Credit Suisse shares sink as 'material weaknesses' found in financial reporting
Publishing timestamp: 2023-03-14 12:35:26
Summary
Credit Suisse has confirmed its 2022 results, which showed a net loss of $8 billion, and announced that it has found "material weaknesses" in its financial reporting processes for 2021 and 2022. The bank has acknowledged that these weaknesses have exacerbated liquidity risks and could have a material adverse effect on its results of operations and financial condition. Credit Suisse has taken "decisive action" on legacy issues as part of its ongoing strategic overhaul, but this is expected to result in further substantial financial loss in 2023. The bank's board collectively forewent bonuses for the first time in more than 15 years.
Sentiment: NEGATIVE
Keywords: business news, wall street, investment strategy, banks, markets, credit suisse group ag,