Banking

Credit Suisse finds ‘material weakness’ in reporting since 2021

The bank was forced to delay the release of its annual report last week

Axel Lehmann, the company’s chairman, is forgoing a payment of 1.5 million Swiss francs following the bank’s worst performance since the crash. Picture: Getty

Credit Suisse said it is adopting a new plan to fix “material weaknesses” in its reporting and control procedures for the past two years, following a fresh review of its financial statements prompted by concerns raised by US regulators last week.

For 2021 and 2022, “the group’s internal control over financial reporting was not effective,” Credit Suisse said in its annual report released today.

“Management has also accordingly concluded that our disclosure controls and procedures ...