Credit Suisse's involvement in a series of corporate collapses spooked clients who began withdrawing their money, a trend that accelerated when U.S. bank failures sparked fear of a broader banking crisis.
The next day, UBS and Credit Suisse signed a confidentiality agreement upon which the former began due diligence, the UBS filing showed. By then, Credit Suisse was experiencing deposit and net asset outflows at levels substantially exceeding rates of the July-September quarter, UBS said. In February, the Strategy Committee and board of directors each concluded an acquisition was"not desirable" and recommended further analysis to prepare for a scenario in which Credit Suisse was in such difficulty that regulators could ask UBS to step in.
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