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

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Employees walk past a Credit Suisse Group AG bank branch in Geneva, Switzerland, on Thursday, Sept. 1, 2022.

Jose Cendón | Bloomberg | Getty Images

Credit Suisse announced on Thursday that it will delay the publication of its 2022 annual report following a late notice from the US Securities and Exchange Commission on Wednesday night.

In a statement, the Swiss lender said the discussion was related to the SEC’s comments on “a technical assessment of previously published revisions to the consolidated cash flow statements in the years ended 31 December, 2020, and 2019, as well as related controls.”

“The management believes that it is advisable to briefly delay the publication of their accounts to give a more detailed understanding of the comments received. .

The annual report was due to be published on Thursday morning. On February 9, Credit Suisse reported a large full-year 2022 loss of 7.3 billion Swiss francs ($7.8 billion) and telegraphed another “substantial” full-year loss for this year.

The bank in October announced a plan to simplify and transform its business in a bid to return to sustainable profitability, following continued underperformance in its investment bank and a litany of risks and compliance failures.

In late February, Swiss regulator FINMA ruled that Credit Suisse had “grossly breached its supervisory obligations” regarding its business relationship with supply chain finance firm Greensill Capital.

This is a developing story and will be updated soon.

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