Embattled Credit Suisse admits 'material weaknesses' / Photo: © AFP/File
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Embattled Credit Suisse admits 'material weaknesses'
Credit Suisse acknowledged Tuesday "material weaknesses" in its internal controls as the scandal-hit Swiss bank released its annual report, which was delayed following queries from US regulators regarding its books.
The lender was supposed to publish its report last week but it postponed the release after a last-minute call from the US Securities and Exchange Commission over revisions made to cash-flow statements for 2019 and 2020.
The bank's report said that its "internal control over financial reporting was not effective" for 2021 and 2022.
"The material weaknesses that have been identified relate to the failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements," the report said.
Credit Suisse has endured a barrage of problems in recent years, including its exposure to the implosions of US asset manager Archegos and UK firm Greensill in 2021.
The Swiss lender's shares fell to new lows on Monday as investors fret over the health of the global banking sector following the sudden collapse of two US regional banks.
W.Lapointe--BTB