BBC (April 24)
2023/ 04/ 24 by jd in Global News
In the bank’s final quarterly results, Credit Swiss disclosed that nearly $69 billion was withdrawn by depositors during the first three months of 2023. Coming on the heels of a gaping loss in 2022 and forecast loss for 2023, the deposit withdrawal was part of the impetus behind “its forced sale to rival Swiss bank UBS.” The sale has “has angered taxpayers and shareholders of both banks, who were deprived of a vote on the takeover. Some have also argued it has damaged Switzerland’s global reputation as a financial centre.”
Tags: 2023, Banks, Credit Swiss, Damaged, Deposit, Depositors, Forecast, Loss, Quarterly results, Reputation, Shareholders, Switzerland, Takeover, Taxpayers, UBS, Withdrawn
