Shares in Credit Suisse tumble to a record low
Shares in Credit Suisse tumble to an all-time low as it has to delay its annual report after US regulators cast doubt on its financial statements
Credit Suisse has delayed the publication of its annual report after a last-minute intervention by US regulators concerned about its finances.
Due to the intervention of the Securities and Exchange Commission (SEC), the investment bank’s shares plummeted to an all-time low.
It is the latest blow to Credit Suisse’s attempts to restore investor confidence after a series of scandals and setbacks.
Credit Suisse’s attempts to restore investor confidence have been hit by a series of scandals and setbacks
The Zurich-based bank said the SEC called regarding past financial statements.
Credit Suisse said it then decided to postpone the publication of its 2022 annual report. The SEC declined to comment.
Andreas Venditti of asset manager Vontobel said the announcement “does not help investor sentiment and it does not help restore confidence.”
Credit Suisse was hit by the 2021 collapse of US investment firm Archegos and the freezing of billions in supply chain financing funds linked to insolvent British financier Greensill.