ZURICH—Credit Suisse said on Monday that 61 billion Swiss francs ($68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group in rescuing its rival.
Customer deposits declined by 67 billion francs in the quarter and the bank noted many matured time deposits had not been renewed.
“These outflows have moderated but have not yet reversed as of April 24, 2023,” Credit Suisse said, adding that most of the money leaving the bank was from its wealth management division and occurred across all regions. The net asset outflow followed 110.5 billion francs pulled by clients from the bank in the fourth quarter….