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Credit Suisse warns of $1.6bn hit in fourth quarter as concerned clients pull investments

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fnlondon.com

Credit Suisse warned it would lose around $1.6bn in the fourth quarter after customers pulled their investments and deposits over concerns about the bank’s financial health.Switzerland’s No.

2 bank by assets said outflows were around 6% of its total $1.47tn assets, or around $88.3bn, between 30 September and 11 November.

Customers in its wealth-management arm — its main business serving the world’s rich — removed $66.7bn from the bank. Credit Suisse in late October said a social-media frenzy around its health was causing...

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