Credit Suisse experienced massive asset outflows of 61 billion Swiss francs in the first quarter, which continued.

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The bank also reported a significant decline in customer deposits, posing a challenge to its recovery.

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Credit Suisse's flagship wealth management division saw assets under management decrease to 502.5 billion francs in March.

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UBS agreed to acquire Credit Suisse for 3 billion Swiss francs in stock and take up to 5 billion francs in losses.

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Credit Suisse confirmed the mutual termination of the planned acquisition of Michael Klein's investment banking business worth $175 million.

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The Swiss arm of Credit Suisse saw private clients withdraw 6.9 billion francs due to diminishing confidence, raising questions about the future of the brand.

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UBS intends to reduce Credit Suisse's investment bank after the merger and has not yet determined how many jobs will be cut.

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