bad news contest – It is not just the cryptosphere that has suffered in recent weeks. In traditional finance, it is the bank Swiss credit which worries, even if the latter has dropped a big ticket to no longer be worried by the French financial prosecutor’s office. But, as for FTX in crypto, the damage is already done: the loss of trustworthy settled down. And, the results of Credit Suisse will suffer greatly.
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Credit Suisse bank: the future FTX of traditional finance?
The strong worries generated by Swiss credit beginning of October 2022 reappear again. According to a Financial Times publication, as of November 23, the large bank based in Zurich (Switzerland) would see some of its wealthy customers to run away to safer lands in their eyes.
Credit Suisse anticipates a loss equivalent to $1.6 billion for its fourth quarter results. It seems to be his division ” wealth management “ which is particularly problematic.
“Credit Suisse began to experience net outflows of deposits and assets in the first two weeks of October 2022, at levels that significantly exceeded those of the third quarter. »
This division dedicated to the wealthiest of its customers would thus have undergone a 10% net output assets under its management. So what plumb the bank’s overall balance sheet.
Great malaise in the Bitcoin (BTC) market and could cryptos also happen in its big brother of the traditional economy? With over 1,500 billion Swiss francs of assets under management (almost 2 times the current value of all cryptocurrencies combined), Credit Suisse is in any case one of those banks supposed to be « too big too fail ». That is to say, too big to let its bankruptcy risk causing a systemic crisis (Lehman Brothers was, however, also supposed to be in 2008).
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