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Credit Suisse flags 'material weaknesses' in reporting, outflows not reversed

Credit Suisse reveals 'material weaknesses' in reporting and rising outflows, as it seeks to recover from scandals and reassure investors.

1 min read
  • Credit Suisse identifies 'material weaknesses' in internal controls over financial reporting.
  • Customer outflows have not yet been stemmed, despite stabilization.
  • Auditor PwC includes an 'adverse opinion' on the effectiveness of the bank's internal controls.
  • Credit Suisse is seeking to recover from a string of scandals that have undermined investor confidence.
  • The SEC had raised questions about the bank's past financial statements.
Credit Suisse flags 'material weaknesses' in reporting, outflows not reversed
Credit Suisse said in its 2022 annual report the bank has identified "material weaknesses" in internal controls over financial reporting and not yet stemmed customer outflows.
Reuters

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