Credit Suisse announces a technical delay
Credit Suisse announced "material weaknesses" in its annual report, following the biggest three-day decline streak since 1987
Following the biggest three-day decline streak since 1987, the group announced that it has been contacted by the U.S. Securities and Exchange Commission (SEC) regarding certain open SEC comments about the 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.
This announcement has aroused suspicion among experts and traders who are seeking to identify the next targeted bank to bet on for a collapse, after SVB, Signature, and First Republic, which has not yet been taken over by the FDIC but its stock has fallen by 60%.
Chart :CS Stock 1y
Credit Suisse's stock has fallen by 15%, setting a new record low. The bank has further explained that it will require amendments to prior period financial statements in its consolidated financial statements for the period ended December 31, 2021, in its annual report for the fiscal year.
In its Q3 2022 report, Credit Suisse suffered a massive loss of $4.09 billion in the third quarter, while analysts had expected a loss of $6 billion.