Credit Suisse publishes delayed annual report in which it admits to financial control weaknesses

Credit Suisse on Tuesday published its delayed annual report — which describes material weaknesses in its financial controls — as it also announced it won’t be paying bonuses to its board after a difficult 2022

The... Credit Suisse on Tuesday published its delayed annual report — which describes material weaknesses in its financial controls — as it also announced it won’t be paying bonuses to its board after a difficult 2022 The annual report had been delayed over a dispute with the Securities and Exchange Commission over revisions to its cash flow statements from 2019 and 2020, as well as related controls. The bank’s annual report published Tuesday describes “material weaknesses in our internal control over financing reporting” both for 2021 and 2022.

“While we are taking steps to address these material weaknesses, which could require us to expend significant resources to correct the material weaknesses or deficiencies, any gaps or deficiencies in our internal control over financing reporting may result in us being unable to provide required financial information in a timely and reliable manner and/or incorrectly reporting financial information, which could reduce confidence in our published information, impact access to capital markets,...

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