Credit Suisse Weaknesses in Internal Controls Carries Negative Governance Implications
On Tuesday, Credit Suisse dropped by almost 0.8 per cent. The major bank had admitted to considerable weaknesses in financial reporting over the past two years and at the same time confirmed that the outflow of funds was continuing. Here, the major shareholders from the oil states could intervene in a stabilising manner, traders commented. Credit Suisse published its annual report on Tuesday, which had been postponed. The report reveals pay cuts for the top managers of the ailing bank after the miserable financial year 2022, but they will receive financial incentives for a successful restructuring of the bank. According to the remuneration report, CS will pay its management a total of CHF 32.2 million in compensation for the heavily loss-making financial year 2022, compared to CHF 38.1 million for the previous year.