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Bloomberg
Credit Suisse Group AG shares surged the most in more than two years after Chairman Axel Lehmann said liquidity was improving and the huge outflows of client assets that spooked markets were coming to an end.
Withdrawals at the Swiss lender, which surged to about 84 billion francs ($90 billion) earlier this quarter after rumours about the bank’s stability, have “basically stopped,†Lehmann said in a Bloomberg Television interview. The bulk of the bleeding occurred in October, and the bank has since seen some assets come back in Switzerland.
“When I speak to clients, I already know that there are going to be inflows,†Lehmann said. “We already see it partially happening. So we have plans to continue to reach out to clients. It might take a bit of time but it will come back and we will go back to normal.â€