The Zurich-based bank said on Tuesday it will take steps to fix ineffective checks on the process it follows to pull together its financial reports.Credit Suisse was forced to delay the release of its annual report from last week after the US Securities and Exchange Commission raised last-minute queries on cash-flow statements from 2019 and 2020, discussions which the bank said have now been concluded.
Chief executive Ulrich Koerner is attempting to push through a complex restructuring in a bid to return the bank to profitability, a process now at risk of becoming bogged down in a broader financial sector sell-off linked to US lender Silicon Valley Bank.The reassessment comes in parallel to an “adverse opinion” issued by big four consulting firm PwC on the effectiveness of the group’s internal controls.
The bank said the material weaknesses played a part in the revisions it had to make a year ago to some past years’ statements. Credit Suisse said its efforts to address the issue “could require us to expend significant resources to correct the material weaknesses or deficiencies”.
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