Credit Suisse released its delayed annual report in which it identified 'material weaknesses' in its internal controls over financial reporting and said it had not yet stemmed customer outflows
ZURICH, March 14 - Credit Suisse
"As of December 31, 2022, the Group’s internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding December 31, 2021," it said in the filing published on Tuesday. The reporting weaknesses comes as Credit Suisse is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs .The bank's shares fell more than 3% before paring losses to trade down 1.55% as of 1152 GMT.
The cost of insuring against a Credit Suisse debt default rose to a record above 520 basis points, according to S&P Global Market Intelligence.
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