Credit Suisse shares slump 5% after annual report delay

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Credit Suisse Group AG said Thursday that it will delay the publication of its 2022 report after a late call from U.S. market regulators over 2019 and 2020 cash-flow statements, adding a further headache as the lender attempts to woo back clients amid a costly turnaround effort.

The Swiss bank CSGN, -5.42% CS, +0.35% said it received a call from the U.S. Securities and Exchange Commission on Wednesday in relation to certain open SEC comments about the technical assessment of previously disclosed revisions to its consolidated cash-flow statements in the 2020 and 2019 fiscal years as well as related controls.

“Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received,” Credit Suisse said.

The company said it wouldn’t affect its 2022 financial results released early in February.

Credit Suisse’s share price hit a low in the weeks since the 2022 results on uncertainty about its future, with analysts fearing that recent large outflows from customers will hinder a recovery.

Write to Ed Frankl at edward.frankl@wsj.com

This article was originally published by Marketwatch.com. Read the original article here.

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