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Credit Suisse finds “material weakness” in reporting since 2021

Credit Suisse Group AG said it is adopting a new plan to fix “significant weaknesses” in its reporting and control procedures over the past two years, following a new review of its accounts prompted by concerns raised by U.S. 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 Tuesday. “Management has also concluded that our disclosure controls and procedures were not effective.” The significant weaknesses that have been identified relate to the lack of design and maintenance of effective risk assessments in the accounts, the bank said.

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