Credit Suisse logged asset outflows of more than $68 billion during first-quarter collapse

Credit Suisse reported staggering asset outflows of more than $68 billion during the first quarter of 2020. This figure is a record for the Swiss bank as investors pulled out their money amid the market collapse.

The outflows accounted for nearly a quarter of the bank’s total assets and were driven by large withdrawals from wealth management clients. This was compounded by the bank’s decision to reduce its exposure to the markets.

The bank’s CEO, Thomas Gottstein, stated that the bank had taken steps to reduce its risk profile and that it was well-positioned to weather the storm. He also noted that the bank had seen a rebound in the second quarter.

What Credit Suisse Is Doing to Combat the Outflows

In order to combat the outflows, Credit Suisse has implemented a number of measures including increasing its capital buffers, reducing its dividend and cutting costs.

The bank has also been focusing on improving its customer service and providing more digital solutions to its clients. This has enabled the bank to improve its customer satisfaction levels and retain more assets.

In addition, the bank has been investing in technology to improve its risk management and compliance systems. This has enabled the bank to better manage its risks and improve its financial performance.