Credit Suisse has not decided whether it will withdraw from Russia and, for the first time, its CEO says roughly how much money the bank holds from Russian clients.
Credit Suisse is reviewing its activities in Russia and has yet to make a final decision, CEO Thomas Gottstein, said at a conference organized by Morgan Stanley Tuesday, as reported by «Reuters» (behind paywall).
Wealth from Russian clients - some domiciled in Switzerland and some abroad - accounted for four percent of the wealth management division's assets under management, Gottstein said.
In the bank’s international wealth management division, it reported assets under management of 390.7 billion Swiss francs at the end of 2021, while assets under management for the group totaled 1,614 billion francs.
Risk Management
Earlier this month, Credit Suisse said its credit exposure to Russia at the end of the year was 848 million francs.
