Credit Suisse flags ‘material weaknesses’ in reporting, outflows not reversed

Credit Suisse has identified “material weaknesses” in its internal controls over financial reporting, which has led to a reassessment of its financial position. The auditor, PwC, included an “adverse opinion” on the effectiveness of the bank’s internal controls, but the statements “present fairly, in all material respects” the financial position of the bank in 2020 through 2022. The bank’s shares fell more than 3% before paring losses to trade down 1.