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Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified “material weaknesses” in controls over financial reporting and not yet stemmed customer outflows.
Switzerland’s second-biggest bank is seeking to recover from a string of scandals that have undermined the confidence of investors and clients. Customer outflows in the fourth quarter rose to more than 110 billion Swiss francs ($120 billion).
The shares were last down 8.2% at 2.059 Swiss francs ($2.31) in Zurich, heading for a seventh straight daily decline.
The cost of insuring the company’s bonds against default also shot up. Five-year credit default swaps on Credit Suisse debt widened to 533 basis points from 549 bps at last close, according to data from S&P Global (NYSE:SPGI) Market Intelligence.
Meanwhile, its top shareholder ruled out providing more financial assistance to the struggling Swiss bank, Bloomberg News reported on Wednesday, citing Saudi National Bank Chairman Ammar Al Khudairy.
($1 = 0.9151 Swiss francs)
