Press Release

Release of restated historical financial information (2011, 2012 and 9M13) to reflect the creation of non-strategic units within Credit Suisse’s divisions and the Corporate Center

Zurich,  January 7, 2014 Credit Suisse today released historical financial information restated for the creation of the non-strategic units within Credit Suisse’s divisions (as previously announced on October 24, 2013). Credit Suisse will also apply a consistent approach to the results of the Corporate Center, including the disclosure of non-strategic items, and has accelerated the targeted run-off of the leverage exposure and risk-weighted assets of the non-strategic units. David Mathers, Chief Financial Officer, will host a short webcast today at 09:00 CET to highlight the key elements.

Beginning with Credit Suisse’s 4Q13 and full-year 2013 results, to be released on or about February 6, 2014, the results of Credit Suisse’s two divisions and the Corporate Center will be disclosed according to the amended reporting structure, separated into strategic and non-strategic results. The creation of the non-strategic units and the amended reporting structure do not impact the consolidated results of Credit Suisse Group or Core Results.

Credit Suisse has also accelerated the run-off profile of its non-strategic positions, which is expected to drive reductions in leverage exposure and risk-weighted assets. Credit Suisse targets a 76% reduction in non-strategic leverage exposure and a 58% reduction of non-strategic risk-weighted assets by the end of 2015, compared to September 30, 2013.

The impact of the amended reporting structure on the divisional results and the results of the Corporate Center and the accelerated run-off profile are summarized in the attached presentation. The attached spreadsheet provides restated historical financial information for the first three quarters of 2013 and for all quarters of 2012 and 2011.

David Mathers, Chief Financial Officer, will host a short webcast today at 09:00 CET to highlight the key elements in the restated historical financial information. For webcast details, please see www.credit-suisse.com/restated_results.

Enquiries

  • Media Relations Credit Suisse AG, Tel. +41 844 33 88 44, media.relations@credit-suisse.com
  • Investor Relations Credit Suisse AG, Tel. +41 44 333 71 49, investor.relations@credit-suisse.com
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,400 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Cautionary statement regarding forward-looking information
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:
– our plans, objectives or goals;
– our future economic performance or prospects;
– the potential effect on our future performance of certain contingencies; and
– assumptions underlying any such statements.
Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable securities laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:
– the ability to maintain sufficient liquidity and access capital markets;
– market and interest rate fluctuations and interest rate levels;
– the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the US or other developed countries in 2013 and beyond;
– the direct and indirect impacts of continuing deterioration or slow recovery in residential and commercial real estate markets;
– adverse rating actions by credit rating agencies in respect of sovereign issuers, structured credit products or other credit-related exposures;
– the ability to achieve our strategic objectives, including improved performance, reduced risks, lower costs, and more efficient use of capital;
– the ability of counterparties to meet their obligations to us;
– the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations;
– political and social developments, including war, civil unrest or terrorist activity;
– the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
– operational factors such as systems failure, human error, or the failure to implement procedures properly;
– actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations;
– the effects of changes in laws, regulations or accounting policies or practices;
– competition in geographic and business areas in which we conduct our operations;
– the ability to retain and recruit qualified personnel;
– the ability to maintain our reputation and promote our brand;
– the ability to increase market share and control expenses;
– technological changes;
– the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
– acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets;
– the adverse resolution of litigation and other contingencies;
– the ability to achieve our cost efficiency goals and cost targets; and
– our success at managing the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk Factors” in I – Information on the company in our Annual Report 2012.

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