Credit Suisse shares hit record low as banking giant admits to ‘material weaknesses’
The feds insist that US taxpayers won’t face any costs from the bailout move – though experts told The Post that Americans will pay more through higher bank fees and degraded services
News on the Net -- New York Post, Bio and Archives--March 14, 2023
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Credit Suisse shares hit an all-time low in early Tuesday trading after the Swiss banking giant admitted to discovering “material weaknesses” in its financial reporting over the last two years.
The Zurich-based firm said the weaknesses amounted to a “failure to
design and maintain an effective risk assessment process to identify and
analyze the risk of material misstatements.” ---More...
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