Transformation to CS First Boston
Investment Bank
Pre-tax loss driven by impact of strategic actions and continued challenging market conditions
PCL/
Costs
Revenues
Balance
sheet
Profitability
19
Capital markets
in USD mn
4Q22 3Q22
4Q21
A 4Q21 2022
2021
A 2021
Fixed income sales & trading
81
558
504
(84)%
2,063
3,861
(47)%
Equity sales & trading
15
248
403
(96)%
1,150
200
99
585
(66)%
803
Advisory and other fees
175
232
331
(47)%
818
3,923
1,106 (26)%
1,959 (41)%
(80)%
Other¹
(6)
(1)
(3)
n/m
(63)
505
Adjusted net revenues
465
1,136
1,820 (74)%
4,771
11,354
n/m
(58)%
Adjusted provision for credit
losses
24
(6)
(3)
73
(109)
Adjusted total operating expenses
1,700
1,782
2,007
(15)%
7,512
7,948
(5)%
Adjusted pre-tax income/(loss)
Reported pre-tax income/(loss)
Adjusted RoRC+
(1,259)
(640)
(184)
(1,524) (691)
(2,174)
n/m
n/m
(2,814)
3,515
n/m
(3,246) (3,672)
n/m
(33)% (15)%
(4)%
(16)%
17%
Reported RoRC+
(40)% (16)%
(45)%
(19)%
(18)%
Adjusted cost/income ratio
366% 157%
110%
157%
70%
Risk-weighted assets in USD bn
80
84
92
(13)%
80
92
(13)%
Leverage exposure in USD bn
229
324
380
(40)%
229
380
(40)%
Adjusted net revenues down 74% compared vs. 4Q21
"
Capital Market and Advisory revenues down 59% vs. 4Q21 in line
with reduced Street-wide fees down 59% across products
Sales & Trading revenues down 89% vs. 4Q21 driven by lower
client activity, sale of Securitized Products and impact of
accelerating our restructuring
Fixed Income revenues declined 84% as we significantly de-
risked our Global Credit Products business partially offset by
continued strength in Macro
Equities revenues declined 96% driven by the impact of strategic
actions, reduced client activity and less favorable market
conditions on Equity Derivatives performance as well as the exit
of Prime Services on Cash Equities
Adjusted operating expenses down 15% vs. 4Q21
due to reduced compensation and benefits
Adjusted 4Q22 pre-tax loss of USD 1,259 mn
primarily driven by significantly lower client activity exacerbated by
the impact of our strategic actions; reported pre-tax loss of
USD 1,524 mn includes restructuring expenses of USD 214 mn
and major litigation expenses of USD 43 mn
Significantly reduced capital usage
Risk-weighted assets down 13%; leverage exposure down 40%
driven by lower HQLA and business reductions
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 Other revenues include treasury funding costs and changes in the carrying value of certain
investments
CREDIT SUISSEView entire presentation