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

Workers 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 will delay the publication of its 2022 annual report after a late call from the U.S. Securities and Exchange Commission on Wednesday night.

In a statement, the embattled Swiss lender said the conversation related to SEC comments about the “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.”

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“Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received. We confirm the 2022 financial results as previously released on February 9, 2023, 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 massive 2022 full-year net loss of 7.3 billion Swiss francs ($7.8 billion) and telegraphed another “substantial” full-year loss for this year.

Credit Suisse CEO says 'completely unacceptable' numbers show why overhaul is needed

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% since the start of the year, and are expected to fall further at market open on Thursday.

This is a developing story and will be updated shortly.

Source: CNBC