Credit Suisse, SEC letters show months-long reporting errors debate : 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. As recently as March 10, the SEC asked the bank to explain how it decided that an "entity-level material weakness did not exist" for its 2021 and 2022 financial years. 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. In the March 10 letter to Joshi, SEC staff acknowledged discussions with the bank on March 8-10. Joshi responded on March 12, saying in a letter that the firm noted the concerns and had reassessed its positi...