Credit Suisse has delayed publishing its annual report following a call from the US Securities and Exchange Commission late on Wednesday evening, the lender said today.
The SEC were concerned by cash flow statements in 2019 and 2020 as well as “related controls”.
In its 2021 annual report, Credit Suisse revised how it filed a series of cash flows, including share-based payments and foreign exchange hedges.
The bank said “management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received.”
It said that its 2022 financial results were unaffected.
The news saw its shares fall some 5 per cent after the market opened.
The news comes as the embattled lender seeks to recover from a “horrifying” 2022 facing scandals, talent outflows and even speculation that it might collapse in October. Across 2022 the Swiss lender posted a mammoth CHF7.3bn (£6.6bn) loss.
The bank is aiming to turn itself into a “new Credit Suisse”, centred around wealth management and its domestic bank.
In February, it announced the acquisition of M. Klein & Company’s investment banking business for $175m (£144m) as it seeks to carve out of CS First Boston as an independent investment banking business.
But it has struggled to turn a corner. Earlier this month former top shareholder, Harris Associates, revealed it had sold its entire stake over the previous few months, with the firm’s chief investment officer, David Herro, saying the investor had lost patience with Credit Suisse’s strategy to stem persistent losses and its client exodus.