Shares in Swiss bank tumble to a record low
CREDIT Suisse postponed the publication of its annual report after a lastminute intervention from US regulators concerned about its finances.
The intervention by the Securities and Exchange Commission (SEC) sent the investment bank’s shares crashing to a record low.
It is the latest blow to Credit Suisse’s attempts to rebuild investor confidence after a series of scandals and setbacks.
The Zurich-based bank said the SEC called regarding earlier financial statements. Credit Suisse said it then decided to postpone publication of its 2022 annual report. The SEC declined to comment.
Andreas Venditti from asset manager Vontobel said the announcement ‘does not help investor sentiment and it does not help in rebuilding trust’.
Credit Suisse was hit by the collapse of US investment firm Archegos in 2021 as well as the freezing of billions of supply chain finance funds linked to insolvent British financier Greensill.