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Press Release

Credit Suisse unveils new strategy and transformation plan

Ad hoc announcement pursuant to article 53 LR

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 plans to strengthen and reallocate capital, all of which are designed to create a new Credit 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 capabilites 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:
    • A highly connected Markets business and industry-leading Investor Products franchise
    • CS First Boston as an independent Capital Markets and Advisory bank
    • Capital release from exits and significant exposure reduction for Securitized Products
    • Reduced RWAs and Leverage Exposure, each expected to decrease by ~40%
  • Accelerate cost reductions
    • Reducing the Group’s cost base by 15%, or CHF ~2.5 billion, to CHF ~14.5 billion in 2025
  • Progress on framework and exclusivity agreement announced today to transfer a significant portion of the Securitized Products business 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 and Markets by 2025

Read the full Press Release (PDF)