Credit Suisse Announced Delay Release of 2022 Annual Report Following Call with United States SEC on Disclosed Revisions of Consolidated Cash Flow Statements for 2019 & 2020
9th March 2023 | Hong Kong
Credit Suisse has announced the delay in releasing Credit Suisse 2022 Annual Report (Financials), following a call with the United States SEC (Securities & Commission) on disclosed revisions of the Credit Suisse consolidated cash flow statements for 2019 & 2020 (8/3/23, Wednesday). Credit Suisse: “Credit Suisse Group announces today that it will delay the publication of its 2022 Annual Report and related Annual Report on Form 20-F following a late call on the evening of March 8, 2023, from the U.S. Securities and Exchange Commission (SEC) in relation to 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. For more information, please see Note 1 – Summary of significant accounting policies – revisions of prior period financial statements to the consolidated financial statements for the period ended December 31, 2021, in our annual report on Form 20-F for the fiscal year ended December 31, 2021. Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received. We confirm the 2022 financial results as previously released on February 9, 2023, are not impacted by the above.” In February 2023, Swiss financial regulator FINMA is reviewing potential misleading remarks by Credit Suisse Chairman Axel Lehmann on asset outflows in December 2022, commenting outflow had stabilized in early December 2022 with “outflow flattened out & partial inflow”. In 2023 February (9/2/23), Credit Suisse reported outflow of $119 billion (CHF 110.5 billion) in the last 3 months of 2022. For 2022, Credit Suisse reported net loss of CHF 3.2 billion and total assets of CHF 1.294 billion with net asset outflow of CHF 123.2 billion.
“ Credit Suisse Announced Delay Release of 2022 Annual Report Following Call with United States SEC on Disclosed Revisions of Consolidated Cash Flow Statements for 2019 & 2020 “
Credit Suisse Announced Delay Release of 2022 Annual Report Following Call with United States SEC on Disclosed Revisions of Consolidated Cash Flow Statements for 2019 & 2020
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. The bank’s strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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