Credit Suisse Reports Alarming Magnitude Of Losses And Outflows

Credit Suisse reported Monday that clients had withdrawn 61.2 billion francs ($69 billion) in the first quarter and that outflows were continuing, highlighting the challenge faced by UBS in rescuing its rival in March. In the last financial statement as an independent company, Credit Suisse reported a loss of 1.3 billion Swiss francs ($1.46 billion) for the first three months of the year. It said "significant net asset outflows" were seen in March.  Most asset outflows originated from its wealth management unit and occurred in all regions.…