Employees pass through a bank branch of Credit Suisse Group AG in Geneva, Switzerland on Thursday, September 1, 2022.
Jose Cendon | Bloomberg | Getty Images
Credit Switzerland announced Thursday that it will delay the release of its 2022 annual report following a belated call from the U.S. Securities and Exchange Commission on Wednesday night.
In a statement, the embattled Swiss lender said the conversation related to comments from the SEC regarding the “technical review of previously disclosed revisions to its consolidated cash flow statements for the years ended December 31, 2020 and 2019, as well as related audits.”
“Management believes it is prudent to briefly delay the release of its accounts to better understand the comments received. We confirm that the 2022 financial results, as previously released on February 9, 2023, are not affected by the above,” the bank said. .
The annual report was to be released Thursday morning. On Feb. 9, Credit Suisse reported a massive full-year 2022 net loss of 7.3 billion Swiss francs ($7.8 billion) and telegraphed another “significant” full-year loss for this year.
The bank announced in October a plan to simplify and transform its operations in an effort to return to stable profitability after chronic underperformance at its investment bank and a litany of risk and compliance errors.
In late February, Swiss regulator FINMA concluded that Credit Suisse had “seriously breached its regulatory obligations” in relation to a business relationship with collapsed supply chain financing company Greensill Capital.
Credit Suisse shares closed Wednesday’s trading at about 2.68 Swiss francs per share, down 3.22% since the start of the year, and are expected to fall further by market open on Thursday.
This is a developing story and will be updated soon.
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