Credit Suisse is postponing its annual report after a “late call” from the Securities and Exchange Commission

London (CNN) Credit Suisse can’t catch a break.

In the latest piece of Alarming newsThe beleaguered Swiss bank delayed publishing its 2022 annual report after a “late call” from the US Securities and Exchange Commission on Wednesday night.

The Securities and Exchange Commission has contacted about reviews the bank has previously made On cash flow data for 2019 and 2020, Credit Suisse (C.S) V said statement Thursday.

Shares in the bank, which were trading near record lows, fell 5%.

“Management believes it is prudent to delay the publication of its accounts for a brief period in order to more fully understand the comments received,” the company said.

Credit Suisse added that its financial results for 2022 were not affected. Those open The biggest annual loss since the 2008 financial crisis, revealing the scale of the challenge the bank faces as it tries to turn around.

Thursday’s news underscores this challenge and will also heighten concerns about governance at Credit Suisse. He is already in the crosshairs of the Swiss financial regulator, which is said to be looking into comments made by the bank’s chairman about the health of its finances.

Customers withdrew 111 billion Swiss francs ($121 billion) in the last three months of 2022, when the bank was hit with speculation on social media that it was about to collapse.

The rumors, which sparked a sell-off in the lender’s shares, followed a series of missteps and compliance failures that have hurt the bank’s bottom line. reputation and profit, as well as the cost of CEOs their jobs.

See also  Oil is falling as economic concerns shift focus from dwindling supplies

FINMA, the Swiss regulator, is seeking to determine how aware Axel Lehmann and other bank representatives were that customers were still withdrawing money when he told reporters that outflows had stopped, Reuters reported last month, citing people familiar with the matter. .

Fenma declined to comment and Credit Suisse told CNN it did not “comment on the speculation”.

In October, Credit Suisse embarked on a “radical” restructuring plan that includes cutting 9,000 full-time jobs, breaking up the investment bank and focusing on wealth management.

“We have a clear plan to create a new Credit Suisse bank and intend to continue our three-year strategic turnaround by reshaping our portfolio, reallocating capital, appropriately sizing our cost base and building on our flagship franchises,” CEO Ulrich Korner said on the 9th. February.

Leave a Reply

Your email address will not be published. Required fields are marked *