£55bn withdrawn from Credit Suisse before collapse

[butterscotch]

Another huge bank crash similar to the Silicon Valley Bank crash.

Credit Suisse’s flagship wealth management division saw the amount of assets it managed drop to 502.5bn francs at the end of March, almost 29% lower than the same period last year, Credit Suisse said in a statement.

“These outflows have moderated but have not yet reversed as of April 24, 2023,” it added.

Credit Suisse clients started pulling money out of the bank after it was caught up in the market turmoil that followed the collapses of Silicon Valley Bank and Signature Bank in the US in March.

£55bn withdrawn from Credit Suisse before rescue