£55bn withdrawn from Credit Suisse before collapse

Collapsed banking elephantine Credit Suisse says 61.2 cardinal Swiss francs (£55.2bn; $68.6bn) near the slope successful the archetypal 3 months of the year.

The announcement gives an penetration into the standard of the slope tally that caused the 167-year-old lender to neglect and triggered its state-backed rescue.

It came arsenic the slope reported what are expected to beryllium its past ever fiscal results.

Its forced merchantability to rival Swiss slope UBS is expected to beryllium completed soon.

Credit Suisse's flagship wealthiness absorption part saw assets it managed driblet to 502.5 cardinal francs astatine the extremity of March, astir 29% little than the aforesaid play past year, Credit Suisse said successful a statement.

"These outflows person moderated but person not yet reversed arsenic of April 24, 2023," it added.

Credit Suisse clients started pulling wealth retired of the slope aft it was caught up successful the marketplace turmoil that followed the collapses of Silicon Valley Bank and Signature Bank successful the US successful March.

In Switzerland, authorities enactment unneurotic a rescue bundle for Credit Suisse. It included much than 200 cardinal francs of fiscal guarantees and saw UBS hold to instrumentality implicit Credit Suisse.