🎯 Investor Alert: Credit Suisse (NYSE: CS) Shares Take a Dive – What You Need to Know

Credit Suisse’s stock recently hit a record-low price level after the bank reported certain material weaknesses in its internal controls over financial reporting. These weaknesses were identified as ineffective risk assessment processes and monitoring activities for 2021 and 2022. The annual report, which disclosed these issues, was delayed due to certain open Securities and Exchange Commission (SEC) comments about previously disclosed revisions to cash flow statements and related controls. Credit Suisse has reassured investors that their financial results for 2022 and preceding years are accurate and reliable, supported by a clean audit opinion from external auditor PwC.

Investor Robert Kiyosaki predicted that Credit Suisse would be the next bank to go, citing the crashing bond market. This followed the shutdown of Silicon Valley Bank and Signature Bank, which created turbulence in the stock market in recent days.

Credit Suisse’s 2022 annual report shows a 34% year-over-year decrease in net revenues of 14.92 billion Swiss francs, and a net loss widening from 1.65 billion Swiss francs to 7.29 billion. In response to these challenges, the bank announced in October that it would be reducing its workforce by 5% in the fourth quarter and planned to trim its headcount further by 2025. The bank is working on a plan to address the weaknesses in its internal controls, which will be outlined in due course.

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