Bank Finds ‘Material Weaknesses’ in Financial Reporting, Cuts Executive Bonuses

The logo of Swiss bank Credit Suisse at an office building in Zurich, Switzerland, on Sept. 2, 2022. Arnd Wiegmann/Reuters

Credit Suisse on March 14 reported finding “material weaknesses” in financial reporting procedures after U.S. authorities inquired about potential issues.

PricewaterhouseCoopers AG, which audited the Switzerland-based bank, identified a failure to “design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements,” Credit Suisse said in its annual report.