Credit Suisse collapse led balance sheet of Swiss banks to contract

(Reuters) – Credit Suisse clients withdrawing their money as the bank headed for collapse likely accounts for the first significant balance sheet contraction in a decade for all banks in Switzerland, a report by the Swiss Bankers Association on Tuesday said. In Switzerland, the balance sheet of banks fell 6.9% to 3,339.7 billion Swiss francs ($3.76 trillion) in 2022, said the Banking Barometer, an annual report on banking industry trends. “The downturn among the big banks was especially large and probably driven mainly by shifts in customer funds at Credit Suisse,” the report said. Credit Suis…

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