Credit Suisse said its net asset outflows had 'not yet reversed,' and that 'material weaknesses' were identified in its financial reporting processes.
The embattled Swiss lender published its annual report, which was scheduled for publication last Thursday, but ultimately delayed by a call from the U.S. Securities and Exchange Commission.
on Tuesday said its net asset outflows had declined but "not yet reversed" and announced that "material weaknesses" were identified in its financial reporting processes for 2022 and 2021.delayed by a late call from the U.S. Securities and Exchange Commission That conversation related to a "technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls.
These issues related to a "failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements" and various flaws in internal control and communication. In late 2022 the bank disclosed that it was seeing "significantly higher withdrawals of cash deposits, non-renewal of maturing time deposits and net asset outflows at levels that substantially exceeded the rates incurred in the third quarter of 2022."
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