the company posted a worse-than-expected net loss for the period amid declining confidence in the bank.
The bank reported net outflows of 110.5 billion Swiss francs ($120.36 billion) in the fourth quarter, up from 12.9 billion ($14.05 billion) net outflows in the third quarter, according to a Feb. 9th media release (pdf) detailing the company’s fourth-quarter financial results. Net outflows rose by more than 750 percent in the fourth quarter compared to the third quarter. This brought total net outflows in 2022 to 123.2 billion francs ($134.19 billion), a major change when compared to the 30.9 billion francs ($33.66 billion) net inflow reported in 2021….