Corporate Press Release

Press Release

Credit Suisse to integrate Clariden Leu

Credit Suisse announced today that it plans to fully integrate Clariden Leu into its organization. It expects to achieve further growth and annually recurring cost savings of around CHF 200 million as a result of this measure. This is part of the previously announced target to increase Private Banking's contribution to the Group's pre-tax income by CHF 800 million by 2014. Hans Ulrich Meister, Chief Executive Officer Private Banking of Credit Suisse, has been appointed Chairman of the Board of Directors of Clariden Leu. Hanspeter Kurzmeyer has been named as its new CEO. The legal and operational integration is expected to be completed by the end of 2012. The resulting job cuts are part of the 3% headcount reduction at Credit Suisse Group over two years that was announced on November 1, 2011.

Private Banking is crucial to the success of Credit Suisse
Urs Rohner, Chairman of the Board of Directors of Credit Suisse Group, stated: "Private Banking is crucial to the success of Credit Suisse. In view of the fundamental changes in the industry, we are currently determining which areas to prioritize for growth and investment, and we are focused on further increasing the profitability and efficiency of our Private Banking business. As part of this process, we have analyzed Clariden Leu's contribution and development potential. Based on our analysis, we are convinced that combining Clariden Leu with Credit Suisse represents the best long-term option to create value for clients, shareholders and employees."

Combining of strengths to grow, increase profitability and create new opportunities for clients
Over the last few years, Clariden Leu has positioned itself as a profitable internationally active private bank with proven investment expertise. Credit Suisse expects that the integration of Clariden Leu will enable it to further strengthen its leadership position in global private banking. It will also create new opportunities to better seize growth opportunities, to enhance earnings potential and to expand its business in key international markets. The anticipated annually recurring cost savings of around CHF 200 million are part of the previously announced measures to increase Private Banking's contribution to the Group's pre-tax income by CHF 800 million by 2014. By combining both banks' expertise and business volumes, it will be possible to build on their achievements to date. The service received by Clariden Leu clients will, as far as possible, remain unchanged during and after the integration. In addition, they will be able to benefit from Credit Suisse's extensive expertise as a globally active bank and will gain access to its integrated offering.

Hanspeter Kurzmeyer appointed new CEO of Clariden Leu
Olivier Jaquet has decided to step down as CEO of Clariden Leu Group. Hanspeter Kurzmeyer has been named the new CEO and Head of the integration project, which is expected to be completed by the end of 2012.

A seasoned banker and manager, Hanspeter Kurzmeyer has held various important positions at Credit Suisse for over 30 years and was, until recently, Head of Private Clients Switzerland. Hans-Ulrich Meister, who succeeds Peter Eckert as the Chairman of Clariden Leu, stated: "I wish to thank Peter Eckert and Olivier Jaquet for their commitment and for all they have accomplished at Clariden Leu. I also wish to thank Hanspeter Kurzmeyer for taking on this challenging project. He possesses the wealth of experience needed to lead the integration of Clariden Leu into Credit Suisse and to ensure that the process is conducted in a fair and transparent way, particularly for the employees concerned."

Integration to be completed by end of 2012
It will take several months to complete the legal integration in accordance with the applicable regulatory and legal requirements. The operational integration of all of Clariden Leu's business activities into Credit Suisse should be completed by the end of 2012. A package of measures has been drawn up in consultation with employee representatives for the individuals affected by this measure at both banks.