Credit Suisse cuts exposures by 22% to match run on deposits

Bank dipped into central bank reserves and other safe assets to honour surge of withdrawals in Q4

Credit Suisse’s leverage exposures shrank by 22% in the fourth quarter of 2022, after the lender dipped into liquidity reserves to withstand a run by depositors.

Leverage exposures – calculated as assets plus off-balance exposures, minus adjustments – fell Sfr186.3 billion ($202.9 billion) to Sfr650.6 billion at end-December, as the bank drew on central bank reserves and easy-to-sell securities to honour a barrage of withdrawals.

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