Credit Suisse on Thursday announced that it will delay the publication of its 2022 annual report after a late call from the U.S. Securities and Exchange Commission on Wednesday night.
The annual report was scheduled for release on Thursday morning. On Feb. 9, Credit Suisse reported a massive 2022 full-year net loss of 7.3 billion Swiss francs ($7.8 billion) and telegraphed another “substantial” full-year loss for this year.
The bank in October announced a plan to simplify and transform its business in a bid to return to stable profitability, following chronic underperformance in its investment bank and a litany of risk and compliance failures.
In late February, Swiss regulator FINMA concluded that Credit Suisse “seriously breached its supervisory obligations” regarding a business relationship with collapsed supply chain finance firm Greensill Capital.
Credit Suisse shares closed Wednesday’s trade at around 2.68 Swiss francs per share, down 3.22% since the start of the year, and are expected to fall further at market open on Thursday.