Shares in Credit Suisse fell more than 24% on Wednesday after the bank disclosed “significant deficiencies” in its financial reporting processes for 2022 and 2021.
Several Italian banks were suspended after the sharp fall, namely UniCredit, Finecobank and Monte Dei Paschi. The same thing happened in France with Societe Generale, according to CNBC and the Evening Standard.
The consequences were immediately felt on the market. The FTSE 100 index (from Great Britain) fell by 2.51%, the Euronext 100 by 3.12%, the CAC 40 from France -3.57%, the Dax from Germany by 3.1%, the Swiss Market index by 2.14%.
In Romania, after a rise in the main BET index at the opening, it fell to about -1%.
The bank released the observations in its annual report, which was originally scheduled for last Tuesday and was later delayed due to an appeal by the US Securities and Exchange Commission (SEC).
In its annual report on Tuesday, Credit Suisse said it had identified “certain material weaknesses in our internal control over financial reporting” for 2021 and 2022.
The bank reported a net loss of $8 billion for 2022.
Source: Hot News
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