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Swiss customers recently withdrew 28 percent of their deposits from Credit Suisse. This means there are more than a quarter fewer Swiss client funds in Credit Suisse accounts than a year ago, as “Tagesanzeiger” wrote. Credit Suisse published its annual report five days late on Tuesday.
Other banks, such as Raiffeisen or Zürcher Kantonalbank, could have benefited from the deduction of client funds. According to Raiffeisen CEO Heinz Huber, Credit Suisse customers came to his institution primarily in October and November last year.
No lawsuits against Lehmann
As announced in February, Credit Suisse lost a total of CHF 123 billion in client funds last year. Switzerland therefore accounts for more than a third. While CS President Axel Lehmann (64) probably doesn’t want to admit it: he stated in the “Financial Times” at the beginning of December that, among other things, the flow of money had “completely stagnated” or “substantially stopped”.
It turned out in February: This statement was wrong. In the last quarter of 2022 alone, Credit Suisse lost CHF 110 billion in customer deposits.
The Financial Markets Authority (Finma) then took a close look at Lehmann. However, in the meantime, it is known that Finma has not filed any auditing lawsuits due to the statements. He doesn’t see “no reason” in this.
CEO earns less than President
With the annual report, the salary of CS President Lehmann was also announced. With 3.2 million francs, he earned more than CS CEO Ulrich Körner (60).
Körner has been CEO of the big bank since the beginning of August and received compensation of 2.5 million francs for the past year. He oversaw the bank’s asset management prior to his appointment as bank president.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
