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

Credit score Suisse on Thursday introduced that it’ll delay the publication of its 2022 annual report after a late name from the U.S. Securities and Trade Fee on Wednesday night time.

In an announcement, the embattled Swiss lender mentioned the dialog associated to SEC feedback concerning the “technical evaluation of beforehand disclosed revisions to the consolidated money movement statements within the years ended December 31, 2020, and 2019, in addition to associated controls.”

“Administration believes it’s prudent to briefly delay the publication of its accounts with a view to perceive extra totally the feedback obtained. We verify the 2022 monetary outcomes as beforehand launched on February 9, 2023, aren’t impacted by the above,” the financial institution mentioned.

The annual report was scheduled for launch on Thursday morning. On Feb. 9, Credit score Suisse reported a large 2022 full-year web lack of 7.3 billion Swiss francs ($7.8 billion) and telegraphed one other “substantial” full-year loss for this yr.

The financial institution in October introduced a plan to simplify and remodel its enterprise in a bid to return to steady profitability, following power underperformance in its funding financial institution and a litany of danger and compliance failures.

In late February, Swiss regulator FINMA concluded that Credit score Suisse “critically breached its supervisory obligations” concerning a enterprise relationship with collapsed provide chain finance agency Greensill Capital.

It is a growing story and will probably be up to date shortly.