Credit Suisse Taking Steps to Fix Reporting Procedures

Credit Suisse faced delays in releasing a report due to SEC inquiries about revisions to past cash flow statements. The bank identified a material weakness in its financial reporting controls, which could have led to larger issues. They plan to address these weaknesses, though the cost and extent are unclear. The situation has contributed to market sell-offs, with Credit Suisse often seen as a proxy for bank risk. The bank is also working to regain client money after significant outflows, but market unease may hinder this effort.

In what way is Credit Suisse perceived as a proxy for bank risk?

What challenges does Credit Suisse face in attracting client money?