Corporate Press Release

Press Release

Investor Day 2017

Credit Suisse continues to deliver on its strategy, achieving both strong growth and significant cost reductions

2018 to be the final year of restructuring and Credit Suisse announces 2019-2020 objectives

Zurich, November 30, 2017 – In today’s Investor Day presentations, Tidjane Thiam, CEO of Credit Suisse, as well as members of the Executive Board and the senior leadership team will update investors and analysts on the progress achieved since the last Investor Day on December 7, 2016, with the Group’s restructuring, which it plans to complete in 2018. They will provide certain estimates for the full year 2017 and 2018 targets and will present the Group’s objectives for 2019 and 2020.

Since Investor Day 2016, Credit Suisse has made strong progress against the goals announced in 2015: We have delivered profitable growth1, sustainably lowered our operating cost base and right-sized and reduced risk in our trading activities. We have transformed and significantly strengthened our capital base. The scale of our legacy business activities in the Strategic Resolution Unit and the related drag on earnings have been significantly reduced.

As we approach 2018 – the final year of our three-year restructuring plan – we remain committed to achieving the 2018 targets announced last year for the Swiss Universal Bank, International Wealth Management, Investment Banking & Capital Markets and Global Markets. For our Wealth Management & Connected business in Asia Pacific, we are confident that we can achieve our 2018 target of CHF 700 million of adjusted* pre-tax income for the full year 2017 ahead of schedule and we are therefore setting a new target for 2018 of CHF 850 million.

Reflecting our strong progress on cost, we are confident of beating our target cost base2 of less than CHF 18.5 billion for 2017 and we estimate that our total cost base2 for the year will be approximately CHF 18 billion3. We are confirming our 2018 cost base2 target of less than CHF 17 billion. Looking ahead, the Group aims to operate with a total cost base2 of between CHF 16.5 billion and CHF 17 billion in 2019 and 2020, subject to market conditions and investment opportunities within this range.

We are confident that we can complete the wind-down of our non-core unit, the Strategic Resolution Unit, and reach our targeted adjusted* pre-tax loss of approximately CHF 1.4 billion in 2018. We have lowered our 2019 adjusted* pre-tax loss target for the Strategic Resolution Unit from approximately USD 800 million to approximately USD 500 million, which represents a significant improvement4.

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