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Media release
Ad hoc announcement pursuant to Art. 53 LR
Page 1 October 27, 2022 Zurich and London, October 27, 2022 DZ Credit Suisse Group AG (Credit Suisse) today announces a
series of decisive actions to create a simpler, more focused and more stable bank built around client
needs. The announcement follows a strategic review conducted by the Board of Directors and Executive Board, resulting in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, all of which are designed to create a newCredit Suisse.
Credit Suisse is taking extensive measures to deliver a new, more integrated business model, with the goal of
creating value for shareholders. The bank will build on its leading Wealth Management and Swiss Bank franchises, with strong product capabilit es in Asset Management and Markets.Over the next three years, Credit Suisse expects
to: Radically restructure the Investment Bank to significantly reduce Risk Weighted Assets (RWAs) with: oA highly connected Markets business and industry-leading Investor Products franchise oCS First Boston as an independent Capital Markets and Advisory bank oCapital release from exits and significant exposure reduction for Securitized Products oReduced RWAs and Leverage Exposure, each expected to decrease by ~40%Accelerate cost reductions
oǵcost base by 15%, or CHF ~2.5 billion, to CHF ~14.5 billion in 2025Progress on framework and exclusivity agreement announced today to transfer a significant portion of the Securitized Products Group (SPG) to investor group led by Apollo Global
Management
Strengthen the CET1 ratio through Securitized Products transaction and other divestments Create a Non-Core Unit (NCU) to accelerate the run-down of non-strategic, low-return businesses and markets, to release capital Allocate almost 80%1 of capital to Wealth Management, Swiss Bank, Asset Management andMarkets by 2025
The bank is targeting a Group CET1 ratio pre-Basel III reform of at least 13% throughout the transformation2, and
a Group CET1 ratio pre-Basel III reform of more than 13.5% by the end of 2025. Credit Suisse has today
announced its intention to raise capital with gross proceeds of CHF ~4 billion through the issuance of new shares
to qualified investors, including Saudi National Bank, which has committed to invest up to CHF 1.5 billion to
achieve a shareholding of up to 9.9%, and through a rights offering for existing shareholders, subject to approval
at the Extraordinary General Meeting (EGM) on November 23, 2022. These measures are expected to translate
ǵincrease the Group CET1 ratio from 12.6% at 3Q22 to apro forma ~14% ratio. The bank estimates restructuring charges, software and real estate impairments in
connection with the transformation of CHF 2.9 billion over a period from 4Q22 to 2024. The transformation is
intended to be funded through divestments, exits, ǵcapital actions and existing resources. Axel P. Lehmann, Chairman of the Board of Directors of Credit Suisse, said: Ƿ 166 years, CreditSuisse has built a powerful and respected franchise but we recognize that in recent years we have become
unfocused. For a number of months, the Board of Directors along with the Executive Board has been assessing
our future direction and, in doing so, we believe we have left no stone unturned. Today we are announcing the
result of that process DZ a radical strategy and a clear execution plan to create a stronger, more resilient and more
efficient bank with a firm foundation, focused on our clients and their needs. At the same time, we will remain
absolutely focused on driving our cultural transformation, while working on further improving our risk management
and control processes across the entire bank. I am convinced that this is the blueprint for success, helping rebuild
1 Excluding Corporate Center
2 2023 through 2025
Media release
Page 2 October 27, 2022
trust and pride in the new Credit Suisse while realizing value and creating sustainable returns for our
shareholders.ǸUlrich Körner, Chief Executive Officer of Credit Suisse, said: Ƿa historic moment for Credit Suisse.
We are radically restructuring the Investment Bank to help create a new bank that is simpler, more stable and with
a more focused business model built around client needs. Our new integrated model, with our WealthManagement franchise, strong Swiss Bank and capabilities in Asset Management at its core, is designed to allow
us to deliver a unique and compelling proposition for clients and colleagues while targeting organic growth and
capital generation for shareholders. The new Executive Board is focused on restoring trust through the relentless
and accountable delivery of our new strategy, where risk management remains at the very core of everything we
doǸ Strategic Priorities for Transforming Credit SuisseRestructuring the Investment Bank
Credit Suisse intends to take decisive steps to restructure the Investment Bank and focus on areas more closely
connected to its core businesses where it has a competitive advantage. This will involve transforming the risk
profile of the Investment Bank and targeting a reduction in RWAs of ~40%3 by 2025 through strategic actions
across four areas: The Markets business will include the strongest and most relevant aspects of the ǵtradingcapabilities. While remaining fully committed to serving institutional clients, its leading capabilities in cross-asset
investor products as well as equities, FX and rates access will be closely aligned with the Wealth Management
and Swiss Bank franchises. This will allow Credit Suisse to provide tailored solutions to clients and differentiate
itself from other pure-play wealth managers. These changes are also expected to enable Markets to reinforce its
position as a solutions provider to third party wealth managers. Markets will also support the newly created CS
First Boston.
ǵDZ following a transition period DZ lead to thecreation of CS First Boston, a firm with a partnership culture that we believe will be competitive and attractive to
anchor investors, employees and entrepreneurial clients. Drawing on its rich heritage across advisory and capital
markets, CS First Boston is expected to be more global and broader than boutiques, but more focused than bulge
bracket players. The future CS First Boston envisions attracting third-party capital, as well as a preferred long-
term partnership with the new Credit Suisse. A Capital Release Unit (CRU) will be created and comprise ǵ ǵease capital through the wind-down of non-strategic, low return and higher-risk businesses. The NCU is expected to include the remainder of Prime Services, non-Wealth Management
ǵnd select European lending and
capital markets activities. The NCU is expected, over time, to release ~60% of RWAs4 and ~55% of Leverage
Exposure by the end of 2025, allowing the bank to allocate more capital to higher-return businesses where it has
clear competitive advantages.quotesdbs_dbs2.pdfusesText_2