Credit Suisse said it had not yet stemmed customer outflows as it released its delayed annual report on Tuesday
Credit Suisse released its delayed annual report on Tuesday in which it identified “material weaknesses” in its internal controls over financial reporting and said it had not yet stemmed customer outflows.
Auditors PwC in the report included an adverse opinion on the effectiveness of the bank’s internal controls. CEO Ulrich Koerner at the World Economic Forum in Davos, Switzerland, in January had said the bank was seeing money “coming back in different parts of the firm”.Scheduled for release last week, the annual reportfollowing a request from the U.S. Securities and Exchange Commission , which had raised questions about the bank’s earlier financial statements.
On Monday the bank’s share price fell more than 14 per cent to a record low amid market turmoil triggered by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank.
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