Credit Suisse Results Presentation Deck
Aiming to reduce Group-wide absolute cost base to
CHF <15.5 bn¹ in the medium term
16
Group adjusted operating expenses
at constant 2021 FX rates, in CHF bn
2Q22
1Q22
16.8
4.2
4.2
1H22
Annualized
~16.5-17.0
Existing
Ambition
~(1.0)-(1.5)
New cost
savings target
<15.5
Medium-term
Ambition
1H22 annualized expenses
of CHF 16.8 bn¹ in line with current guidance of
CHF 16.5-17.0 bn. These include CHF 331 mn of
incremental investments relating to implementation of
the Group's strategy, including increased remediation
spend in Risk, Compliance and infrastructure
Accelerating digital
transformation
including the simplification of front-to-back processes,
reducing manual data handling and duplication, and
increasing the use of scalable cloud-based
infrastructure. These initiatives as well as our broader
cost efficiency program are expected to lead to a
reduction of the absolute cost base to CHF <15.5 bn¹
in the medium-term. Further detail, including
incremental restructuring costs, will be provided at our
3Q22 results announcement
Note: Results excluding certain items in our reported results are non-GAAP financial measures. See the appendix of this presentation for detailed information and defined terms as well as important
presentation and other information relating to non-GAAP financial measures, including reconciliations. 1 Measured using adjusted operating expenses at constant 2021 FX rates
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