Credit Suisse shares slump to a record high as it is forced to postpone its annual report after US regulators question its financials
Credit Suisse has postponed the publication of its annual report after a last-minute intervention by US regulators worried about its finances.
The intervention of the Securities and Exchange Commission (SEC) caused shares of the investment bank to fall to an all-time high.
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 had called about past financial statements.
Credit Suisse said it then decided to postpone the publication of its 2022 annual report. The SEC declined to comment.
Asset manager Vontobel’s Andreas Venditti said the announcement “doesn’t help investor sentiment or help restore confidence.”
Credit Suisse was hit by the collapse of US investment firm Archegos in 2021 as well as the freezing of billions in supply chain finance linked to insolvent UK financier Greensill.