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Press Release

Reporting Currency

In February 2019, as part of the publication of our fourth quarter results for 2018, Credit Suisse Group AG (“Group”) announced that it was considering changing its reporting currency from Swiss Francs to US Dollars. Following the completion of the review of this potential change, the Board of Directors of Credit Suisse Group AG has now decided that the Group will continue to report its financial results in Swiss Francs.

As part of this review, the Board of Directors of Credit Suisse Group AG also concluded it would be preferable to align capital usage, as far as possible, to the predominant currency in which relevant risks originate. This decision will result in Group Operational Risk RWA being calculated in US Dollars rather than Swiss Francs. This change has been approved by FINMA and will be implemented in the fourth quarter of 2019, increasing the proportion of Group CET1 capital that is hedged into US Dollars. In addition to better aligning Group capital usage to the underlying currency of the risks, this is expected to result in an increase in the Group’s annual net interest income, with an initial contribution expected in the fourth quarter of 2019. Furthermore, the increase in net interest income will be hedged over at least a two year period, reducing the volatility of this incremental revenue. Based on this hedging strategy and current market-implied forward rates, the increase is estimated at approximately USD 250 million on a full year basis, equivalent to an RoTE benefit in 2020 of approximately 50 basis points.

In order to provide more details about the rationale and process for the decision on the reporting currency election and the change in the operational risk RWA calculation to US Dollars, Credit Suisse’s Chief Financial Officer, David Mathers, will host a call today for investors and analysts at 09:30 CEST. Dial-in details are listed below.

Credit Suisse Call – Wednesday, October 2, 2019


Analyst Call


09:30 Zurich
08:30 London
03.30 New York


Language English

Telephone Standard International +44 (0) 2030 576 560
Switzerland Local Call 044 580 37 45
Switzerland Free Call 0800 00 03 62
UK Free Call 0800 279 66 22
USA Free Call 1877 741 80 64

Reference: Credit Suisse Investor call
Conference ID: 3279153
Please dial in 10 minutes before the start of the call

Q&A Session

Following the presentation, you will have the opportunity to ask the speaker questions



Replay available approximately 2 hours after the event, until Saturday, October 12th 2019, 14:00 CEST.

International Dial in: +44 (0) 3333 00 97 85
Switzerland Local: 044 580 40 26
UK Free Call Dial In: 0808 238 06 67
UK Local Dial In: 0844 571 89 51
USA Local Dial In: 1 (917) 677 75 32

Conference ID: 3279153