Employees walk past a branch of Credit Suisse Group AG bank in Geneva, Switzerland, Thursday, Sept. 1, 2022.
Jose Kendon | Bloomberg | Getty Images
credit Suisse announced on Thursday that it would delay the publication of its 2022 annual report after a late call from the US Securities and Exchange Commission on Wednesday night.
“Communications related to SEC comments regarding technical evaluation of previously disclosed amendments to the consolidated cash flow statements for the years ended December 31, 2020 and 2019 as well as related controls,” the troubled Swiss lender said in a statement. “
The bank said, “The management believes that it is prudent to slightly delay the publication of our accounts in order to more thoroughly understand the comments received. We confirm that the 2022 financial results, as on February 9, 2023 was issued earlier, are not affected by the above.” ,
The annual report was scheduled to be released on Thursday morning. On February 9, Credit Suisse projects massive full-year net loss in 2022 of 7.3 billion Swiss francs ($7.8 billion) And telegraphed another “substantial” loss for the full year for this year.
In October the bank announced plans to simplify and transform its business to return to stable profitability following chronic poor performance and risk and compliance failures at its investment bank.
In late February, the Swiss regulator FINMA concluded that Credit Suisse had “seriously breached its supervisory obligations” in relation to the business relationship with Supply chain finance firm Greenseal Capital collapsed,
Shares of Credit Suisse closed Wednesday’s trading at around 2.68 Swiss francs per share, down 3.22% since the start of the year, and are expected to fall further when the market opens on Thursday.
This is a developing story and will be updated shortly.