On the 15th, the European stock market saw a significant decline in stock prices in various places.

The contents of the past financial reports of Credit Suisse, a major Swiss financial group, have led to an increase in selling orders, mainly in financial stocks.

Leading stock indices such as the London market in the United Kingdom and the Paris market in France fell more than 3% from the previous day's closing price at one point.

Among them, the share price of Credit Suisse, which trades on the Swiss Zurich market, plunged by more than 20% at one point.

Credit Suisse 'Significant Weakness' in Internal Management of Past Financial Reports

Headquartered in Zurich, Switzerland, Credit Suisse is one of the world's leading financial institutions with investment banking, asset management and other businesses in more than 50 countries.

However, a series of scandals, such as inadequate crisis management and large-scale leakage of customer information, have been pointed out, such as the withdrawal of assets by users.

Credit Suisse also announced on the 2021th that it has "significant weaknesses" in its internal management of financial reporting for the fiscal years ended December 12 and December 2022.

The audit firm, which looks at the financial statements, also expressed the opinion that there was a problem with internal management.

Furthermore, on the 12th, overseas media reported that Saudi Arabian financial institutions, the largest shareholder of Credit Suisse, do not intend to make additional investments.

As a result, the movement to sell shares spread, and Credit Suisse's share price plunged more than 14% at one point.

Credit Suisse's stock price plunged and the European stock market and the New York stock market also saw a significant decline.

In the United States, the failure of two banks on the 15th and 30th of this month caused turmoil in global financial markets, and stock prices had just fallen sharply.