Credit Suisse chairman says outflows have basically stopped
3:50 am Friday, December 02nd, 2022
ZURICH (Reuters) – Credit Suisse Chairman Axel Lehmann said in a TV interview with Bloomberg on Friday the embattled bank’s outflows have basically stopped and that it is seeing partial inflows.
Credit Suisse has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking.
Credit Suisse, whose shares have plunged this year to record lows, is in the midst of raising 4 billion Swiss francs ($4.23 billion) to bolster its finances.
(Reporting by Noele Illien; Editing by Michael Shields)
