Credit Suisse Bank customers close accounts
2022.11.27 13:05
Credit Suisse Bank customers close accounts
Budrigannews.com – “Some customers have withdrawn some of their money, but very few have actually closed their accounts,” the head of Credit Suisse’s Swiss unit stated.
The second-largest bank in Switzerland announced last week that it anticipates a pre-tax loss of up to 1.5 billion Swiss francs ($1.6 billion) in the fourth quarter and that wealthy customers had made substantial withdrawals, resulting in a significant drop in liquidity and exceeding some regulatory limits.
As a result of the announcement, Credit Suisse’s share price plummeted and the cost of default insurance increased.
In a Sunday interview with the Swiss newspaper SonntagsZeitung, Andre Helfenstein stated, “In our Swiss Bank division, client assets have stabilized, and we have lost a total of 1% of our asset base.”
Credit Suisse has been offered a variety of options to assist it in regaining its footing. Helfenstein stated that the bank could not “absolutely not an option” separate its Swiss business from its international business.
Additionally, he stated that the asset management division and the private client business were “not up for debate either.”
Credit Suisse also stated that it would eliminate thousands of jobs by 2025, including 2,700 by the end of this year, as part of the restructuring plan it announced last month.
According to Helfenstein, the challenging year has affected employee morale.”I wouldn’t say demotivation; rather, a certain amount of exhaustion and occasionally frustration,” he stated.
