Credit Suisse Swiss arm CEO Andre Helfenstein has stated that the exodus of its clients has halted and some of the clients who left the bank have made a comeback, local newspaper NZZ has reported.

Late last month, the Swiss bank warned that it could record CHF1.5bn ($1.6bn) loss in the Q4 2022 as wealthy clients withdrew money from the bank.

The embattled bank is currently stressing on its core wealth management business and cutting down on investment banking activities in order to improve its scandal-hit image.

In an interview with NZZ, Helfenstein said: “In Switzerland, the situation has stabilised.

“We are in discussions with customers, and some have already returned their money.”

Responding to a query on any special measures taken by the bank to keep its clients, Helfenstein said: “Only … in the middle and upper customer segments and only in a targeted manner.”

According to Helfenstein, Credit Suisse’s struggle had impacted the spirit of its staffs, but bank itself is not the reason for employees to make an exit in Switzerland.

He added: “Our (staff) fluctuation rate is usually between 8 and 8.5%. At present, it is only marginally higher.”

Credit Suisse chairman Axel Lehmann also stated that the outflows of client fund at the bank had partly reversed and a very small number of clients had left completely.

Last month, Bloomberg reported that several affluent clients of Credit Suisse had moved to its rival UBS Group in Asia amid concerns of the bank’s troubled financial health.