Credit Suisse Group
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The stock fell nearly 6% Tuesday morning after a Reuters report The Swiss financial regulator Finn is looking at comments made by bank president Axel Lehmann in December about outflows at the ailing banking giant.
Finma is assessing whether executives like Lehmann knew customers were continuing to withdraw money when he said in media interviews that outflows had leveled off, according to the report, citing two people familiar with the matter.
ADRs at Credit Suisse
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It was also down about 5% during Tuesday’s trading before buying.
Lyman told financial times In early December after an increase in October, outflows were “completely flat” and “partially reversed”. He said the next day Bloomberg News that customer withdrawals have “essentially stopped”.
Credit Suisse’s latest reports show wealth Customers withdraw more than 100 billion dollars of the bank in the fourth quarter, with two-thirds of net outflows in October, when it was dealing with intense media scrutiny about its viability. But the bank said outflows continued in November and December.
Finma and Lehmann did not immediately respond to a Reuters request for comment. Credit Suisse told MarketWatch that it “does not comment on speculation.”