An integrated global bank with a strong local presence.
We offer our clients in Switzerland and around the world a broad range of customized banking services and products. We operate as an integrated bank, combining strengths and expertise of our two global business divisions, Private Banking & Wealth Management and Investment Banking. These two divisions are supported by our Shared Services, which provide corporate services and business solutions. Our global structure comprises four regions: our home market, Switzerland; Europe, Middle East and Africa; Americas; and Asia Pacific. To ensure our bank’s success and create value for our clients, investors and society, our strategy is built on the following six pillars:
We put our clients’ needs first. We aspire to be a consistent, reliable, flexible and long-term partner focused on clients with complex and multi-product needs, such as ultra-high-net-worth individual clients (UHNWI), large and mid-sized companies, entrepreneurs, institutional clients, hedge funds and affluent clients in Switzerland. Against the backdrop of significant changes within our industry, we strive to consistently enable our clients to realize their goals and thrive. We continue to strengthen the coverage of our key clients by dedicated teams of senior executives who can deliver our integrated business model. We have a strong capital position and continually strive to improve client satisfaction and brand recognition.
2.1 million clients worldwide
We continue our efforts to attract, develop and retain top talent in order to deliver outstanding financial products and services to our clients. Our candidates go through a rigorous interview process, where we not only look for technical proficiency and intellect, but for people who can thrive in and contribute to our culture. We review our talent and identify the optimal development opportunities based on individual and organizational needs. We strongly promote cross-divisional and cross-regional development, as well as lateral recruiting and mobility. Valuing different perspectives, creating an inclusive environment and showing cross-cultural sensitivity are key to Credit Suisse’s workplace culture. We train our leaders, specialists and client advisors in a wide range of subjects. We take a prudent and constructive approach to compensation, designed to reflect the performance of individuals and the firm and closely align the interests of employees with those of shareholders.
45,800 employees worldwide (full-time equivalents)
We believe prudent risk-taking aligned with our strategic priorities is fundamental to our business, and we maintain a conservative framework to manage liquidity and capital. We continue to strengthen our capital base and plan to issue additional contingent capital instruments while decreasing risk-weighted assets and leverage exposures. Our goal is to reduce Group risk-weighted assets to a range of CHF 250-260 billion by the end of 2016, on a foreign exchange adjusted basis. The Group has revised its BIS leverage exposure target to CHF 930-950 billion by the end of 2015 from the previously reported Swiss leverage exposure target of approximately 1,050 billion, on a foreign exchange adjusted basis. We are targeting a look-through Swiss leverage ratio of 4.5% by the end of 2015. We are targeting a look-through BIS tier 1 leverage ratio of approximately 4.0% by the end of 2015, of which the CET1 component is approximately 3.0%.
10.1% look-through CET1 ratio
We continue to strive for top-quartile efficiency levels, while ensuring not to compromise growth or reputation. In line with the evolution of our strategy, implemented efficiency measures are generating significant cost savings while helping to build an efficiency culture. We have transferred additional services to our Centers of Excellence (CoE), which now account for more than 17% of our work force. We have established initiatives to further leverage the service capabilities and talent at our CoE.
Our cost/income ratio targets are 65% in Private Banking & Wealth Management and 70% in Investment Banking across market cycles.
~3.5 billion cost base reduction in CHF, measured against the annualized adjusted 1H11 expense run-rate
We view close collaboration between our divisions and regions as essential to delivering comprehensive solutions to the complex financial needs of our clients. We have established a dedicated governance structure in order to drive, measure and manage collaboration among our businesses. We target collaboration revenues of 18% to 20% of net revenues. In 2014, collaboration revenues represented 17% of net revenues. Since the inception of our collaboration program in 2006, we have built a strong track record of delivering customized value propositions. We believe this is a significant differentiator for Credit Suisse. We have observed continued momentum in collaboration initiatives, including tailored solutions for entrepreneurs and high-net-worth individual (HNWI) clients by Investment Banking and managed investment products developed by Private Banking & Wealth Management. As we also benefit from our programs for cross-divisional management development and lateral recruiting, collaboration revenues, including cross-selling and client referrals, have proven to be a resilient source of both revenues and assets under management.
17% of net revenues represent collaboration revenues
A responsible approach to business is a key factor in determining our long-term success. For Credit Suisse, corporate responsibility is about creating sustainable value for clients, shareholders, employees and other stakeholders. We strive to assume these responsibilities and to comply with the ethical values and professional standards set out in our Code of Conduct in every aspect of our work, including our relationship with stakeholders. Our approach is based on a broad understanding of our duties as a financial services provider and employer and an integral part of the economy and society. This approach also reflects our commitment to protecting the environment. To ensure that we supply the full breadth of information required by our stakeholders, we publish a Corporate Responsibility Report.
>2.4 million people have benefited from Credit Suisse’s microfinance activities
In Switzerland, Credit Suisse is a leading bank for retail, private, corporate and institutional clients. At the end of 2014, we had around CHF 156 billion of loans outstanding, including mortgages and loans to private sector companies, to the public sector and to private clients. As an employer, purchaser and investor, Credit Suisse makes a substantial contribution to economic output and employment in all Swiss regions.
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