Credit S. Lehman Says Asset Outflows Nearly Stopped, Shares Rebound – Bloomberg

Axel Lehmann, chairman of Swiss bank Credit Suisse Group AG, said large outflows of client assets had all but stopped. Concerns about the outflow sent the bank’s stock price to an all-time low.

Lehmann also said the bank’s liquidity is improving. Stock prices, which had fallen for the longest 13 business days in history until the day before, suddenly rebounded, temporarily rising 10.2% on the Zurich market on the 2nd.

Stability speculation arose around Credit Suisse, with outflows of about CHF 84 billion (about 12 trillion yen) since the beginning of the fourth quarter (October-December). , the bank said last month. But Lehmann said in an interview with Bloomberg Television on Wednesday that the leak had “basically stopped.” Most of it happened in October and some client assets have moved back to Switzerland since then, he explained.

Credit Suisse Chairman Axel Lehmann

Source: Bloomberg

“I’ve spoken with customers and I understand that going forward there will be an influx,” he said. “It’s already partially happening. So we plan to continue to reach out to customers. It may take some time.” It may be, but client assets are back and we’re back to normal.”

of Credit Suisseasset outflowhas shocked investors, with its main business, wealth management, accounting for about 10% of its total assets under management. The bank has been urging investors to participate in the capital increase, but the long-term decline has brought the stock price closer to the offer price for underwriting the capital increase.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.