Credit Suisse flags 'weaknesses', shares tumble

STORY: Credit Suisse's problems kept building on Tuesday (March 14), when it released its delayed annual report.

The bank admitted there were 'material weaknesses' with its internal controls over financial reporting.

It said the issues concerned the past two years.

In the report, auditors PwC also gave a negative opinion on the effectiveness of the bank's controls.

Credit Suisse has seen a number of scandals in recent years, which has worried investors.

The lender found customer outflows rose to more than $120 billion in the fourth quarter.

That amount put it in breach of some rules on how much liquid assets it needs to hold.

The bank said Tuesday outflows had now fallen to much lower levels, though they had not fully stopped.

The report was due for release last week, but the delay came after a request from U.S. regulators.

The Securities and Exchange Commission had raised questions about the bank's earlier financial statements.

Tuesday's report saw Credit Suisse shares fall yet again, sliding as much as 4.5% before recovering some ground.