At issue were changes Credit Suisse made to how it booked a series of cash flows, including share-based compensation and foreign exchange hedges, and if control deficiencies needed to be disclosed to its audit committee or escalated to investors.
The last-minute delay concerned analysts and sent Credit Suisse shares to near an all-time low. The back-and-forth between the bank and the U.S. regulator extended into another week as turmoil gripped the banking sector. Material weaknesses are considered the most serious of such control failures. In previous letters to the SEC in August and November, Credit Suisse’s former chief financial officer David Mathers and his successor Dixit Joshi described the failings as “deficiencies”, which are considered to be less serious.
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