Credit Suisse said it had identified material weakness in its reporting. Photograph: Stephanie Keith/BloombergTroubled lender Credit Suisse said it had identified “material weaknesses” in its reporting procedures for the financial years 2022 and 2021 and is adopting a remediation plan.
For the two years “the group’s internal control over financial reporting was not effective,” Credit Suisse said in its annual report released on Tuesday. “Management has also accordingly concluded that our disclosure controls and procedures were not effective.” The bank was forced to delay the release of its annual report from last week after US regulators raised last-minute queries. Credit Suisse didn’t specify whether those had been resolved.
The material weaknesses identified relate to the failure to design and maintain effective risk assessments in its financial statements, the bank said.
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