Staff pass a Credit Suisse Group AG bank branch in Geneva, Switzerland, on Thursday, Sept. 1, 2022.
Jose Cendon | Bloomberg | Getty Images
Credit Suisse on Thursday announced that it’s going to delay the publication of its 2022 annual report after a late call from the U.S. Securities and Exchange Commission on Wednesday night.
In an announcement, the embattled Swiss lender said the conversation related to SEC comments concerning the “technical assessment of previously disclosed revisions to the consolidated money flow statements within the years ended December 31, 2020, and 2019, in addition to related controls.”
“Management believes it’s prudent to briefly delay the publication of its accounts with the intention to understand more thoroughly the comments received. We confirm the 2022 financial results as previously released on February 9, 2023, usually are not impacted by the above,” the bank said.
The annual report was scheduled for release on Thursday morning. On Feb. 9, Credit Suisse reported a large 2022 full-year net lack of 7.3 billion Swiss francs ($7.8 billion) and telegraphed one other “substantial” full-year loss for this 12 months.
The bank in October announced a plan to simplify and transform its business in a bid to return to stable profitability, following chronic underperformance in its investment bank and a litany of risk and compliance failures.
In late February, Swiss regulator FINMA concluded that Credit Suisse “seriously breached its supervisory obligations” regarding a business relationship with collapsed supply chain finance firm Greensill Capital.
Credit Suisse shares closed Wednesday’s trade at around 2.68 Swiss francs per share, down 3.22% because the start of the 12 months, and are expected to fall further at market open on Thursday.
This can be a developing story and will likely be updated shortly.