Credit Suisse Capital Metrics and Core Results 9M16
Strategic actions: Reduce fixed costs
Cost savings target will support a more resilient operating model
Target gross cost savings in CHF bn
4.3
Target net cost savings in CHF bn
Guidance on restructuring costs in CHF bn
1.0
B
1.7
End 2016
End 2018
Adjusted Operating Expenses¹ in CHF bn
21.2
19.8
< 18.0
14.5
4.8
3Q16
4.9
2016
4.8
1Q16
1.4
End 2016
> 3.0
End 2018
Global Markets Adjusted² Operating Expenses
in USD bn
4.0
1.2
3016
2016
6.0
5.4
4Q16e
0.4
0.6
0.1
3Q16
0.1
2016
0.3
1Q16
4Q15
2016E
2017E
2015
9M16
Target
Target
end 2016 end 2018
1.3
1016
9M16
Target
end 2016
Target
end 2018
1 "Adjusted operating expenses at constant FX rates" and "adjusted non-compensation operating expenses at constant FX rates" include adjustments as made in all our disclosures for restructuring expenses, major litigation
expenses and a goodwill impairment taken in 4Q15 as well as adjustments for FX, applying the following main currency exchange rates for 1Q15: USD/CHF 0.9465, EUR/CHF 1.0482, GBP/CHF 1.4296, 2015: USD/CHF
0.9383, EUR/CHF 1.0418, GBP/CHF 1.4497, 3Q15: USD/CHF 0.9684, EUR/CHF 1.0787, GBP/CHF 1.4891, 1Q16: USD/CHF 0.9928, EUR/CHF 1.0941, GBP/CHF 1.4060, 2016: USD/CHF 0.9756, EUR/CHF
1.0956, GBP/CHF 1.3845, 3Q16: USD/CHF 0.9728, EUR/CHF 1.0882, GBP/CHF 1.2764. These currency exchange rates are unweighted, i.e. a straight line average of monthly rates. We apply this calculation
consistently for the periods under review. Adjusted non-compensation expenses are adjusted operating expenses excluding compensation and benefits. To calculate adjusted non-compensation expenses at constant FX rates, we
subtract compensation and benefits (adjusted at constant FX rates in the manner described above) from adjusted operating expenses at constant FX rates.
2 Adjusted results are non-GAAP financial measures. A reconciliation to reported results is included in the Appendix.
CREDIT SUISSE
November 2016
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