Credit Suisse released its delayed annual report on Tuesday in which it identified 'material weaknesses' in its internal controls over financial reporting and said it had not yet stemmed customer outflows.
ZURICH, March 14 - Credit Suisse
released its delayed annual report on Tuesday in which it identified "material weaknesses" in its internal controls over financial reporting and said it had not yet stemmed customer outflows. "As of December 31, 2022, the Group’s internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding December 31, 2021," it said.
Auditors PwC in the report included an adverse opinion on the effectiveness of the bank's internal controls.Battered by a string of scandals, its customer outflows in the fourth quarter rose to more than 110 billion Swiss francs , putting it in breach of some liquidity buffers. CEO Ulrich Koerner at the World Economic Forum in Davos, Switzerland, in January had said the bank was seeing
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