Release of restated historical financial information (2011, 2012 and 9M13) to reflect the creation of non-strategic units within Credit Suisse’s divisions and the Corporate Center
Credit Suisse today released historical financial information restated for the creation of the non-strategic units within Credit Suisse’s divisions (as previously announced on October 24, 2013). Credit Suisse will also apply a consistent approach to the results of the Corporate Center, including the disclosure of non-strategic items, and has accelerated the targeted run-off of the leverage exposure and risk-weighted assets of the non-strategic units. David Mathers, Chief Financial Officer, will host a short webcast today at 09:00 CET to highlight the key elements.
Beginning with Credit Suisse’s 4Q13 and full-year 2013 results, to be released on or about February 6, 2014, the results of Credit Suisse’s two divisions and the Corporate Center will be disclosed according to the amended reporting structure, separated into strategic and non-strategic results. The creation of the non-strategic units and the amended reporting structure do not impact the consolidated results of Credit Suisse Group or Core Results.
Credit Suisse has also accelerated the run-off profile of its non-strategic positions, which is expected to drive reductions in leverage exposure and risk-weighted assets. Credit Suisse targets a 76% reduction in non-strategic leverage exposure and a 58% reduction of non-strategic risk-weighted assets by the end of 2015, compared to September 30, 2013.
The impact of the amended reporting structure on the divisional results and the results of the Corporate Center and the accelerated run-off profile are summarized in the attached presentation. The attached spreadsheet provides restated historical financial information for the first three quarters of 2013 and for all quarters of 2012 and 2011.
David Mathers, Chief Financial Officer, will host a short webcast today at 09:00 CET to highlight the key elements in the restated historical financial information. For webcast details, please see