Credit Suisse recently saw its stock drop to a record-low price level.
The bank reported Tuesday that "certain material weaknesses in our internal controls over financial reporting" had been detected, leading management to describe those controls as "not effective" for 2021 and 2022.
The original publication date for the 2022 annual report in which it made that disclosure had previously been pushed back from the prior week.
CREDIT SUISSE GROUP AG
The disclosure was made before the dip to the record low Tuesday, with shares for the bank subsequently being priced around $2.50 by the afternoon.
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The "failure to design and maintain an effective risk assessment process to identify and analyze the risk of material misstatements in its financial statements and the failure to design and maintain" certain "effective monitoring activities" were what the company said the weaknesses pertained to.
The matter will be addressed as part of a plan the bank is working on, according to the annual report.