Credit Suisse delays annual report after SEC subpoena, shares fall | – #Credit #Suisse #delays #annual #report #SEC #subpoena #shares #fall
ZURICH, March 9 (Reuters) – Credit Suisse is facing an investigation by the U.S. Securities and Exchange Commission (SEC) that raised questions about its previous financial statements. last minute postponed the publication of its annual report after the call.
USA The unusual intervention by its regulator is the latest blow to Credit Suisse as the lender recovers from a series of scandals and failures that have dented its share price and caused billions in customer withdrawals.
Shares of Credit Suisse fell nearly 6% in afternoon trading in Zurich on Thursday, nearing an all-time low.
Bankthe SEC reported late Wednesday that “December 31, 2020 and a technical evaluation of the previously disclosed amendments to the consolidated statements of cash flows for the years ended 2019, as well as certain open SEC comments on related controls.
Bank stock based compensation and revised how it books a number of cash flows, including currency hedging.
Latest UpdatesTech categoryCrypto stocks slide after Silvergate decision to close imageWorldcategoryUK investors Aviva, article with M&G join calls to revive London’s financial appeal, article with gallery
See 2 more stories
Credit Suisse said it had decided to postpone the publication of its annual report following the call.
“Management considers it prudent to briefly delay publication of its accounts to better understand the comments received,” it said, adding that the 2022 financial results were “not affected.”
The SEC did not immediately respond to a call and email request for comment by Reuters outside business hours.
Other than the SEC, other regulatory bodies are not involved, a person familiar with the matter said.
‘CONSTRUCTION’
It is unclear when the 2022 annual report will be released.
Analysts did not like the bank’s statement.
Daniel Bosshard of Luzerner Kantonalbank described Credit Suisse as a “big construction site” and said “the share is only suitable for turnaround speculators”.
Vontobel’s Andreas Venditti said the development “doesn’t help investor sentiment and restore confidence”.
Credit Suisse Group in February 2022 20It reported its biggest annual loss since the 2008 global financial crisis, and customers from the bank funds warned that there will be another “significant” loss this year.
Switzerland’s second-largest bank has launched a major overhaul of its business, cutting costs and jobs to revive its fortunes, including creating a separate business for investment banking under the CS First Boston brand.
Among a series of scandals Credit Suisse in 2021 USA bankruptcy of the investment firm Archegos, as well as bankruptcy Britain was hit hard by the freezing of billions in supply chain financing linked to its financier Greensill.
Other scandals rocking the bank include money laundering for a criminal gang in Switzerland court there was also a study.
Last November, Standard & Poor’s rating agency lowered the bank’s rating from junk to only one level.
Additional reporting by John Revill in Zurich; Edited by John O’Donnell and Tomasz Janowski
Our standards: Thomson Reuters Trust Principles.
2023-03-09 16:03:35
Source – reuters
Translation“24 HOURS”