UBS Takeover of Credit Suisse Finalized amid $69 Billion in First Quarter Outflows

Credit Suisse suffered net asset outflows of 61.2 billion Swiss francs ($68.6 billion) during the first quarter of 2023.
Credit Suisse posted a one-off 12.43 billion Swiss franc profit for the first quarter of 2023 due to the controversial write-off of 15 billion Swiss francs of AT1 bonds by the Swiss regulator as part of the deal.
The acquisition of Credit Suisse by UBS is expected to be consummated by the end of this year, but the full absorption of Credit Suisse's business into UBS Group is expected to take around three to four years.
Credit Suisse lost 61.2 billion Swiss francs in assets in Q1 2023 due to a run on deposits.
UBS profits hit by legacy legal costs as it nears Credit Suisse merger.