CS - Outflows at Credit Suisse reached $69B in Q1 and are still going

2023-04-24 04:14:35 ET

Credit Suisse ( NYSE: CS ) has revealed more details about what happened to the troubled bank before regulators worked out a deal for the institution to be swallowed by Swiss rival UBS ( NYSE: UBS ).

Fears of a global banking crisis saw the lender suffer $68.6B of asset outflows in the first quarter, according to its Q1 earnings report, and while the outflows have since stabilized to much lower levels, they "had not yet reversed as of April 24, 2023."

In a weird string of banking math, Credit Suisse ( CS ) posted a one-off $14B profit for the quarter due to the $17B writeoff of AT1 bonds in its controversial emergency rescue. Without it, the bank would have lost more than $2B.

Rumor also has it that Santander ( NYSE: SAN ) is in talks to poach several of Credit Suisse's ( CS ) most senior investment bankers, while Seeking Alpha's Anna Sokolidou cautions that the UBS merger is not without consequences .

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