Embattled Credit Suisse admits ‘material weaknesses’

CREDIT Suisse acknowledged today “material weaknesses” in its internal controls as the scandal-hit Swiss bank released its annual report, which was delayed following queries from US regulators regarding its books.

The lender was supposed to publish its report last week but it postponed the release after a last-minute call from the US Securities and Exchange Commission over revisions made to cash-flow statements for 2019 and 2020.