Credit Suisse warns of ‘material weaknesses’ in financial reporting

Swiss bank’s shares fall as faces another blow in its attempts to recover from string of scandals

Credit Suisse has said it found “material weaknesses” in its financial reporting controls and that clients were still withdrawing cash, the latest blow to the Swiss bank as it tries to recover from a string of scandals.

The bank’s shares fell as much as 5% on Tuesday, dropping as low as 2.12 Swiss francs – close to the record low on Monday – before recovering some ground to be down 1.7%. Credit Suisse’s bonds also weakened to record lows on Tuesday, after comments in its delayed annual report.