Credit Suisse Group AG (CS) 2022 Q4 法說會逐字稿

Good morning. This is the conference operator. Welcome, and thank you for joining Credit Suisse Group's Fourth Quarter and Full Year 2022 Results Conference Call for analysts and investors. (Operator Instructions) The conference is recorded. (Operator Instructions)

早上好。這是會議接線員。歡迎並感謝您參加瑞士信貸集團為分析師和投資者舉辦的第四季度和 2022 年全年業績電話會議。 （操作員說明）會議已錄製。 （操作員說明）

I will now turn the conference over to Kinner Lakhani, Head of Investor Relations and Group Strategic Development. Please go ahead, Kinner.

我現在將會議轉交給投資者關係和集團戰略發展主管 Kinner Lakhani。請繼續，金納。

Thank you, Alice. Good morning. Welcome, everyone.

謝謝你，愛麗絲。早上好。歡迎大家。

Before we begin, let me remind you of the important cautionary statements on Slides 2 and 3, including in relation to forward-looking statements, non-GAAP financial measures and Basel III disclosures. For a detailed discussion of our results, we refer you to the Credit Suisse fourth quarter and full year 2022 earnings release that was published this morning.

在我們開始之前，讓我提醒您注意幻燈片 2 和 3 中的重要警告聲明，包括與前瞻性聲明、非 GAAP 財務措施和巴塞爾協議 III 披露有關的警告聲明。如需詳細討論我們的業績，請參閱今天上午發布的瑞士信貸第四季度和 2022 年全年收益報告。

Let me remind you that our 2022 annual report and audited financial statements for the year will be published on or around March 9, 2023.

請注意，我們的 2022 年年度報告和經審計的年度財務報表將於 2023 年 3 月 9 日前後發布。

So I will now hand over to our Group CEO, Ulrich Körner; followed by our group CFO, Dixit Joshi, who will run through the numbers.

所以我現在將交給我們的集團首席執行官 Ulrich Körner；接下來是我們的集團首席財務官 Dixit Joshi，他將對這些數字進行分析。

Thank you, Kinner. Ladies and gentlemen, thank you all for joining today. We greatly appreciate your participation and engagement.

謝謝你，金納。女士們，先生們，感謝大家今天的加入。我們非常感謝您的參與和參與。

Let me begin with some opening remarks. 2022 was an extremely challenging year for Credit Suisse with the group posting a net loss of CHF 7.3 billion. Nonetheless, it was also a year which marked the beginning of the important and necessary transformation for our organization.

讓我先做一些開場白。 2022 年對瑞士信貸來說是極具挑戰性的一年，該集團淨虧損 73 億瑞士法郎。儘管如此，這一年也標誌著我們組織開始進行重要且必要的轉型。

On October 27, we presented a targeted plan to create the new Credit Suisse, a simpler, more focused bank built around client needs. And today, we reaffirm all of the targets we announced in October. We are building the new Credit Suisse around our Wealth Management and Swiss Bank franchises complemented by our leading and differentiated capabilities in asset management and markets. We continued to execute our transformation at an accelerated pace and in a determined manner. I will share some details of our progress over the course of the presentation.

10 月 27 日，我們提出了創建新瑞士信貸的目標計劃，這是一家圍繞客戶需求打造的更簡單、更專注的銀行。今天，我們重申我們在 10 月份宣布的所有目標。我們正在圍繞我們的財富管理和瑞士銀行特許經營權打造新的瑞士信貸，輔之以我們在資產管理和市場方面的領先和差異化能力。我們繼續以更快的速度和堅定的方式實施轉型。我將在演示過程中分享我們進展的一些細節。

In line with the update provided on November 23, we reported a pretax loss of CHF 1.3 billion and an adjusted pretax loss of CHF 1 billion for the fourth quarter. We have a robust balance sheet, and we are executing on our transformation from a position of strength. We reported a year-end CET1 ratio of 14.1% and a Tier 1 leverage ratio of 7.7%.

根據 11 月 23 日提供的更新，我們報告第四季度稅前虧損 13 億瑞士法郎，調整後稅前虧損 10 億瑞士法郎。我們擁有穩健的資產負債表，並且我們正在從強勢地位進行轉型。我們報告年末 CET1 比率為 14.1%，一級槓桿比率為 7.7%。

Our liquidity position also improved following the impact of the events of October. The average liquidity coverage ratio was at 144% at the end of the fourth quarter with further improvements this year. At these levels, our capital and liquidity ratios compare favorably to our peers. The Board will propose a cash dividend of CHF 0.05 per share for the financial year 2022, subject to AGM approval. This is consistent with our intention to pay a nominal dividend throughout the transformation period.

受 10 月事件的影響，我們的流動性狀況也有所改善。四季度末流動性覆蓋率平均為144%，今年進一步提升。在這些水平上，我們的資本和流動性比率優於我們的同行。董事會將提議在 2022 財年派發每股 0.05 瑞士法郎的現金股息，但須經年度股東大會批准。這與我們在整個轉型期間支付名義股息的意圖是一致的。

We remain focused on the disciplined execution of our strategy and have made progress in restructuring our Investment Bank, the creation of CS First Boston and the acceleration of our cost transformation program. We are confident that our fundamental reshaping of the bank will create value for all our stakeholders. Over the next 3 years, we will continue to execute at pace, building on our respected global franchise and delivering exceptional service to our clients.

我們仍然專注於嚴格執行我們的戰略，並在重組我們的投資銀行、創建 CS First Boston 和加速我們的成本轉型計劃方面取得了進展。我們相信，我們對銀行的根本性重塑將為我們所有的利益相關者創造價值。在接下來的 3 年裡，我們將繼續按部就班地執行，建立我們備受推崇的全球特許經營權，並為我們的客戶提供卓越的服務。

Let me turn to the fourth quarter results. The group reported an adjusted pretax loss of CHF 1 billion for the fourth quarter, primarily reflecting an adjusted pretax loss of USD 1.3 billion in the Investment Bank. Challenging market conditions and lower client activity had a significant impact on our Capital Markets and Advisory businesses, while the strategic actions to de-risk and exit certain business lines resulted in lower sales and trading revenues.

讓我談談第四季度的結果。該集團報告稱，第四季度調整後稅前虧損為 10 億瑞士法郎，主要反映投資銀行調整後稅前虧損 13 億美元。充滿挑戰的市場條件和較低的客戶活動對我們的資本市場和諮詢業務產生了重大影響，而降低風險和退出某些業務線的戰略行動導致銷售和交易收入下降。

Now turning to Wealth Management. The division reported an adjusted pretax loss of CHF 155 million. During the quarter, we've put in place an extensive client outreach program and are already seeing the benefits of our initiatives. We are also taking proactive steps to reduce the cost base as part of the group-wide cost transformation program.

現在轉向財富管理。該部門報告調整後的稅前虧損為 1.55 億瑞士法郎。在本季度，我們實施了廣泛的客戶外展計劃，並且已經看到了我們計劃的好處。作為全集團成本轉型計劃的一部分，我們還採取積極措施降低成本基礎。

The Swiss Bank division reported an adjusted pretax profit of CHF 259 million for the quarter. This demonstrates our resilience and leadership position in our home market. Overall, the group reported a pretax loss of CHF 1.3 billion. This result includes several adjusting items, the largest of which were restructuring expenses related to our cost transformation program as well as real estate gains.

瑞士銀行部門公佈本季度調整後稅前利潤為 2.59 億瑞士法郎。這證明了我們在國內市場的韌性和領導地位。總體而言，該集團報告的稅前虧損為 13 億瑞士法郎。這一結果包括幾個調整項目，其中最大的是與我們的成本轉型計劃相關的重組費用以及房地產收益。

Our new Executive Board remains fully focused on the successful execution of our strategic transformation, and the actions we have taken so far strengthened our business momentum in 2023 and beyond. Now let me be clear, our teams continue to work relentlessly on serving our clients.

我們新的執行委員會仍然完全專注於成功執行我們的戰略轉型，我們迄今為止採取的行動增強了我們在 2023 年及以後的業務勢頭。現在讓我明確一點，我們的團隊將繼續不懈地為我們的客戶服務。

Since October, we have proactively engaged with more than 10,000 Wealth Management clients and over 50,000 clients in the Swiss Bank. As previously mentioned, we are seeing the first positive signs from our comprehensive global initiatives to regain deposits as well as assets under management. In January, we saw deposit inflows at group level in Wealth Management and in APAC as well as net new assets in APAC and to Swiss Bank. Importantly, clients remain overwhelmingly supportive, and we remain very thankful for that.

自 10 月以來，我們已積極接觸超過 10,000 名財富管理客戶和超過 50,000 名瑞士銀行客戶。如前所述，我們正在從我們全面的全球舉措中看到第一個積極跡象，以重新獲得存款和管理資產。 1 月份，我們看到財富管理和亞太地區集團層面的存款流入，以及亞太地區和瑞士銀行的淨新資產。重要的是，客戶仍然非常支持，對此我們仍然非常感激。

To remind you of the strength of our Wealth Management business, we are the #2 wealth manager outside the U.S. with a deep client franchise balanced between ultra and high net worth clients. We have a very clear plan to restore the Wealth Management division to profitability. We are focused on growing a more stable high net worth business, we increase our focus on recurring revenues and regaining client wallet share among ultra high net worth clients. And we are undertaking steps to reduce costs and improve efficiency.

為了提醒您我們財富管理業務的實力，我們是美國以外排名第二的財富管理機構，在超高淨值客戶和高淨值客戶之間擁有廣泛的客戶特許經營權。我們有一個非常明確的計劃來恢復財富管理部門的盈利能力。我們專注於發展更穩定的高淨值業務，我們更加關注經常性收入並重新獲得超高淨值客戶的客戶錢包份額。我們正在採取措施降低成本和提高效率。

Let me now update you on what we have achieved since October 27. We have made significant progress in the transformation and restructuring of the Investment Bank. Since the end of the third quarter, we have achieved about 2/3 of our Securitized Products Group asset reduction target. In the fourth quarter, we reduced risk-weighted assets and leverage exposure by about $5 billion and around $50 million, respectively, reflecting proactive deleveraging and de-risking measures in the noncore unit. That's ahead of the target run rate we set in October.

10月27日以來，我向大家介紹一下我們取得的成績。我們在投資銀行的轉型和重組方面取得了重大進展。自第三季度末以來，我們已經實現了約 2/3 的證券化產品集團資產縮減目標。第四季度，我們將風險加權資產和槓桿敞口分別減少了約 50 億美元和約 5000 萬美元，反映了非核心部門積極的去槓桿化和去風險措施。這高於我們在 10 月份設定的目標運行率。

As announced, our goal is to carve out CS First Boston as a distinct leading independent capital markets and advisory-led business, and we are pleased with the acquisition of the Investment Banking business of M. Klein & Company. This is a significant step forward in realizing CS First Boston's growth potential and creating value for our shareholders.

正如所宣布的那樣，我們的目標是將 CS First Boston 打造成獨特的領先獨立資本市場和諮詢主導業務，我們很高興收購 M. Klein & Company 的投資銀行業務。這是在實現 CS First Boston 的增長潛力和為我們的股東創造價值方面向前邁出的重要一步。

Since our strategy announcement in October, we have strengthened our capital position by raising around CHF 4 billion of equity. And we have completed around CHF 10 billion of debt issuances whilst making tangible progress in deleveraging and de-risking the group further. This should reduce our funding needs in the future.

自 10 月宣布戰略以來，我們通過籌集約 40 億瑞士法郎的股權加強了我們的資本狀況。我們已經完成了約 100 億瑞士法郎的債券發行，同時在去槓桿化和進一步降低集團風險方面取得了切實進展。這應該會減少我們未來的資金需求。

Our cost transformation is well underway. As previously disclosed, action initiated in the fourth quarter represent approximately 80% of our 2023 cost base reduction target of about CHF 1.2 billion. I want to make it absolutely clear that me and my management team are relentless in driving our cost base lower.

我們的成本轉型正在順利進行。如前所述，第四季度啟動的行動約占我們 2023 年約 12 億瑞士法郎成本基礎削減目標的 80%。我想明確表示，我和我的管理團隊一直在不懈地降低我們的成本基礎。

We have made significant progress on our exit from Securitized Products. We completed the first closing of our transaction with Apollo. That, along with other actions taken, contributed to an overall reduction in Securitized Products assets by around USD 35 billion since the end of the third quarter. This is approximately 2/3 of our targeted reduction of $55 billion. So we are on track to close the full transaction in the first half of 2023, subject to regulatory approvals.

我們在退出證券化產品方面取得了重大進展。我們完成了與 Apollo 的第一筆交易。自第三季度末以來，這與採取的其他行動一起導致證券化產品資產總體減少約 350 億美元。這大約是我們 550 億美元削減目標的 2/3。因此，在獲得監管部門批准的情況下，我們有望在 2023 年上半年完成全部交易。

This transaction, together with the potential sale of other portfolio assets, is expected to reduce risk-weighted assets, leverage exposure and other risk metrics over time. These actions are consistent with our strategy to significantly reduce the size of the Investment Bank and release liquidity and capital to support the bank's core businesses.

該交易連同其他投資組合資產的潛在出售，預計將隨著時間的推移降低風險加權資產、槓桿敞口和其他風險指標。這些舉措與我們大幅縮減投行規模、釋放流動性和資本以支持銀行核心業務的戰略相一致。

Turning to the noncore unit. As you can see on the slide, we are running ahead of schedule on both risk-weighted assets reductions and leverage exposure. Dixit will cover the important progress we have made in more detail.

轉向非核心單位。正如您在幻燈片中看到的那樣，我們在減少風險加權資產和槓桿敞口方面都提前完成了計劃。 Dixit 將更詳細地介紹我們取得的重要進展。

CS First Boston is an attractive value proposition for Credit Suisse shareholders, and its carve-out is an important step in our strategic transformation. We are creating a global independent capital markets and advisory-led bank with distinctive capabilities and a unique market position. It will be headquartered in the U.S. with leadership positions in Europe, Asia and selected emerging markets. We are confident that our history of innovation, market leadership and the years of experience of our core teams, together with a simpler operating and regulatory model, will provide a clear competitive advantage.

CS First Boston 對瑞士信貸股東來說是一個有吸引力的價值主張，其分拆是我們戰略轉型的重要一步。我們正在打造一個全球獨立的資本市場和諮詢主導的銀行，具有獨特的能力和獨特的市場地位。其總部將設在美國，並在歐洲、亞洲和選定的新興市場擔任領導職務。我們相信，我們的創新歷史、市場領導地位和核心團隊多年的經驗，以及更簡單的運營和監管模式，將提供明顯的競爭優勢。

Our execution plan is already underway. We have announced the acquisition of M. Klein & Company &, which will further strengthen CS First Boston's advisory capabilities. And we are rightsizing the business to reduce capital needs and release low-returning capital. In short, CS First Boston will be efficient, agile and have a comprehensive product offering designed around client needs.

我們的執行計劃已經在進行中。我們已宣布收購 M. Klein & Company &，這將進一步加強 CS First Boston 的諮詢能力。我們正在調整業務以減少資本需求並釋放低迴報資本。簡而言之，CS First Boston 將高效、敏捷，並提供圍繞客戶需求設計的全面產品。

Importantly, the new Credit Suisse will maintain a long-term strategic partnership with CS First Boston, leveraging our leading market platform whilst ensuring the close connectivity to our Wealth Management and Swiss Bank businesses. And we have a strong management team under the leadership of Michael Klein. Mike Klein has an established track record in building leading capital markets and advisory-led businesses as well as 4 decades of investment banking experience.

重要的是，新的瑞士信貸將與 CS First Boston 保持長期戰略合作夥伴關係，利用我們領先的市場平台，同時確保與我們的財富管理和瑞士銀行業務的緊密聯繫。我們擁有一支由邁克爾克萊因領導的強大管理團隊。 Mike Klein 在建立領先的資本市場和以諮詢為主導的業務方面擁有良好的業績記錄，並擁有 4 年的投資銀行經驗。

The acquisition of M. Klein & Company adds to Credit Suisse advisory capabilities and accelerates the creation of an advisory-led CS First Boston. At the same time, it creates significant revenue opportunities for Credit Suisse. The transaction is at a single-digit price to earnings multiple and is expected to be earnings accretive with an anticipated impact on the CET1 ratio of less than 10 basis points.

收購 M. Klein & Company 增強了 Credit Suisse 的諮詢能力，並加速了以諮詢為主導的 CS First Boston 的創建。同時，它為瑞士信貸創造了重要的收入機會。該交易的市盈率是個位數，預計將增加盈利，預計對 CET1 比率的影響將小於 10 個基點。

In October, we made a very clear commitment to simplify the group and to reduce our cost base. We intend to cut the total head count from around 52,000 in 2022 to 43,000 over the next 3 years. We have already achieved a 4% reduction in the fourth quarter 2022. And we intend to continue to reduce third-party costs, including spending on contractors and consultants, in a targeted and decisive manner.

10 月，我們做出了非常明確的承諾，要簡化集團並降低我們的成本基礎。我們打算在未來 3 年內將總人數從 2022 年的約 52,000 人減少到 43,000 人。我們已經在 2022 年第四季度實現了 4% 的減少。我們打算繼續有針對性和果斷地減少第三方成本，包括承包商和顧問的支出。

We are determined to deliver on our cost reduction target of CHF 1.2 billion in 2023 and CHF 2.5 billion by 2025. These targets are on a like-for-like basis and exclude the impact of business exits. We are making progress on our cost transformation and will be relentless in identifying opportunities to move further and faster. Rest assured, our cost initiatives will not impact the investments in risk management and technology, including digitalization as well as our targeted business growth.

我們決心在 2023 年實現 12 億瑞士法郎的成本削減目標，到 2025 年實現 25 億瑞士法郎的成本削減目標。這些目標是按同類基準計算的，不包括業務退出的影響。我們正在成本轉型方面取得進展，並將不懈地尋找機會，進一步加快步伐。請放心，我們的成本舉措不會影響對風險管理和技術的投資，包括數字化以及我們的目標業務增長。

To sum up, we are well advanced on our journey to deliver a new, simpler, more-focused Credit Suisse built around client needs. We have a new Executive Board with relevant experience and a strong track record of execution in similar situations. We are building a unified culture from the top of the organization with a strong focus on risk management, collaboration and accountability. We remain disciplined on strategic execution, strengthening and reallocating capital, delivering on our cost ambitions and, most importantly, supporting our clients globally.

總而言之，我們在打造全新、更簡單、更專注於客戶需求的瑞士信貸的征途上取得了長足進步。我們有一個新的執行委員會，具有相關經驗並在類似情況下具有良好的執行記錄。我們正在組織高層建立統一的文化，重點關注風險管理、協作和問責制。我們在戰略執行、加強和重新分配資本、實現我們的成本目標以及最重要的是為我們的全球客戶提供支持方面保持紀律嚴明。

As I mentioned, we have acted decisively to address the impact of the outflows experienced in the fourth quarter. And we have seen deposit inflows at the group level in Wealth Management and APAC as well as net new assets in APAC and the Swiss Bank. We are also making progress with the carve-out of CS First Boston and are creating a more focused markets business that will deliver innovative solutions and products for our wealth management and our institutional clients. In short, we are determined to make this transformation a success, restore trust with all stakeholders and ultimately create sustainable value for our shareholders.

正如我所提到的，我們已採取果斷行動來應對第四季度資金外流的影響。我們已經看到財富管理和亞太地區集團層面的存款流入，以及亞太地區和瑞士銀行的淨新資產。我們還在分拆 CS First Boston 方面取得進展，並正在創建一個更加專注的市場業務，為我們的財富管理和機構客戶提供創新的解決方案和產品。簡而言之，我們決心使這一轉型取得成功，恢復所有利益相關者的信任，並最終為我們的股東創造可持續的價值。

With that, I hand it over to Dixit.

有了這個，我把它交給了迪克西特。

Thank you, Ulrich, and good morning, everyone. I'm going to start today with the financial overview for the fourth quarter and the full year and then provide some details on assets under management, given the outflows that we saw in the quarter. After that, I'll go through the divisional performances before setting out some of the key themes for the group.

謝謝你，Ulrich，大家早上好。今天我將從第四季度和全年的財務概覽開始，然後根據我們在本季度看到的資金外流提供有關管理資產的一些細節。在那之後，我會先回顧一下部門的表演，然後再為小組設定一些關鍵主題。

Before I begin, I'd point out that this is the last time we will be discussing our results under our current financial reporting structure. As of the first quarter of 2023, we will be publishing our earnings under the new structure that we outlined in October, comprising the 4 key business divisions and the Corporate Center plus the Capital Release Unit. We will provide a restated time series at the beginning of April along with other relevant information. And of course, we plan to provide regular updates detailing our progress as we execute on our strategy.

在我開始之前，我要指出這是我們最後一次在當前的財務報告結構下討論我們的結果。從 2023 年第一季度開始，我們將根據我們在 10 月份概述的新結構發布收益，其中包括 4 個主要業務部門和企業中心以及資本釋放部門。我們將在 4 月初提供重述的時間序列以及其他相關信息。當然，我們計劃在執行戰略時提供定期更新，詳細說明我們的進展情況。

Please note that unless I state otherwise, for example, with the Investment Bank, you can assume that whenever I give a currency figure, it's in Swiss francs. So let's start with the group overview. The group took clear strides forward despite the challenging fourth quarter. We delivered the strategy update alongside our third quarter earnings and started immediately on implementation. We made good progress reducing noncore-related exposures, on cost reduction measures and on balance sheet reductions relating to the Capital Release Unit.

請注意，除非我另有說明，例如，對於投資銀行，您可以假設每當我給出貨幣數字時，它都是瑞士法郎。那麼讓我們從小組概覽開始。儘管第四季度充滿挑戰，但該集團仍向前邁進了一大步。我們在發布第三季度收益的同時發布了戰略更新，並立即開始實施。我們在減少非核心相關風險、成本削減措施以及與資本釋放部門相關的資產負債表縮減方面取得了良好進展。

We proactively managed our liquidity position following the outflows in the fourth quarter. We executed a successful series of capital and funding measures, including raising around CHF 4 billion in equity and completing around CHF 6 billion of debt issuance in the fourth quarter. We strengthened our CET1 ratio to 14.1%, and we remained resolutely focused on execution and on supporting our clients.

在第四季度資金流出後，我們積極管理流動性頭寸。我們執行了一系列成功的資本和融資措施，包括在第四季度籌集約 40 億瑞士法郎的股權和完成約 60 億瑞士法郎的債券發行。我們將 CET1 比率提高到 14.1%，並且我們仍然堅定地專注於執行和支持我們的客戶。

As you can see from this morning's announcement regarding the acquisition of the Investment Banking business of M. Klein & Company & and the completion of the first closing of our Securitized Products transaction with Apollo, we are executing rapidly on the strategy and we're ahead of plan.

從今天上午關於收購 M. Klein & Company 的投資銀行業務以及我們與 Apollo 的證券化產品交易的首次交割的公告中可以看出，我們正在迅速執行該戰略，並且我們領先的計劃。

In terms of our financial performance, the net asset and deposit outflows in the fourth quarter reduced our net interest income and recurring revenues, notably in Wealth Management. The Investment Bank experienced another tough quarter with lower client activity, the impact of our strategic actions as well as the events of the fourth quarter, all contributing to the reduced revenues in sales and trading. Revenues in our Capital Markets and Advisory businesses were also lower and more in line with the industry-wide slowdown.

就我們的財務表現而言，第四季度的淨資產和存款流出減少了我們的淨利息收入和經常性收入，尤其是在財富管理方面。投資銀行經歷了另一個艱難的季度，客戶活動減少，我們的戰略行動的影響以及第四季度的事件，所有這些都導致銷售和交易收入減少。我們的資本市場和諮詢業務的收入也有所下降，與整個行業的放緩趨勢更為一致。

Overall, fourth quarter reported net revenues for the group were 33% lower year-on-year at CHF 3.1 billion, and reported operating expenses were 31% lower at CHF 4.3 billion. Provisions for credit losses amounted to 6 basis points of net loans at the year-end, mainly relating to specific provisions taken in the Swiss Bank and the Investment Bank. This resulted in a reported pretax loss for the quarter for the group of CHF 1.3 billion, in line with the guidance that we gave at the end of November of a loss of up to CHF 1.5 billion.

總體而言，該集團第四季度的淨收入為 31 億瑞士法郎，同比下降 33%，運營支出為 43 億瑞士法郎，下降 31%。信用損失準備金為年末貸款淨額的6個基點，主要與瑞士銀行和投資銀行計提的專項準備金有關。這導致該集團本季度報告的稅前虧損為 13 億瑞士法郎，這與我們在 11 月底給出的虧損高達 15 億瑞士法郎的指導一致。

Our reported results include a number of adjusting items with a cumulative net impact on our fourth quarter results of CHF 300 million. A detailed breakdown can be found in the earnings release. However, notable adjusting revenue items included CHF 191 million of real estate gains and a CHF 75 million loss relating to the disposal of our remaining stake in Allfunds. In total, adjusted net revenues for the fourth quarter were 32% lower year-on-year at CHF 3 billion.

我們報告的業績包括一些調整項目，對我們第四季度業績的累計淨影響為 3 億瑞士法郎。詳細的細目分類可以在收益發布中找到。然而，值得注意的調整收入項目包括 1.91 億瑞士法郎的房地產收益和 7500 萬瑞士法郎的損失，這些損失與我們在 Allfunds 剩餘股權的處置有關。總的來說，第四季度調整後的淨收入為 30 億瑞士法郎，同比下降 32%。

Reported operating expenses for the quarter included CHF 352 million of restructuring expenses, broadly in line with our guidance of CHF 300 million, and CHF 34 million of major litigation provisions. We continue to make good progress in resolving our outstanding legacy issues. Adjusting for these items, operating expenses were 3% lower year-on-year at CHF 3.9 billion, resulting in an adjusted pretax loss for the quarter of CHF 1 billion.

本季度報告的運營費用包括 3.52 億瑞士法郎的重組費用，大致符合我們 3 億瑞士法郎的指導，以及 3400 萬瑞士法郎的重大訴訟準備金。我們在解決未決遺留問題方面繼續取得良好進展。對這些項目進行調整後，營業費用同比下降 3%，為 39 億瑞士法郎，導致本季度調整後的稅前虧損為 10 億瑞士法郎。

The income tax expense for the fourth quarter was CHF 82 million, resulting in a net loss attributable to shareholders of CHF 1.4 billion. The reason we have a tax charge for the quarter despite the overall reported pretax loss is driven by the fact that we earn taxable income in legal entities which cannot be offset by tax losses elsewhere in the group. We expect this to continue to be the case in 2023 as we execute on our transformation program.

第四季度所得稅費用為0.82億瑞士法郎，導致股東應占淨虧損14億瑞士法郎。儘管報告了總體稅前虧損，但我們在本季度收取稅款的原因是我們在法人實體中賺取的應稅收入不能被集團其他地方的稅收虧損所抵消。我們預計，隨著我們執行轉型計劃，這種情況在 2023 年將繼續存在。

I'd like briefly to mention the Corporate Center, which booked an adjusted pretax income of CHF 104 million in the fourth quarter compared to a loss of CHF 172 million in the same period last year. This was largely driven by treasury results.

我想簡單提一下公司中心，它在第四季度錄得調整後稅前收入 1.04 億瑞士法郎，而去年同期為虧損 1.72 億瑞士法郎。這在很大程度上是由財務業績推動的。

Turning back to the group. For the full year, reported revenues were 34% lower compared to 2021 at CHF 14.9 billion. Reported operating expenses were 5% lower at CHF 18.2 billion, leading to a reported pretax loss for the year of CHF 3.3 billion. The third quarter deferred tax impairment of CHF 3.7 billion resulted in a reported net loss of CHF 7.3 billion for 2022.

轉身回到集團。全年報告的收入為 149 億瑞士法郎，與 2021 年相比下降了 34%。報告的運營費用降低了 5%，為 182 億瑞士法郎，導致全年報告的稅前虧損為 33 億瑞士法郎。第三季度 37 億瑞士法郎的遞延稅減值導致 2022 年報告的淨虧損為 73 億瑞士法郎。

Let me make a brief comment on compensation, which, for the full year, was down 2%. The fourth quarter total for the group decreased by 4% year-on-year. However, it was 8% higher compared to the third quarter. This was a function of structural changes we've made to compensation over the course of the last year. As a result, some of the divisions show increases in the compensation line for the fourth quarter. Compensation is one of our key levers for controlling costs. And I'd note that the total variable compensation pool for 2022 was 50% lower than in 2021 as we took actions commensurate with the decline in the group performance.

讓我對薪酬做一個簡短的評論，全年下降了 2%。該集團第四季度的總額同比下降了 4%。但是，與第三季度相比增長了 8%。這是我們在過去一年中對薪酬所做的結構性改變的結果。因此，一些部門第四季度的薪酬線有所增加。薪酬是我們控製成本的關鍵手段之一。我會注意到，2022 年的可變薪酬總額比 2021 年低 50%，因為我們採取了與集團業績下降相稱的行動。

Now before we turn to the performance of our business divisions which I will discuss, as usual, on an adjusted basis, I'll touch on the impact of the client asset outflows during the fourth quarter on Slide 15. Our assets under management were impacted by significant net asset outflows early in the quarter, which affected both our revenues and our liquidity position for the fourth quarter. Approximately 2/3 of the net asset outflows in the fourth quarter occurred in October, and they reduced considerably in November and December.

現在，在我們轉向業務部門的業績之前，我將像往常一樣在調整後的基礎上進行討論，我將在幻燈片 15 上談談第四季度客戶資產外流的影響。我們管理的資產受到了影響本季度初大量淨資產流出，這影響了我們第四季度的收入和流動性狀況。四季度大約2/3的淨資產流出發生在10月，11月和12月明顯減少。

Group assets under management were around 8% lower quarter-on-quarter at CHF 1.3 trillion, largely reflecting net asset outflows of CHF 111 billion. Deposit outflows made up around 60% of Wealth Management and Swiss Bank net asset outflows in the quarter. In total, net asset outflows represented 8% of assets under management at the end of September.

管理的集團資產環比下降約 8%，為 1.3 萬億瑞士法郎，主要反映了 1,110 億瑞士法郎的淨資產流出。本季度存款流出約佔財富管理和瑞士銀行淨資產流出的 60%。總的來說，淨資產流出佔 9 月底管理資產的 8%。

Since the start of the fourth quarter, we strengthened our balance sheet, including through the capital raises to set the group on a stronger trajectory. We're now 3 months into our transformation journey, and we saw the first signs of the benefits of these and other proactive initiatives in January with positive deposit inflows at the group level and specifically in Wealth Management. Net asset flows in the Swiss Bank were positive, and the net asset outflows in Wealth Management in January were at a reduced level compared to December with net asset inflows in Asia Pacific.

自第四季度開始以來，我們加強了資產負債表，包括通過融資使集團走上更強勁的軌道。我們的轉型之旅已經進行了 3 個月，我們在 1 月份看到了這些和其他積極舉措帶來的好處的初步跡象，在集團層面，特別是在財富管理領域，存款正流入。瑞士銀行資產淨流出為正，財富管理1月資產淨流出較12月有所減少，亞太區資產淨流入。

Moving on to the divisional overviews, we'll start with Wealth Management. Lower assets under management and deposits as well as subdued client activity resulted in lower revenues. This led to a loss in Wealth Management, as we had indicated in our outlook statement in November. Net interest income declined 17% year-on-year with lower loan income and higher funding costs offsetting the benefit of rising interest rates on deposit income, albeit on lower deposit volumes.

轉到部門概述，我們將從財富管理開始。管理資產和存款減少以及客戶活動減少導致收入減少。正如我們在 11 月份的展望聲明中指出的那樣，這導致了財富管理業務的虧損。淨利息收入同比下降 17%，貸款收入減少和融資成本增加抵消了利率上升對存款收入的好處，儘管存款量較低。

Similarly, lower average assets under management resulted in a 17% year-on-year fall in recurring commissions and fees. Transaction-based revenues were 20% lower, reflecting reduced levels of client activity and mark-to-market losses of CHF 31 million on financing exposures.

同樣，較低的平均管理資產導致經常性佣金和費用同比下降 17%。基於交易的收入下降了 20%，反映了客戶活動水平的下降和 3100 萬瑞士法郎的融資風險按市值計算的損失。

Total net revenues were down 18% year-on-year. Operating expenses were 5% higher, mainly due to higher general and administrative expenses, reflecting higher allocated corporate function costs. I would note that a number of the measures that we took in the fourth quarter should reduce costs for the division in 2023.

總淨收入同比下降 18%。營業費用增加 5%，主要是由於一般和行政費用增加，反映出分配的公司職能成本增加。我要指出的是，我們在第四季度採取的一些措施應該會在 2023 年降低該部門的成本。

Overall, the division delivered an adjusted pretax loss for the quarter of CHF 155 million. While we expect the division to report a loss for the first quarter, we are determined to return Wealth Management to profitability, and Ulrich has highlighted some of the specific actions that we're taking to achieve this.

總體而言，該部門本季度調整後的稅前虧損為 1.55 億瑞士法郎。雖然我們預計該部門第一季度會出現虧損，但我們決心讓財富管理部門恢復盈利，Ulrich 強調了我們為實現這一目標而採取的一些具體行動。

Let's turn to the Swiss Bank on Slide 17. Swiss Bank had a resilient fourth quarter. Net revenues were 10% lower year-on-year. But quarter-on-quarter, revenues held up well, 3% lower. Net asset outflows were CHF 8.3 billion, primarily from private clients. The reduction in the threshold benefit from the Swiss National Bank, given rising interest rates in Switzerland, negatively impacted net interest income, though this was partially offset by higher deposit income. NII was 11% lower year-on-year and flat compared to the third quarter.

讓我們轉到幻燈片 17 上的瑞士銀行。瑞士銀行第四季度表現強勁。淨收入同比下降 10%。但與上一季度相比，收入保持良好，下降了 3%。淨資產流出 83 億瑞士法郎，主要來自私人客戶。鑑於瑞士利率上升，瑞士國家銀行降低門檻收益對淨利息收入產生了負面影響，儘管這被較高的存款收入部分抵消。 NII 同比下降 11%，與第三季度持平。

As a reminder, the loss of the SNB threshold benefits is now in the quarterly run rate. And we expect the year-on-year impact, which was CHF 78 million in the fourth quarter, to bottom out by the middle of this year.

提醒一下，瑞士央行門檻收益的損失現在是按季度計算的。我們預計第四季度為 7800 萬瑞士法郎的同比影響將在今年年中觸底。

Recurring commissions and fees were 10% lower year-on-year, mainly due to lower average assets under management. These were flat compared to the end of the third quarter and 12% lower year-on-year, primarily the result of declining markets. Transaction-based revenues were 18% lower year-on-year, mainly driven by the impact of equity investments. Excluding these, lower client activity accounted for an 8% reduction.

經常性佣金和費用同比下降 10%，主要是由於管理的平均資產較低。與第三季度末相比持平，同比下降 12%，這主要是市場下滑的結果。基於交易的收入同比下降 18%，主要受股權投資的影響。排除這些，較低的客戶活動導致減少了 8%。

A 6% year-on-year increase in operating expenses mainly reflected the structural changes to compensation that I referred to earlier. Provisions for credit losses were CHF 28 million compared to a release of CHF 4 million in the fourth quarter last year, equivalent to 7 basis points of net loans. Overall, the division reported a pretax income of CHF 259 million, 41% lower year-on-year.

營業費用同比增長 6%，主要反映了我之前提到的薪酬結構變化。信貸損失準備金為 2800 萬瑞士法郎，而去年第四季度為 400 萬瑞士法郎，相當於淨貸款的 7 個基點。總體而言，該部門報告的稅前收入為 2.59 億瑞士法郎，同比下降 41%。

Turning to Asset Management. Market conditions in the fourth quarter were challenging for the Asset Management division. Net revenues were down 28% year-on-year, driven primarily by lower performance, transaction and placement fees, as well as reduced management fees. Management fees were 19% lower, reflecting a decline in assets under management of CHF 74 billion, CHF 50 billion of which was due to FX and market effects.

轉向資產管理。第四季度的市場狀況對資產管理部門來說充滿挑戰。淨收入同比下降 28%，主要原因是業績、交易和配售費用下降，以及管理費用下降。管理費減少 19%，反映出管理資產減少 740 億瑞士法郎，其中 500 億瑞士法郎是由於外彙和市場影響。

Net asset outflows in the quarter were CHF 11.7 billion across both traditional and alternative investments as well as outflows from investments and partnerships. Operating expenses were 3% lower year-on-year, primarily due to lower costs relating to the supply chain finance funds matter and reduced commission expenses, partly offset by higher compensation and benefits expenses. In total, the division booked an adjusted pretax loss of CHF 15 million for the quarter.

本季度淨資產流出 117 億瑞士法郎，包括傳統投資和另類投資以及投資和合夥企業的流出。營業費用同比下降 3%，這主要是由於與供應鏈金融資金相關的成本降低和佣金費用減少，部分被較高的薪酬和福利費用所抵消。總的來說，該部門本季度的調整後稅前虧損為 1500 萬瑞士法郎。

Let's now turn to the Investment Bank on Slide 19. Clearly, this was not a normal quarter for the group and, in particular, for the Investment Bank where revenues were down 74% year-on-year. Revenues were directly impacted by: first, our restructuring actions, including the steps taken to de-risk and exit certain business lines; second, actions we took in response to the group's deposit outflows in the fourth quarter; and third, reduced client activity as capital market conditions remained challenging.

現在讓我們轉到幻燈片 19 上的投資銀行。顯然，這不是該集團的正常季度，尤其是對於收入同比下降 74% 的投資銀行而言。收入直接受到以下因素的影響：首先，我們的重組行動，包括為降低風險和退出某些業務線而採取的措施；第二，我們針對第四季度集團存款外流採取的行動；第三，由於資本市場狀況仍然充滿挑戰，客戶活動減少。

Operating expenses were 15% lower year-on-year, mainly reflecting lower compensation and benefits, resulting in an adjusted pretax loss for the quarter of USD 1.3 billion. Our sales and trading businesses were impacted both by our restructuring and lower client activity, resulting in an 89% year-on-year decline in revenues. We estimate that the impact of the accelerated deleveraging, including that link to our strategic actions, accounted for around 40% of the year-on-year decline.

營業費用同比下降 15%，主要反映了較低的薪酬和福利，導致本季度調整後的稅前虧損為 13 億美元。我們的銷售和貿易業務受到重組和客戶活動減少的影響，導致收入同比下降 89%。我們估計，加速去槓桿化的影響，包括與我們戰略行動的聯繫，占同比下降的 40% 左右。

Our continued strength in macro was offset by a substantial decline in Securitized Products and Global Credit Products, largely due to our strategic actions. And consequently, fixed income revenues were 84% lower year-on-year. Equity sales and trading revenues were affected by the impact of our strategic actions, reduced client activity and less favorable market conditions on the equity derivates business. The exit of Prime Services also had a year-on-year effect on cash equities. Overall, equities revenues were 96% lower year-on-year.

我們在宏觀方面的持續優勢被證券化產品和全球信貸產品的大幅下降所抵消，這主要是由於我們的戰略行動。因此，固定收益收入同比下降 84%。股票銷售和交易收入受到我們的戰略行動、客戶活動減少以及股票衍生品業務不利的市場條件的影響。 Prime Services 的退出也對現金股票產生了同比影響。總體而言，股票收入同比下降 96%。

For those business lines less directly impacted by our restructuring, the performance was more resilient with Capital Markets and Advisory revenues 59% lower year-on-year, in line with the reduced industry fee pool. The reported pretax loss of $1.5 billion included restructuring expenses of $214 million for the fourth quarter, part of which was related to the headcount reduction program. We also booked major litigation expenses of $43 million.

對於那些受我們重組影響較小的業務線，業績更具彈性，資本市場和諮詢收入同比下降 59%，這與行業費用池的減少一致。報告的 15 億美元稅前虧損包括第四季度 2.14 億美元的重組費用，其中一部分與裁員計劃有關。我們還計入了 4300 萬美元的重大訴訟費用。

Looking forward, our strategic actions and the ongoing challenging market backdrop mean we would also expect the Investment Bank to report a loss in the first quarter of 2023. However, we have taken decisive action on the structure of the division, and these measures are important steps in the creation of the new Credit Suisse.

展望未來，我們的戰略行動和持續充滿挑戰的市場背景意味著我們也預計投資銀行將在 2023 年第一季度報告虧損。但是，我們已對該部門的結構採取果斷行動，這些措施很重要建立新的瑞士信貸的步驟。

I'll now take you through our progress on some of our key financial metrics, starting with capital on Slide 20. We ended the fourth quarter with a CET1 ratio of 14.1%, up around 150 basis points quarter-on-quarter. Our successful capital increases added 147 basis points, underpinning our capital strength as we continue to execute on our strategic transformation.

我現在將向您介紹我們在一些關鍵財務指標方面的進展，從幻燈片 20 上的資本開始。第四季度結束時，我們的 CET1 比率為 14.1%，環比增長約 150 個基點。我們成功的增資增加了 147 個基點，在我們繼續執行戰略轉型的過程中鞏固了我們的資本實力。

Business RWA reductions benefited the CET1 ratio by 80 basis points, partially offset by 53 basis points attributable to the net loss for the quarter and by 24 basis points due to other CET1 movements, including FX and model and parameter updates. Overall, RWAs declined by CHF 23 billion quarter-on-quarter, mainly due to the reductions in the Investment Bank of around CHF 5 billion and around CHF 9 billion in Wealth Management and Swiss Bank with a further CHF 10 billion due to FX. Our parent capital ratio was around 250 basis points higher compared to the end of September at 12.2%.

業務 RWA 的減少使 CET1 比率受益 80 個基點，部分被本季度淨虧損導致的 53 個基點和其他 CET1 變動（包括外匯、模型和參數更新）導致的 24 個基點所抵消。總體而言，風險加權資產環比下降 230 億瑞士法郎，主要是由於投資銀行減少了約 50 億瑞士法郎，財富管理和瑞士銀行減少了約 90 億瑞士法郎，另外還有 100 億瑞士法郎因外匯而減少。我們的母公司資本比率比 9 月底的 12.2% 高出約 250 個基點。

I should also note that as we reduce RMBS exposures and activity as part of our announced strategy towards a managed exit from the Securitized Products business and to de-risk the bank, we anticipate, based on ongoing regulatory discussions, that operational risk RWAs associated with historical RMBS activity will decrease.

我還應該指出，由於我們減少 RMBS 風險敞口和活動，作為我們宣布的戰略的一部分，以管理退出證券化產品業務並降低銀行風險，我們預計，根據正在進行的監管討論，操作風險風險加權資產與歷史 RMBS 活動將減少。

Turning to leverage. For the fourth quarter, we reported a Tier 1 leverage ratio of 7.7% compared to 6% in the prior quarter. Clearly, this ratio was higher than the level we'd normally expect to maintain primarily because of the reduced size of the balance sheet which resulted from the events early in the fourth quarter.

轉向槓桿。第四季度，我們報告的一級槓桿率為 7.7%，而上一季度為 6%。顯然，這一比率高於我們通常預期維持的水平，這主要是因為第四季度初的事件導致資產負債表規模縮小。

Reductions in high-quality liquid assets, mainly from the deposit outflows, and business deleveraging contributed 102 basis points and 59 basis points, respectively, with the capital raises contributing 47 basis points. This was partly offset by a 17 basis point impact resulting from the reported net loss for the fourth quarter. Leverage exposure was CHF 186 billion lower quarter-on-quarter at CHF 651 billion, primarily driven by CHF 118 billion drop in HQLA as well as deleveraging, notably in the Investment Bank.

主要來自存款流出的優質流動性資產減少和企業去槓桿分別貢獻了 102 個基點和 59 個基點，資本籌集貢獻了 47 個基點。這部分被報告的第四季度淨虧損導致的 17 個基點影響所抵消。槓桿敞口環比減少 1860 億瑞士法郎至 6510 億瑞士法郎，這主要是由於 HQLA 減少 1180 億瑞士法郎以及去槓桿化，尤其是在投資銀行。

Let's now look at these deleveraging and de-risking measures in more detail on Slide 22. As part of our strategic transformation announced in October, on the 1st of January, we established the Capital Release Unit, which includes the noncore units for nonstrategic assets. The CRU will be a separate reporting division, and we will provide a more detailed breakdown when we publish our restated financials in early April.

現在讓我們在幻燈片 22 上更詳細地了解這些去槓桿和去風險措施。作為我們 10 月份宣布的戰略轉型的一部分，1 月 1 日，我們成立了資本釋放部門，其中包括非戰略資產的非核心部門。 CRU 將是一個獨立的報告部門，我們將在 4 月初發布重述財務數據時提供更詳細的細目分類。

We made a strong start in the fourth quarter, in advance of the formal establishment of the CRU. Proactive deleveraging, de-risking and market moves reduced RWAs by around USD 5 billion and leverage exposure by around $15 billion, excluding the impact from reductions in HQLA allocations. We are running ahead of schedule, and I'd add that de-risking also generated an estimated $10 billion of liquidity in the fourth quarter.

我們在第四季度取得了良好的開端，領先於 CRU 的正式成立。主動去槓桿化、去風險化和市場變動使 RWA 減少了約 50 億美元，槓桿敞口減少了約 150 億美元，不包括 HQLA 分配減少的影響。我們提前完成了計劃，我要補充的是，去風險化還在第四季度產生了大約 100 億美元的流動資金。

We intend to continue to execute on the rundown of assets to release capital and liquidity as well as targeting cost reductions. As you can see, we are well on track to reach our RWA and leverage exposure targets of around $25 billion and around $92 billion, respectively, by the end of this year.

我們打算繼續執行資產縮減以釋放資本和流動性，並以降低成本為目標。如您所見，我們有望在今年年底前分別實現 RWA 和槓桿風險敞口目標，分別達到約 250 億美元和約 920 億美元。

Moving on to our liquidity coverage ratio. Although the group's liquidity position was impacted by deposit outflows in the fourth quarter, our average liquidity coverage ratio at the end of December stood at 144%, well above the group's minimum regulatory requirements and comparing favorably with our peer group. This represents an improvement from the lower levels in the quarter and was a result of a series of proactive measures, including the capital raises, debt issuances and deleveraging.

繼續我們的流動性覆蓋率。儘管集團的流動性頭寸在第四季度受到存款外流的影響，但我們在 12 月底的平均流動性覆蓋率達到 144%，遠高於集團的最低監管要求，優於同業。這比本季度的較低水平有所改善，是一系列積極措施的結果，包括融資、發債和去槓桿化。

We have continued to see the improvement in the ratio since the start of the year, and we remain focused on maintaining our LCR at a prudent level. The disciplined execution of our strategy, including our simplification program, should lead to further liquidity improvements and more efficient liquidity management across the group.

自今年年初以來，我們一直看到該比率有所改善，我們仍然專注於將 LCR 維持在審慎水平。我們戰略的嚴格執行，包括我們的簡化計劃，應該會導致整個集團的流動性進一步改善和更有效的流動性管理。

Moving now to funding on Slide 24. A major consequence of our strategic transformation is that the group's future funding needs and related costs should reduce considerably over time due to the simplification of our business model. This should result in a more efficient group balance sheet. You can see that in 2023, as a result of the balance sheet deleveraging driven by our strategic actions, redemptions should exceed our estimated debt issuance plan for the year. This reverses the situation of recent years, and I would expect this trend to continue over the next 3 years.

現在轉到幻燈片 24 上的資金。我們戰略轉型的一個主要結果是，由於我們業務模式的簡化，該集團未來的資金需求和相關成本應該會隨著時間的推移而大大減少。這應該會導致更有效的集團資產負債表。你可以看到，在 2023 年，由於我們的戰略行動推動資產負債表去槓桿化，贖回應該超過我們預計的年度發債計劃。這扭轉了近幾年的情況，我預計這種趨勢將在未來 3 年內持續下去。

Our issuance plan for the current financial year is around CHF 17 billion, less than the expected redemptions of CHF 22 billion. Reduced HoldCo funding needs means we expect issuance of around CHF 2 billion and AT1 issuance of around CHF 4 billion. In January, we completed nearly half of our planned CHF 9 billion OpCo issuance for the year and around 1/4 of the overall full year funding plan.

我們本財政年度的發行計劃約為 170 億瑞士法郎，低於預期的 220 億瑞士法郎贖回。 HoldCo 資金需求減少意味著我們預計發行約 20 億瑞士法郎，AT1 發行約 40 億瑞士法郎。 1 月份，我們完成了全年計劃的 90 億瑞士法郎 OpCo 發行的近一半，以及全年融資計劃的 1/4 左右。

Let's move on to net interest income sensitivity and guidance for funding costs. I would expect the cumulative revenue benefit, based on current forward curves, to be around CHF 900 million for the next 3 years versus year-end 2022 with the largest benefit coming from higher U.S. dollar rates. To be clear, our forward net interest income assumptions are based on the static balance sheet at the end of the year. The benefit going forward will be a function of actual loan and deposit balances.

讓我們繼續討論淨利息收入敏感性和融資成本指南。根據當前的遠期曲線，我預計未來 3 年與 2022 年底相比的累計收入收益將達到 9 億瑞士法郎左右，其中最大的收益來自更高的美元利率。需要明確的是，我們的遠期淨利息收入假設是基於年底的靜態資產負債表。未來的收益將取決於實際貸款和存款餘額。

Now turning to funding costs. The widening of our credit spreads over the course of 2022 has resulted in an increase in the cost of our funding, and I would expect this to continue to be the case, partially offsetting the benefit of higher interest rates over the next 3 years. For 2023, I expect that increase to be in the region of CHF 500 million compared to 2022. However, as I mentioned earlier, we expect our funding needs and costs to reduce as we progress our transformation.

現在轉向資金成本。在 2022 年期間，我們的信用利差擴大導致我們的融資成本增加，我預計這種情況將繼續存在，部分抵消未來 3 年利率上升的好處。與 2022 年相比，我預計 2023 年的增幅將在 5 億瑞士法郎左右。但是，正如我之前提到的，我們預計隨著轉型的推進，我們的資金需求和成本將會減少。

Turning now to costs. Adjusted operating expenses for the year were CHF 16.2 billion, broadly flat compared to 2021 and below our previous guidance of around CHF 16.5 billion to CHF 17 billion, reflecting our disciplined approach to costs, including compensation, which I touched on earlier. Looking forward, our ambition to reduce the cost base to no more than CHF 15.8 billion in 2023 and to around CHF 14.5 billion by 2025 on a constant perimeter basis remains unchanged. What I mean by this is that as we complete the Securitized Products transaction and execute on other disposals, we'll adjust our cost and headcount targets downward accordingly.

現在轉向成本。全年調整後的運營支出為 162 億瑞士法郎，與 2021 年基本持平，低於我們之前指導的約 165 億至 170 億瑞士法郎，這反映了我們對成本（包括我之前提到的薪酬）採取的嚴格方法。展望未來，我們的目標是到 2023 年將成本基數減少到不超過 158 億瑞士法郎，到 2025 年減少到約 145 億瑞士法郎（按固定周長計算）。我的意思是，當我們完成證券化產品交易並執行其他處置時，我們將相應下調成本和員工人數目標。

We are on track to deliver on our cost ambition. And as we've previously disclosed, the actions that we have already initiated in the fourth quarter are expected to represent 80% of the savings required to achieve our 2023 cost target. We will, of course, be looking for additional opportunities to eliminate duplication and drive operating efficiencies across the group.

我們有望實現我們的成本雄心。正如我們之前披露的那樣，我們已經在第四季度啟動的行動預計將佔實現 2023 年成本目標所需節省的 80%。當然，我們將尋找更多機會來消除重複並提高整個集團的運營效率。

In terms of restructuring costs, for the fourth quarter, we booked CHF 352 million. And I would reiterate our previous guidance for restructuring costs of CHF 1.6 billion and CHF 1 billion for 2023 and 2024, respectively.

在重組成本方面，第四季度我們預訂了 3.52 億瑞士法郎。我要重申我們之前對 2023 年和 2024 年的重組成本分別為 16 億瑞士法郎和 10 億瑞士法郎的指導意見。

Touching briefly on headcount. Our overall target is to reduce this by 9,000 to around 43,000 by the end of 2025 on a constant perimeter basis. And actions that we've taken in the last 3 months have enabled us to achieve around a 4% headcount reduction since the end of September.

簡要談到人數。我們的總體目標是到 2025 年底，在周長不變的基礎上將這一數字減少 9,000 人，達到 43,000 人左右。我們在過去 3 個月採取的行動使我們能夠自 9 月底以來裁員約 4%。

To summarize, our financial performance for the fourth quarter reflects the decisive actions we have taken against a difficult market backdrop. Looking forward, we expect that the strategic actions taken to reduce the group's risk profile and the challenging market conditions will continue to be reflected in our financial results.

總而言之，我們第四季度的財務業績反映了我們在困難的市場背景下採取的果斷行動。展望未來，我們預計為降低集團風險狀況和充滿挑戰的市場環境而採取的戰略行動將繼續反映在我們的財務業績中。

I would expect the group to report a loss before taxes in 2023 given the adverse revenue impact of the exit from noncore businesses and exposures and, of course, the restructuring charges related to our transformation. We are now well into the execution phase of our strategic transformation and have clear priorities for the weeks and months ahead as we work towards achieving the financial targets that we set out on October 27.

考慮到退出非核心業務和風險敞口對收入的不利影響，當然還有與我們轉型相關的重組費用，我預計該集團將在 2023 年報告稅前虧損。我們現在已經進入戰略轉型的執行階段，並且在我們努力實現 10 月 27 日制定的財務目標的過程中，為未來幾周和幾個月制定了明確的優先事項。

Let me remind you what they are. On group-wide costs, we expect to reduce our cost base on a constant perimeter basis to no more than CHF 15.8 billion in 2023 and to around CHF 14.5 billion by the end of 2025. With regard to the group CET1 ratio, we expect this to be at least 13% throughout the transformation period and above 13.5% at the end of 2025, pre-Basel III reforms. And by 2025, we are targeting a core return on tangible equity, that is excluding the Capital Release Unit, of greater than 8% and around 6% for the group as a whole.

讓我提醒你它們是什麼。在整個集團的成本方面，我們預計到 2023 年將我們的成本基數減少到不超過 158 億瑞士法郎，到 2025 年底減少到約 145 億瑞士法郎。關於集團 CET1 比率，我們預計這在整個轉型期至少達到 13%，並在 2025 年底達到 13.5% 以上，巴塞爾協議 III 改革之前。到 2025 年，我們的目標是有形資產的核心回報率（不包括資本發行單位）超過 8%，整個集團的回報率約為 6%。

Thank you very much. And with that, I'll hand back to Kinner.

非常感謝。有了這個，我會交還給金納。

Thank you, Dixit. We will now begin the Q&A conference. (Operator Instructions) Alice, let's open the line, please.

謝謝你，迪克西特。我們現在將開始問答會議。 （操作員說明）愛麗絲，請打開線路。

(Operator Instructions) Our first question comes from the line of Andrew Coombs with Citi.

（操作員說明）我們的第一個問題來自花旗銀行的安德魯庫姆斯。

I guess my first question, I'd just like to come back to your commentary around being proactive on flows and winning back some of the client money. Thank you for the comments on January about Asia Pacific and Swiss Bank. I guess my question would be more broadly, as part of your proactive approach, could you provide any kind of color on what you're doing in terms of pricing? Are you putting through cuts to fees? Are you offering higher rates on the deposits? How are you going about winning back that business? So that would be my first question.

我想我的第一個問題，我只想回到你關於積極主動地處理流量和贏回一些客戶資金的評論。感謝您在 1 月份對亞太和瑞士銀行的評論。我想我的問題會更廣泛，作為你主動方法的一部分，你能在定價方面提供任何顏色嗎？您是否正在削減費用？你們提供更高的存款利率嗎？你打算如何贏回那筆生意？所以這是我的第一個問題。

My second question is on what's left of your fixed income and equities business post the SPG divestment. What is the plan for that business overall? How much is expected to be moved in with CSFB versus how much of that Markets business is to be retained by the broader CS Group? And I'd just like an idea of any thoughts on what the revenue contribution of that Markets franchise could be. You've obviously given the CHF 2.5 billion number for CSFB, but presumably, that's mainly around origination and advisory retail. Any thoughts on the Markets franchise going forward?

我的第二個問題是您的固定收益和股票業務在 SPG 撤資後還剩下什麼。該業務的總體計劃是什麼？預計有多少業務將轉入 CSFB，而更廣泛的 CS 集團將保留多少市場業務？我只是想知道關於 Markets 特許經營權的收入貢獻的任何想法。你顯然已經為 CSFB 提供了 25 億瑞士法郎的數字，但據推測，這主要是圍繞原創和諮詢零售。關於 Markets 特許經營權的任何想法？

Thank you, Andrew. Let me start with the first question. So as we were alluding to, and I'd like to reiterate that because it's really, I think, important for where we are now, where we are going throughout the year, so this client outreach program, which I was talking about, is really unprecedented. That is at least what the colleagues here in the firm tell me being here longer than 30 years. So -- and I think it has shown and has developed very good momentum and, hence, the figures I gave for January.

謝謝你，安德魯。讓我從第一個問題開始。因此，正如我們所暗示的，我想重申，因為我認為這對我們現在所處的位置以及全年的發展方向非常重要，所以我正在談論的這個客戶外展計劃是真是史無前例。至少公司裡的同事是這樣告訴我的，我在這里工作了 30 多年。所以 - 我認為它已經顯示並發展了非常好的勢頭，因此，我給出了 1 月份的數字。

You asked concretely about pricing. So we try to be competitive, call it, like many of our competitors as well, so to be in the game, but we are not buying assets, just to be clear, because that would not be very smart going forward as well.

您具體詢問了定價。因此，我們努力保持競爭力，就像我們的許多競爭對手一樣，稱之為競爭，所以參與遊戲，但我們不是購買資產，只是為了清楚，因為這也不是很聰明。

So what is also the fact, and I think that is something which all my colleagues in the bank and myself felt and the many, many clients interactions which we had nearly on a daily basis, I would say is that the client support which we get from them is really overwhelming. And I mean this something which is absolutely, for me and my colleagues, is absolutely fantastic. So the clients, in other words, the clients want us to be successful, and that is something which we can feel and, therefore, we are so focused on delivery.

那麼事實也是如此，我認為這是我在銀行的所有同事和我自己的感受，以及我們幾乎每天都有的許多客戶互動，我想說的是我們得到的客戶支持從他們那裡真的是壓倒性的。我的意思是，對我和我的同事來說，這絕對是太棒了。所以客戶，換句話說，客戶希望我們成功，這是我們能感覺到的，因此，我們非常專注於交付。

Andrew, I'll take the second, and thank you for joining the call. The SPG transaction, as you know from our previous announcements, part of our strategy to reshape and rightsize the Investment Bank, that portfolio had in the region of around CHF 75 billion approximately of assets at the end of September. We've derisked 2/3 of that portfolio overall through a combination of transactions with Apollo and the first close yesterday and other third parties in the market.

安德魯，我接第二個，感謝你加入電話會議。正如您從我們之前的公告中了解到的那樣，SPG 交易是我們重組和調整投資銀行戰略的一部分，截至 9 月底，該投資組合的資產約為 750 億瑞士法郎。通過與 Apollo 的交易和昨天的第一次收盤以及市場上的其他第三方的組合，我們已經降低了整個投資組合的 2/3 的風險。

And so we're making rapid progress in reshaping the Investment Bank starting with the SPG portfolio. And we'll continue to enforce capital efficiency and balance sheet efficiency in the Investment Bank. The other leg of that stool is, of course, the Capital Release Unit, which, as I mentioned in my remarks, came into being on the 1st of January. We've moved with pace in advance of that in the fourth quarter to de-risk as well.

因此，我們從 SPG 投資組合開始，在重塑投資銀行方面取得了快速進展。我們將繼續加強投資銀行的資本效率和資產負債表效率。該凳子的另一條腿當然是資本釋放單位，正如我在發言中提到的那樣，該單位於 1 月 1 日成立。我們已經在第四季度提前採取行動以降低風險。

Regarding your question on First Boston -- CS First Boston. CS First Boston, we are reshaping that business as we speak to be capital-light, balance sheet efficient as well as rightsizing headcount, as Ulrich had mentioned as well. And so to the extent that we have synergistic businesses, they, of course, will fit well in Credit Suisse First Boston, but I would use those criteria at the outset, which is looking at cost efficiency and balance sheet efficiency as 2 main criteria for which businesses would fall into SPG -- into Credit Suisse First Boston.

關於您關於 First Boston -- CS First Boston 的問題。 CS First Boston，我們正在重塑該業務，正如 Ulrich 所提到的那樣，我們所說的是輕資本、資產負債表效率以及調整員工人數。因此，就我們擁有協同業務的程度而言，它們當然會很適合瑞士信貸第一波士頓，但我會在一開始就使用這些標準，即將成本效率和資產負債表效率視為兩個主要標準哪些企業將落入 SPG - 落入瑞士信貸第一波士頓。

The second point I'd make is that with our macro and our markets businesses, we have rightsized those businesses. We've refocused them and, of course, aligned them towards our Wealth Management and our Swiss Bank franchise, which is a key pillar of our strategy at the outset. We will, of course, reflect our restated financials once we set up the CRU, so you'll have a better idea at that stage of the relative split and what our new segmentation looks like. That should be in April. I hope that's helpful.

我要說的第二點是，對於我們的宏觀和市場業務，我們已經對這些業務進行了調整。我們重新調整了他們的重點，當然，還使他們與我們的財富管理和我們的瑞士銀行特許經營權保持一致，這在一開始就是我們戰略的關鍵支柱。當然，一旦我們建立 CRU，我們將反映我們重述的財務狀況，因此您將在相對拆分的那個階段以及我們新的細分是什麼樣子有更好的想法。那應該是在四月份。我希望這會有所幫助。

Yes, I look forward to seeing the new split.

是的，我期待看到新的分裂。

The next question comes from the line of Magdalena Stoklosa with Morgan Stanley.

下一個問題來自 Magdalena Stoklosa 與摩根士丹利的對話。

I'm going to go back to the Wealth Management and to the flow situation. And I have to say, you're commenting on a clear plan to restore wealth through profitability. So could we just hear what's in your business plan flow-wise for 2023? But like broader, from a customer business perspective, when we look at kind of flows, deposits, custody assets, loans, how do you see those developing, let's just say, over the next 12 months on top of what you told us on APAC and kind of year-to-date numbers? So that's question number one.

我將回到財富管理和流動情況。我不得不說，你是在評論一個通過盈利來恢復財富的明確計劃。那麼我們能否聽聽您的 2023 年商業計劃流程？但更廣泛地說，從客戶業務的角度來看，當我們查看各種流量、存款、託管資產、貸款時，你如何看待這些在未來 12 個月內的發展，除了你在亞太地區告訴我們的內容之外以及年初至今的數字？這是第一個問題。

And question number two really is about the mix of your cost savings in 2023 as well. You've given us kind of very -- you've given us points on a slide, I think, 11, let me just go back there, on Slide 11 from the perspective what your priorities are. But could you give us a sense which of those points that you have detailed there actually have the biggest impact on that cost base reduction so that at least we get a sense kind of where to look at? Because, for example, on the professional services side, you've already did a lot. On the contractor side kind of workforce mix, you've already done a lot in the fourth quarter.

第二個問題實際上也是關於您在 2023 年節省的成本組合。你給了我們非常 - 你在幻燈片上給了我們點，我想，11，讓我回到那裡，從你的優先事項的角度來看幻燈片 11。但是，您能否讓我們了解您在那裡詳述的那些要點中，哪些實際上對降低成本基礎產生了最大的影響，以便至少讓我們了解應該從哪裡看？因為，例如，在專業服務方面，你已經做了很多。在承包商方面的勞動力組合方面，您在第四季度已經做了很多工作。

Magdalena, thanks for the question. So I would say, with respect to your Wealth Management question, what is important, that's why we gave these indications from January, the group overall, as I said, is positive on deposits; Wealth Management, globally, positive on deposits; Asia Pac, positive on deposits. And I'm reiterating that because, as you are fully aware of, the deposits are these kind of assets, so to say, which leave first and have the fungibility to reenter first. So -- and I think that is important to bear in mind.

瑪格達萊納，謝謝你的提問。所以我想說，關於你的財富管理問題，什麼是重要的，這就是為什麼我們從 1 月份就給出了這些指示，正如我所說，整個集團對存款持積極態度；財富管理在全球範圍內對存款持積極態度；亞太地區，看好存款。我重申這一點，因為正如你所充分意識到的那樣，存款是這類資產，可以說，它們先離開，並具有可替代性，可以先重新進入。所以——我認為牢記這一點很重要。

As you immediately understand, Magdalena, we do not give you business plan figures. But you can assume that in the Wealth Management plan is a fair chunk of rewinning lost volumes, lost business with our clients. And important to note here is as well that we hardly lost any client. I think that is also important. That shows you something about what I said before in terms of the relationship which we may have with our clients. Seems to be, for me, very important.

瑪格達萊娜，你馬上就明白了，我們不給你商業計劃書的數字。但你可以假設，在財富管理計劃中有相當一部分是重新贏回損失的數量，與我們的客戶失去的業務。這裡還需要注意的是，我們幾乎沒有失去任何客戶。我認為這也很重要。這向您展示了我之前就我們可能與客戶建立的關係所說的話。對我來說，似乎非常重要。

In terms of the cost and, Dixit, you might add, a couple of points from my side. With respect to the CHF 1.2 billion target which we stick to, as you are aware of, for 2023, 80% of this cost reduction has been initiated and this in execution already in the fourth quarter. So I think that is something very positive which you need to bear in mind. So you will see the effects coming in, obviously, quarter-by-quarter as we speak in 2023.

在成本方面，迪克西特，你可能會補充，我這邊的幾點。關於我們堅持的 12 億瑞士法郎的目標，正如您所知，到 2023 年，80% 的成本削減已經開始，並且已經在第四季度執行。所以我認為這是非常積極的事情，你需要牢記在心。因此，當我們在 2023 年講話時，您將明顯地看到逐個季度產生的影響。

To better understand, I would say, the overall program, I mean we are doing in forcefully, as I said, everything which we would do in that situation to reduce the cost with the more, call it, classical measures like as we were alluding to getting more efficient, therefore, leading in less headcount, reducing contractors, consultant spend, and there is room to go. This is absolutely no question, we are looking at the usual things which you apply, like how many levels in the organization, how many direct reports, all these kind of things we are working on.

為了更好地理解，我想說，整個計劃，我的意思是，正如我所說，我們正在大力開展在那種情況下我們會做的一切，以通過更多的，所謂的，經典的措施來降低成本，就像我們所暗示的那樣因此，要提高效率，減少員工人數，減少承包商和顧問支出，還有很大的發展空間。這絕對是毫無疑問的，我們正在研究您應用的常見問題，例如組織中有多少層級，有多少直接下屬，所有這些我們正在努力的事情。

Having said that, and I'm saying that because this is what I would think is, call it, the first phase to get into new Credit Suisse. And then obviously, and we are working in parallel on that one, is that we are asking ourselves and developing our new operating model for new Credit Suisse, and that needs some more work over the next few months. But I think that is important for the second phase of cost reduction because the new operating model in itself must be designed in a way that is much more agile and much more simpler. That's why we talked about that in connection with new Credit Suisse several times.

話雖如此，我之所以這麼說，是因為我認為這是進入新瑞士信貸的第一階段。然後很明顯，我們正在同時進行這項工作，我們正在問自己並為新的瑞士信貸開發新的運營模式，這需要在接下來的幾個月裡做更多的工作。但我認為這對於降低成本的第二階段很重要，因為新的運營模式本身必須以更靈活、更簡單的方式設計。這就是為什麼我們多次談到與新瑞士信貸有關的問題。

Ulrich, just to add, I mean, on those. And Magdalena, good questions. I think as we reduce complexity and as we simplify the company as part of the move towards the new Credit Suisse, I think that creates larger efficiencies for us, of course, that we need to crystallize. The second point I'd make is we will keep focusing on optimizing our legal entity structure, which also has upside for our cost base.

Ulrich，我的意思是補充一下。還有 Magdalena，好問題。我認為，隨著我們降低複雜性並簡化公司，作為向新瑞士信貸轉變的一部分，我認為這會為我們創造更高的效率，當然，我們需要具體化。我要說的第二點是，我們將繼續專注於優化我們的法人實體結構，這對我們的成本基礎也有好處。

And the third point I'd make is that I mentioned in my remarks that our cost targets are very much on a constant perimeter basis. And so for example, as we progress towards the final close of the Securitized Products transaction, we will, of course, once that's closed, also then adjust our targets accordingly.

我要說的第三點是，我在發言中提到，我們的成本目標在很大程度上是基於恆定的範圍。因此，例如，隨著我們逐步完成證券化產品交易的最終結算，我們當然會在交易完成後相應地調整我們的目標。

So I think what you're going to see from us as a management team is that we will leave no stone unturned. We have levers at our disposal to drive cost. And we're hence confident, as you can hear from myself and Ulrich's remarks, that we're confident on delivering on the cost target.

因此，我認為作為管理團隊，您將從我們這裡看到的是，我們將不遺餘力。我們有辦法控製成本。因此，我們有信心，正如您可以從我本人和烏爾里希的評論中聽到的那樣，我們有信心實現成本目標。

The next question comes from the line of Jeremy Sigee with BNP Paribas Exane.

下一個問題來自 BNP Paribas Exane 的 Jeremy Sigee。

Can I just kind of clarify further the outflow and the flow situation? And sort of 2 questions very specifically on that. You said that the 4Q outflows were 2/3 in October. Could you give us an idea of the remaining 1/3, how is that split between November and December? Was it sort of even across both of those months? That's my first question.

我可以進一步澄清流出和流量情況嗎？還有兩個非常具體的問題。你說 4Q 流出是 10 月份的 2/3。你能告訴我們剩下的 1/3 是如何分配的嗎？在 11 月和 12 月之間是如何分配的？這兩個月都是這樣嗎？這是我的第一個問題。

And then the second question, you said -- again, it's on a similar topic. You said that you'd had further outflows in Wealth Management in January, but at a reduced level. I just wondered how we should interpret what you mean by reduced level. Is that relative to 15% in 4Q or relative to where you were in December? That would be very helpful just to understand what you mean by a reduced level of outflows.

然後是第二個問題，你說 - 同樣，它是關於一個類似的主題。你說你在 1 月份在財富管理方面有進一步的資金流出，但流出量有所減少。我只是想知道我們應該如何解釋您所說的降低級別的意思。這是相對於第四季度的 15% 還是相對於 12 月份的水平？這將非常有助於理解您所說的減少流出水平的含義。

Thank you very much for the questions, both very good questions. First one, we said like 2/3 in October. If you look into October and November together, it's more than 85% of the outflows stemming from these 2 months, and that was exactly the reason. And you are aware of, before our strategy update end of October, we are not in a situation to communicate. That made it so hard in October. And that's why we started immediately at October 27, literally, our client outreach program, which travels with us -- traveled with us throughout the whole year and travels with us right now and as we speak. So it has not stopped. So more than 85% from October and November, which tells you now how the development was also in the last quarter.

非常感謝您提出的問題，都是非常好的問題。第一個，我們在 10 月份說是 2/3。如果你把 10 月和 11 月放在一起看，超過 85% 的資金流出來自這兩個月，這正是原因所在。你知道，在 10 月底我們的戰略更新之前，我們無法溝通。這讓十月份變得如此艱難。這就是為什麼我們在 10 月 27 日立即開始，從字面上看，我們的客戶外展計劃與我們一起旅行 - 全年與我們一起旅行，現在和我們說話時與我們一起旅行。所以一直沒有停止。所以從 10 月和 11 月開始超過 85%，現在告訴你最後一個季度的發展情況。

With respect to your second question, net new assets, in particular, we said we are positive, which is very good because that's a very proactive region, growth region. We are positive in APAC with a good number for January also in comparison to other years. We are positive in Switzerland, also with a good number overall here. We are positive in a couple of smaller other geographies, but we are also still having some outflows in other regions.

關於你的第二個問題，特別是淨新資產，我們說我們是積極的，這非常好，因為這是一個非常積極的地區，增長地區。我們對亞太地區持樂觀態度，與其他年份相比，1 月份的數字也不錯。我們對瑞士持樂觀態度，這裡的總體人數也很多。我們對其他幾個較小的地區持樂觀態度，但我們在其他地區也仍有一些資金流出。

And that's why we gave this guidance to say, look, it's not at the moment the case yet that we can say we are all over and in every market and in every region already positive on net new assets. That's how you should read it. But again, as I said, in my eyes, the situation has completely changed from last year.

這就是為什麼我們給出這個指導說，看，目前情況還不是這樣，我們可以說我們在每個市場和每個地區都已經對淨新資產持積極態度。這就是你應該如何閱讀它。但是，正如我所說，在我看來，情況與去年相比已經完全改變了。

The next question comes from the line of Alastair Ryan with Bank of America.

下一個問題來自美國銀行的 Alastair Ryan。

So Slides 24 and 31, if I could, please. So Slide 31, you've now this very, very large surplus to your going and gone concern capital requirements. And as you said, Dixit, there's 30 basis points uplift in CET1 from Securitized Products and then there's this operational risk RWA reduction. So it seems that you'll have really quite striking surpluses and, in particular, in the debt and the subordinated debt stack.

如果可以的話，請看幻燈片 24 和 31。所以幻燈片 31，你現在有非常非常大的盈餘來滿足你的持續關注資本需求。正如你所說，Dixit，證券化產品的 CET1 提高了 30 個基點，然後操作風險 RWA 降低了。因此，您似乎真的會有非常驚人的盈餘，尤其是在債務和次級債務堆棧中。

So talking about Slide 24, I can very much see why you might under-issue. Is there a possibility you might under-issue by more if you're able to execute on the deleveraging plan that you've laid out?

所以說到 Slide 24，我很能理解為什麼你可能會發布不足。如果你能夠執行你制定的去槓桿化計劃，你是否有可能發行更多？

Alastair, thank you for the question. And I'm glad you've noted that because it is a change from, as you can see on the chart from the previous years, certainly the last 2 years where we've had a greater issuance requirement than we've had redemptions. As we simplify the balance sheet and as we execute on our strategy, and I hope you're seeing that now in the fourth quarter, certainly, as we've taken the size of the balance sheet down, the intentional pieces where we've delevered the SPG transaction, the early start of the noncore unit, you're starting to now see some of those funding efficiencies come through, and that's now reflected in this issuance plan.

阿拉斯泰爾，謝謝你的提問。我很高興你注意到了這一點，因為正如你在前幾年的圖表中看到的那樣，肯定是過去兩年我們的發行要求比我們的贖回要求更高。隨著我們簡化資產負債表並執行我們的戰略，我希望你現在在第四季度看到這一點，當然，因為我們已經縮小了資產負債表的規模，我們有意的部分去槓桿化 SPG 交易，非核心部門的早期啟動，你現在開始看到其中一些融資效率得以實現，這現在反映在這個發行計劃中。

We set out, we said, up to CHF 17 billion. Of course, the funding plan is dependent on the evolution of the balance sheet through the year, and one has to be somewhat responsive and nimble as you get through the year. But at CHF 17 billion of indicated issuance versus a CHF 22 billion redemption, we're starting to now really turn the corner and start setting ourselves up on a trajectory to eventually reduce our funding costs through time.

我們說，我們設定的金額高達 170 億瑞士法郎。當然，籌資計劃取決於資產負債表在一年中的演變，並且在你度過一年的過程中必須有所反應和靈活。但在 170 億瑞士法郎的指示發行與 220 億瑞士法郎的贖回中，我們現在開始真正扭轉局面，並開始讓自己走上一條軌道，最終隨著時間的推移降低我們的融資成本。

A couple of things I'd highlight. In response to what you've just said around Slide 31, it does lead to the reduced HoldCo issuance, which is, at CHF 2 billion, much less than our expectations would have been, let's say, at some point during last year for this year. And again, that's a reflection of the strategic actions that we're taking.

我要強調幾件事。作為對您剛才在幻燈片 31 周圍所說的內容的回應，它確實導致 HoldCo 發行量減少，即 20 億瑞士法郎，遠低於我們的預期，比方說，在去年的某個時候年。再一次，這反映了我們正在採取的戰略行動。

On OpCo, we'll be opportunistic, as you'd expect, through the course of this year, but we've already issued CHF 4 billion of an indicated CHF 9 billion. And then of the overall issuance plan, we've come out of the gates quite fast with an issuance of around 25% of the entire full year plan in January. So we'll be responsive, but what you're going to see is a much more efficient balance sheet over time as a result of the strategic intended actions that we're taking. I hope that's helpful.

在 OpCo 上，正如您所期望的那樣，我們將在今年全年投機取巧，但我們已經發行了 40 億瑞士法郎，預計為 90 億瑞士法郎。然後在整體發行計劃中，我們很快就走出了大門，1 月份發行了整個全年計劃的 25% 左右。所以我們會做出回應，但隨著時間的推移，由於我們正在採取的戰略性行動，你將看到一個更有效率的資產負債表。我希望這會有所幫助。

Yes. Can I just -- as a sort of supplemental, so I appreciate you'd expect to grow the balance sheet somewhat as you get deposits and inflows back. But those very large buffers that you've ended up with perhaps through shrinking faster than you'd expected, is it fair to assume that if you can execute, you wouldn't need buffers that big so that the sort of capital requirement goes down, but also some of those buffers that you've ended up with, in particular, that sort of 900 basis point buffer in HoldCo debt might be able to come down?

是的。我可以 - 作為一種補充，所以我很感激你希望隨著存款和資金流入的增加而增加資產負債表。但是那些你最終可能通過比你預期的收縮速度更快而得到的非常大的緩衝區，假設如果你可以執行，你就不需要那麼大的緩衝區是否公平，這樣資本要求就會下降，還有一些你最終得到的緩衝，特別是 HoldCo 債務中的那種 900 個基點緩衝可能會下降？

An important observation. I mean what I'd say is if you look at the comments that I made on operational risk, as a result of setting out the strategy and then beginning to execute on it and then demonstrating that we're able to de-risk, especially in the mortgage-related portfolios, as you can see, I'm giving fairly clear guidance there that in dialogue with our regulators, we would expect a lower OR requirement.

一個重要的觀察。我的意思是，如果你看一下我對運營風險所做的評論，作為製定戰略然後開始執行它然後證明我們能夠降低風險的結果，特別是在與抵押貸款相關的投資組合中，正如你所看到的，我在那裡給出了相當明確的指導，即在與我們的監管機構的對話中，我們希望降低 OR 要求。

Now when it comes to really AT1 and HoldCo, of course, this is in the list of our regulators. That said, we will continue transforming the balance sheet in a manner that I think would be conducive towards lower issuance needs. But of course, that's in the hands of our regulators as well. It will be an active dialogue that we will continue having. But I think what's in our hands right now is to continue to drive the balance sheet efficiency that puts us in a position to be able to have that dialogue.

現在談到真正的 AT1 和 HoldCo，當然，這在我們的監管機構名單中。也就是說，我們將繼續以我認為有利於降低發行需求的方式轉變資產負債表。但當然，這也掌握在我們的監管機構手中。這將是我們將繼續進行的積極對話。但我認為我們現在掌握的是繼續提高資產負債表的效率，使我們能夠進行對話。

The next question comes from the line of Kian Abouhossein with JPMorgan.

下一個問題來自摩根大通的 Kian Abouhossein。

The first one is on Wealth Management again, but maybe slightly differently, could you talk about the RM decline of 5% quarter-on-quarter, year-on-year by region and also how you see RM development through 2023? And in that context, could you talk about the cost as well, which clearly has continuously increased in WM and how you see cost development on an absolute level within the Wealth Management business?

第一個再次是關於財富管理，但可能略有不同，你能談談按地區劃分的 RM 環比下降 5% 以及你如何看待 RM 到 2023 年的發展嗎？在這種情況下，您能否也談談 WM 中明顯不斷增加的成本，以及您如何看待財富管理業務中絕對水平的成本發展？

And then the second question is on SPG is, can you give us a little bit of an idea of our modeling, how we should think about the revenues and the costs that are coming out of the disposal of SPG?

然後關於 SPG 的第二個問題是，您能否給我們一些關於我們的模型的想法，我們應該如何考慮處置 SPG 所產生的收入和成本？

Okay. Let me start with the first question. You mentioned the RM decline. We had certainly -- if you look into last year's somewhat heightened attrition, that's right, as you say. Nevertheless, part of that is also to be seen in the light of increasing productivity, goes without saying. So looking ahead, I would say, very much depending on how we develop step by step to coming back into Wealth Management profitability and, most importantly, into growth, which we will, I think that might then turn around and we might add again on the RM side to the equation into Wealth Management.

好的。讓我從第一個問題開始。你提到令吉下降。我們當然有——如果你看看去年略微增加的人員流失，那是對的，就像你說的那樣。然而，不言而喻，其中一部分也可以從提高生產率的角度來看。因此，展望未來，我想說，這在很大程度上取決於我們如何逐步恢復財富管理的盈利能力，最重要的是，我們將實現增長，我認為這可能會扭轉，我們可能會再次增加等式的 RM 端進入財富管理。

Let me also clearly say, we have, I must say, we have no issues to hire, be it on the AM side, be it on other very significant and important positions. If we feel we need to hire, we have no issues to hire. A lot of people also outside from Credit Suisse are strongly buying into that story of new Credit Suisse and where we are going. And I think that is important and helpful.

讓我也明確地說，我必須說，我們沒有任何問題要雇用，無論是在 AM 方面，還是在其他非常重要和重要的職位上。如果我們覺得我們需要雇用，我們就沒有問題要雇用。許多瑞士信貸以外的人都強烈相信新瑞士信貸的故事以及我們的發展方向。我認為這很重要，也很有幫助。

In terms of cost, the overall development, which you are alluding to in 2022, certainly not where it should go. I was also saying before, we have reduced headcount by like 4% already in the fourth quarter. And the cost program, which we are running within Wealth Management, is obviously an important part of the overall cost transformation program. So if you look into 2023 and beyond, certainly 2023, you can expect lower costs in Wealth Management, both if it comes to direct costs, but also when it comes to allocated costs from Corporate Center functions.

在成本方面，你提到的2022年的整體發展，肯定不是它應該去的地方。我之前也說過，我們在第四季度已經裁員了大約 4%。我們在財富管理部門運行的成本計劃顯然是整體成本轉型計劃的重要組成部分。因此，如果您展望 2023 年及以後，當然是 2023 年，您可以預期財富管理的成本會降低，無論是直接成本，還是企業中心職能的分配成本。

Kian, if I may address the second question on SPG and specifically your question on cost and modeling, I think it's part of a whole host of associated benefits for the firm. And it should be put in light of the wider de-risking as well as the repositioning of the Investment Bank and resizing of the Investment Bank. So SPG, of course, is one part of, call it, capital release and business repositioning. The other is the noncore unit as well. And on both those counts, we will be giving you clearly more visibility as we do the restatements and, in the case of SPG, once we get to the final close of the transaction, which we're anticipating in the second quarter of this year.

Kian，如果我可以解決關於 SPG 的第二個問題，特別是你關於成本和建模的問題，我認為這是公司一系列相關利益的一部分。並且應該考慮到更廣泛的去風險化以及投資銀行的重新定位和投資銀行的規模調整。所以 SPG 當然是資本釋放和業務重新定位的一部分。另一個也是非核心單位。在這兩個方面，我們將在重述時為您提供更多可見性，就 SPG 而言，一旦我們最終完成交易，我們預計將在今年第二季度完成.

We've given some highlights on the elements that we're able to. The first one being the capital benefit yesterday as a result of the gain on sale, which approximately is in the region of 30 basis points. The second is the OR reductions with, as I mentioned, some clear guidance on the forward trajectory without being able to give you the magnitude as at the state given that would be an active regulatory dialogue. But we have, as I mentioned, strong expectation on the direction there.

我們已經重點介紹了我們能夠做到的要素。第一個是昨天因出售收益而產生的資本收益，大約在 30 個基點左右。第二個是 OR 的減少，正如我提到的，對前進軌蹟有一些明確的指導，但不能給你在狀態下的幅度，因為這將是一個積極的監管對話。但正如我所提到的，我們對那裡的方向抱有強烈的期望。

The third benefit would be liquidity and funding efficiencies. And you've already seen that come through over the last quarter as we've been de-risking in the SPG portfolio, and there'll be some further efficiencies through the course of the next quarter.

第三個好處是流動性和融資效率。而且你已經看到在上個季度出現了這種情況，因為我們一直在 SPG 投資組合中降低風險，並且在下個季度的過程中會有一些進一步的效率。

And then lastly, I'd mention that the, really, the reduction or the impact on our financial plan from the exit of the SPG business was built into the RoTE target that we had set out on October 27 last year. And so -- and I would also mention that our cost targets will get amended accordingly as we progress towards the final close on the transaction. So a number of moving pieces that we will give you more clarity on as we get to the close and as we complete the transaction.

最後，我要提到的是，退出 SPG 業務對我們財務計劃的減少或影響已納入我們去年 10 月 27 日設定的 RoTE 目標。因此 - 我還要提到，隨著我們朝著最終交易的方向前進，我們的成本目標將得到相應的修改。因此，在我們接近尾聲和完成交易時，我們會讓你更清楚地了解一些移動的部分。

Just one more quick one. You mentioned the losses from the noncore in the IB. I missed that. Could you just repeat how it breaks down within the IB?

再快一點。你提到了 IB 中非核心業務的損失。我錯過了。您能否重複一下它在 IB 中是如何分解的？

Sure, Kian. We -- as we haven't re-segmented, of course, it's been IB reporting for Q4 under the old segment. The noncore, of course, will be split out when you see the results in April in that time series, but also we'll be reporting Q1 in our new market structure. We, of course, did in advance of the noncore unit taking shape on the 1st of January. We have been disciplined on executing on our exits of products or exposures to free up capital in a manner that will benefit the shareholder, and you're seeing that come through in the fourth quarter. As I mentioned, that's about...

當然，基安。我們——因為我們沒有重新細分，當然，這是 IB 在舊細分市場下報告的第四季度。當然，當您在該時間序列中看到 4 月份的結果時，非核心業務將被拆分，但我們也將在新的市場結構中報告第一季度。當然，我們在 1 月 1 日非核心部門形成之前就做了。我們在以有利於股東的方式執行我們的產品退出或風險敞口以釋放資本方面受到紀律處分，你會在第四季度看到這一點。正如我提到的，那是關於...

Sorry, I'm referring to the P&L. Can you -- just a simple question, can you give me the breakdown of the losses in the P&L within the IB?

抱歉，我指的是損益表。你能——只是一個簡單的問題，你能告訴我 IB 損益表中的損失明細嗎？

No, not yet, Kian. As I said, once you get the restatement, once we restate in the new segment, then we'll be able to provide more visibility around that. Of course, in the Q4, as you point out, of course, in the Q4 in the IB segment, we have losses related to intentional de-risking and especially accelerated de-risking that we've absorbed in the fourth quarter, which is what you're seeing coming through in the results as well.

不，還沒有，基安。正如我所說，一旦你得到重述，一旦我們在新的細分市場中重述，那麼我們將能夠圍繞它提供更多的可見性。當然，在第四季度，正如您指出的那樣，當然，在第四季度的 IB 部分，我們有與故意去風險相關的損失，特別是我們在第四季度吸收的加速去風險，這是您在結果中也看到了什麼。

The next question comes from the line of Daniele Brupbacher with UBS.

下一個問題來自瑞銀集團的 Daniele Brupbacher。

I wanted to ask about the liquidity coverage ratio of 144%, which is a 3-month average. Can you tell us where spot levels were year-end or probably now? And historically, that was closer to 200%. There was probably some reasons behind that. How should we think about it? But you can also structurally change some of the funding, bearing in mind legal entity constraints. So that's one.

我想問一下144%的流動性覆蓋率，這是3個月的平均值。你能告訴我們年底或現在的現貨水平在哪裡嗎？從歷史上看，這接近 200%。這背後可能有一些原因。我們應該如何思考呢？但你也可以在結構上改變一些資金，同時考慮到法律實體的限制。這就是一個。

And then secondly, also on the capital situation, I mean I guess the U.S. business was running at 24% CET1 Q3. I don't know where it was in Q4, but how do you think about the capital distribution within the group and things you can optimize in that regard? How are you going to do that in the context of the carve-out of CSFB? Are you going to use that legal entity? And what's the possibility to repatriate some of that capital to then really have a benefit at the parent or the group level? That would be interesting.

其次，也是關於資本狀況，我的意思是我猜美國業務在第三季度的 CET1 運行率為 24%。我不知道Q4在什麼地方，但是你如何看待集團內部的資本分配以及這方面可以優化的地方？在 CSFB 剝離的背景下，您將如何做到這一點？您要使用該法律實體嗎？將部分資本匯回國內以在母公司或集團層面真正受益的可能性有多大？那會很有趣。

Thanks, Daniele. With respect to LCR, 144% at the end of last year, as you said. So what we do not do is giving spot rates here. But that's why we said, and that's how you should think about it, that's why we said it has improved since then. And if you put that all together, what I said about the overall flow situation and so on should be pretty clear. What we are -- and hence, a good question. So assume throughout this year, we are rebuilding further the LCR ratio to next and different levels, which is obviously, as it's immediately clear to you, driven by the whole de-risking, deleveraging, which we are doing and Dixit was talking about.

謝謝，丹妮爾。關於 LCR，正如你所說，去年年底為 144%。所以我們不做的是在這裡給出即期匯率。但這就是為什麼我們說，這就是你應該如何思考它，這就是為什麼我們說它從那時起有所改進。如果你把這些放在一起，我說的整體流量情況等等應該很清楚了。我們是什麼——因此，這是一個很好的問題。因此，假設在今年全年，我們正在將 LCR 比率進一步重建到下一個不同的水平，這很明顯，正如您立即清楚的那樣，這是由我們正在做的和 Dixit 正在談論的整個去風險、去槓桿化所驅動的。

What we have not yet fully defined, so to say, what should be with respect to new Credit Suisse an adequate and sensible target ratio for the long term, this is certainly something which we will do once, but not yet, too early in this year because as you also immediately understand, it has a lot of questions tied into legal entity structure and so on where we are also working on. And once we are more progressed on this kind of topic, then we will be certainly in a position to say, look, and very sensible, very comfortable target for LCR should be X or should be Y. I think that's the current situation. So we are rebuilding further.

我們還沒有完全確定，可以說，對於新的瑞士信貸來說，長期而言，一個適當和合理的目標比率應該是多少，這肯定是我們會做一次的事情，但現在還不算太早年，因為正如您也立即了解到的那樣，它有很多與法人實體結構等相關的問題，我們也在努力解決這些問題。一旦我們在這類話題上取得更多進展，那麼我們肯定能夠說、看，並且非常明智、非常舒適的 LCR 目標應該是 X 或應該是 Y。我認為這就是目前的情況。所以我們正在進一步重建。

And Daniele, on capital, I'm glad you brought that up because if you look at the U.S. entities, in particular that you mentioned, with the exit of the SPG business and the work that we're doing towards a carve-out of Credit Suisse First Boston, our legal entity structure, our legal entity balance sheet will look quite different in places like the United States. And it's not just the U.S., but it's elsewhere as well. As we look at simplifying the organization, the de-risking and simplification will lead to further opportunities for capital repatriation and efficiency.

Daniele，關於資本，我很高興你提出這個問題，因為如果你看看美國實體，特別是你提到的實體，隨著 SPG 業務的退出和我們正在做的工作，以剝離瑞士信貸第一波士頓，我們的法人實體結構，我們的法人實體資產負債表在美國等地看起來會大不相同。不僅是美國，其他地方也是如此。當我們著眼於簡化組織時，去風險和簡化將帶來更多的資本回流和效率機會。

You've seen that, for example, in the U.K. entities over the last few years where we've created much capital efficiency as we execute on our legal entity simplification program. The other is I'd point you to the parent capital ratio, which as you saw was at 12.2%, partly as a function of some of the simplification benefits we've seen over the years. So it's something that we're highly focused on and that we're going to continue driving efficiencies on.

例如，你已經看到，過去幾年在英國實體中，我們在執行我們的法律實體簡化計劃時創造了很多資本效率。另一個是我要指出母資本比率，正如你所看到的那樣，它是 12.2%，部分是我們多年來看到的一些簡化收益的函數。所以這是我們高度關注的事情，我們將繼續提高效率。

The next question comes from the line of Amit Goel with Barclays.

下一個問題來自巴克萊銀行的 Amit Goel。

I've got 2 main questions. One, I think, obviously you mentioned in 2023, you anticipate a fairly substantial loss. Just I appreciate there's a lot of moving parts, and obviously, there's a lot of things to be seen for the year. But I mean, is there any chance you can give us a bit more of a sense of how substantial? Is that largely centered in the IB, but just some sort of order of magnitude there?

我有兩個主要問題。第一，我認為，顯然你在 2023 年提到過，你預計會出現相當大的損失。只是我很欣賞有很多活動部件，顯然，這一年有很多事情要看。但我的意思是，你有沒有機會讓我們更多地了解一下有多重要？這主要集中在 IB 中，但只是某種數量級嗎？

And then secondly, there have been a number of articles about various changes to compensation plans, different incentives being put in place. I just wanted to get a sense of how all these things add up. And also, how do they get expensed? So are they generally being expensed in 2023 or in future years and basically have some of these things work?

其次，已經有很多關於薪酬計劃的各種變化的文章，不同的激勵措施已經到位。我只是想了解所有這些事情是如何加起來的。而且，他們如何獲得費用？那麼，它們通常會在 2023 年或未來幾年被列為費用，並且基本上其中的一些東西會起作用嗎？

Amit, yes, on 2023, I mean I'll try to give you some of the building blocks, again, not in a position to give you full guidance for '23 in detail. But I'll point you to a couple of important data points. One is that the Capital Release Unit has targets for this year to deliver on our WM leverage efficiency and free up capital. And as you know, we built de-risking costs in respect of that into our plan. So I would say that's the first item.

Amit，是的，在 2023 年，我的意思是我會再次嘗試為您提供一些構建基塊，但無法為您詳細提供 23 年的完整指導。但我會指出幾個重要的數據點。一是資本釋放部門今年的目標是提高我們的 WM 槓桿效率並釋放資本。如您所知，我們將與此相關的去風險成本納入了我們的計劃。所以我會說這是第一項。

The second is for businesses that we buy, the discontinued exit, as you know, as is the nature of Capital Release Units that we've seen before at our firm and elsewhere is what you have is revenues dissipate quite quickly and then you attack the cost base and that takes more time, but it's effectively a drag on PTI, which is also what we indicated to you in October with some estimates of PTI out to 2025. And so that would be the second drag we expect.

第二個是我們購買的企業，如你所知，停止退出，就像我們之前在我們公司和其他地方看到的資本釋放單位的性質一樣，你所擁有的是收入很快消散，然後你攻擊成本基礎，這需要更多時間，但這實際上是對 PTI 的拖累，這也是我們在 10 月份向您表明的，對 PTI 到 2025 年的一些估計。因此，這將是我們預期的第二個拖累。

And then the third is just broader restructuring. We'd indicated that we would try and front load to an extent the restructuring expenses. You saw 300 -- just north of CHF 300 million in the fourth quarter. This year, we've estimated around CHF 1.6 billion. That was the guidance we gave in October for this year. And for next year, it's about CHF 1 billion. So you'll see the P&L absorbing those restructuring expenses as well through the course of this year. Again, we'll give a further update as we begin -- as we get through the rest of the year, but we're really 3 months into the execution of our strategy.

然後第三個是更廣泛的重組。我們曾表示，我們會嘗試在一定程度上提前承擔重組費用。你看到了 300——第四季度略高於 3 億瑞士法郎。今年，我們估計約為 16 億瑞士法郎。這是我們在今年 10 月給出的指導。明年，大約是 10 億瑞士法郎。所以你會看到損益表也在今年吸收了這些重組費用。同樣，我們將在開始時提供進一步的更新——在今年餘下的時間裡，但我們實際上已經執行了 3 個月的戰略。

And really, so when we say we'll be loss-making for this year, it's to absorb all of those costs. You asked specifically, is it the IB? It's a combination, actually, for example, our cost reduction program, it really goes horizontally across the organization. So it really affects all of our business units and all our infrastructure areas.

真的，所以當我們說今年我們將虧損時，它是為了吸收所有這些成本。你問的具體，是IB嗎？實際上，它是一個組合，例如，我們的成本削減計劃，它確實橫向貫穿整個組織。所以它確實影響了我們所有的業務部門和我們所有的基礎設施領域。

Amit, with respect to compensation question, as you have seen, very good compensation. 2022 was reduced by 50% compared to the last year, but even more significantly to previous year, so to say. And you are alluding to, I guess, to what we call the transformation award. That is an award which goes to, call it, a pretty selected, relatively small group of people in the firm. These are colleagues which, independently of hierarchy, and this is also important, independently of hierarchy, who have -- if you want additional important tasks to support our transformation and to help us with the transformation.

阿米特，關於補償問題，正如你所看到的，非常好的補償。與去年相比，2022 年減少了 50%，但可以說比上一年減少了更多。我猜你指的是我們所說的轉型獎。這是一個獎項，可以稱之為公司中經過精心挑選的、相對較小的一群人。這些是獨立於等級制度的同事，這也很重要，獨立於等級制度，他們有 - 如果你想要額外的重要任務來支持我們的轉型並幫助我們進行轉型。

And overall, this is not a, in my eyes, very material amount. And the award has on top of it, and this is also to bear in mind for you, has on top of it a strong cliff vesting element in it, which kicks in if everything gets done as we laid out. And we are convinced of that, this kicks in after 2025. So overall, if you look through '23, '24, '25, that will not disturb your model in any meaningful way.

總的來說，在我看來，這不是一個非常物質的數量。這個獎項最重要的是，這也是你要記住的，最重要的是它有一個強大的懸崖歸屬元素，如果一切都按照我們的計劃完成，它就會開始。我們堅信，這將在 2025 年之後開始。因此，總的來說，如果你回顧 23 年、24 年、25 年，那不會以任何有意義的方式乾擾你的模型。

The next question comes from the line of Stefan Stalmann with Autonomous Research.

下一個問題來自 Stefan Stalmann with Autonomous Research。

I wanted to follow up on liquidity, please. In one of your recent disclosures, you did point to some liquidity breaches in some of your subsidiaries. And I was wondering if those breaches have been resolved since then.

我想跟進流動性，拜託。在您最近的一項披露中，您確實指出了您的一些子公司的一些流動性違規行為。我想知道這些違規行為是否已從那時起得到解決。

And the second question relates to your funding cost guidance, the CHF 0.5 billion increase that you mentioned for 2023. Is that relating, in a relatively narrow sense, to wholesale funding only? Or are you also allowing for some adverse pricing effects on deposits, either by trying to get them back or by having to offer more to your existing depositors?

第二個問題與您的融資成本指導有關，即您提到的 2023 年 5 億瑞士法郎的增長。從相對狹義上講，這是否僅與批發融資有關？或者您是否還允許對存款產生一些不利的定價影響，要么試圖收回存款，要么必須向現有存款人提供更多？

Stefan, yes, happy to take both of those. On liquidity, as we said in October, pretty exceptional month for the company at that point, and glad that it's now behind us. As Ulrich mentioned, more than 2/3 of the flows, 1/3 in October and more than 85% in October and November. And in our disclosures, we were pretty fulsome in October around some temporary breaches that we had. So I'd highlight the word temporary because, as you say, were they resolved? Yes, absolutely.

Stefan，是的，很高興接受這兩個。關於流動性，正如我們在 10 月份所說，當時對公司來說是一個非常特殊的月份，很高興它現在已經過去了。正如 Ulrich 提到的，超過 2/3 的流量，1/3 發生在 10 月，超過 85% 發生在 10 月和 11 月。在我們的披露中，我們在 10 月份對我們遇到的一些臨時違規行為非常滿意。所以我要強調臨時這個詞，因為正如你所說，它們是否已解決？是的，一點沒錯。

As you know, when we're operating multi-legal entity construct, we would try and retain the appropriate level of liquidity in each of the entities, but not necessarily excesses at the entity level. We would retain those excesses in the group. And then our group treasury would rebalance in the normal course of business on a daily basis depending on flows. And so you make an instances where you have a momentary need in an entity and then that gets cured within a day or 2 or 3. And so pretty comfortable with how that was dealt with, and we're in a pretty good position right now as you're seeing from the turnaround through the quarter as well as in January.

如您所知，當我們運營多法人實體結構時，我們會嘗試在每個實體中保持適當的流動性水平，但不一定在實體層面上過度流動。我們會在小組中保留這些過剩的內容。然後我們的集團金庫將根據流量每天在正常業務過程中重新平衡。因此，您創建了一個實例，其中您對某個實體有暫時的需求，然後在一天或 2 或 3 天內得到解決。對處理方式非常滿意，我們現在處於非常有利的位置正如您從本季度和 1 月份的轉變中看到的那樣。

On the second point, on funding costs, and perhaps I'll address it through your deposit point first, which is that we have seen, as central banks have pulled back on liquidity through the last year, we have seen a more competitive environment for deposits more generally across the industry. And so we're also competitive in that respect on pricing. We've also wanted to rebuild our deposit base. And so we will flex our pricing accordingly, very comfortable with the pricing levels that our RMs and our teams are going out with. And the other is, look, just once again, a recognition that deposit funding is still, on a relative basis, our cheapest source of funding and will remain so.

關於第二點，關於融資成本，也許我會先通過你的存款點來解決，這是我們看到的，隨著央行在去年縮減流動性，我們看到了一個更具競爭性的環境整個行業的存款更普遍。因此，我們在定價方面也具有競爭力。我們還想重建我們的存款基礎。因此，我們將相應地調整我們的定價，對我們的 RM 和我們的團隊所採用的定價水平非常滿意。另一個是，再一次認識到，相對而言，存款資金仍然是我們最便宜的資金來源，並將繼續如此。

We're pleased that we've been able to reduce, as a result of the actions that we're taking on the balance sheet, as a result of our strategy, we've been pleased that we've been able to reduce the quantum of capital market funding that we have. But as you can see, it's CHF 17 billion out of a much larger balance sheet. And so we're pretty comfortable that we're setting ourselves on a path to reduce our funding costs through time as our balance sheet evolves.

我們很高興我們能夠減少，由於我們在資產負債表上採取的行動，由於我們的戰略，我們很高興我們能夠減少我們擁有的資本市場資金量。但正如您所見，資產負債表規模更大，資產負債表為 170 億瑞士法郎。因此，我們很高興隨著資產負債表的發展，我們正在走上一條隨著時間的推移降低融資成本的道路。

The next question comes from the line of Chris Hallam with Goldman Sachs.

下一個問題來自 Chris Hallam 與高盛的對話。

The first is essentially a bit of a follow-up to Magdalena and Kian's question earlier. One of the key pillars on the strategic update at Q3 was the pivoting of the business back to profitable core. And at the time, you mentioned the Wealth Management franchise as sort of an 18% to 20% RoTE business within those 2025 targets.

第一個本質上是對 Magdalena 和 Kian 之前問題的跟進。第三季度戰略更新的關鍵支柱之一是將業務重心轉向盈利核心。當時，您提到財富管理特許經營權是 2025 年目標中 18% 至 20% 的 RoTE 業務。

But given the reduction in AUMs, and you've highlighted the business is expected to be loss-making in the first quarter, is there now a sort of a strategic decision to be made as to whether to either sort of, a, run the business as a profitable franchise at current AUM levels; or b, to try and regain assets and deliver the level of absolute profit contribution, which was embedded in that strategic plan? I appreciate the comments you made earlier on this topic, but I just wondered whether those 2 options are essentially mutually exclusive from a cost perspective. So that's my first question.

但是鑑於 AUM 的減少，並且您已經強調該業務預計將在第一季度出現虧損，現在是否需要做出某種戰略決策來決定是否要運行在當前的 AUM 水平上作為盈利的特許經營業務；或者 b，嘗試重新獲得資產並實現該戰略計劃中所包含的絕對利潤貢獻水平？我很欣賞您之前就此主題發表的評論，但我只是想知道從成本的角度來看，這兩個選項是否在本質上是相互排斥的。這是我的第一個問題。

And then the second one is just on the strategic update, you had the objective of around $3 billion of revenues in the Markets business. And I just wonder whether that's still an objective now.

然後第二個只是關於戰略更新，你的目標是在市場業務中實現約 30 億美元的收入。我只是想知道這是否仍然是一個目標。

Okay. Chris, let me start with the first one. Thanks for the questions. So we laid out very clearly, as part of the transformation, 3 main blocks of actions by the end of October, as you might remember. The first one, as you put it, the radical restructuring of the Investment Bank, and we talked about some various important elements over the last few minutes here. The second one is the cost transformation program with very, very clear guidance on the cost reduction targets, again, as Dixit was saying, excluding exits and all these kind of things that comes on top of it. And that's important to bear in mind.

好的。克里斯，讓我從第一個開始。感謝您的提問。因此，作為轉型的一部分，我們非常清楚地列出了 10 月底前的 3 個主要行動塊，您可能還記得。第一個，正如你所說，投資銀行的徹底重組，我們在過去幾分鐘在這裡討論了一些不同的重要因素。第二個是成本轉型計劃，對成本削減目標有非常非常明確的指導，同樣，正如迪克西特所說，不包括退出和所有這些最重要的事情。記住這一點很重要。

And the last one, which we very clearly said is we want to do that transformation out of a position of capital strength, hence, the capital raise, which was successfully -- and other measures, which was successfully concluded in November, as you are fully aware. So -- and we are executing currently against all of these main blocks of measures and, as we said, very focused, very decisively. And you see that we are in many, many aspects, if you go through the presentation, we are ahead of our plan.

最後一個，我們非常明確地說，我們希望從資本實力的位置進行轉型，因此，資本籌集是成功的 - 以及其他措施，這些措施已於 11 月成功完成，就像你一樣充分意識。所以——我們目前正在執行所有這些主要措施，正如我們所說，非常集中，非常果斷。你看到我們在很多很多方面，如果你通過演示，我們領先於我們的計劃。

Second point to make here is, and that is something, as I was alluding to at least, something we are also in parallel working on this year to really fill these new Credit Suisse, how we put a bank, which will evolve here over the next couple of years with content and then, obviously, doing the same with CS First Boston on the other side. And this is something which we owe you, so to say, but it needs a bit more time as we are traveling through 2023. And once we are there, we will update you in terms of what it means then really going forward.

在這裡要說的第二點是，正如我至少提到的那樣，我們今年也在同時開展工作，以真正填補這些新的瑞士信貸，我們如何放置一家銀行，這將在這裡發展接下來的幾年內容，然後，顯然，在另一邊與 CS First Boston 做同樣的事情。可以這麼說，這是我們欠你們的，但是我們要到 2023 年，這需要更多的時間。一旦我們到了那裡，我們將向你們介紹它意味著什麼，然後真正向前邁進。

Having said that, and that's intuitively clear to you, if new Credit Suisse is based on our Wealth Management business, our very strong businesses in Switzerland, complemented by Asset Management and by the Markets business in a resized form, I think it's intuitively clear where this business, if it runs, so to say, in the way we want to run it going forward, will end up in terms of shareholder returns. So there must be a very, very attractive proposition for our shareholders.

話雖如此，而且您從直覺上很清楚，如果新的瑞士信貸基於我們的財富管理業務，我們在瑞士非常強大的業務，輔以資產管理和市場業務的調整規模，我認為直覺上很清楚在哪裡這項業務，如果按照我們希望的方式運行，可以說將以股東回報的方式結束。因此，必須有一個對我們的股東非常非常有吸引力的提議。

Wealth Management, I think it's -- if I understood the question correctly, it's not -- it's a tricky question, I would say, if you allow me. So it's not the idea to say, okay, we lost these assets and then we take what we have and, therefore, resized the Wealth Management firm to make it reasonably profitable again.

財富管理，我認為它是——如果我理解正確的話，它不是——這是一個棘手的問題，我想說，如果你允許的話。因此，我們不是說，好吧，我們失去了這些資產，然後我們拿走了我們擁有的，因此調整了財富管理公司的規模，使其再次合理盈利。

I think we do 2 things. We do all what is necessary on the cost side, and there is room, as I said before. On the other hand, Wealth Management is the growth engine or one of the growth engines of today's Credit Suisse, but also of the new Credit Suisse. And that is why I said we have a relatively clear plan, the client outreach initiative which we started is part of that certainly in the short term, i.e., last year and 2023. And I said it has started to create good momentum. So we want to win back all the assets, and if not more, which we lost, that goes without saying.

我認為我們做了兩件事。正如我之前所說，我們在成本方面做了所有必要的事情，而且還有空間。另一方面，財富管理是今天瑞信的增長引擎或增長引擎之一，也是新瑞信的增長引擎。這就是為什麼我說我們有一個相對明確的計劃，我們開始的客戶外展計劃肯定是短期內的一部分，即去年和 2023 年。我說它已經開始創造良好的勢頭。所以我們想贏回我們失去的所有資產，如果不是更多的話，那是不言而喻的。

Secondly, the growth focus in Wealth Management, strategically spoken, is very clearly on the stable high net worth business; secondly, recurring revenues, and there is enough room for us to improve, goes without saying; and then last but not least, and you know that we have super strong positions in different geographies of the world here, also regaining the ultra high net worth wallet share. So I think that's the overall package we are working on. And that's the way how we push back Wealth Management into profitability and into growth mode.

其次，從戰略上講，財富管理的增長重點非常明確地放在穩定的高淨值業務上；其次，經常性收入，我們有足夠的改進空間，這是不言而喻的；最後但同樣重要的是，你知道我們在世界不同地區擁有超強的地位，也重新獲得了超高淨值錢包份額。所以我認為這就是我們正在研究的整體方案。這就是我們將財富管理推回盈利和增長模式的方式。

Chris, if I could just answer the second question that you mentioned around the Markets business, I would say, look, not to look really at the fourth quarter, given that was an exceptional quarter for the company with all of the challenges that were there, together with the intentional repositioning and restructuring-related actions that we undertook in the fourth quarter. The Markets business is an important alignment to our Wealth Management franchise. As a management team, we're moving pretty quickly to take the actions that were necessary to restore that, the bottom line in that business. And we're confident in the actions that we've begun taking in that franchise.

克里斯，如果我能回答你提到的關於市場業務的第二個問題，我會說，看，不要真的看第四季度，因為這對公司來說是一個特殊的季度，面臨著所有的挑戰，以及我們在第四季度採取的有意重新定位和重組相關行動。市場業務是我們財富管理業務的重要組成部分。作為一個管理團隊，我們正在迅速採取行動，採取必要的行動來恢復該業務的底線。我們對我們已經開始在該特許經營權中採取的行動充滿信心。

The next question comes from the line of Anke Reingen with RBC.

下一個問題來自 Anke Reingen 與 RBC 的對話。

I just wanted to follow up on your -- on the benefit of higher interest rates. If I remember correctly, at the strategic update, you said around half of the 5 percentage point uplift in the RoTE is coming from higher interest rates. And I think that would imply a higher number than you show us today on the CHF 900 million prefunding costs. So I just wondered how this squares.

我只是想跟進你的 - 關於更高利率的好處。如果我沒記錯的話，在戰略更新中，你說過 RoTE 5 個百分點的提升中大約有一半來自更高的利率。我認為這意味著比您今天向我們展示的 9 億瑞士法郎預籌成本更高的數字。所以我只是想知道這個平方如何。

And then on -- following up on Amit's question on the substantial loss in '23. Is it fair to assume that you also think there's a loss at the underlying level? And I think you made some comments on the news wires about 2024, if you can please clarify?

然後繼續 - 跟進 Amit 關於 23 年重大損失的問題。假設您也認為基礎層面存在損失是否公平？我想你在新聞專線上發表了一些關於 2024 年的評論，如果你能澄清一下？

Anke, sure. I'll -- let me run through the first. On higher NII, on October 27, when we indicated, I think we said in the region of around CHF 900 million to CHF 1 billion for 2025 as a result of the current term structure and market implies at the time. I think interest rates right now are slightly higher than where we were on October 27. But of course, we have a lower deposit base as a result of the events in October. On balance, it comes out roughly to a wash with around -- still around CHF 900 million for the 3-year period. And that's very much what was embedded into our RoTE walk as well.

安克，當然。我會 - 讓我先講一下。關於更高的 NII，在 10 月 27 日，當我們表示時，我認為由於當前的期限結構和當時的市場暗示，我們說 2025 年在 9 億至 10 億瑞士法郎左右。我認為現在的利率略高於 10 月 27 日的水平。但是，當然，由於 10 月發生的事件，我們的存款基數較低。總的來說，3 年期間的支出大約為 9 億瑞士法郎左右。這也是我們 RoTE 步行中所包含的內容。

On the second point, on the loss for '23, as I said, look, we're focused on really restructuring our businesses. We want to take as many of the actions that we need to create the new Credit Suisse early on in our transition path. We're 3 months into the restructuring. We've already started, as you can see, in the fourth quarter results as well, largely premeditated intentional actions to execute on our strategy, and you're seeing that come through in the results.

關於第二點，關於 23 年的虧損，正如我所說，看，我們專注於真正重組我們的業務。我們希望在過渡路徑的早期採取盡可能多的行動來創建新的瑞士信貸。我們進行了 3 個月的重組。正如你所看到的，我們已經開始在第四季度的結果中，主要是有預謀的有意行動來執行我們的戰略，你會在結果中看到這一點。

We'll, of course, be doing that during the course of the year in a way that is sensitive and capital accretive as possible or economically responsible for our shareholders. But we do want to move as quickly as we can on repositioning and restructuring the firm.

當然，我們將在這一年中以一種敏感且盡可能增加資本或在經濟上對我們的股東負責的方式來做這件事。但我們確實希望盡快對公司進行重新定位和重組。

Ulrich, if you wanted to add?

Ulrich，如果你想補充？

No, I think that's okay.

不，我覺得沒關係。

On 2024, I think you said you expect to be profitable, is that correct? And is that at the reported level?

在 2024 年，我想你說你希望盈利，對嗎？這是報告的水平嗎？

That's correct. That's right. As we look to '24 with the planning assumptions that we've made, that's our current assumption.

這是正確的。這是正確的。當我們用我們所做的規劃假設來展望 24 世紀時，這是我們目前的假設。

Your next question comes from the line of Andrew Lim with Societe Generale.

你的下一個問題來自法國興業銀行的 Andrew Lim。

Firstly, on the core Markets business that you're mapping out there, you've talked about a net revenue expectation of CHF 3 billion. But how do you expect the costs to develop for this division? You've talked about cost reductions across the whole group, but I'm just trying to zero in on the Markets division here and seeing what the core profitability might be if you take into account the cost expectations.

首先，關於您在那裡規劃的核心市場業務，您談到了 30 億瑞士法郎的淨收入預期。但您預計該部門的成本會如何發展？你談到了整個集團的成本削減，但我只是想把這裡的市場部門歸零，看看如果你考慮成本預期，核心盈利能力可能是多少。

And then CSFB, obviously, a lot of work to be done here to carve it out. Is your expectation as you carve it out to -- what's your anticipation of the net CET1 ratio impact as you complete that carve-out?

然後是 CSFB，很明顯，這裡需要做很多工作才能實現。你的期望是什麼？當你完成分拆時，你對淨 CET1 比率影響的預期是什麼？

Andrew, look, on the first on really markets and your question on the cost base, as I mentioned before, the initiatives that we're undertaking as part of our cost transformation program are really across the horizontals. And so of course, at the one level, we have the strategic repositioning that we've done with the exit of the SPG business. We'll have the carve-out of the Credit Suisse First Boston business. So we have a simpler mix, and we'll exit cost along that journey. But then we have really all of the horizontal initiatives that we've been driving for cost reduction, which will also impact the Investment Bank.

安德魯，首先是關於真正的市場和你關於成本基礎的問題，正如我之前提到的，我們在成本轉型計劃中採取的舉措實際上是橫向的。因此，當然，在一個層面上，我們對 SPG 業務的退出進行了戰略重新定位。我們將分拆 Credit Suisse First Boston 業務。所以我們有一個更簡單的組合，我們將在這個過程中退出成本。但是，我們實際上已經採取了所有我們一直在推動的降低成本的橫向舉措，這也將影響投資銀行。

So I think what you'll see, as you're starting to see through from last year, is you're starting to see the efficiencies slowly come through because the headcount reductions that we've undertaken in the fourth quarter will feed through into the bottom line and going to the cost base as the quarters go along, but won't be visible in the immediate quarter necessarily. What I would say is that, look, we're committed to taking the actions that we needed to, as you're seeing, and to move with speed on those to rightsize the businesses as well in response to the revenue environment that we've seen as well.

所以我想你會看到，正如你從去年開始看到的那樣，你會開始看到效率慢慢提高，因為我們在第四季度進行的裁員將影響到隨著季度的進行，底線和成本基數，但在最近的季度內不一定可見。我要說的是，看，我們致力於採取我們需要採取的行動，正如您所看到的，並迅速採取行動以調整業務規模，並響應我們的收入環境。我也看到了。

On the second point, on CS First Boston, we can't give you a specific capital impact today. Suffice to say, one of the pillars of the strategic reasoning here is very much capital efficiency as well as to generate and free up capital for the organization and for the shareholder. And that's certainly the path we're on as we work towards the carve-out and an eventual IPO for that business.

第二點，關於CS First Boston，我們今天不能給大家具體的資本影響。可以說，這裡戰略推理的支柱之一是非常高的資本效率，以及為組織和股東創造和釋放資本。這肯定是我們在努力為該業務分拆和最終 IPO 時所走的道路。

Step 1 for us was to ensure that we commence on the initial planning for the carve-out, which we're now doing and is underway. Step 2, as we've announced, was the acquisition of M. Klein & Company, which we announced this morning as well, which was an important pillar on this part of the carve-out. And we'd love to give you more details as we progress on this journey.

我們的第 1 步是確保我們開始進行分拆的初步計劃，我們現在正在做並且正在進行中。正如我們已經宣布的那樣，第二步是收購 M. Klein & Company，我們今天早上也宣布了這一點，這是分拆的這一部分的重要支柱。隨著我們在此旅程中的進展，我們很樂意為您提供更多詳細信息。

The next question comes from the line of Tom Hallett with KBW.

下一個問題來自 Tom Hallett 與 KBW 的對話。

So I was just wondering if you could kind of bucket the discussions around flows of client. You have over CHF 90 billion of outflows in Wealth Management. What do you see as a realistic number to come back? And what is unlikely to and what is somewhere in the middle? And I guess what I'm trying to get to is, what clients are open to returning based upon what they see in terms of progression around your restructuring plan? Or others are interested in things like fee reductions, an increase in deposit rates or something like that and others that are probably unlikely to return? That's it for me.

所以我只是想知道您是否可以將圍繞客戶流的討論歸為一類。您在財富管理方面的資金流出超過 900 億瑞士法郎。你認為回歸的現實數字是多少？什麼不太可能，什麼介於兩者之間？我想我想知道的是，根據他們對重組計劃進展情況的看法，哪些客戶願意返回？或者其他人對降低費用、提高存款利率或類似的事情以及其他可能不太可能返回的事情感興趣？對我來說就是這樣。

Okay. Tom, let me take that. So as we said -- or as I said earlier, we feel that the declines are overwhelmingly supportive. What we have observed, I would say, since October, in particular, and then early November on all these client meetings, at least where I was participating and doing, as I said, typically several a day, I would say there are 3 groups of clients. The one group which we started to come back very quickly already last year, so after a successful capital raise, they came back, they brought money back and so on.

好的。湯姆，讓我拿走那個。因此，正如我們所說 - 或者正如我之前所說，我們認為下降具有壓倒性的支持作用。我們所觀察到的，我會說，特別是自 10 月以來，然後是 11 月初，在所有這些客戶會議上，至少在我參與和做的地方，正如我所說，通常一天幾次，我會說有 3 個小組客戶。去年我們開始很快回來的那個團隊，所以在成功籌集資金後，他們回來了，他們帶回了錢等等。

A second group, which I tend to believe is a very large group, at the end of the day, which was a bit more careful, so I look -- let's look at that, they look at how you are doing, how you are executing and so on, which will come back over time, I'm not saying in a run, but over time.

第二組，我傾向於認為是一個非常大的組，在一天結束時，他們更加小心，所以我看 - 讓我們看一下，他們看你的表現，你的表現如何執行等等，隨著時間的推移會回來，我不是說在運行中，而是隨著時間的推移。

And there's a third group, I would think relatively smaller group, which says, look, we stick with you with what we have now. After reductions, we like you, but we want to observe you a little bit longer than just, let's say, the next, whatever, a few months. So I think that's what I felt at least from client meetings.

還有第三組，我想是相對較小的一組，他們說，看，我們堅持你現在擁有的。減少後，我們喜歡你，但我們想觀察你的時間比僅僅觀察你的時間長一點，比方說，接下來的幾個月。所以我認為這至少是我從客戶會議中感受到的。

So to your concrete question, how much is coming back, I would like to know that as well, as you can imagine. As I said, the Wealth Management colleagues are pretty hopeful that we bring a fair part of the outflows back already in 2023, and the rest will come later. And as I said also earlier, obviously, our target is to bring all and everything back and then go beyond that.

所以對於你的具體問題，有多少會回來，我也想知道，正如你想像的那樣。正如我所說，財富管理部門的同事們非常希望我們能在 2023 年將相當一部分流出的資金收回，其餘的將在以後出現。正如我之前所說，很明顯，我們的目標是讓一切都恢復原狀，然後超越這一點。

The next question comes from the line of Adam Terelak with Mediobanca.

下一個問題來自 Adam Terelak 與 Mediobanca 的對話。

Lots of questions on flows. I want to see more detail on deposits. Clearly, they're down more than 1/3 Q-on-Q. Can you give us any sort of color around that by division, that by term versus site deposits; and then the assumption around deposit costs in the NII guide through 2025 and what that might mean particularly for Wealth Management, NII quarter-on-quarter into the beginning of this year, given the repricing outreach program that is ongoing?

很多關於流量的問題。我想查看有關存款的更多詳細信息。很明顯，他們下降了超過 1/3 Q-on-Q。你能給我們任何類型的顏色嗎？然後是關於 2025 年 NII 指南中存款成本的假設，以及考慮到正在進行的重新定價外展計劃，這對財富管理、NII 季度環比到今年年初可能意味著什麼？

And then secondly, back to credit. The language around the AT1 seems to indicate that the preference will be to kind of call and reissue this year's first call date. Is that the right way of reading it?

其次，回到信用。圍繞 AT1 的措辭似乎表明，人們更傾向於調用並重新發布今年的第一個調用日期。這是正確的閱讀方式嗎？

Adam, sure. We wouldn't traditionally break down deposits necessarily within term, site, et cetera. I mean what I'd say is, look, we're looking at deposit efficiency, of course, on our balance sheet. So step one for us was really ensuring that we [steal] confidence with our clients and customers, and you're starting to see, per Ulrich's remarks, you're starting to see that come through. A core part of that was to ensure that we tapped the capital markets, undertook private transactions, restored CET1 to a higher level, all of the actions that I mentioned that we did in the fourth quarter, and that's now starting to come back.

亞當，當然。傳統上，我們不會在期限、地點等範圍內分解存款。我的意思是我要說的是，看，我們當然在資產負債表上關注存款效率。因此，我們的第一步是真正確保我們 [竊取] 客戶和客戶的信心，並且您開始看到，根據 Ulrich 的評論，您開始看到這一點。其中一個核心部分是確保我們利用資本市場，進行私人交易，將 CET1 恢復到更高水平，我提到的所有我們在第四季度所做的行動，現在開始恢復。

I would point you to the LCR ratio. Look, that's ultimately a combination of both deposits and other measures lead to us managing the LCR ratio. And the LCR ratio, as you see, is up from the lows in the quarter to an average of 144% for the quarter and, as we've indicated, has improved in January as well. So we're 3 months into the restructuring. We're taking all the necessary steps. And we're starting to see, as you can see, positive momentum on deposits in January.

我會指出 LCR 比率。看，這最終是存款和其他措施的結合導致我們管理 LCR 比率。如您所見，LCR 比率從本季度的低點上升至本季度的平均 144%，而且正如我們所指出的，1 月份也有所改善。所以我們進行了 3 個月的重組。我們正在採取所有必要的步驟。正如您所看到的，我們開始看到 1 月份存款的積極勢頭。

The second question was really on really deposit costs. And I would say in the NII guide in the first quarter, it's partly why we've guided to a loss in the first quarter for Wealth Management as well is we have a reduced deposit base compared to what we had in September. You see that impacting the NII, of course, in Q4 as well, and that will also have a knock-on impact into Q1 as well. That said, the evolution from here will depend, of course, on both factors, both volume of deposits, but the other is also the evolution of interest rates through the course of this year.

第二個問題實際上是關於實際存款成本。我會在第一季度的 NII 指南中說，這也是我們在第一季度指導財富管理虧損的部分原因，因為與 9 月份相比，我們的存款基數有所減少。你會看到這對 NII 的影響，當然也會影響第四季度，這也會對第一季度產生連鎖反應。也就是說，從這裡開始的演變當然取決於兩個因素，一個是存款量，另一個是今年利率的演變。

The corollary to this is also funding cost where, as I've indicated, we're working hard on optimizing the balance sheet and ensuring that we can squeeze as much as we can out of it and reduce our funding cost. And step one on that path was to de-risk in order to reduce our funding needs and then to be able to issue less in the capital markets, which you're now seeing through our issuance plan as well. So a combination of all of those would lead to NII efficiency.

其必然結果也是融資成本，正如我所指出的，我們正在努力優化資產負債表並確保我們能夠盡可能多地從中榨取資金並降低融資成本。這條道路上的第一步是降低風險，以減少我們的資金需求，然後能夠減少在資本市場上的發行量，你現在也可以通過我們的發行計劃看到這一點。因此，所有這些的結合將導致 NII 效率。

And just a quick follow-up. The guide for NII is on a static balance sheet. The deposits you're bringing on board January to date, does that increase or decrease the NII guidance?

并快速跟進。 NII 的指南在靜態資產負債表上。到目前為止，您在一月份帶來的存款是增加還是減少了 NII 指導？

We would -- look, depending on the NII evolution, we'd always amend our modeling and our calculations. That's normally what we do. In fact, in October, we've made assumptions, forward assumptions on the reduced balance sheet given the events in the first 3 weeks in October, which effectively reduced even from the static balance sheet that we had at the end of September, obviously, reduced the NII, which in the numbers that I've given you in October really factored in a reduced balance sheet as well.

我們會——看，根據 NII 的發展，我們總是會修改我們的模型和計算。這通常是我們所做的。事實上，在 10 月份，我們已經做出假設，考慮到 10 月份前 3 週發生的事件，對縮減的資產負債表進行前瞻性假設，這甚至比我們在 9 月底的靜態資產負債表明顯減少，減少了 NII，在我 10 月份給你的數字中，這也確實減少了資產負債表。

Today, when we remodel our balance sheet, we have lower balances, actual balances at the end of the year, but rates are slightly higher and the net outcome is roughly the same at around CHF 900 million for NII uplift. But look, as we evolve our balance sheet, we'll give you further updates and guidance on that.

今天，當我們重塑資產負債表時，我們的餘額較低，年末實際餘額較低，但利率略高，淨結果大致相同，約為 9 億瑞士法郎，用於 NII 提升。但是，隨著我們發展資產負債表，我們將為您提供進一步的更新和指導。

But no comment on the January cost of deposits?

但對一月份的存款成本沒有評論？

No, on deposits, as Ulrich mentioned, we're -- it's still our cheaper source of funding. We're competitive. As we've said, there's been more competition from deposits from the rest of the industry as well through the course of last year. And as always, it's an important part of our funding mix. We'll continue to remain as competitive as we need to be there.

不，正如烏爾里希提到的那樣，在存款方面，我們 - 它仍然是我們更便宜的資金來源。我們很有競爭力。正如我們所說，在去年整個過程中，來自其他行業的存款競爭更加激烈。和往常一樣，它是我們資金組合的重要組成部分。我們將繼續保持競爭力，因為我們需要在那裡。

The next question comes from the line of Piers Brown with HSBC.

下一個問題來自匯豐銀行的 Piers Brown。

My question is actually on short-term wholesale funding. We've talked a lot on the call about the long-term debt issuance plan and also the positive developments in terms of deposit flows. But if I look at the quarterly report, you've got some quite negative wording around the impact of the November credit rating downgrades on your access to short-term funding. And I wonder if you could just address that in terms of what you're seeing more recently on access and cost of short-term funding and the impact on the IB financing derivatives businesses.

我的問題實際上是關於短期批發融資的。我們在電話會議上就長期債券發行計劃以及存款流動方面的積極發展談了很多。但如果我看一下季度報告，你會發現一些關於 11 月信用評級下調對你獲得短期融資的影響的非常負面的措辭。我想知道你是否可以根據你最近看到的關於短期融資的獲取和成本以及對 IB 融資衍生品業務的影響來解決這個問題。

Sure, Piers, and I'm glad you brought that up. Look, we've been reducing our reliance on short-term funding through the course of the last year. And most importantly, the few initiatives that we've launched around restructuring the Investment Bank, de-risking in the Capital Release Unit, getting the SPG transaction done, which, as you can see, we've moved really, really quickly on and with -- we're around 2/3 of the target reductions already having happened, all of those reduce our reliance on short-term wholesale funding and create more funding efficiencies as well.

當然，皮爾斯，我很高興你提出來。看，去年我們一直在減少對短期資金的依賴。最重要的是，我們圍繞重組投資銀行、降低資本釋放部門的風險、完成 SPG 交易而發起的一些舉措，正如你所看到的，我們已經非常、非常迅速地推進並隨著 - 我們已經實現了大約 2/3 的目標削減，所有這些都減少了我們對短期批發融資的依賴，並提高了融資效率。

There's no question, of course, as we're transparent about that with the credit rating downgrade, certain facilities would have been affected. But that said, we have other tools at our disposal. We're able to do private placements and other bilateral financing as well. And ultimately, what you should look to is the LCR ratio which we're managing to, which is effectively an amalgam on a stress basis of short-term and other medium-term measures in the calculation. Hope that's helpful.

當然，毫無疑問，由於我們對此透明，信用評級下調，某些設施會受到影響。但話雖如此，我們還有其他工具可供使用。我們也能夠進行私募和其他雙邊融資。最後，你應該關注的是我們正在管理的 LCR 比率，它實際上是計算中短期和其他中期措施的壓力基礎上的混合物。希望這會有所幫助。

I now hand back to Kinner Lakhani for closing remarks. Kinner?

我現在將結束語交還給 Kinner Lakhani。金納？

Great. Well, thank you, everybody, for joining us this morning. Thank you, Ulrich and Dixit. Of course, if you have any more questions, feel free to reach out to IR. And have a great day. Thank you.

偉大的。好吧，謝謝大家今天早上加入我們。謝謝烏爾里希和迪克西特。當然，如果您還有任何問題，請隨時聯繫 IR。祝你有美好的一天。謝謝。

Thank you.

謝謝。