Last Update: April 19, 2023, 02:21 AM IST
Credit Suisse was already suffering from withdrawals of an unprecedented 110.5 billion Swiss francs during the last quarter of 2022. (file photo)
Credit Suisse will now present its first quarter results on Monday, not April 27 as initially planned
Credit Suisse announced Tuesday that it is releasing its quarterly results, coming a day before UBS, which is taking over the troubled Swiss bank.
Credit Suisse will now present its first quarter results on Monday, and not April 27 as initially planned.
The consequences will be closely studied for the mass withdrawals, which followed a panic last month at Credit Suisse that led to Switzerland’s second-largest bank being hastily taken over by its larger domestic rival.
Credit Suisse was already suffering from an unprecedented 110.5 billion Swiss francs of withdrawals during the final quarter of 2022 amid market jitters over the bank’s plans for a major restructuring effort.
Like UBS, Credit Suisse was among 30 international banks deemed too large to fail because of their importance in the global banking structure.
But the collapse of three US regional lenders in March left Credit Suisse as the weakest link in the chain, and its share price plunged more than 30 percent on March 15.
The Swiss government, central bank and financial regulators then intervened and consolidated UBS in the acquisition announced on 19 March before markets reopened the next day.
Swiss President Alain Berset told parliament last week that without intervention, the 167-year-old bank would likely default on March 20 or 21.
UBS is due to publish its quarterly results on 25 April. They will be presented by returning chief executive Sergio Ermotti.
He ran the bank from 2011 to 2020 and was called back into control to oversee the complex Credit Suisse merger.
UBS posted a net profit of $7.6 billion in 2022, while Credit Suisse posted a net loss of 7.3 billion Swiss francs.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
