The troubles for Credit Suisse continue as the bank announced it has discovered a “material weakness” in its financial reporting. The news caused shares to fall to a new record low after the collapse of SVB and Signature Bank.
The bank has said that outflows have stabilized, but not reversed. Credit Suisse Chairman, Horta-Osorio, has also taken a pay cut and waived a $1.6 million award.
In addition to these challenges, Credit Suisse has just published its delayed 2022 report after SEC talks ended. This has caused further concern within the industry about the bank’s ability to manage its financial reporting and capability.
Credit Suisse is facing an uncertain future as it continues to grapple with these issues. The bank needs to take immediate steps to address these concerns and manage the fallout from its recent problems to regain investor trust.