Transformation to CS First Boston
Results excluding certain items included in our reported results are non-GAAP financial measures. Following the reorganization implemented at the beginning of 2022, we have amended the
presentation of our adjusted results. Management believes that such results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance
consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to
the most directly comparable US GAAP measures.
Reconciliation of adjustment items (1/2)
Group in CHF mn
4Q22
3Q22
Net revenues
Real estate (gains)/losses
3,060
3,804
2Q22
3,645
1Q22
4Q21
2022
4,412
4,582
14,921
2021
22,696
Wealth Management in CHF mn
4Q22
3Q22
Net revenues
1,144
1,365
2Q22
1,266
1Q22
4Q21
2022
2021
1,177
1,377
4,952
7,031
(191)
(13)
(164)
(224)
(368)
(232)
Real estate (gains)/losses
(122)
(25)
(19)
(147)
(19)
Impairment on York Capital Management
Archegos
Adjusted net revenues
(Gains)/losses on business sales
Valuation adjustment related to major litigation
(Gain)/loss on equity investment in Allfunds Group
75
(10)
168
353
(Gain)/loss on equity investment in SIX Group AG
20
19
(5)
Gain on equity investment in Pfandbriefbank
(6)
10
1
3
(13)
4
29
(Gains)/losses on business sales
1
3
(17)
4
24
69
Major litigation recovery
(49)
(31)
586
(622)
Gain related to InvestLab transfer
R
70
34
70
(Gain)/loss on equity investment in Allfunds Group
75
(10)
168
353
(31)
586
(622)
(6)
-
(Gain)/loss on equity investment in SIX Group AG
10
9
(2)
35
17
35
10
113
Adjusted net revenues
1,107
1,355
1,444
1,506
1,345
5,412
6,400
(17)
(17)
470
Provision for credit losses
(11)
7
(11)
24
(7)
9
0
Provision for credit losses
2,964
3,798
41
3,820
4,582
4,384
15,164
22,544
Total operating expenses
1,354
1,337
1,373
1,510
1,227
5,574
4,724
221
64
(110)
(20)
16
4,205
Restructuring expenses
(73)
(11)
(15)
(10)
(7)
(109)
(19)
Archegos
155
5
155
(4,307)
Major litigation provisions
(6)
(54)
(16)
(230)
(3)
(306)
(62)
Adjusted provision for credit losses
41
21
64
45
(15)
171
(102)
Expenses related to real estate disposals
(2)
(1)
(3)
(3)
(7)
Total operating expenses
4,334
4,125
4,754
4,950
6,266
18,163
19,091
Expenses related to equity investment in Allfunds Group
(2)
(2)
(20)
Goodwill impairment
(23)
(1,623)
Restructuring expenses
(352)
(55)
(80)
(46)
(33)
(23)
(533)
(1,623)
Adjusted total operating expenses
1,273
1,270
1,341
1,270
1,214
5,154
4,616
(103)
Income/(loss) before taxes
(199)
21
(96)
(357)
157
(631)
2,307
Major litigation provisions
(34)
(178)
(434)
(653)
(514)
(1,299)
(1,221)
Adjusted income/(loss) before taxes
(155)
78
114
212
138
249
1,784
Expenses related to real estate disposals
(15)
(6)
(3)
(11)
(24)
(56)
Expenses related to equity investment in Allfunds Group
(2)
(2)
(20)
Swiss Bank in CHF mn
4Q22
3Q22
2Q22
1Q22
4Q21
2022
2021
Archegos
(8)
(8)
(13)
(11)
(14)
(40)
(21)
Net revenues
972
962
1,050
1,109
1,209
4,093
4,316
Adjusted total operating expenses
3,938
3,869
4,198
4,237
4,071
16,242
16,047
Real estate (gains)/losses
(51)
Income/(loss) before taxes
(1,315)
(342)
(1,173)
Adjusted income/(loss) before taxes
(1,015)
(92)
(442)
(428)
300
(1,664)
(3,258)
(600)
(Gain)/loss on equity investment in SIX Group AG
10
223
(13)
(84)
(205)
(148)
(213)
10
(3)
35
17
35
328
(1,249)
6,599
Gain on equity investment in Pfandbriefbank
(6)
(6)
Adjusted net revenues
931
956
1,047
1,022
1,039
3,956
4,138
Provision for credit losses
28
21
18
23
(4)
90
4
Total operating expenses
655
558
630
615
606
2,458
2,394
Restructuring expenses
(11)
(6)
(3)
(1)
(1)
(21)
(11)
Expenses related to real estate disposals
(4)
Adjusted total operating expenses
644
552
627
614
605
2,437
2,379
Income/(loss) before taxes
289
383
402
471
607
1,545
1,918
Adjusted income/(loss) before taxes
259
383
402
385
438
1,429
1,755
41
CREDIT SUISSEView entire presentation