Prior to the merger between Credit Suisse and UBS, $68 billion was pulled out of Credit Suisse. Clients are continuing to pull their funds out even after the merger.
Clients have pulled out $68 billion in assets from Credit Suisse in the first quarter and outflows were continuing, underscoring the challenge faced by UBS Group in rescuing its rival https://t.co/vBbfZRu7kW pic.twitter.com/YgwV6saXi6
— Reuters (@Reuters) April 24, 2023
Credit Suisse says it has lost $68B in assets last quarter ahead of UBS takeover, outflows continue pic.twitter.com/CnMdElIT0a
— TRT World Now (@TRTWorldNow) April 24, 2023
It is unknown if the UBS merger can help fix this mess considering the outflows they are experiencing.
This just shows that there are still all sorts of problems within Western banking systems that have not been solved.
Meanwhile, we do not see Russia or China having anywhere near the types of problems that the West is having.
