Global site navigation

Embattled Credit Suisse admits 'material weaknesses'
Business and Economy

Embattled Credit Suisse admits 'material weaknesses'

by  AFP 1 min read
Credit Suisse has endured a barrage of problems in recent years, including its exposure to the implosions of US asset manager Archegos and UK firm Greensill
Credit Suisse has endured a barrage of problems in recent years, including its exposure to the implosions of US asset manager Archegos and UK firm Greensill. Photo: Fabrice COFFRINI / AFP/File
Source: AFP

PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!

Credit Suisse acknowledged Tuesday "material weaknesses" in its internal controls as the scandal-hit Swiss bank released its annual report, which was delayed following queries from US regulators regarding its books.

The lender was supposed to publish its report last week but it postponed the release after a last-minute call from the US Securities and Exchange Commission over revisions made to cash-flow statements for 2019 and 2020.

The bank's report said that its "internal control over financial reporting was not effective" for 2021 and 2022.

"The material weaknesses that have been identified relate to the failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements," the report said.

Credit Suisse has endured a barrage of problems in recent years, including its exposure to the implosions of US asset manager Archegos and UK firm Greensill in 2021.

Read also

Swiss city Lucerne votes to restrict Airbnb rentals

The Swiss lender's shares fell to new lows on Monday as investors fret over the health of the global banking sector following the sudden collapse of two US regional banks.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: