Credit Suisse Q1 Net Outflows Total $68.6 Billion Following Emergency Rescue by UBS

Credit Suisse ($CS@Switzerland) has reported net outflows in its first-quarter earnings report following its emergency rescue by UBS. In March, the fall of U.S. lender Silicon Valley Bank triggered a collapse in Credit Suisse's deposits and share price amid fears of a global banking crisis. The global investment bank reported net asset outflows of CHF 61.2 billion ($68.6 billion) during the first quarter of 2023, which led to a one-off profit of CHF 12.43 billion due to the write-off of CHF 15 billion of AT1 bonds by the Swiss regulator as part of the deal. UBS is set to acquire Credit Suisse, but the process will take approximately three to four years.