ZURICH (Reuters) – Credit Suisse released its delayed annual report on Tuesday, in which the group identified “significant weaknesses” in its internal controls over financial reporting and said it had no further stemmed outflows from customers.
“As of December 31, 2022, the group’s internal control over financial reporting was not effective and, for the same reasons, management has reassessed the situation and reached the same conclusion for December 31, 2021,” said the group.
In its report, the audit firm PwC issued an unfavorable opinion on the effectiveness of the bank’s internal controls.
Hit by a series of scandals, Credit Suisse saw its outflows rise to more than 110 billion Swiss francs (112.64 billion euros) during the fourth quarter.
On Tuesday, the group said “outflows (have) stabilized at much lower levels but have not yet reversed.”
Scheduled to be released last week, the annual report was delayed following a request from the U.S. Securities and Exchange Commission (SEC), which raised questions about the bank’s previous financial statements.
On Monday, Credit Suisse stock hit an all-time low amid market turmoil caused by the collapse of Silicon Valley Bank and Signature Bank.
(Reportag Noele Illien and Stefania Spezzati, Augustin Turpin, edited by Blandine Hénault)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
