Credit Suisse says £55bn left bank in lead-up to rescue by UBS

Results reported for what is likely to be the last time as lender's takeover by Swiss rival nears completion

Credit Suisse said customers pulled more than 61bn Swiss francs (55bn) worth of assets from the bank at the start of the year, laying bare the scale of the panic that contributed to its failure and emergency takeover by its rival UBS last month.

The Swiss lender said the significant withdrawals" were partly to blame for its poor financial performance in the first quarter, with its adjusted pre-tax loss ballooning to 1.3bn Swiss francs for the first three months of the year. That compares with a profit of 300m Swiss francs during the same period in 2022.