Although the outflows have been “reduced substantially from the elevated levels of the first two weeks of October 2022,” they have yet to reverse, Credit Suisse said Wednesday.
The pace of withdrawals pushed the bank’s liquidity below some local-level requirements, the bank said.
The cost to insure the bank’s debt against default rose Wednesday. Volatility in that cost in early October prompted several wealthy families based in the Middle East to pull assets from Credit Suisse, according to Bloomberg.
