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The CS debacle lost much more confidence in Switzerland than the global financial crisis of 2008, when the federal government had to bail out big bank UBS. At least, the Aargauische Kantonalbank (AKB) explains: “We’ve noticed a significant increase in cash inflows over the last few days,” says Blick spokesperson Christine Honegger. “Causa CS today far exceeds 2008 size.”
AKB recorded more cash inflows than the crisis 15 years ago. At Aargauische Kantonalbank this is explained by the enormous loss of confidence that Credit Suisse’s threat of bankruptcy will bring. The days of uncertainty in CS and the federal bailout are still in effect.
rumors on twitter
Many realized that UBS was on the verge of collapse only when the government announced bailout in 2008. And: Social media didn’t play a role back then. It was already evident last fall that Instagram, Twitter and Co. could shake up even a major international bank. Just CS, currently bailed out by its takeover by UBS, was already struggling with massive cash outflows at the end of October 2022 after rumors of bank problems circulated on Twitter.
Finma Director Marlene Amstad (55) and CS President Axel Lehmann (65) openly addressed the fall social media shitstorm on Sunday, which, according to Lehmann, had “enormous implications.”
several 100 million
Postfinance can be studied a little more in the books than AKB: “In the last few days, several 100 million francs of client funds have flowed to us from the CS side,” says a spokesperson for Blick.
Experience has shown that Postfinance receives funding when negative news comes from the banking world. From 2007 to 2009, the number of customers increased by approximately 226 thousand and increased by 11 percent. In this period, customer deposits increased by 9.3 billion francs with a change of 44 percent.
“Mid” in Raiffeisen
Most of the other banks Blick asked are more reserved. According to a statement from Zuger Kantonalbank, it can still be revealed that new account opening requests have “increased significantly” over the past few weeks. And in 2008 nearly 4,000 customers switched to Zug. According to the annual report, this has increased customer deposits by about 13 percent, or CHF 780 million.
Similar to Zuger, Basler Kantonalbank is currently logging significantly more queries.
Entries in the Raiffeisen Group are only “moderate”. However, it was noted that some existing customers, who also have a customer relationship with CS, transferred money to Raiffeisen.
In 2008 the situation was different. At that time, Raiffeisen recorded a client fund inflow of approximately 10 billion francs. This exceeded the then usual annual increase of 3 to 3.5 billion Swiss francs.
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.
