Credit Suisse Group AG Chief Executive Officer Ulrich Koerner said the bank had seen inflows of client funds on Monday, after markets and US banks were pummeled by the collapse of Silicon Valley Bank.
(Bloomberg) — Credit Suisse Group AG Chief Executive Officer Ulrich Koerner said the bank had seen inflows of client funds on Monday, after markets and US banks were pummeled by the collapse of Silicon Valley Bank.
“We got inflows yesterday, which is a positive sign I would say,” Koerner said in an interview with Francine Lacqua on Bloomberg Television. “We even saw material good inflows yesterday.”
Credit Suisse has struggled to turn around client confidence since the fourth quarter of last year when investors pulled out an unprecedented 110.5 billion Swiss francs amid widespread concerns over the bank’s turnaround plans. The bank’s stock fell about 10% yesterday amid a broad sell-off in financial-company shares following the collapse of US regional lender Silicon Valley Bank.
–With assistance from Claudia Maedler.
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