Customers of Swiss bank Credit Suisse continue to withdraw money from their accounts amid concerns about the beleaguered bank’s future. According to the bank group, the so-called outflow continued this month, despite the fact that a major campaign has been launched to win back customers’ savings.
“Customer outflows, at unprecedented levels in early October, have not reversed this month, but have stabilized at much lower levels,” said Credit Suisse’s annual report. In November, customers withdrew the equivalent of 87 billion euros from their accounts at the bank’s asset management branch. That happened after a deluge of messages on social media about the financial health of the bank.
The Swiss bank suffered its biggest annual loss since the 2008 financial crisis last year, it was announced last month. Switzerland’s second-largest bank is struggling with high reorganization costs and a large outflow of capital, among other things. Credit Suisse also had to deal with a series of costly scandals. The net loss amounted to 7.3 billion Swiss francs, equivalent to 7.4 billion euros.
The group lost billions due to scandals that have also seriously damaged its reputation. For example, Credit Suisse did business with investment fund Archegos and the financing company Greensill, which collapsed due to risky behaviour. Credit Suisse hopes to return to profitability in 2024.