Credit Suisse sees huge outflows in frantic quarter

Bleak outlook: UBS chairman Colm Kelleher speaks during the general meeting of shareholders of UBS bank in Basel, following the takeover of Credit Suisse. The scale of the outflows and losses highlight the risks UBS faces in an integration that the bank says may take up to four years. — AFP

ZURICH: Credit Suisse Group AG reported 61.2 billion Swiss francs (US$69bil or RM306bil) of outflows in the first quarter, underscoring the challenge for UBS Group AG in retaining key clients and assets after the emergency takeover of its biggest rival.

The Swiss lender reported 47.1 billion francs (RM234bil) of net outflows at the key wealth management unit and said that a 1.3 billion francs (RM6.46bil) impairment charge was mostly related to that business.