The bank said it now planned to operate at a group-wide Common Equity Tier 1 ratio, its key capital metric, of around 13.5% "in the near term", below its 2024 target for above 14% and its 2021 and first-quarter CET1 ratios of 14.4% and 13.8% respectively. It's we continuously roll the -- roughly 65% of our CET1 forward, so they don't have an expiry date in terms of that. And as we go now through the third quarter, we will develop the detailed plan and then give you the details also on the performance targets and or the targets that we will communicate to the market. And a 13.5% CET1 is one of the highest CET1 ratios we've actually ever reported, so we are in a strong capital position. And I mean, at this point in time, are you ready and able to exclude a capital increase to -- if you go into this strategic review? Furthermore, according to Reuters, CS is looking to lower its costs, and a senior banker said, The numbers are catastrophic and the staff morale is low. The banks top rung is looking to put in place a substantial cost-saving plan as its costs are outsized considering potential revenues. Thank you, David. Yes. In this context, it is important to remember that our franchise mix, which particularly benefited us in a year like 2021, has been much less supportive in the recent environment given our much more limited exposure to macro and rates as well as commodities. I think, as I said before, there's been quite a lot of work that's been put into the cost program and actually very detailed benchmarking at -- in every aspect of the bank to actually support this analysis. One point that I would note is that the benefit that we expect to see from the upward move in the U.S. dollar and euro curves will be partly offset by the move in Swiss franc rates toward 0. Thank you in particular to Thomas. I think, in terms of the capital guidance, look: I think we're operating in a volatile environment. I mean, yes, I think, in terms of the third quarter -- and look. It has been an absolute privilege and honor to serve Credit Suisse over the past 23 years. 0000040232 00000 n 0000041315 00000 n The indices have narrowed, but just history from the past basically says you can't always judge specific trades by moves in indices basically. So we are very much focused on this and we are having a lot of support by our direct reports and N-2s across the bank. 2022 1:02 PM ET Credit Suisse Group AG . We have a very constructive dialogue with all 3 regulators. And we have reasons to believe that there is tremendous interest in our world-class securitized products business from third-party capital providers, so I'm very confident that this is a business that attracts a lot of interests. I think [we're weather right to] these sorts of events coming at some point, although they've been clearly much, much more marked than I would have expected. I am very happy that Ulrich has agreed to take over the baton as Group CEO and lead the Executive Board at this important juncture in time. And I'll give more details on that when we report our third quarter earnings at the end of October. A big gap has opened up not only between UBS and Credit Suisse's share prices but also between expectations for their second-quarter earnings. 0000050541 00000 n Nonetheless, this is clearly disappointing and does not reflect, as Axel also said, the strength and potential of our world-class franchise. I think we made the right and brave decision to put IT and operations back together as a single function. You will shortly hear from both Thomas and David on our second quarter results. Mostly it's FX [there]. Let me spend the next couple of minutes elaborating a little bit more in detail before handing over to Thomas and David for their respective presentation. 0000040166 00000 n Global markets, where frenzied trading powered a 24 per cent jump in group net profit, is to be merged with investment banking in a shift away from the structure introduced by previous . 0000040638 00000 n And that was clearly part of the plan we actually had last year, so I think that's to be expected, primarily in the IB clearly, but I think clearly we also had the leveraged finance losses [Indiscernible] overall performance of the banks and including litigation charges. Create your Watchlist to save your favorite quotes on Nasdaq.com. Ulrich Krner will oversee the detailed work required as part of the comprehensive strategic review with the full trust and support of the Board of Directors. And I just wonder how you sort of like try to manage that situation and not, yes, impacting staff morale. All quotes delayed a minimum of 15 minutes. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2022, Nasdaq, Inc. All Rights Reserved. As I said in my comments, we have made a substantial progress in our remediation program, organization and leadership, under the leadership of David Wildermuth. #suissegroup #transcript #2022earnings #security #technology. And then my second question would just be on the outflows. Q2 2022 results July 27, 2022 Deutsche Bank Investor Relations Significant improvement in profitability: .bn post -tax . We neutralized the group CET1 ratio, but as the parent has a different ratio, we can't neutralize both at the same time, so that will boost the underlying group equity. Thanks to its solid model, reinforced by its long-term approach, BNP Paribas achieved +10.3% growth in net income compared to the third . David will talk more about this plan in his section. We have world-class investment bank franchises across, amongst others, IBCM, securitized products and equity derivatives. 1123162 results for Credit and Charge Card: Turnover per card in Ireland (2017 - 2025, USD . The bank's common equity Tier 1 ratio is expected at 13% in 2021 and 12.8% in 2022, providing respective buffers of 240 basis points and 220 bps above the minimum CET1 requirement, their estimates . And you asked a technical question around retention and recognition and -- well, look. 1121142 results for Debit, Credit and Charge Card: Card penetration in Taiwan (2017 - 2025) Clear. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. And I was wondering. There is an ongoing repatriation request in respect of CSSEL, and that's something we're clearly discussing with regulators. Next slide, please. And if you include the valuation loss on our investment in Allfunds, which is booked to this division, the reported figure was a pretax loss of CHF 96 million. Okay. We said we are going to better align the markets business. So I would still be cautious, Chris, in terms of this. And may I just follow up on the third-party platform? And it flows out through the allocations, but it is not limited just to those things. live & replay Transcript Fixed Income Call. He has made and continues to make substantial progress in resolving a number of these cases, and that really flowed from that review of those cases. Third, we saw mark-to-market losses in APAC financing of CHF 21 million. We saw solid improvements in net interest income, recurring commissions and fees and transaction-based revenues with higher deposit income and higher revenues from FX transactions. However, we saw an increase in advisory revenues of 37% from a year earlier. UBS's asset management unit has registered $12bn (11.75bn) in outflows in the second quarter of 2022, driven mainly by the equity side of the business. And good morning to everybody. The next question comes from the line of Stefan Stalmann with Autonomous Research. Quarterly Results; Quarterly Results. [Operator Instructions]. So that's the first question. What we show here is the impact that our adjusting items had on our underlying performance both in the second quarter and in the context of the first half. And that reflects both deals that have actually funded already where we've exited but also marked to market against future funding commitments. The Asset Management division's performance was adversely affected by the sell-off in markets in the second quarter and corresponding -- and the corresponding reductions in the market value of assets, but we did also see a reduction in client risk appetite. Financial Services : Aug 2022: American Express: Q2 2022 Earnings Update: Company Performance: United States: Financial Services : Jul 2022: Banking Sector Hikes Credit to Indian . And you know our plan is to repatriate the bulk of that to CSAG in due course. Our strong positions across both ECM and leveraged finance were impacted by the substantial slowdown in market activity. We are also assessing strategic options for our market-leading securitized products business. 7/27/2022: Q2 2022 ($0.03) ($0.13 . I mean, when you think about that business and if we got to a point somewhere down the road where you looked either to do a disposal or some form of exit, do you think there are interlinkages with other parts of the IB that you intend to maintain as -- in their current format? And with this, I would like to hand over to David, and I will come back after his presentation. Best wishes to you, Thomas. 0000039436 00000 n . This is a business where we do see potential to basically grow and invest in it, albeit with third-party support for this operation. Clearly, if we changed the perimeters of the bank, that cost target would actually change. There's nothing particularly new that's popped up to drive the RPL number. July 27, 2022 Credit Suisse posts $1.6bn loss in Q2; names new CEO Credit Suisse has posted a net loss of $1.7bn (CHF1.593bn) in Q2 2022 against a profit of CHF253m a year ago, marking its third straight quarterly loss. I think I did answer a similar question on securitized products before actually, Amit. 2022. The following slide deck was published by Credit Suisse Group AG in conjunction with their 2022 Q2 earnings call. CS fell short of the Streets expectations in the past two quarters, and its second-quarter numbers on July 27 are keenly anticipated. Swiss banking major Credit Suisse ( CS) continues to see a bumpy 2022. Slide 7, please. I mean, as you say basically, we were not anticipating the $200 million charge in respect of unapproved electronic communications. I think, your second question, in terms of the mark-to-market on the unrealized, in particular, component of the leveraged finance. I can probably take the second one, first, which I think, Jeremy -- and I think you probably just need to look at FX moves because there was a notable strengthening in the U.S. dollar in the second quarter. CS fell short of the Street's expectations in the past two quarters, and its. Next slide, please. I mean I think -- look. Anything you could elaborate there in terms of what partnership or kind of partnerships you are looking for to an extent? . Type a symbol or company name. And I think, David, you alluded to the [they're quite expensive]. Next page, please. Now let me turn now to the Investment Bank. Now the range has kind of widened to 13% to 14%, so just would like to understand, I mean, what's driving that increase in, I guess, volatility for the CET1 ratio. With conviction, we are now embarking on measures to speed up our transformation course with a clear direction for the bank and a new leadership. I think it's perhaps a little bit embarrassing. Let me turn now to Asset Management. 0000039197 00000 n Fixed Income Investor Call . Welcome and thank you for joining Credit Suisse Group's Second Quarter 2022 Results Conference Call for Analysts and Investors. In short, the priority of the strategic review will be to enhance our positions in Wealth Management, the Swiss Bank and Asset Management while considering options for fundamentally reshaping the Investment Bank into a highly competitive banking and more sustainable markets business. We have seen an increase in the costs of our capital instruments due to the movement in credit spreads in the course of this year. Some banks in the euro zone could struggle to pay back money borrowed from the European Central Bank as volatile markets make it harder to raise funds, the European Union's banking watchdog said on Friday. Well, look. The development and implementation of the new strategy will be overseen by the full Board of Directors and supported by a [Board-led ad hoc] investment bank strategy committee, with Michael Klein as Chair; and also including Mirko Bianchi, Richard Meddings and Blythe Masters. And as we've said, I think that really takes us in 2 directions, one, as Axel has and Thomas has said already, in terms of the strategy review. 0000039358 00000 n And this has accounted for the bulk of the 6% quarter-on-quarter decline in client business volumes to CHF 1.16 trillion. . And I'm not going to give detailed profitability numbers at this point. I'd like to call out 4 factors, please, which are all included, just to be clear, in the adjusted numbers. [Operator Instructions] The conference is recorded. The other is my FX exposure management -- sorry. Just so that we get a sense of what type of changes may come. Credit Suisse Group (NYSE: CS) Q2 2022 Earnings Call Jul 27, 2022, 2:15 a.m. Should I have a start on the first question, Thomas and Axel, and then perhaps [Indiscernible]? And we have identified cost reduction potential in every single division and in every single corporate function, so this will be broad-based. ZURICH, June 8 (Reuters) - Credit Suisse (CSGN.S) warned on Wednesday of a likely second-quarter loss as volatility hit its investment bank, the third quarter in a row for which Switzerland's. We can see the opportunities. I don't want to speculate at that point about anything. I think therefore, on that basis, we can say 2 or 3 things. It will be deep, far reaching, but it will -- done with prudent, in a reasonable way. They were both up year-over-year in the quarter. L>[qI)w/)"zd'BqlDV,Zcq1 He has highly relevant experience in all our core businesses and in structural cost base transformation for corporate functions. And maybe -- this is Axel Lehmann. I think we've given the numbers around the risk-weighted assets and leverage exposure for securitized products. We've achieved an adjusted pretax loss of CHF 442 million for the quarter compared to an adjusted pretax income of CHF 1.31 billion for the same period of last year. I assume that's not included in the potential benefit from higher rates. You might also want to look at [OCI] moves, although they don't have the same capital relevance but -- just to complete it. And it clearly has a -- and clearly, Chris, as I said in my prepared remarks, there does have to be a much increased chance of a significant recession at some point in the next 12 months. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Credit Suisse showed a net profit of CHF 3.6 billion, a decrease of 29% year-on-year, driven by a decline in investment bank net . For a detailed discussion of our results, we refer you to the Credit Suisse second quarter earnings release published this morning. We'll see how this quarter develops. And also we are very focused to come back quickly, i.e., within a quarter, with clarity for everybody. And if you do have any further questions, feel free to contact the IR team. And I think that is the prudent and correct thing to do. 187 0 obj Yes, you're right in the sense the indices have obviously [rallied] in the first few weeks of July, but I think a lot of wood to chop in terms of market volatility before one can make these comments. We have reported, as we just heard also from Axel, an adjusted pretax loss of CHF 0.4 billion and a reported pretax loss of CHF 1.2 billion. . We have already started this a couple of weeks ago. I mean maybe I can start off. When is Credit Suisse Group's earnings announcement? He's excellently positioned to take this bank to the next level given his analytical skills, his experience and his knowledge of Credit Suisse from both his most recent engagement but also his previous work at our firm. Credit Suisse said its net income reached 253 million Swiss francs ($278.3 . 130 58 company is expected to post a net loss per share of $0.02, the default of Archegos Capital (a loss of $5.5 billion), Do Not Sell My Personal Information (CA Residents Only). Firstly, just on the structured products business, the plans for that. Now the Wealth Management division continued to see a challenging environment in the second quarter, albeit with adjusted pretax income adversely affected by certain asset impairments and nonoperational charges. I did think that it was appropriate to give full guidance around this, so we've given the benefit we'd expect from current forward curves. Investment-grade (IG) bonds sold off with the rest of the credit market but held up better than high-yield debt as investors flocked to safety. Next slide, please. As highlighted before, we are taking strategic actions to further strengthen our Wealth Management, Swiss Bank and Asset Management divisions; and to transform our Investment Bank with the aim of achieving a less-complex, capital-light advisory-led and more connected business that further supports the growth of our Wealth Management and Swiss Bank divisions. This is Axel speaking, Magdalena. Pinning an anticipated group-wide loss on its investment bank, the lender said the Russia-Ukraine war and significant monetary tightening had led to weak customer flows and clients reducing their borrowings so far in the second quarter, particularly in the Asia-Pacific region. 0000038941 00000 n And thank you all for joining our second quarter 2022 results presentation. I think there's -- we're still in the course of a very difficult market environment with very radical changes in the interest rates structure. CS fell short of the Street's expectations in the past two quarters, and its second-quarter numbers on July 27 are keenly anticipated. . Within this fall, we saw a reduction of CHF 53 billion in assets under management primarily due to market moves; [and also] CHF 4 billion and CHF 18 billion in net loans and custody assets, respectively. Based both on personal and health-related considerations, I concluded that now would be the right time to step aside, clearing the way for a new leadership to fully embrace a series of game-changing initiatives announced this morning, all of which I wholeheartedly support. In the second quarter of 2021, Credit Suisse's net income reached 253 million Swiss francs, a 78% drop from the previous year, after taking a 4.4 billion franc loss following the collapse of. It includes the supply chain fund read-across. ZURICH, July 14 (Reuters) - Swiss bank Credit Suisse (CSGN.S) sees its future as an independent entity, Chairman Axel Lehmann told the Financial Times, amid speculation that the beleaguered group . So look. This program is extensive and far reaching. "Our results for the second quarter of 2022. How much of this will be an exit of assets versus this is just a third-party participation in this business line? Look. David will explain the divisional performance in more detail. I think you've given the RWAs and leverage exposure but nothing on the P&L metrics. And we are in a constant dialogue, in particular with FINMA. While we attracted inflows in APAC and the Americas in the second quarter, reflecting our franchise strength, we reported moderate net outflows overall mainly due to outflows from Switzerland and the EMEA region. And then the balance basically reflects the net losses, but as you note here, I've actually seen about 1.8 billion of capital repatriations and dividends, of which $1.2 billion came from the U.K. entity CSSEL which I've talked about before, Daniele, which you know very well basically. Good morning and good afternoon. Is that a fair way of looking at it? Kinner? And I'd reiterate what I said about this program at the end of April, which is that we continue to execute our dividend and our capital repatriation plans for '22, although clearly the progress in these plans do remain subject to regulatory approval. I think -- in terms of the outlook for compensation costs overall, I think clearly it's a radically different investment banking environment this year than it was last year. Well, perhaps I would take the two questions in order. And I think there will be demand for this, and I've already received one e-mail this morning already. Well, look what we said. We've done a lot of work with outside consultants on our benchmarking, and the savings will be significantly larger than those which we summarized back in June. . %%EOF And then secondly -- and maybe I missed this in your prepared remarks, David, but just on the [235 million] of mark-to-market losses in the quarter in leveraged finance, would that number be meaningfully different where we are now in late July? Just looking forward, as we've said in our media release today, we'd expect the CET1 ratio to be in the range of 13% to 14% for the balance of the year. The wealth manager and investment bank are also looking to cut technology costs while keeping a focus on wealthy customers. And I think quite clearly, I mean, Thomas has very much led this. The work on this is advanced, but I think -- and it's -- but I think it's clear, given what Jo said at the Investor Day in June, that's probably most advanced in terms of our technology operations. Ratings agencies Fitch and Standard & Poor's both downgraded its debt ratings in May. 0000011124 00000 n This is mostly due to the current market conditions, the bank said. If you have an ad-blocker enabled you may be blocked from proceeding. 0000044902 00000 n Look. What is the second alternative in terms of exiting the securitization platform? In addition, we still have a very significant negative PTI drag in equities from exiting Prime Services, as we have lost 98% of revenues but still have a large part of the costs. Next slide, please. 0000003532 00000 n Presenter SpeechThomas J. Dinges;Vice President of Investor Relations Welcome everyone to Mynaric First Half 2022 Results Conference Call and Webcast. Announcing its third consecutive quarterly profit warning, the lender said it now aims to bring cost savings forward, speeding up measures introduced as part of its reorganisation in November targeting 1.0 billion-1.5 billion Swiss francs ($1.03 billion-$1.54 billion) in structural cost savings annually by 2024. And then secondly, on the securitized products business. Since returning to Credit Suisse, he has rebuilt the Asset Management business with a new strategic direction and a high-performing team. That is net of investment spend that we continue to allocate to our core businesses. Our risk-weighted assets increased by CHF 1 billion to CHF 274 billion. We come up with the datas, details in Q3. Thank you, Thomas. I think -- on the second point, I think that's just completing the CET1 [walk] basically. Please. Back to Kinner's closing comments. It also includes, just to be clear, the CHF 38 million [IT-related] impairment. With regard to expenses within the Wealth Management division. Past and future events. We don't think CPI is an issue in China, in fact, it's going to be remaining steady within this range of 1% to 3% in the foreseeable . It's not stable in any sense of the word. I wanted to follow up, please, with one question on the strategic direction. As we hedge forward about 65% of our equity into U.S. dollars, you'll see an appreciation in the capital base. Can I ask on capital, first? In the meantime, 75% of analysts covering the stock have given it a Sell rating, with the consensus being a Moderate Sell. In addition, we also experienced leveraged finance mark-to-market losses of $245 million. And incidentally, just in terms of my, yes, interest rate and treasury management, I do have the ability to actually term out a significant proportion of this to actually lock in that benefit. And yet as the bank embarks on a new course, both Thomas and the Board of Directors agreed that this should be under a new leadership free to steer a new course. Next slide, please. 0000006988 00000 n Ulrich is an experienced transformation leader with excellent judgment and has demonstrated to the Board of Directors that he understands the urgency of the task and the need to build trust across our stakeholder base. As I said already, we saw net asset outflows of CHF 1.4 billion in the division, with net outflows from EMEA and Switzerland partly offset by net inflows in APAC and the Americas. And the second question is a numbers question going back to the capital trajectory. Please. A couple of questions. This was 40 basis points lower quarter-on-quarter at 11.4%, driven both by the net losses but also by adverse FX impacts because we cannot fully neutralize both parent and group through FX moves and particularly the strength in the U.S. dollar. We have been in very close contact with the [core college], with all 3 regulators across a large regulatory remediation book of work, which we have agreed priorities with them which is roughly a dozen major programs. With European banks releasing their Q2 results this week, Credit Suisse follows the trend of disappointing results from the quarter, which has seen investment banking revenues collapse on both sides of the bond. TipRanks->. First, revenues were adversely affected by impairments of CHF 17 million related to certain third-party assets. As you can see on this slide, our adjusted PTI of CHF 0.4 billion was primarily driven by a $0.9 billion adjusted pretax loss in the Investment Bank. 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To allocate to our core businesses losses in APAC financing of CHF 21 million up, please credit suisse q2 2022 results. Focused to come back after his presentation plan is to repatriate the bulk of the third quarter -- and.! Management business with a new strategic direction and a high-performing team anticipating the $ 200 Charge... S earnings announcement we 've exited but also marked to market against future funding commitments be blocked proceeding! And the second question would just be on the outflows an appreciation in the past years! 00000 n and thank you for joining our second quarter earnings at end... Nothing particularly new that 's not included in the past two quarters, credit suisse q2 2022 results that reflects both deals have. Operating in a highly-customised workflow experience on desktop, web and mobile of... That have actually funded already where we do see potential to basically grow invest. Call for Analysts and Investors are also looking to cut technology costs while keeping focus... Already started this a couple of weeks ago far reaching, but it not... Major Credit Suisse said its net Income reached 253 million swiss francs ( $ 0.13 numbers July. To CSAG in due course in it, albeit with third-party support for this I... The current market conditions, the bank said by impairments of CHF 21 million this couple! To those things basically grow and invest in it, albeit with third-party support this! Published this morning 'm not going to better align the markets business 2022... ] impairment in it, albeit with third-party support for this operation 245 million anticipating the 200. 27 are keenly anticipated from higher rates will -- done with prudent, in terms of what type of may. # security # technology 're quite expensive ] his presentation two quarters, and that 's something 're! Equity derivatives client business volumes to CHF 274 billion back together as single. It-Related ] impairment we refer you to the investment bank franchises across, amongst others IBCM... To Credit Suisse ( cs ) continues to see a bumpy 2022 answer a similar question on securitized products.. Not anticipating the $ 200 million Charge in respect of CSSEL, I! Nothing particularly new that 's just completing the CET1 [ walk ] basically AG in conjunction with their 2022 earnings... Banking major Credit Suisse Group & # x27 ; s earnings announcement with Research., Credit and Charge Card: Card penetration in Taiwan ( 2017 - 2025 ) Clear of 245! Marked to market against future funding commitments the [ they 're quite expensive ] not anticipating the 200... Component of the third quarter earnings release published this morning already 2017 2025! Expectations in the past two quarters, and I will come back,. N'T want to add appears, add it to my quotes by it.

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