Shares in Credit Suisse Group AG fell Tuesday after Reuters reported Switzerland’s financial regulator is looking into comments made by Chairman Axel Lehmann about a stabilization of customer outflows at the bank in early December.
At 0927 GMT, shares in Credit Suisse fell 5.2% to CHF2.63.
Swiss regulator Finma is reviewing whether remarks by Mr. Lehmann in media interviews in December were potentially misleading, Reuters reported, citing unnamed sources.
Credit Suisse and Finma both declined to comment when contacted by Dow Jones Newswires.
Mr. Lehmann said in a Bloomberg Television interview on Dec. 2 that outflows had basically stopped, a day after saying at a Financial Times event that outflows had reversed. Credit Suisse shares jumped 9.3% on Dec. 2. That came after the bank warned in November that customer outflows would weigh on its fourth-quarter results, sending shares tumbling.
In its results released earlier this month, Credit Suisse said net-asset outflows in the fourth quarter came to CHF110.5 billion, and that assets under management fell 7.6% on the prior quarter. Two-thirds of the outflows were concentrated in October and the pace slowed during the rest of the quarter, the bank said at the time.
Analysts at Citi said in a research note published Feb. 9 that Credit Suisse management had noted during an earnings call around 65% of fourth-quarter outflows took place in October, about 20% in November and the remaining 15% in December.