Credit score Suisse to delay its 2022 annual report after a ‘late name’ from the SEC

Staff go a Credit score Suisse Group AG financial institution department in Geneva, Switzerland, on Thursday, Sept. 1, 2022.

Jose Cendon | Bloomberg | Getty Photos

Credit score Suisse on Thursday introduced that it’ll delay the publication of its 2022 annual report after a late name from the U.S. Securities and Trade Fee on Wednesday evening.

In a press release, the embattled Swiss lender stated the dialog associated to SEC feedback in regards to the “technical evaluation of beforehand disclosed revisions to the consolidated money movement statements within the years ended December 31, 2020, and 2019, in addition to associated controls.”

“Administration believes it’s prudent to briefly delay the publication of its accounts with a view to perceive extra totally the feedback obtained. We affirm the 2022 monetary outcomes as beforehand launched on February 9, 2023, will not be impacted by the above,” the financial institution stated.

The annual report was scheduled for launch on Thursday morning. On Feb. 9, Credit score Suisse reported a large 2022 full-year web lack of 7.3 billion Swiss francs ($7.8 billion) and telegraphed one other “substantial” full-year loss for this 12 months.

Credit score Suisse to delay its 2022 annual report after a ‘late name’ from the SEC

The financial institution in October introduced a plan to simplify and remodel its enterprise in a bid to return to steady profitability, following continual underperformance in its funding financial institution and a litany of danger and compliance failures.

In late February, Swiss regulator FINMA concluded that Credit score Suisse “severely breached its supervisory obligations” relating to a enterprise relationship with collapsed provide chain finance agency Greensill Capital.

Credit score Suisse shares closed Wednesday’s commerce at round 2.68 Swiss francs per share, down 3.22% for the reason that begin of the 12 months, and are anticipated to fall additional at market open on Thursday.

This can be a growing story and will likely be up to date shortly.