US Regulator Questions Credit Suisse Annual Report

2023-03-09 02:30:09

(MENAFN- Swissinfo) Credit Suisse has endured a string of scandals and trading losses. © Keystone / Michael Buholzer

Credit Suisse faces another embarrassment after the United States Securities and Exchange Commission (SEC) forced the bank to delay publication of its annual report on Thursday.

This content was published on March 9, 2023 March 9, 2023 minutes swissinfo.ch/mga

The SEC raised last minute questions about certain legacy figures contained in the report which Credit Suisse was unable to answer on time.

+ what went wrong at credit suisse?

“Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received,” the bank stated.

Credit Suisse added that the problem does not affect its annual financial results that were published last month.

The bank has endured a torrid few years, culminating in a major restructuring effort and a CHF7.3 billion ($7.9 billion) loss in 2022.

This led to one of its top shareholders, Harris Associates, saying it would sell its entire stake at the bank .

The bank's shares, which have recently traded at below CHF3, dipped again on news of the annual report delay.

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