Credit Suisse has been suffering from significant losses and large client withdrawals, which caused a large stock drop in October 2022. On December 2, 2022, its new Chairman Axel Lehmann told investors that as of November 11, 2022 customer outflows have “basically stopped.” On February 9, 2023 CS reported year-end 2022 results and admitted to large customer outflows through year-end 2022. Swiss regulators launched an investigation into Lehmann’s statements.
Shares of CS dropped more than 15% on February 9, 2023.
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