by Noele Illien and Oliver Hirt

- Advertisement -

ZURICH (Reuters) – Credit Suisse has postponed publication of its annual report following a last-minute appeal from the U.S. Securities and Exchange Commission (SEC), which raised questions about its financial statements previous.

This unusual intervention by the American stock market policeman comes as Switzerland’s second largest bank is in turmoil after a series of financial scandals and losses that have caused massive capital outflows.

- Advertisement -

Credit Suisse said the SEC called it late Wednesday afternoon regarding “certain open comments from the SEC on the technical assessment of previously disclosed revisions to the consolidated cash flow statements for the years ended December 31, 2020 and 2019”.

“Management believes it is prudent to briefly delay the publication of its accounts in order to better understand the comments received,” the group said, adding that the 2022 financial results “are not impacted”.

The next release date for the report is not known at this time.

For Andreas Venditti, analyst at Vontobels, this postponement “does not help investor sentiment and does not help restore confidence”.

On the Zurich Stock Exchange, the Credit Suisse share fell in the morning by more than 4%.

For 2022, the bank reported its worst annual loss since the 2008 financial crisis and warned that a “substantial” further loss would occur this year.

(Additional reporting by John Revill in Zurich; Dina Kartit for the , editing by Blandine Hénault)

Copyright © 2023 Thomson Reuters