Credit Suisse shares hit record low amid market turmoil
Credit Suisse shares hit an all-time low in early Tuesday trading after the Swiss banking giant admitted to discovering “material weaknesses” in its financial reporting over the past two years.
The Zurich-based firm said the “weaknesses” were related to a “failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements.”
The Swiss bank’s stock fell as much as 5% in Tuesday trading to a fresh all-time low, but have since pared some losses.
The troubling disclosure raised concerns about lingering turmoil in the banking sector after the rapid collapse of Silicon Valley Bank and Signature Bank in New York – with some speculating that Credit Suisse could be next to fall.
Last week, Credit Suisse was forced to postpone the publication of its annual report for 2022 after receiving a last-minute call from SEC regulators.