Credit Suisse Stock Plummets After ‘Material Weaknesses’ Found in Financial Reporting

Credit Suisse continues to face financial troubles as its shares sink even further, dropping by 5% due to the discovery of “material weaknesses” in their financial reporting. This finding comes at a time when the Swiss bank has been under intense scrutiny following the collapse of both SVB and Signature Bank, which has caused their shares to hit record lows. Credit Suisse’s problems have only increased as a result of their control lapses, which were uncovered by the SEC. The bank has issued a statement highlighting these weaknesses and promising to take steps to remedy them. However, the damage has already been done to their reputation, and it remains to be seen whether or not Credit Suisse can regain the trust of its investors.