Banking is all about confidence and trust. Once it is lost, a bank will have to make enormous efforts to restore it. If a bank’s reputation is damaged, clients will flee from it, taking all their money with them. This is exactly what happened to Credit Suisse which saw a historic outflow of funds in the fourth quarter of 2022 as it lost the trust of clients. This year, the Swiss-based bank has been struggling with financial difficulties due to restructuring and a massive outflow of investor funds. In the first few weeks of the current quarter, clients pulled a total of $88.3 billion of their money from the bank. The reason for such an exodus was a steep drop in investor confidence. The bank's key wealth management unit lost 10% of assets under management. So, Credit Suisse is set to close the final quarter of the year with a loss of up to $1.6 billion, its worst performance since the financial crisis in 2008. The management explained that losses came as a result of “subdued activity, market conditions, continued outflows of customer assets and the sale of non-core businesses.” Wealthy clients, including rich families across the Middle East and Asia, fled the bank as they were spooked by the unclear prospects and consequences of the restructuring. Ethos analyst Vincent Kaufmann stressed that restoring investor and customer confidence might require Credit Suisse to take more serious steps than was previously announced. Notably, while the Zurich-based bank was losing clients, its rivals noted a big inflow of funds in recent months. Thus, UBS Group received $17 billion under management in the third quarter of 2022 while Julius Baer Group added $4.2 billion to its wealth management unit.