Credit Suisse reported 61.2bn Swiss francs (€62bn) of outflows in the first quarter of the year and took a large writedown at its wealth management unit, underscoring the challenge for UBS in retaining key clients and assets after the emergency takeover of its biggest rival.
First-quarter results on Monday showed that its key units continued to lose money and shed clients, and the firm borrowed far more from a central bank liquidity backstop than previously known.
The outflows and expected losses this year at key businesses such as wealth and investment banking highlight the risks for UBS of its planned integration over the next four years.