The Strategist

Credit Suisse delays annual report because of USA watchdog request

03/10/2023 - 10:43

Following a "last-minute" request from the U.S. Securities and Exchange Commission (SEC), Swiss bank Credit Suisse announced that it is postponing release of its 2022 financial report.

Ank Kumar
Ank Kumar
The bank, expected to issue its annual report on March 9, was approached by SEC on March 8.

SEC had some concerns, according to Credit Suisse, regarding its unrestricted cash flow reports for 2019 and 2020. The bank delayed release of the statements because it wanted to "scrutinize the comments it received".

New date of reporting is still unknown. However, Credit Suisse asserted that the SEC's remarks will have no bearing on its 2022 outcomes.

Credit Suisse released prior year data for 2022 a month ago. The company revealed a high annual loss of $7.9 billion.

The bank has been at the center of scandals recently; in October 2022 it was reported that the US Justice Department suspected it of assisting in tax evasion; in June of the same year Credit Suisse pleaded guilty to not doing enough to combat money laundering, which resulted in Bulgarian drug dealers laundering money through it.