Teetering...
Posted on 03/14/2023 7:18:55 AM PDT by shadowlands1960
KEY POINTS:
-The embattled Swiss lender published its annual report, which was scheduled for publication last Thursday, but ultimately delayed by a call from the U.S. Securities and Exchange Commission.
-Following the completion of discussions with the U.S. regulator, Credit Suisse confirmed its 2022 results announced on Feb. 9, which showed a full-year net loss of 7.3 billion Swiss francs ($8 billion).
-The bank’s shares fell a further 5% to a new all-time low during early trade in Europe on Tuesday.
Shares of Credit Suisse fell by 5% in early Tuesday trade to hit a new all-time low, after the bank announced it had found “material weaknesses” in its financial reporting processes for 2022 and 2021.
Shares have slightly pared losses since, but remained down by more than 4% by 9:30 a.m. London time.
The embattled Swiss lender disclosed the observation in its annual report, which was initially scheduled for last Thursday, but was delayed by a late call from the U.S. Securities and Exchange Commission (SEC).
The SEC conversation related to a “technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls.”
In the Tuesday annual report, Credit Suisse revealed that it had identified “certain material weaknesses in our internal control over financial reporting” for the years 2021 and 2022.
These issues related to a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements” and various flaws in internal control and communication.
(Excerpt) Read more at cnbc.com ...
Another one bites the dust?
A collapsing house of cards would work too. But I like the domino effect.
Trump’s Fault in 5.....4.....3.....2.....
“material weakness” ???
in other words:
We got caught LYING by the SEC, they let us slide for the Attempted Securities FRAUD we were committing...
Good post but 8f Credit Suisse goes down it’ll be more like a mushroom cloud than dominos.
Founded in the 1850s.
Understand, Credit Suisse’s stock price is so low that 5% is measured in pennies, not dollars.
LOL, sure looks that way. Look out below...
I suspect this one will be considered ‘too big to fail.’ $8 billion is a huge loss...
I actually tried to buy some of the better managed bank stocks, but only a fraction of my orders were filled.
Which are the better managed ones please?
They also pay decent dividends, have EPS ratios under 10 and are trading at or near two year lows due to the double whammy of the Fed jacking up interest rates (costs them more to borrow money + fewer borrowers) and the fallout from SVB.
You won't make money on them quickly (unless you were lucky enough to grab a few shares yesterday), but they do give you a decent income stream while waiting for the rebound.
Thank you.
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