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Credit Suisse Finds ‘Material’ Control Lapses After SEC Prompt

Bank’s accountant issues “adverse opinion” on internal control
Chairman takes pay cut, Executive Board forego bonuses

Bloomberg business news — WATCH: Credit Suisse plans to borrow from the SNB up to CHF50 billion under a covered loan facility. Adam Haigh and Kathleen Hays report.
Source: Bloomberg

By

Marion Halftermeyer

March 14, 2023, 6:23 AM UTCUpdated onMarch 14, 2023, 8:40 AM UTC

Credit Suisse Group AG said it found “material weaknesses” in its reporting and control procedures for the past two years, after questions from US regulators last week.

The Zurich-based bank said Tuesday it will take steps to fix ineffective checks on the process it follows to pull together its financial reports. But the firm said its statements for 2022 and 2021 “fairly present” its financial condition.