Credit Suisse continues losses with 92.7 billion franc outflow in Q4.
Entrance of historic bank building of Swiss bank Credit Suisse. Photo taken April 19th, 2021, Zurich, Switzerland. — Photo by Nasevorn
As Switzerland’s second biggest bank, Credit Suisse had some big problems to resolve with news of massive withdrawals. During an interview with Bloomberg TV at the World Economic Forum, Chairman Axel Lehmann said ” It was a horrifying year for Credit Suisse”. This is coming at a time when Credit Suisse announced that it was furthering along in its $175 million USD acquisition of The Klein Group LLC, and placing Michael Klein as the CEO of Banking and of the Americas. Michael will also be the CEO of CS First Boston. While Credit Suisse stock is above its all time December lows of under $3 USD/share, the stock has to rise for it to reach pre 2019 levels.
Credit Suisse official press release: click here