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Credit Suisse delayed its annual report after the SEC raised questions about its cash flow statement.
Fabrice Coffrini / AFP via Getty Images
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The second largest Swiss bank retreated on Tuesday after published annual report It was delayed due to a call from US regulators.
The stock fell 4.7% in Zurich trading, well above a record low in intraday trading on Monday, as the collapse of Silicon Valley Bank dragged down bank shares.
The weakness in the firm’s financial controls has been described in the annual report. It was delayed after the Securities and Exchange Commission questioned its cash flow statements in 2019 and 2020.
That’s the latest problem for Credit Suisse (ticker: CSGN.Switzerland). The bank has posted losses for five straight quarters and is in the midst of a second major overhaul in as many years after a series of scandals, executive changes and customer withdrawals.
In the annual report, the bank said it would not pay bonuses to any executive board members for 2022 and said chairman Axel Lehmann had opted to forgo his fee of 1.5 million francs ($1.6 million). Lehman is under scrutiny for comments made last year that said customers had almost stopped withdrawing funds from the bank.
Write to Brian Swint at [email protected]