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Credit Suisse Group AG

Ch0012138530.

• Credit Suisse : Presentation for analysts and investors 3Q22

3Q22 Results

Analyst and Investor Call

October 27, 2022

Disclaimer (1/2)

Credit Suisse has not finalized its 3Q22 Financial Report and Credit Suisse's independent registered public accounting firm has not completed its review of the condensed consolidated financial statements (unaudited) for the period. Accordingly, the financial information contained in this document is subject to completion of quarter-end procedures, which may result in changes to that information. In particular, the information contained herein relating to the anticipated accounting and capital impacts on certain deferred tax asset positions, Credit Suisse AG (Bank parent company) participation(s) valuations and other potential matters continue to be analyzed in light of the changes to the Group's strategic plans announced on October 27, 2022, making these and other closely-related metrics more susceptible to change as we complete our quarter-end procedures.

This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment.

Cautionary statement regarding forward-looking statements

This document contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. In addition to our ability to successfully implement our strategic objectives announced today, a number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward- looking statements, including those we identify in "Risk factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2021 and in the "Cautionary statement regarding forward-looking information" in our 3Q22 Earnings Release published on October 27, 2022 and submitted to the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements.

In particular, the terms "Estimate", "Illustrative", "Ambition", "Objective", "Outlook", "Goal", "Commitment" and "Aspiration" are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, illustrations, ambitions, objectives, outlooks, goals, commitments and aspirations, as well as any other forward-looking statements described as targets or projections, are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, increased inflation, interest rate volatility and levels, global and regional economic conditions, challenges and uncertainties resulting from Russia's invasion of Ukraine, political uncertainty, changes in tax policies, scientific or technological developments, evolving sustainability strategies, changes in the nature or scope of our operations, including as a result of our recently announced strategy initiatives, changes in carbon markets, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, these statements, which speak only as of the date made, are not guarantees of future performance and should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks, goals, commitments, aspirations, targets, projections or any other forward-looking statements. For these reasons, we caution you not to place undue reliance upon any forward-looking statements.

We may not achieve the benefits of our strategic initiatives

We may not achieve all of the expected benefits of our strategic initiatives, such as in relation to intended reshaping of the bank, cost reductions and strengthening and reallocating capital. Factors beyond our control, including but not limited to the market and economic conditions (including macroeconomic and other challenges and uncertainties, for example, resulting from Russia's invasion of Ukraine), customer reaction to our proposed initiatives, enhanced risks to our businesses during the contemplated transitions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Our ability to implement our strategy objectives could also be impacted by timing risks, obtaining all required approvals and other factors.

Estimates and assumptions

In preparing this document, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this document may also be subject to rounding adjustments. All opinions and views constitute good faith judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information.

Statement regarding non-GAAP financial measures

This document contains non-GAAP financial measures, including results excluding certain items included in our reported results as well as return on regulatory capital and return on tangible equity, which is based on tangible shareholders' equity. Further details and information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in the Appendix of this document, as well as in the 3Q22 Earnings Release, which are both available on our website at www.credit-suisse.com .

Disclaimer (2/2)

Statement regarding capital, liquidity and leverage

Credit Suisse is subject to the Basel framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks, which include capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. Credit Suisse has adopted the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS) and implemented in Switzerland by the Swiss Financial Market Supervisory Authority FINMA.

Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. The tier 1 leverage ratio and CET1 leverage ratio are calculated as BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure.

Certain material in this document has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

Share capital increase

This document is not an offer to sell securities or the solicitation of any offer to buy securities, nor shall there be any offer of securities, in any jurisdiction in which such offer or sale would be unlawful.

This document does not constitute an offer or invitation to subscribe for or to purchase any securities in the United States of America. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or the laws of any US state and may not be offered or sold in the United States of America absent registration or an exemption from registration under the Securities Act. There will be no public offering of the securities in the United States of America.

3Q22 Key messages

CHF (4.0) bn

reported net loss

included CHF (3.7) bn impact from the impairment of deferred tax assets

CET1 ratio, down 90 bps QoQ, including 48 bps from strategic review

CHF (0.3) bn

reported pre-tax loss

included CHF 0.2 bn of major

litigation provisions

pro forma CET1 ratio

including CHF ~ 4 bn capital raises 1

CHF (0.1) bn

adjusted pre-tax loss

driven by weak IB performance

and lower client activity

Resolving legacy

settled RMBS and French

legacy matters

Select updates on addressing legacy litigation issues

Proactive approach

to reduction of the litigation docket, including through settlement of litigation cases; net litigation provisions of CHF 245 mn in 3Q22, of which CHF 178 mn related to major litigation provisions

Settlements of RMBS and French legacy cases in 4Q22

Settled 16 civil major litigation matters since 2020, at an accelerated pace vs. previous years

~19% reduction

in reasonably possible losses 3Q22 vs. 2Q22

Dismissal of >90 cases 1

since 2020; successful outcome of FX civil class action trial 2

Attachments

• Original Link
• Original Document

Credit Suisse Group AG published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 27 October 2022 04:53:02 UTC .

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This presentation and related materials contain statements about the Company’s future that are not statements of historical fact, including specifically the statements regarding the Company’s expectations with respect to economic conditions and demand levels, its ability to improve network performance (including those in response to increased traffic), its results of operations, and potential impacts of the COVID-19 pandemic and the Russian-Ukraine conflict. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information or statements regarding: projections, predictions, expectations, estimates or forecasts as to the Company’s and its subsidiaries’ business, financial, and operational results, and future economic performance; and management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Company’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Company’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Company’s Annual Report on Form 10-K for 2021, which was filed with the SEC on February 4, 2022. The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

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Goldman Sachs Presentation at the 2023 Credit Suisse Financial Services Forum

David M. Solomon, Chairman and CEO, is scheduled to present via webcast at the 24 th Annual Credit Suisse Financial Services Forum on Thursday, February 14, 2023 at 7:45 a.m. (ET).

• Listen to the Webcast  

David M. Solomon Chairman and CEO Read Bio

Cautionary Note on Forward-Looking Statements

Today’s presentation includes forward-looking statements. These statements are not historical facts, but instead represent only the Firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Firm’s control. Forward-looking  statements include statements about backlog, potential revenue and growth opportunities. It is possible that the Firm’s actual results, including the incremental revenues, if any, from such opportunities, and financial condition, may differ, possibly materially, from the anticipated results, financial condition and incremental revenues indicated in these forward-looking statements.

For a discussion of some of the risks and important factors that could affect the Firm’s future results and financial condition, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021. You should also read the forward-looking disclaimers in our Form 10-Q, particularly as it relates to capital and leverage ratios, and information on the calculation of non-GAAP financial measures that is posted on the Investor Relations portion of our website:  www.gs.com . Statements about our revenue and growth opportunities are subject to the risk that the Firm’s businesses may be unable to generate additional incremental revenues or take advantage of growth opportunities.

The statements in the presentation are current only as of its date, February 14, 2023.

After Credit Suisse collapse Switzerland is now revamping its financial rulebook, placing UBS into heightened scrutiny

Switzerland is accelerating efforts to reform its banking regulations a year after the collapse of Credit Suisse — and handing more power to those who will enforce them. 

The government is due to unveil long-awaited proposals for legislation in the coming days that are likely to touch on all of the main pillars of bank oversight, from capital and liquidity rules to controls on governance. UBS Group AG — the country’s sole remaining globally-systemic bank that’s now over twice the size of the domestic economy — is in for heightened scrutiny.

A key plank is strengthening Finma, the banking watchdog which was unable to prevent years of bad management at Credit Suisse threatening the nation’s historical reputation for financial stability. That task is aided this week by the arrival of Stefan Walter, a veteran European bank supervisor who’s spent a decade going toe-to-toe with the likes of Deutsche Bank AG, to serve as Finma’s new chief executive.

“I wouldn’t call the Swiss authorities toothless, but there are certainly some things which should be changed,” said Yvan Lengwiler, a professor at the University of Basel and the head of an expert panel created to make  proposals for reform . “Finma definitely needs more resources to come on to an equal footing with the banks.”

Walter, 59, can be seen as the face of this revamp. The German national played a key role in building out the European Central Bank’s oversight arm when it started watching over lenders in 2014 as part of the response to the bloc’s sovereign debt crisis.

Walter is also a former secretary general of the Basel Committee on Banking Supervision and senior vice president at the Federal Reserve Bank of New York, two of the most significant bodies in the world of financial oversight. 

He helped build a system at the ECB which challenged banks on the risks they were taking. That approach continues to be seen, for instance in the  recent crackdown  on the leveraged lending businesses at Deutsche Bank, BNP Paribas SA and others.

The Swiss have long preferred a more consensual approach to financial oversight than is common in other jurisdictions. The lack of the ability to hand down fines has sometimes been justified on the basis that it would destroy the cooperative atmosphere. 

The philosophy of lean management is also reflected in the relatively small size of the regulator — just under 600 staff work at Finma to oversee a financial sector that directly employs more than 230,000 people.

Yet the rapid evaporation of confidence in Credit Suisse after a string of missteps and losses, and its subsequent emergency rescue by UBS, has dented that previous consensus. Finma itself has complained that although it identified the rot at the heart of Credit Suisse, its appeals for change were effectively ignored.

The government, including the finance ministry, the Swiss National Bank and Finma are all broadly aligned on the need for expanded regulatory powers. Even the banks, including UBS, have signaled support for major parts of the reform agenda.

Alongside the ability to fine, a key part of the new approach is a so-called senior managers regime — making individuals directly responsible for their decisions. Such a system, which exists in different forms in jurisdictions including the UK and Hong Kong, enables regulators to identify who’s at fault. Switzerland is likely to take its own approach, according to Thomas Hirschi, the head of banking supervision at Finma. 

“Swiss regulation has always been, and will probably continue to be, principles-based rather than rules-based,” Hirschi said in an interview. Yet for an effective senior manager regime, specific provisions are needed, he said. “If you only have principles, then we actually remain within the current system, where it becomes difficult to enforce the law.”

The point is to shift the culture of risk taking among Swiss bankers. The need for such a change was underlined late last year when it emerged that Julius Baer Group Ltd, a globally active wealth manager, had run up a $700 million exposure to a single client — Austrian property tycoon Rene Benko. 

The bank’s internal controls hadn’t stopped the concentration of risk, and the resulting write-down as Benko’s conglomerate Signa entered bankruptcy wiped out half the lender’s annual profit. The chief executive stepped down; the chairman, Romeo Lacher,  apologized . 

Proponents of a senior manager regime want “to strengthen the sense of responsibility of bank managers in advance,” said Nina Reiser, associate professor for financial markets law at University of St Gallen. “If there is a documentation that clearly states what I’m responsible for, which is authorized by Finma or audit firms, then I will weigh my decisions more carefully.”

There is a further screw that some are advocating to turn — bonuses. Current legislation only allows Finma to formulate “guidance” on how much bankers should be paid. That’s not strong enough, according to former Finma chief executive Urban Angehrn. 

Finma needs to be able to influence “the  bonus pool  decisions of the large banks,” Angehrn told Bloomberg Television last month. Marlene Amstad, Finma’s current chair, is also pushing for this to be laid down in law.

It’s clear that UBS will be even more under the spotlight. The Zurich-based bank, the largest manager of private wealth outside the US, is already facing higher capital and liquidity requirements as a result of its increased size. Finma has boosted the size of its team working with the bank and is planning two  stress tests  on its balance sheet this year. 

Yet a debate is emerging about the adequacy of existing  capital and liquidity requirements , given the bank’s systemic importance. The SNB added its voice last month, saying a review of the ‘progression’ of capital rules according to size is needed. It also argued that a revamp of liquidity rules, which were shown to be inadequate during Credit Suisse’s crisis, is due. 

Adding an extra layer of capital and liquidity rules on top of the current global standards, laid down after the 2008 financial crisis, raises the prospect of a return of the so-called “Swiss Finish.” That above-and-beyond approach from domestic regulators has irked bank executives in the past, and would likely prompt a stronger push-back if it becomes a key part of the government’s approach.

The steep rise in interest rates last year may have helped mask any underlying malaise in the Swiss financial system. Even though one of the country’s systemic institutions came close to failure, banks still stashed away a record amount in profits from lending. 

“I don’t see many reasons for changing the Swiss regulatory system fundamentally,” said Nicolas Veron, senior fellow at the Peterson Institute for International Economics in Washington and Bruegel in Brussels. “What happened was not a big failure like ‘the world will never be the same again.’ It’s more like ‘lessons learned,’ let’s do it better next time.’”

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