Switzerland's financial regulator is reportedly reviewing comments made by Credit Suisse's chairman about outflows at the troubled lender in late 2022.
Swiss financial regulator Finma is reviewing recent statements made by Credit Suisse chairman Axel Lehmann, according to a «Reuters» report citing unnamed sources, specifically about outflows at the bank and whether such comments were potentially misleading.
On 2022 December 1, Lehmann said in a «Financial Times» interview that client asset flows had «completely flattened out« and «partially reversed» after strong outflows in October. On December 2, he said outflows had «basically stopped» in a «Bloomberg» interview.
Outflow Distribution
Separately, chief executive Ulrich Koerner had also commented on outflow trends in response to analyst questions when the bank released its results earlier this month. According to a call transcript, Koerner said that 85 percent of the outflows in the fourth quarter occurred in October and November.
In its annual report, Credit Suisse said clients withdrew 110.5 billion Swiss francs ($119.7 billion) in the last three months of 2022.
In response to the matter, a spokesperson for Credit Suisse said the bank does not comment on speculation.
