Credit Suisse Shares Jump 5% in Morning Trading on Halted Outflows

Tiger Newspress2022-12-02

Credit Suisse Group AG shares surged as much as 5% on Friday after Chairman Axel Lehmann said the bank’s liquidity was improving and the huge outflows of client assets that had spooked markets were coming to an end.

Withdrawals at the Swiss lender, which surged to about 84 billion francs ($90 billion) earlier this quarter after rumors about the bank’s stability, have “basically stopped,” Lehmann said. The bulk of the bleeding occurred in October, and the bank has since seen some assets come back in Switzerland.

“When I speak to clients, I already know that there are going to be inflows,” Lehmann said. “We already see it partially happening. So we have plans to continue to reach out to clients. It might take a bit of time but it will come back and we will go back to normal.”

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