Credit Suisse Group reveals 'material' lapses in financial reporting

Credit Suisse Group said it found “material weaknesses” in its reporting and control procedures for the past two years, after questions from US regulators last week.  

Credit Suisse was forced to delay the release of its annual report from last week after the Securities and Exchange Commission raised last-minute queries on cash-flow statements from 2019 and 2020, discussions which the bank said have now been concluded. 

Chief Executive Officer Ulrich Koerner is attempting to push through a complex restructuring in a bid to return the bank to profitability, a process now at risk of becoming bogged down in a broader financial-sector sell-off