Ailing bank Credit Suisse on Monday reported over 61 billion Swiss francs (nearly $69 billion) in outflows in the first three months of the year, when Switzerland’s government arranged for its takeover by rival UBS, and said clients are still withdrawing assets.
The Zurich-based bank cited the “significant net asset outflows” as it posted results skewed by an emergency rescue that was orchestrated by Switzerland’s financial markets regulator and included the wipeout of some 15 billion Swiss francs in higher-risk bonds. Some of those investors are now suing over the losses.
