Credit Suisse’s bonds also weakened to record lows on Tuesday, after comments in its delayed annual report. Outflows jumped to 123bn Swiss francs (£11bn) last year, which made it breach some liquidity buffers. The chairman, Axel Lehmann, decided to waive his fee of 1.5m Swiss francs for 2022. “New Credit Suisse” Transformation UnderwayThe bank said the transformation it announced and started in 2022 to build a “new Credit Suisse” was “fully underway”. Last year, The Guardian revealed how a massive leak exposed the hidden wealth of Credit Suisse clients involved in torture, drug trafficking, money laundering, corruption, and other serious crimes.

Source: The Guardian March 14, 2023 14:50 UTC