Credit Suisse faced a staggering $69 billion of outflows in the first quarter, an amount that eclipses UBS’s market cap

Credit Suisse faced a staggering $69 billion of outflows in the first quarter, an amount that eclipses UBS’s market cap

Credit Suisse saw $69 billion in client outflows during the first quarter of 2023 as the bank battled credibility problems.

That's an amount that dwarfs the market cap of UBS, the Swiss lender that took over Credit Suisse last month.

UBS bought Credit Suisse for $3.25 billion in an emergency rescue deal brokered by the Swiss government in March.

Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app

Credit Suisse's clients pulled $69 billion from the troubled bank in the first quarter - an amount that dwarfs the market value of UBS, which acquired its struggling rival last month in a government-brokered deal.

The outflows were reported by the 167-year-old institution Monday in what could be its final earnings report. The market capitalization of UBS is currently $63 billion, according to CompaniesMarketCap.

UBS bought Credit Suisse for $3.25 billion in an emergency rescue deal brokered by the Swiss government as the latter faced a crisis of confidence after its biggest investor, the Saudi National Bank, said it wouldn't be extending additional funding support.

The Swiss bank said it experienced significant net asset outflows during the second half of March. And while the