Zurich, March 9 (AFP/APP): Credit Suisse delayed on Thursday the release of the scandal-hit bank’s 2022 annual report after US regulators made last-minute enquiries regarding previous statements, sending its shares lower.
The rare move comes as 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.
Switzerland’s second biggest bank said the US Securities and Exchange Commission made a “late call” on Wednesday evening regarding revisions made to cash-flow statements for 2019 and 2020.
“Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received,” Credit Suisse said.
The publication of the annual report, which includes the group’s company structure, corporate governance and compensation practices, was due on Thursday.
Credit Suisse said the delay has no impact on its 2022 financial statement, which was published last month and showed that the bank had recorded a net loss of 7.3 billion Swiss francs ($7.9 billion) — the biggest since the 2008 financial crisis.
But its shares fell by more than six percent following the morning announcement. The bank’s stock price pared down losses later in the day, down 1.8 percent to 2.63 Swiss francs before the close.
The bank launched a vast restructuring plan in October, which includes carving out its investment arm.
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