Credit Suisse Group AG (CS) 2022 Q2 法說會逐字稿

Good morning. This is the conference operator. Welcome and thank you for joining Credit Suisse Group's Second Quarter 2022 Results Conference Call for Analysts and Investors.

早上好。這是會議接線員。歡迎並感謝您參加瑞士信貸集團的分析師和投資者 2022 年第二季度業績電話會議。

(Operator Instructions) The conference is recorded. (Operator Instructions)

（操作員說明）會議被錄製。 （操作員說明）

I will now turn the conference over to Kinner Lakhani, Head of Investor Relations and Group Strategy and Development.

我現在將會議轉交給投資者關係和集團戰略與發展主管 Kinner Lakhani。

Please go ahead, Kinner.

請繼續，金納。

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

大家，早安。謝謝你，愛麗絲。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 second quarter earnings release published this morning. Let me remind you that our second quarter financial report and accompanying financial statements for the period will be published on or around July 29.

在開始之前，讓我提醒您幻燈片 2 和 3 中的重要警示性聲明，包括與前瞻性聲明、非公認會計原則財務指標和巴塞爾協議 III 披露有關的聲明。有關我們業績的詳細討論，請參閱今天上午發布的瑞士信貸第二季度收益報告。讓我提醒您，我們的第二季度財務報告和該期間隨附的財務報表將於 7 月 29 日或前後發布。

I will now hand over to Axel Lehmann, our Group Chairman, who will elaborate on the announcements from this morning; followed by Group CEO Thomas Gottstein; and our Group CFO, David Mathers, who will run through the numbers.

我現在將交給我們的集團主席 Axel Lehmann，他將詳細說明今天上午的公告；緊隨其後的是集團首席執行官 Thomas Gottstein；以及我們的集團首席財務官 David Mathers，他將逐一分析這些數字。

Thank you, Kinner. And good morning and thank you for joining our analysts call.

謝謝你，金納。早上好，感謝您加入我們的分析師電話會議。

Today, we announced a series of important changes, most notably a new CEO and a repositioned strategy. Let me spend the next couple of minutes elaborating a little bit more in detail before handing over to Thomas and David for their respective presentation.

今天，我們宣布了一系列重要變動，其中最引人注目的是新任 CEO 和重新定位的戰略。在交給 Thomas 和 David 進行各自的演示之前，讓我用接下來的幾分鐘詳細闡述一下。

Credit Suisse is undoubtedly facing a challenging situation both structurally and via the markets in which we operate. The need for change was clear before the second quarter results, but the disappointing performance has added a sense of urgency, as well conviction, for our actions. That is why the Board of Director has decided to take decisive actions to reposition our bank and to strengthen the performance, the reputation and credibility of the bank. With conviction, we are now embarking on measures to speed up our transformation course with a clear direction for the bank and a new leadership. Our goal is to become a stronger, simpler and more efficient bank with sustainable returns.

毫無疑問，瑞士信貸在結構上和我們經營所在的市場上都面臨著挑戰。在第二季度業績公佈之前，變革的必要性很明顯，但令人失望的業績為我們的行動增添了緊迫感和信念。這就是為什麼董事會決定採取果斷行動重新定位我們的銀行，並加強銀行的業績、聲譽和信譽。懷著信念，我們現在正在著手採取措施，加快我們的轉型進程，為銀行和新的領導層制定明確的方向。我們的目標是成為一家更強大、更簡單、更高效並具有可持續回報的銀行。

As announced earlier today, the Board of Director accepted the resignation of Thomas Gottstein. Thomas has led the bank through some of its most challenging corporate period; and he has done it with a lot of courage, energy and commitment as well as huge personal integrity. His absolute dedication and commitment to the bank over the past 2 decades are beyond commendable. The Board of Director is grateful to Thomas for the leadership he has provided during the global COVID-19 pandemic as well as in the aftermath of the 2 incidents in 2021. Thank you, Thomas.

正如今天早些時候宣布的那樣，董事會接受了 Thomas Gottstein 的辭職。 Thomas 帶領銀行度過了一些最具挑戰性的公司時期；他以極大的勇氣、精力和承諾以及巨大的個人誠信做到了這一點。在過去的 2 年裡，他對銀行的絕對奉獻和承諾是值得稱道的。董事會感謝 Thomas 在全球 COVID-19 大流行期間以及在 2021 年的 2 起事件之後所提供的領導。謝謝你，Thomas。

And yet as the bank embarks on a new course, both Thomas and the Board of Directors agreed that this should be under a new leadership free to steer a new course. Ulrich Körner will oversee the detailed work required as part of the comprehensive strategic review with the full trust and support of the Board of Directors. Ulrich is an experienced transformation leader with excellent judgment and has demonstrated to the Board of Directors that he understands the urgency of the task and the need to build trust across our stakeholder base. Ulrich has significant and highly relevant experience as CFO, COO and a business CEO from his previous 11 years at Credit Suisse, including as an Executive Board member. At UBS, he was also a business CEO and the Group COO as well as a group Executive Board member. Since returning to Credit Suisse, he has rebuilt the Asset Management business with a new strategic direction and a high-performing team. He's one of the few executives in the industry with both front-to-back and back-to-front leadership experience. I personally value him as a strategic thinker with a solution-oriented approach and a clear focus on execution and delivery. He has highly relevant experience in all our core businesses and in structural cost base transformation for corporate functions.

然而，隨著銀行走上新的道路，Thomas 和董事會都同意這應該在新的領導下自由引導新的方向。 Ulrich Körner 將在董事會的充分信任和支持下監督作為全面戰略審查一部分所需的詳細工作。 Ulrich 是一位經驗豐富的轉型領導者，具有出色的判斷力，並向董事會證明他了解任務的緊迫性以及在我們的利益相關者基礎上建立信任的必要性。 Ulrich 在瑞士信貸工作了 11 年，曾擔任首席財務官、首席運營官和業務首席執行官，包括擔任執行董事會成員，擁有重要且高度相關的經驗。在瑞銀，他還是企業首席執行官和集團首席運營官以及集團執行委員會成員。回到瑞士信貸後，他以新的戰略方向和高績效團隊重建了資產管理業務。他是業內為數不多的同時擁有從前到後和從後到前的領導經驗的高管之一。我個人認為他是一位戰略思想家，具有以解決方案為導向的方法，並明確關注執行和交付。他在我們所有的核心業務和公司職能的結構性成本基礎轉型方面擁有高度相關的經驗。

You will shortly hear from both Thomas and David on our second quarter results. They clearly do not reflect the strengths and the potential of our global franchise. Our reported pretax loss of CHF 1.2 billion was partially impacted by major litigation provisions as part of our approach to proactively resolve legal cases. At the same time, we had reported an adjusted pretax loss of CHF 0.4 billion. This is disappointing, and we will address that step by step over the coming months and quarters.

您很快就會聽到托馬斯和大衛關於我們第二季度業績的消息。它們顯然沒有反映我們全球特許經營權的優勢和潛力。我們報告的 12 億瑞士法郎的稅前虧損部分受到重大訴訟條款的影響，這是我們主動解決法律案件的一部分。同時，我們報告了 4 億瑞士法郎的調整後稅前虧損。這令人失望，我們將在未來幾個月和幾個季度逐步解決這個問題。

The Board of Directors, together with senior management, has been conducting a strategic review of the bank's businesses, with the goal to shape a more focused, agile group with a significant lower absolute cost base, capable of delivering sustainable returns for all stakeholders and first-class service to clients. The Board of Directors' strategic review will recommend a new model for Credit Suisse with the following objectives: first, to strengthen the world-class global Wealth Management franchise, leading universal bank in Switzerland and multi-specialist Asset Management business; secondly, to transform the Investment Bank into a capital-light advisory-led banking business and a more focused markets business that complements the growth of the Wealth Management and Swiss Bank franchises; thirdly, to evaluate strategic options for the securitized products business, which may include attracting third-party capital; and fourthly, to reduce the group's absolute cost base to below CHF 15.5 billion in the medium term, executed with prudence while remaining focused on improving risk management and risk culture.

董事會與高級管理層一直在對銀行的業務進行戰略審查，目標是打造一個更專注、更靈活、絕對成本基礎顯著降低、能夠為所有利益相關者提供可持續回報的集團，並首先為客戶提供一流的服務。董事會的戰略審查將為瑞信推荐一種新模式，目標如下：一是加強世界級的全球財富管理業務、領先的瑞士全能銀行和多專業資產管理業務；其次，將投資銀行轉變為以諮詢為主導的輕資本銀行業務和更專注的市場業務，以補充財富管理和瑞士銀行特許經營權的增長；第三，評估證券化產品業務的戰略選擇，其中可能包括吸引第三方資本；第四，在中期內將集團的絕對成本基數降至 155 億瑞士法郎以下，謹慎執行，同時繼續專注於改善風險管理和風險文化。

In short, the priority of the strategic review will be to enhance our positions in Wealth Management, the Swiss Bank and Asset Management while considering options for fundamentally reshaping the Investment Bank into a highly competitive banking and more sustainable markets business. The development and implementation of the new strategy will be overseen by the full Board of Directors and supported by a [Board-led ad hoc] investment bank strategy committee, with Michael Klein as Chair; and also including Mirko Bianchi, Richard Meddings and Blythe Masters.

簡而言之，戰略審查的優先事項將是加強我們在財富管理、瑞士銀行和資產管理方面的地位，同時考慮從根本上將投資銀行重塑為具有高度競爭力的銀行業務和更具可持續性的市場業務的各種選擇。新戰略的製定和實施將由全體董事會監督，並得到 [董事會領導的特設] 投資銀行戰略委員會的支持，Michael Klein 擔任主席；還包括 Mirko Bianchi、Richard Meddings 和 Blythe Masters。

In closing. We remain focused on improving risk management as well as the risk culture across the group. We remain focused to speed up our transformation and disciplined execution. And I'm absolutely convinced that, under the leadership of our new CEO, Ulrich Körner, and the rest of our strong Executive Board, we have the right leadership team in place to transform and to deliver. We will provide further details on the progress, including specific performance goals, with our third quarter 2022 results.

在關閉。我們仍然專注於改善風險管理以及整個集團的風險文化。我們仍然專注於加快轉型和嚴格執行。我絕對相信，在我們新任首席執行官 Ulrich Körner 以及我們強大的執行董事會其他成員的領導下，我們擁有合適的領導團隊來進行轉型和交付。我們將在 2022 年第三季度的業績中提供有關進展的更多詳細信息，包括具體的績效目標。

Thanks for your attention. And with this, I would like -- hand over now to Thomas.

感謝您的關注。有了這個，我想 - 現在交給托馬斯。

Thomas?

托馬斯?

Thank you, Axel. And thank you for, yes, your kind words. And thank you all for joining our second quarter 2022 results presentation.

謝謝你，阿克塞爾。謝謝你，是的，你的客氣話。感謝大家參加我們的 2022 年第二季度業績報告。

I will share some personal remarks before the Q&A at the end.

在最後的問答之前，我將分享一些個人評論。

We have reported, as we just heard also from Axel, an adjusted pretax loss of CHF 0.4 billion and a reported pretax loss of CHF 1.2 billion. Clearly the broader economic and geopolitical environment remained difficult over the first half of the year. Financial markets entered 2022 dealing with some of the highest inflation rates in the generation, putting strain on household spending and most financial assets. Nonetheless, this is clearly disappointing and does not reflect, as Axel also said, the strength and potential of our world-class franchise. This makes it imperative for us to take further solid actions to turn the bank around. We must and we believe we will restore Credit Suisse to its premium position in global finance.

正如我們剛剛從 Axel 那裡聽到的那樣，我們報告了 4 億瑞士法郎的調整後稅前虧損和 12 億瑞士法郎的報告稅前虧損。顯然，今年上半年更廣泛的經濟和地緣政治環境仍然困難重重。金融市場進入 2022 年，應對這一代人中最高的通貨膨脹率，給家庭支出和大多數金融資產帶來壓力。儘管如此，這顯然令人失望，正如阿克塞爾所說，這並沒有反映出我們世界級球隊的實力和潛力。這使得我們必須採取進一步的切實行動來扭轉銀行的局面。我們必須而且我們相信我們將讓瑞士信貸恢復其在全球金融領域的優勢地位。

Let's turn to Page 4, please. As you can see on this slide, our adjusted PTI of CHF 0.4 billion was primarily driven by a USD 0.9 billion adjusted pretax loss in the Investment Bank. And our reported pretax loss of CHF 1.2 billion was further impacted by major litigation provisions, Allfunds-related losses and restructuring charges, totaling CHF 0.7 billion. At the same time, we maintained a strong capital position with a CET1 capital ratio of 13.5%, which is in line with our guidance; a CET1 leverage ratio of 4.3%; and a Tier 1 leverage ratio of 6.1%. I'm also pleased to say that we already achieved our year-end 2022 ambition of releasing more than USD 3 billion in allocated capital from the Investment Bank by the end of this quarter.

請翻到第 4 頁。正如您在這張幻燈片中看到的，我們調整後的 4 億瑞士法郎的 PTI 主要是由投資銀行 9 億美元的調整後稅前虧損推動的。我們報告的 12 億瑞士法郎的稅前虧損進一步受到重大訴訟準備金、Allfunds 相關損失和重組費用的影響，總計 7 億瑞士法郎。同時，我們保持穩健的資本狀況，CET1資本比率為13.5%，符合我們的指引； CET1槓桿率為4.3%；一級槓桿率為 6.1%。我也很高興地說，我們已經實現了到 2022 年年底的目標，即到本季度末從投資銀行釋放超過 30 億美元的已分配資本。

We have launched a group-wide comprehensive review with the objective to strengthen our world-class Wealth Management, leading universal bank in Switzerland and multi-specialist Asset Management business. At the same time, our plan is to transform our Investment Bank with the aim of achieving a less-complex, capital-light advisory-led banking business; and a more connected markets business that further supports the growth of our Wealth Management and Swiss Bank divisions. We are also assessing strategic options for our market-leading securitized products business. We think there are exciting opportunities to accelerate growth and to further strengthen its competitiveness by attracting third-party capital. Additionally, we are targeting an absolute cost base for the group of below CHF 15.5 billion in the medium term, supported by a broader cost efficiency and digital transformation.

我們已經啟動了一項全集團範圍的全面審查，旨在加強我們世界一流的財富管理、瑞士領先的全能銀行和多專業資產管理業務。同時，我們的計劃是改造我們的投資銀行，以實現一個不那麼複雜、以諮詢為主導的輕資本銀行業務；以及更加互聯的市場業務，進一步支持我們的財富管理和瑞士銀行部門的發展。我們還在評估我們市場領先的證券化產品業務的戰略選擇。我們認為，通過吸引第三方資本來加速增長並進一步增強其競爭力是令人興奮的機會。此外，在更廣泛的成本效率和數字化轉型的支持下，我們的目標是中期絕對成本基數低於 155 億瑞士法郎。

Strengthening risk management and risk culture as well as addressing legacy issues remain an absolute priority. We are also focused on working through our regulatory remediation program, supported by the Strategic Regulatory Remediation Committee chaired by David Wildermuth to oversee delivery of our programs.

加強風險管理和風險文化以及解決遺留問題仍然是絕對優先事項。我們還專注於通過我們的監管補救計劃，由 David Wildermuth 擔任主席的戰略監管補救委員會支持，以監督我們的計劃的交付。

Next slide, please. For the first half, we reported a group adjusted pretax loss of CHF 0.1 billion, with the robust performance of the Swiss Bank and positive contribution of our Wealth Management and Asset Management businesses offset by a challenged performance from the Investment Bank. The reported pretax loss of CHF 1.6 billion was primarily driven by major litigation expenses of CHF 1.1 billion as part of our approach to proactively resolve legacy cases, as well as a loss on Allfunds of CHF 0.5 billion. Next slide, please.

請下一張幻燈片。上半年，我們報告了 1 億瑞士法郎的集團調整後稅前虧損，瑞士銀行的強勁表現以及我們的財富管理和資產管理業務的積極貢獻被投資銀行的業績不佳所抵消。報告的 16 億瑞士法郎的稅前虧損主要是由於我們主動解決遺留案件的 11 億瑞士法郎的重大訴訟費用，以及 Allfunds 的 5 億瑞士法郎損失。請下一張幻燈片。

The performance of our Wealth Management division reflected higher net interest income benefiting from rising interest rates, which was more than offset by lower recurring commissions and fees and transaction revenues impacted by the adverse market environment. Our operating expenses in the second quarter were 18% higher due to higher group-wide technology, risk and compliance costs; as well as investments in relationship managers and China. While we attracted inflows in APAC and the Americas in the second quarter, reflecting our franchise strength, we reported moderate net outflows overall mainly due to outflows from Switzerland and the EMEA region. In addition, in the first half, we attracted positive net new assets of CHF 3.4 billion, which included Russia-related outflows of CHF 1.9 billion.

我們財富管理部門的業績反映了受益於利率上升的較高淨利息收入，這被不利的市場環境影響的經常性佣金和費用以及交易收入的下降所抵消。由於整個集團的技術、風險和合規成本較高，我們第二季度的運營費用增加了 18%；以及對客戶經理和中國的投資。雖然我們在第二季度吸引了亞太地區和美洲的資金流入，這反映了我們的特許經營實力，但我們報告的總體淨流出量溫和，主要是由於瑞士和歐洲、中東和非洲地區的資金流出。此外，上半年，我們吸引了 34 億瑞士法郎的正淨新資產，其中包括與俄羅斯有關的 19 億瑞士法郎的流出。

Our Investment Bank performance was impacted by substantially lower ECM and leveraged finance market activity as well as leveraged finance mark-to-market losses. At the same time, we delivered higher advisory revenues and strong equity derivatives and macro trading benefiting from increased market volatility. Our Swiss Bank continued to show a resilient performance, with net revenues up 3% across all major line items, partly offset by normalized provisions for credit losses and higher operating expenses. The return on regulatory capital was 12%.

我們的投資銀行業績受到 ECM 和槓桿融資市場活動大幅下降以及槓桿融資按市值計價損失的影響。同時，得益於市場波動加劇，我們實現了更高的諮詢收入和強勁的股票衍生品和宏觀交易。我們的瑞士銀行繼續表現出強勁的業績，所有主要項目的淨收入增長了 3%，部分被信貸損失的正常化撥備和更高的運營費用所抵消。監管資本回報率為 12%。

Our Asset Management division was impacted by the challenging market environment, with net asset outflows of CHF 6.1 billion driven by outflows across both traditional and alternative investments, only partially offset by inflows from investments and partnerships. David will explain the divisional performance in more detail.

我們的資產管理部門受到充滿挑戰的市場環境的影響，61 億瑞士法郎的淨資產流出是由傳統和另類投資的流出推動的，僅部分被投資和合作夥伴關係的流入所抵消。大衛將更詳細地解釋部門績效。

Slide 7, please. Let me spend a few minutes on the performance of the Investment Bank. In this context, it is important to remember that our franchise mix, which particularly benefited us in a year like 2021, has been much less supportive in the recent environment given our much more limited exposure to macro and rates as well as commodities. In addition, we still have a very significant negative PTI drag in equities from exiting Prime Services, as we have lost 98% of revenues but still have a large part of the costs.

請幻燈片 7。讓我花幾分鐘談談投資銀行的表現。在這種情況下，重要的是要記住，鑑於我們對宏觀和利率以及大宗商品的敞口更加有限，我們的特許經營組合（在 2021 年這樣的一年尤其使我們受益）在最近的環境中所提供的支持要少得多。此外，退出 Prime Services 對股票的 PTI 拖累仍然非常顯著，因為我們損失了 98% 的收入，但仍有很大一部分成本。

Our strong positions across both ECM and leveraged finance were impacted by the substantial slowdown in market activity. In addition, we also experienced leveraged finance mark-to-market losses of USD 245 million. However, we saw an increase in advisory revenues of 37% from a year earlier. And we were also involved in 5 of the 6 top IBCM fee events. We have a market-leading franchise in securitized products, and while our financing pipeline is robust, revenues were lower than a year earlier in the context of widening credit spreads. Our second quarter equity derivatives performance was the best in recent history.

我們在 ECM 和槓桿融資方面的強勢地位受到市場活動大幅放緩的影響。此外，我們還經歷了 2.45 億美元的槓桿融資市值損失。然而，我們看到諮詢收入比去年同期增長了 37%。我們還參與了 6 項 IBCM 收費活動中的 5 項。我們在證券化產品方面擁有市場領先的特許經營權，雖然我們的融資渠道穩健，但在信貸利差擴大的背景下，收入低於一年前。我們第二季度的股票衍生品表現是近期歷史上最好的。

Next slide, please. In our Wealth Management division, we report an increase in net interest income driven by higher interest rates. In this context, we expect higher rates to add about CHF 800 million to the Wealth Management net interest income by 2024 versus 2021. In the context of challenging markets, our recurring commissions and fees were lower, reflecting weaker AUM and broadly stable margins, while our transaction-based revenues were impacted by the risk-averse client sentiment. We continue to invest in relationship managers, in technology and in risk and compliance.

請下一張幻燈片。在我們的財富管理部門，我們報告說，由於利率上升，淨利息收入有所增加。在此背景下，我們預計到 2024 年與 2021 年相比，較高的利率將使財富管理的淨利息收入增加約 8 億瑞士法郎。在充滿挑戰的市場背景下，我們的經常性佣金和費用較低，反映出資產管理規模較弱和利潤率大致穩定，而我們基於交易的收入受到規避風險的客戶情緒的影響。我們將繼續投資於客戶關係經理、技術以及風險與合規性。

Next slide, please. We are a top 2 global wealth manager outside the United States with CHF 1.2 billion (sic) [CHF 1.2 trillion] client business volume and strong exposure to higher-growth markets. We have world-class investment bank franchises across, amongst others, IBCM, securitized products and equity derivatives. We are also a leading universal bank in Switzerland with a #1 position in investment banking and in institutional clients and top 2 positions in corporate banking and wealth management. We are also a multi-specialist asset manager with distinct strength. As highlighted before, we are taking strategic actions to further strengthen our Wealth Management, Swiss Bank and Asset Management divisions; and to transform our Investment Bank with the aim of achieving a less-complex, capital-light advisory-led and more connected business that further supports the growth of our Wealth Management and Swiss Bank divisions. Next slide, please.

請下一張幻燈片。我們是美國以外的全球前 2 大財富管理公司，擁有 12 億瑞士法郎（原文如此）[1.2 萬億瑞士法郎] 的客戶業務量，並在高增長市場擁有強大的敞口。我們擁有世界一流的投資銀行特許經營權，其中包括 IBCM、證券化產品和股票衍生品。我們還是瑞士領先的全能銀行，在投資銀行和機構客戶方面排名第一，在企業銀行和財富管理方面排名前二。我們也是一家實力雄厚的多專業資產管理公司。如前所述，我們正在採取戰略行動進一步加強我們的財富管理、瑞士銀行和資產管理部門；並改造我們的投資銀行，以實現一個不那麼複雜、以諮詢為主導、聯繫更緊密的業務，進一步支持我們的財富管理和瑞士銀行部門的發展。請下一張幻燈片。

Over the past 7 years, we have significantly strengthened our balance sheet and capital ratios. We maintained a resilient capital base with our CET1 ratio at 13.5%, in line with our guidance. And our CET1 leverage ratio stands at 4.3%. Our Tier 1 leverage ratio of 6.1% is amongst the highest in our peer group, if not the highest. Next one, please.

在過去 7 年中，我們顯著增強了資產負債表和資本比率。我們維持穩健的資本基礎，CET1 比率為 13.5%，符合我們的指引。我們的 CET1 槓桿率為 4.3%。我們的一級槓桿率為 6.1%，即使不是最高的，也是同行中最高的。下一個，請。

Let me briefly touch on our ongoing digital transformation, led by our Chief Technology and Operations Officer, Joanne Hannaford, which we expect will open up new opportunities and drive and accelerate change across the entire bank. These efforts should contribute, together with our broader cost efficiency program, to reducing group adjusted operating expenses to below CHF 15.5 billion in the medium term, as I previously mentioned. Next page, please.

讓我簡要談談由首席技術和運營官 Joanne Hannaford 領導的我們正在進行的數字化轉型，我們預計這將開闢新的機遇，推動和加速整個銀行的變革。正如我之前提到的，這些努力與我們更廣泛的成本效率計劃一起，將有助於在中期將集團調整後的運營費用降至 155 億瑞士法郎以下。下一頁，請。

We have come to the conclusion, and as Axel explained before, that we need to consider alternatives to go well beyond last year's strategic review, particularly given the challenging market environment. We are currently conducting a strategic review to evaluate ways to further strengthen our Wealth Management, Swiss Bank and Asset Management divisions; and to extend their leadership positions. We are assessing a further transformation of our Investment Bank into a capital-light advisory-led banking business and a more focused and connected markets business that complements the growth of the Wealth Management and Swiss Bank franchises. We are also evaluating strategic options for our market-leading securitized products, which may include attracting third-party capital into this high-return platform and potentially freeing up additional resources for the bank's growth areas. This highly profitable global franchise, which employs around 20 billion of risk-weighted assets, has significant untapped growth opportunities.

我們已經得出結論，正如 Axel 之前解釋的那樣，我們需要考慮替代方案以遠遠超出去年的戰略審查，特別是考慮到充滿挑戰的市場環境。我們目前正在進行戰略審查，以評估進一步加強我們的財富管理、瑞士銀行和資產管理部門的方法；並擴大他們的領導地位。我們正在評估將我們的投資銀行進一步轉變為以諮詢為主導的輕資本銀行業務以及更加專注和互聯的市場業務，以補充財富管理和瑞士銀行特許經營權的增長。我們還在評估我們市場領先的證券化產品的戰略選擇，其中可能包括吸引第三方資本進入這個高回報平台，並可能為銀行的增長領域騰出更多資源。這個高利潤的全球特許經營公司擁有約 200 億風險加權資產，擁有大量尚未開發的增長機會。

And lastly, we have embarked on an ambitious new plan to significantly reduce our absolute cost base to below the CHF 15.5 billion which I mentioned before in the medium term. David will talk more about this plan in his section.

最後，我們已經開始了一項雄心勃勃的新計劃，以在中期將我們的絕對成本基礎顯著降低到我之前提到的 155 億瑞士法郎以下。大衛將在他的部分中更多地討論這個計劃。

And with this, I would like to hand over to David, and I will come back after his presentation. Thank you.

有了這個，我想交給大衛，我會在他的演講後回來。謝謝你。

Thank you, Thomas. And good morning to everybody.

謝謝你，托馬斯。祝大家早上好。

I'd like to go through now the key financials and give some more details on our performance at the group and the divisional levels. Quite clearly, as Thomas has summarized, a very difficult macroeconomic environment which has been characterized by the rapid increases in interest rates has resulted in a disappointing quarter for the group.

我現在想看看關鍵財務數據，並提供更多關於我們在集團和部門層面的表現的細節。很明顯，正如托馬斯所總結的那樣，以利率快速上升為特徵的非常困難的宏觀經濟環境導致該集團的季度業績令人失望。

Let me start then with the group numbers. We've achieved an adjusted pretax loss of CHF 442 million for the quarter compared to an adjusted pretax income of CHF 1.31 billion for the same period of last year. At a reported level, the pretax loss was CHF 1.17 billion. I will take you through the walk in more detail on the next slide, but this reported figure includes a further valuation loss of CHF 168 million on our -- on the mark-to-market moves in the publicly listed Allfunds Group as well as major litigation provisions totaling CHF 434 million. These primarily relate to 2 matters: first, to our investigations into record-keeping requirements relating to business communications sent over unapproved devices; and second, in respect of a previously disclosed legacy legal matter.

讓我從組號開始。本季度調整後的稅前虧損為 4.42 億瑞士法郎，而去年同期調整後的稅前收入為 13.1 億瑞士法郎。在報告的水平上，稅前虧損為 11.7 億瑞士法郎。我將在下一張幻燈片中為您詳細介紹，但該報告的數字包括我們的進一步估值損失 1.68 億瑞士法郎 - 在公開上市的 Allfunds Group 以及主要訴訟準備金總額為 4.34 億瑞士法郎。這些主要涉及兩個問題：首先，我們對通過未經批准的設備發送的業務通信的記錄保存要求進行調查；第二，關於先前披露的遺留法律問題。

Now if we just focus on the adjusted loss of CHF 442 million. This comprises adjusted net revenues of CHF 3.82 billion and adjusted operating expenses of CHF 4.2 billion. Now to be clear: These adjusted revenues include USD 245 million of mark-to-market losses in respect of our leveraged finance underwriting book, the majority of which are unrealized. We've also taken CHF 100 million of impairments and charges, nonoperational charges, in our Wealth Management business, all of which are reflected in the adjusted pretax loss number. Provisions for credit losses in the quarter were CHF 64 million compared to a release last year when we were able to write back some of our nonspecific provisions that were taken during the COVID pandemic.

現在，如果我們只關注調整後的 4.42 億瑞士法郎虧損。這包括 38.2 億瑞士法郎的調整後淨收入和 42 億瑞士法郎的調整後運營費用。現在要明確一點：這些調整後的收入包括我們的槓桿融資承銷賬簿的 2.45 億美元按市值計價損失，其中大部分未實現。我們還在我們的財富管理業務中計入了 1 億瑞士法郎的減值和費用、非運營費用，所有這些都反映在調整後的稅前虧損數字中。本季度的信貸損失準備金為 6400 萬瑞士法郎，而去年我們能夠回銷在 COVID 大流行期間採取的一些非特定準備金。

Now in terms of our effective tax rate, as you know, we have certain nondeductible items such as funding and litigation costs, together with our constraints on our ability to recognize further deferred tax assets in certain jurisdictions. That means that we do have an absolute tax charge even when the bank is reporting a loss for the quarter. The overall effect therefore is that our net loss attributable to shareholders for the quarter was CHF 1.59 billion.

現在就我們的有效稅率而言，如您所知，我們有某些不可扣除的項目，例如資金和訴訟費用，以及我們在某些司法管轄區確認進一步遞延所得稅資產的能力的限制。這意味著即使銀行報告本季度虧損，我們也確實需要繳納絕對稅款。因此，總體影響是我們本季度歸屬於股東的淨虧損為 15.9 億瑞士法郎。

Next slide, please. What we show here is the impact that our adjusting items had on our underlying performance both in the second quarter and in the context of the first half. Now I'm not going to go into detail on every item, but just going from left to right, [along] the top line representing the second quarter, you can see the impact of the fall in the market value of Allfunds of CHF 168 million, which I've mentioned already; a charge of CHF 13 million relating to some of the ongoing work around Archegos; CHF 80 million of restructuring costs; and most importantly, the CHF 434 million in respect of major litigation provisions. There was a small element of gains from real estate totaling CHF 7 million in the quarter. And we also had a small goodwill impairment relating to the transfer in the second quarter of a portion of AFG to the Investment Bank, which cost us [USD 23 million].

請下一張幻燈片。我們在這裡展示的是我們的調整項目對我們在第二季度和上半年的基本表現的影響。現在我不打算詳細介紹每個項目，而是從左到右，[沿著]代表第二季度的頂線，您可以看到 Allfunds 市值下跌 168 瑞士法郎的影響百萬，我已經提到過；與 Archegos 正在進行的一些工作有關的 1300 萬瑞士法郎的費用； 8000萬瑞士法郎的重組費用；最重要的是，4.34 億瑞士法郎的重大訴訟準備金。本季度房地產帶來的小部分收益總計 700 萬瑞士法郎。我們還因第二季度將 AFG 的一部分轉讓給投資銀行而產生了小額商譽減值，這使我們損失了 [2300 萬美元]。

Now if we look at the reconciliation for the first half, you can see that the reported pretax loss of CHF 1.6 billion translates into an adjusted pretax loss of CHF 1.42 million -- CHF 142 million. The key point I'd make is that, if you take together the major litigation provisions and the valuation loss on our investment in Allfunds, that accounts for more than the total pretax loss. While the loss of more than CHF 0.5 billion on Allfunds is a function of the company's share price portfolio, the provisions for major litigation, though clearly significant, are indicative of the progress that we are making to resolve these issues.

現在，如果我們看一下上半年的對賬，您可以看到報告的 16 億瑞士法郎的稅前虧損轉化為 142 萬瑞士法郎的調整後稅前虧損——1.42 億瑞士法郎。我要說的關鍵點是，如果你把主要訴訟條款和我們對 Allfunds 投資的估值損失加在一起，那佔的總稅前損失還多。雖然 Allfunds 超過 5 億瑞士法郎的損失是公司股價組合的一個函數，但重大訴訟的準備金雖然顯然很重要，但表明我們在解決這些問題方面正在取得進展。

Now as Thomas has already summarized in the context of the comprehensive view of our strategy, both the Executive Board and the Board of Directors have concluded that, given the significant change in the operating environment which may well be sustained for some time, our cost base needs to be lowered. We're therefore looking to accelerate our digital transformation program, including a further simplification of our front-to-back processes, reduction of manual data handling and duplication and increased use of scalable cloud-based infrastructure. I'm sure you'll recall that at last month's investor deep dive we identified at least CHF 650 million of savings in the CTOO function. We'll look to build on this. And taking alongside our broader cost efficiency initiatives, we expect this digital transformation program to play a critical part in reducing our adjusting operating expenses to our new target to be below CHF 15.5 billion in the medium term.

現在，正如托馬斯已經在我們戰略的綜合觀點的背景下總結的那樣，執行董事會和董事會都得出結論，鑑於運營環境的重大變化可能會持續一段時間，我們的成本基礎需要降低。因此，我們正在尋求加速我們的數字化轉型計劃，包括進一步簡化我們的從前到後的流程，減少手動數據處理和重複，以及增加使用可擴展的基於雲的基礎設施。我相信您會記得，在上個月的投資者深入研究中，我們發現 CTOO 職能至少節省了 6.5 億瑞士法郎。我們將以此為基礎。除了我們更廣泛的成本效率計劃外，我們預計這一數字化轉型計劃將在將我們的調整運營費用降低到中期內低於 155 億瑞士法郎的新目標方面發揮關鍵作用。

This program is extensive and far reaching. We've done a lot of work with outside consultants on our benchmarking, and the savings will be significantly larger than those which we summarized back in June. Clearly this will constitute a new cost program, under the SEC rules, [but with] associated guidance we provided around the expected incremental restructuring costs. And I'll give more details on that when we report our third quarter earnings at the end of October. Now just to be crystal clear: This is our net expense ambition. That is net of investment spend that we continue to allocate to our core businesses. Therefore, the gross ambition that we will give in October is likely to be in excess of the new guidance [in] reduction in costs of CHF 1 billion to CHF 1.5 billion.

該計劃範圍廣泛且影響深遠。我們已經與外部顧問就我們的基準測試做了大量工作，節省的費用將比我們在 6 月份總結的要多得多。顯然，根據 SEC 規則，這將構成一個新的成本計劃，[但] 我們圍繞預期的增量重組成本提供了相關指導。當我們在 10 月底報告第三季度收益時，我將提供更多詳細信息。現在要明確一點：這是我們的淨支出目標。這是我們繼續分配給核心業務的投資支出的淨額。因此，我們將在 10 月份給出的總目標可能會超過新的指導，將成本降低 10 億瑞士法郎至 15 億瑞士法郎。

Now just in the interim, our adjusted operating expenses in the first half totaled CHF 8.4 billion on an FX-neutral basis. And if you [annualize] that, that comes out at CHF 16.8 billion, which is clearly in line with our existing guidance of CHF 16.5 billion to CHF 17 billion. And that does include significant incremental investments relating to the implementation of the group strategy as well as increased remediation spend on compliance and infrastructure, which totaled about CHF 331 million in the first half of the year.

現在只是在中間階段，我們上半年調整後的運營費用在外匯中性基礎上總計為 84 億瑞士法郎。如果你[按年計算]，則為 168 億瑞士法郎，這顯然符合我們現有的 165 億瑞士法郎至 170 億瑞士法郎的指導。這確實包括與實施集團戰略相關的大量增量投資，以及增加合規和基礎設施的補救支出，上半年總計約 3.31 億瑞士法郎。

Let's turn now to client business volume, please. Clearly we have seen a significant sell-off in the markets across most asset classes in the second quarter. And this has accounted for the bulk of the 6% quarter-on-quarter decline in client business volumes to CHF 1.16 trillion. Within this fall, we saw a reduction of CHF 53 billion in assets under management primarily due to market moves; [and also] CHF 4 billion and CHF 18 billion in net loans and custody assets, respectively.

請讓我們現在談談客戶業務量。顯然，我們看到第二季度大多數資產類別的市場都出現了大幅拋售。這也是客戶業務量環比下降 6% 至 1.16 萬億瑞士法郎的主要原因。今年秋天，我們看到管理資產減少了 530 億瑞士法郎，主要是由於市場波動； [還有] 淨貸款和託管資產分別為 40 億瑞士法郎和 180 億瑞士法郎。

Now with regard to net new assets, we saw net asset outflows totaling CHF 1.8 billion across Wealth Management and Private Banking Switzerland in the quarter. These primarily occurred in the EMEA region, largely related to non-sanctioned Russian clients totaling CHF 1.4 billion and certain Middle Eastern clients totaling CHF 2 billion. I'm pleased to note, though, that the Asia Pacific region, having delivered positive inflows in the first quarter, has now continued this momentum in the second quarter. And you may recall that we did comment on deleveraging in Asia Pacific last year. So the total net new asset inflow for the first half was CHF 2.8 billion. Can we turn to the next slide, please?

現在就淨新資產而言，我們看到本季度財富管理和瑞士私人銀行的淨資產流出總額為 18 億瑞士法郎。這些主要發生在歐洲、中東和非洲地區，主要涉及總額為 14 億瑞士法郎的未經批准的俄羅斯客戶和總額為 20 億瑞士法郎的某些中東客戶。不過，我很高興地註意到，亞太地區在第一季度實現了正流入，現在在第二季度繼續保持這種勢頭。你可能還記得我們去年確實對亞太地區的去槓桿化發表了評論。因此，上半年的新資產淨流入總額為 28 億瑞士法郎。我們可以翻到下一張幻燈片嗎？

So let me just give some more detail, please, into the impact of the significant upward move on interest rates both in the short term and through the forward curve. I would anticipate that the benefit to Credit Suisse in 2024 will be approximately CHF 1 billion compared to 2021. Now the majority of this, as we said back in June, will flow through the Wealth Management division, as it has the greatest exposure to U.S. dollars, but we'd also expect to see some benefit in this division from the movement in euro rates. One point that I would note is that the benefit that we expect to see from the upward move in the U.S. dollar and euro curves will be partly offset by the move in Swiss franc rates toward 0. I think, as you know, the major Swiss banks have been -- have an exemption threshold which is maintained by the Swiss National Bank, which has given us a benefit of around CHF 400 million per year whilst rates were set at minus 75 basis points. And I think you're aware that similar structures exist with -- in Europe with the ECB, for example. Now what does that mean? It means, as Swiss interest rates converge toward 0, that benefit is being and will continue to be eroded until we start to see a credit when rates move into positive territory.

因此，請讓我更詳細地說明短期和遠期曲線大幅上行對利率的影響。我預計，與 2021 年相比，2024 年瑞士信貸的收益將約為 10 億瑞士法郎。正如我們在 6 月份所說，現在大部分收益將流向財富管理部門，因為它對美國的敞口最大。美元，但我們也希望從歐元匯率的變動中看到這一部門的一些好處。我要指出的一點是，我們預期從美元和歐元曲線的上行中看到的好處將被瑞士法郎利率向 0 的移動所部分抵消。我認為，如你所知，主要的瑞士銀行一直 - 有一個由瑞士國家銀行維持的豁免門檻，這給我們帶來了每年約 4 億瑞士法郎的收益，而利率設定為負 75 個基點。而且我認為你知道類似的結構存在於 - 例如在歐洲與歐洲央行。這是什麼意思？這意味著，隨著瑞士利率趨於零，這種好處正在並將繼續受到侵蝕，直到當利率進入正值區域時我們開始看到信貸。

Now one final point just for the sake of completeness. We have seen an increase in the costs of our capital instruments due to the movement in credit spreads in the course of this year. And I would expect this to very partly offset the benefit of the upward trend in interest rates by about CHF 200 million in 2022 [against] 2021.

為了完整起見，現在還有最後一點。由於今年信用利差的變動，我們的資本工具成本有所增加。我預計這將在很大程度上抵消 2022 年（相對於 2021 年）利率上升趨勢帶來的約 2 億瑞士法郎的收益。

Next slide, please. Now despite the challenging environment, our capital and leverage ratios remain resilient. As we guided at the beginning of June, our CET1 capital ratio at the end of the second quarter was 30 basis points lower than at the end of the first quarter at 13.5%. Our risk-weighted assets increased by CHF 1 billion to CHF 274 billion. And as you can see from the slide, FX moves was largely offset by a CHF 4 billion reduction in RWA usage across our business lines.

請下一張幻燈片。現在，儘管環境充滿挑戰，我們的資本和槓桿比率仍然保持彈性。正如我們在 6 月初的指導下，我們在第二季度末的 CET1 資本比率為 13.5%，比第一季度末低 30 個基點。我們的風險加權資產增加了 10 億瑞士法郎，達到 2740 億瑞士法郎。正如您從幻燈片中看到的那樣，外匯變動在很大程度上被我們業務線 RWA 使用量減少 40 億瑞士法郎所抵消。

Our CET1 leverage ratio and our Tier 1 leverage ratio were both unchanged at 4.3% and 6.1%, respectively. Our leverage exposure overall fell by CHF 15 billion in the quarter primarily due to reductions in business usage across all divisions. The CHF 13 billion reduction in the IB that you see there includes USD 6 billion from the exit from prime which is now largely complete. Just looking forward, as we've said in our media release today, we'd expect the CET1 ratio to be in the range of 13% to 14% for the balance of the year.

我們的 CET1 槓桿率和一級槓桿率分別保持在 4.3% 和 6.1% 不變。本季度我們的槓桿敞口總體下降了 150 億瑞士法郎，主要是由於所有部門的業務使用量減少。您在那裡看到的 IB 減少了 130 億瑞士法郎，其中包括退出 Prime 市場的 60 億美元，目前已基本完成。展望未來，正如我們今天在媒體發布中所說，我們預計今年剩餘時間的 CET1 比率將在 13% 至 14% 的範圍內。

Just a brief comment on the Swiss CET1 ratio for Credit Suisse AG, the parent. This was 40 basis points lower quarter-on-quarter at 11.4%, driven both by the net losses but also by adverse FX impacts because we cannot fully neutralize both parent and group through FX moves and particularly the strength in the U.S. dollar. That was partly offset by some continued progress on our capital repatriation program, which included a USD 1.2 billion capital distribution from the U.K. entity CSSEL, Credit Suisse Securities Europe Limited, to Credit Suisse AG. And I'd reiterate what I said about this program at the end of April, which is that we continue to execute our dividend and our capital repatriation plans for '22, although clearly the progress in these plans do remain subject to regulatory approval. And I would expect the bulk of them to materialize, though, in the second half of the year.

簡單評論一下母公司 Credit Suisse AG 的瑞士 CET1 比率。這比上一季度下降 40 個基點，為 11.4%，這既受淨虧損的推動，也受不利的外匯影響的推動，因為我們無法通過外匯變動，尤其是美元走強完全抵消母公司和集團的影響。這部分被我們的資本匯回計劃的一些持續進展所抵消，其中包括從英國實體 CSSEL、瑞士信貸證券歐洲有限公司向瑞士信貸股份公司分配 12 億美元的資本。我要重申我在 4 月底對該計劃所說的話，即我們將繼續執行 22 年的股息和資本匯回計劃，儘管這些計劃的進展顯然仍需獲得監管部門的批准。不過，我預計它們中的大部分將在今年下半年實現。

Now with respect to additional Tier 1 capital, we expect to issue between CHF 2 billion to CHF 4 billion of AT1 capital this year, of which [USD 1.65 billion] has been issued already. This is both to maintain our Tier 1 ratios but also to prefund AT1 redemptions that are actually scheduled for 2023.

現在關於額外的一級資本，我們預計今年將發行 20 億至 40 億瑞士法郎的 AT1 資本，其中 [16.5 億美元] 已經發行。這既是為了維持我們的一級比率，也是為了預先為實際計劃在 2023 年進行的 AT1 贖回提供資金。

Let me now turn to the different business divisions, which we report as usual on an adjusted basis unless stated otherwise. And let me start with wealth.

現在讓我談談不同的業務部門，除非另有說明，否則我們會照常進行調整報告。讓我從財富開始。

Now the Wealth Management division continued to see a challenging environment in the second quarter, albeit with adjusted pretax income adversely affected by certain asset impairments and nonoperational charges. I'd like to call out 4 factors, please, which are all included, just to be clear, in the adjusted numbers. First, revenues were adversely affected by impairments of CHF 17 million related to certain third-party assets. Second, the ongoing fee waiver program relating to the supply chain finance matters reduced revenues by another CHF 24 million. Third, we saw mark-to-market losses in APAC financing of CHF 21 million. And finally, the cost line was negatively impacted by a CHF 38 million write-off in respect of certain IT-related assets relating to the digital program for the Wealth Management division.

現在，財富管理部門在第二季度繼續面臨充滿挑戰的環境，儘管調整後的稅前收入受到某些資產減值和非運營費用的不利影響。我想指出 4 個因素，為了清楚起見，這些因素都包含在調整後的數字中。首先，收入受到與某些第三方資產相關的 1700 萬瑞士法郎減值的不利影響。其次，正在進行的與供應鏈金融事務相關的費用減免計劃又使收入減少了 2400 萬瑞士法郎。第三，我們在亞太地區的融資中看到了 2100 萬瑞士法郎的市值損失。最後，成本線受到與財富管理部門數字程序相關的某些 IT 相關資產的 3800 萬瑞士法郎沖銷的負面影響。

We have, as I've noted already, begun to see the significant benefit from the rise in interest rates, which helped net interest income to increase by 4% year-on-year and by 9% quarter-on-quarter to CHF 558 million. The 14% year-on-year reduction in recurring commissions and fees reflected lower assets under management, albeit broadly stable margins. The more cautious sentiments amongst clients, which adversely affected brokerage and structured product fees, contributed to an 11% reduction in transaction-based revenues. And overall, therefore, net revenues for the Wealth Management division declined by 7% to CHF 1.44 billion.

正如我已經指出的那樣，我們已經開始看到利率上升帶來的巨大好處，這有助於淨利息收入同比增長 4%，環比增長 9%，達到 558 瑞士法郎百萬。經常性佣金和費用同比減少 14% 反映了管理資產的減少，儘管利潤率大致穩定。客戶更加謹慎的情緒對經紀和結構性產品費用產生了不利影響，導致基於交易的收入減少了 11%。因此，總體而言，財富管理部門的淨收入下降了 7% 至 14.4 億瑞士法郎。

With regard to expenses within the Wealth Management division. These increased year-on-year from CHF 1.14 billion to CHF 1.34 billion. This was due to the investments that we're making in business growth, including in China; as well as higher group-wide technology, risk and compliance costs. It also includes, just to be clear, the CHF 38 million [IT-related] impairment. Now adjusted pretax income was therefore 74% lower year-on-year at CHF 114 million. And if you include the valuation loss on our investment in Allfunds, which is booked to this division, the reported figure was a pretax loss of CHF 96 million.

關於財富管理部門的費用。這些金額同比從 11.4 億瑞士法郎增加到 13.4 億瑞士法郎。這是由於我們在業務增長方面進行的投資，包括在中國；以及更高的集團範圍內的技術、風險和合規成本。為了清楚起見，它還包括 3800 萬瑞士法郎的 [IT 相關] 減值。因此，現在調整後的稅前收入同比下降 74%，為 1.14 億瑞士法郎。如果你把我們在 Allfunds 的投資的估值損失包括在這個部門的賬上，那麼報告的數字就是稅前損失 9600 萬瑞士法郎。

As I said already, we saw net asset outflows of CHF 1.4 billion in the division, with net outflows from EMEA and Switzerland partly offset by net inflows in APAC and the Americas. For the first half of the year, net new assets in the division was positive CHF 3.4 billion.

正如我已經說過的，我們看到該部門的資產淨流出為 14 億瑞士法郎，其中來自歐洲、中東和非洲和瑞士的淨流出部分被亞太地區和美洲的淨流入所抵消。今年上半年，該部門的淨新資產為正 34 億瑞士法郎。

Now let me turn now to the Investment Bank. I think quite clearly this was a disappointing quarter for the Investment Bank. This reflects the combination of a mix in business lines, which was partly affected by the heightened market volatility resulting from the move in interest rates, together with significantly lower client activity. I think, as you can see from the slide, this was most notable in capital markets which saw a 96% decline year-on-year to USD 38 million, but you should note that this figure does include the markdowns of USD 245 million on our leveraged finance portfolio which I referred earlier. And just to be clear on that point: Those marks are largely unrealized. Our accounting policy is to mark those commitments [to market when] -- as we actually see them. And I think that is the prudent and correct thing to do.

現在讓我談談投資銀行。我認為很明顯，這對投資銀行來說是一個令人失望的季度。這反映了業務線的組合，部分受到利率變動導致的市場波動加劇以及客戶活動顯著減少的影響。我認為，正如您從幻燈片中看到的那樣，這在資本市場最為顯著，同比下降 96% 至 3800 萬美元，但您應該注意，這個數字確實包括 2.45 億美元的降價。我們之前提到的槓桿融資組合。在這一點上要明確一點：這些標記在很大程度上沒有實現。我們的會計政策是按照我們實際看到的那樣標記這些承諾 [to market when]。我認為這是謹慎和正確的做法。

Fixed income sales and trading revenues were 32% lower year-on-year at $622 million primarily due to lower emerging markets trading and financing activity; as well as reduced securitized products trading activity, although that does compare to what was a very strong quarter in 2021; as well as reduced credit revenues with lower primary issuance and reduced trading volumes. Now as has been the case in previous quarters, reduced adjusted equity revenues, which were 33% lower at $340 million, was primarily due to the exit [from the most] of our prime service businesses. Taken as a whole, net revenues for the division was 55% lower year-on-year at $1.15 billion. Now just against this weak picture, I would note that we did see higher GTS revenues due to strong equity derivatives and macro trading activity resulting from the increased market volatility, albeit this was partly offset by lower emerging markets trading and financing activity. We also saw a strong performance in advisory, where a significant deal closing grow revenues -- drove revenues 37% higher to $190 million.

固定收益銷售和交易收入同比下降 32%，為 6.22 億美元，主要是由於新興市場交易和融資活動減少；以及證券化產品交易活動減少，儘管這確實與 2021 年非常強勁的季度相比；以及由於初級發行量減少和交易量減少而導致的信貸收入減少。現在與前幾個季度的情況一樣，調整後的股權收入減少了 33%，為 3.4 億美元，這主要是由於我們大部分的主要服務業務退出。總體而言，該部門的淨收入為 11.5 億美元，同比下降 55%。現在，就在這種疲軟的情況下，我注意到我們確實看到了更高的 GTS 收入，因為強勁的股票衍生品和市場波動加劇導致的宏觀交易活動，儘管這部分被新興市場交易和融資活動的減少所抵消。我們還看到了諮詢業務的強勁表現，一項重要的交易完成增加了收入——推動收入增長 37% 至 1.9 億美元。

Operating expenses were flat year-on-year at USD 1.95 billion, as reduced revenue-related expenses was offset by higher technology, risk and compliance costs. The provision for credit losses of USD 57 million reflects an increase in both specific and nonspecific provisions compared to a net release of USD 56 million in the second quarter of last year. [Division] total RWA was down by 8% and leverage was down by 4% quarter-on-quarter.

運營費用與去年同期持平，為 19.5 億美元，因為與收入相關的費用減少被更高的技術、風險和合規成本所抵消。 5700 萬美元的信貸損失準備與去年第二季度的 5600 萬美元的淨釋放相比，特定和非特定撥備均有所增加。 [部門] 總 RWA 環比下降 8%，槓桿率下降 4%。

Let me turn now to Asset Management. The Asset Management division's performance was adversely affected by the sell-off in markets in the second quarter and corresponding -- and the corresponding reductions in the market value of assets, but we did also see a reduction in client risk appetite. Net revenues was 25% lower year-on-year at CHF 311 million, primary driver being performance, transaction and placement revenues which were 94% lower at CHF 5 million. The 9% fall in recurring management fees was primarily driven by the 9% year-on-year drop in assets under management, which was due to market and FX effects in large amount. We are disappointed, though, at the level of net asset outflows which totaled CHF 6.1 billion in the second quarter. This was driven by outflows across both traditional and alternative investments, partly offset by inflows from investments and partnerships, but I would note this net new asset performance does in part reflect the roll-off profile of funds within the portfolio as well as the decline in client risk appetite.

現在讓我談談資產管理。資產管理部門的業績受到第二季度和相應的市場拋售以及資產市值相應下降的不利影響，但我們也確實看到了客戶風險偏好的下降。淨收入同比下降 25% 至 3.11 億瑞士法郎，主要驅動因素是業績、交易和配售收入下降 94% 至 500 萬瑞士法郎。經常性管理費用下降 9% 的主要原因是管理資產同比下降 9%，這主要是由於市場和外匯影響較大。不過，我們對第二季度總計 61 億瑞士法郎的淨資產流出水平感到失望。這是由傳統投資和另類投資的資金流出推動的，部分被投資和合夥企業的資金流入所抵消，但我要指出，這一淨新資產表現確實部分反映了投資組合中資金的滾降情況以及投資組合的下降。客戶風險偏好。

Operating expenses in the division were CHF 278 million, which was 5% lower year-on-year. The release of certain provisions relating to the supply chain finance funds matter was partly offset by higher technology, risk and compliance costs; as well as increased cash accruals for compensation due to normalized deferral levels. Overall adjusted pretax income was 75% lower year-on-year at CHF 31 million.

該部門的運營費用為 2.78 億瑞士法郎，同比下降 5%。與供應鏈金融資金事項有關的某些條款的釋放部分被較高的技術、風險和合規成本所抵消；以及由於標準化遞延水平而增加的現金應計補償。整體調整後稅前收入為 3100 萬瑞士法郎，同比下降 75%。

Now let me just conclude then with a few words on the Swiss Bank. I think it's quite clear that the Swiss Bank has continued to perform well amidst the wider market turbulence. At CHF 1.05 billion, net revenues was higher both sequentially and year-on-year, with a 3% increase compared to the second quarter of 2021. We saw solid improvements in net interest income, recurring commissions and fees and transaction-based revenues with higher deposit income and higher revenues from FX transactions. And we continue to benefit from the post-COVID recovery at Swisscard. As I mentioned before, though, we do expect the net interest income for the third quarter will decrease sequentially due to the Swiss National Bank's decision to increase interest rates from minus 75 basis points to minus 25 basis points.

現在讓我簡單談談瑞士銀行。我認為很明顯，瑞士銀行在更廣泛的市場動盪中繼續表現良好。淨收入為 10.5 億瑞士法郎，環比和同比均有所增長，與 2021 年第二季度相比增長了 3%。我們看到淨利息收入、經常性佣金和費用以及基於交易的收入有了顯著改善更高的存款收入和更高的外匯交易收入。我們繼續受益於 Swisscard 在 COVID 後的複蘇。不過，正如我之前提到的，由於瑞士國家銀行決定將利率從負75個基點提高到負25個基點，我們確實預計第三季度的淨利息收入將環比下降。

Now our provision for credit losses was higher than a year ago [when we weren't able] to release certain nonspecific provisions taken during the early stages of the pandemic, but they're clearly lower than in the first quarter of the year. And our provisioning does remain at consistently low levels at less than 5 basis points of our net loan total. Now of the CHF 18 million provision that we took in the quarter, about CHF 13 million was in respect of Russia exposure.

現在我們的信用損失準備金高於一年前（當時我們無法）釋放在大流行初期採取的某些非特定準備金，但明顯低於今年第一季度。我們的撥備確實一直保持在低水平，不到我們淨貸款總額的 5 個基點。現在，我們在本季度計提的 1800 萬瑞士法郎撥備中，約有 1300 萬瑞士法郎用於俄羅斯敞口。

Operating expenses were 6% higher year-on-year at CHF 627 million. That increase is -- reflects both increased cash accruals for compensation due to normalized deferral levels; as well as higher technology, risk and compliance costs; and additional spending on advertising and marketing campaigns. This increase more than offset the higher revenues, meaning that the Swiss Bank reported an adjusted pretax income of CHF 402 million, about 10% lower year-on-year but 4% higher than in the previous quarter.

營業費用為 6.27 億瑞士法郎，同比增長 6%。這一增長反映了由於標準化遞延水平而增加的現金應計補償；以及更高的技術、風險和合規成本；以及在廣告和營銷活動上的額外支出。這一增長抵消了更高的收入，這意味著瑞士銀行報告調整後的稅前收入為 4.02 億瑞士法郎，同比下降約 10%，但比上一季度高 4%。

Our client business volume was 6% lower year-on-year mainly due to decreased assets under management due to market moves. And in terms of net new assets, we did see outflows in the quarter mainly driven by outflows of CHF 1.2 billion from institutional clients and CHF 400 million from our private client business, but I'd just remind you that, for the first half of the year, the division has attracted CHF 4.4 billion of net new assets, again primarily from institutional clients.

我們的客戶業務量同比下降 6%，主要是由於市場變動導致管理資產減少。就淨新資產而言，我們確實看到本季度的資金流出主要是由機構客戶流出 12 億瑞士法郎和我們的私人客戶業務流出 4 億瑞士法郎造成的，但我只想提醒您，在上半年這一年，該部門吸引了 44 億瑞士法郎的淨新資產，同樣主要來自機構客戶。

Now with that, let me hand back to Thomas. And then we can move to Q&A. Thank you very much.

現在，讓我回到托馬斯。然後我們可以轉到問答環節。非常感謝。

Thank you, David.

謝謝你，大衛。

I would like to close with some personal remarks. As you will have seen by now, it is with regret that I announced my stepping down as CEO after 2.5 years. It has been an absolute privilege and honor to serve Credit Suisse over the past 23 years.

我想以一些個人評論作為結束。正如你現在所看到的，我很遺憾地宣佈在 2.5 年後辭去 CEO 一職。在過去的 23 年裡，為瑞士信貸服務是一種絕對的榮幸和榮幸。

Ever since I joined the firm in Investment Banking in London in 1999, my passion always was to serve clients with care and discipline but also with the famous Credit Suisse entrepreneurial spirit which we must preserve and never lose. I'm immensely proud of what we have achieved together since I joined the Executive Board in 2015, initially as the CEO of the SUB division and later as Group CEO. Despite the challenges of the global COVID-19 pandemic in 2020, the 2 major incidents which Credit Suisse had to face in 2021 and then the Ukraine invasion and market downturn this year, we made significant progress in strengthening our bank, recruiting an excellent leadership team, starting the transformation of our Investment Bank, reducing risk overall and fundamentally improve our risk culture.

自從我於 1999 年加入倫敦投資銀行公司以來，我的熱情始終是為客戶提供細心和紀律的服務，同時也秉承著名的瑞士信貸企業家精神，我們必須保持並且永不丟失。自 2015 年加入執行委員會以來，我為我們共同取得的成就感到無比自豪，我最初擔任 SUB 部門的首席執行官，後來擔任集團首席執行官。儘管面臨 2020 年全球 COVID-19 大流行、瑞士信貸在 2021 年不得不面對的 2 次重大事件以及今年烏克蘭入侵和市場低迷的挑戰，但我們在加強銀行方面取得了重大進展，招募了一支優秀的領導團隊，啟動我們的投資銀行轉型，全面降低風險，從根本上改善我們的風險文化。

In the last few weeks, I had several discussions with Chairman Axel Lehmann about the future of the bank in the context of the already mentioned challenges and in light of my own situation. Based both on personal and health-related considerations, I concluded that now would be the right time to step aside, clearing the way for a new leadership to fully embrace a series of game-changing initiatives announced this morning, all of which I wholeheartedly support. I know that our disappointing first half results don't reflect the inherent strength and potential of the powerful global Credit Suisse brand, but I am convinced that we are on the right path to restore Credit Suisse to its premium position in global finance. This is a formidable institution with world-class client franchises in the markets in which we operate. And this is a testament to the quality of our over 50,000 colleagues globally and our exceptional talent pool, many of whom have become friends over the last 23 years and we will stay in touch.

在過去的幾周里，我與主席 Axel Lehmann 就上述挑戰和我自己的情況就銀行的未來進行了幾次討論。基於個人和健康相關的考慮，我得出的結論是，現在是下台的合適時機，為新領導層全面接受今天早上宣布的一系列改變遊戲規則的舉措掃清道路，我全心全意支持.我知道我們令人失望的上半年業績並不能反映強大的全球瑞信品牌的內在實力和潛力，但我相信我們正走在將瑞信恢復其在全球金融領域的領先地位的正確道路上。這是一家強大的機構，在我們經營的市場中擁有世界級的客戶特許經營權。這證明了我們全球 50,000 多名同事的素質以及我們卓越的人才庫，其中許多人在過去 23 年中成為了朋友，我們將保持聯繫。

I am very happy that Ulrich has agreed to take over the baton as Group CEO and lead the Executive Board at this important juncture in time. He's excellently positioned to take this bank to the next level given his analytical skills, his experience and his knowledge of Credit Suisse from both his most recent engagement but also his previous work at our firm. I will work closely with Ulrich over the coming weeks to ensure a smooth transition.

我很高興烏爾里希同意在這個重要時刻接任集團首席執行官並領導執行董事會。鑑於他最近的工作以及他之前在我們公司的工作，鑑於他的分析能力、經驗和對瑞士信貸的了解，他非常有能力將這家銀行提升到一個新的水平。在接下來的幾週內，我將與 Ulrich 密切合作，以確保順利過渡。

And with that, I would like to hand back to Kinner, who actually has his birthday today.

有了這個，我想把今天過生日的金納交還給他。

Okay, okay, so we will now begin with the Q&A part of the conference. (Operator Instructions) Alice, it would be great if we could open the line, please.

好的，好的，所以我們現在從會議的問答部分開始。 （操作員說明）愛麗絲，如果我們能打開線路就太好了，拜託。

Thank you.

謝謝你。

(Operator Instructions) Our first question comes from the line of Jeremy Sigee with BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Jeremy Sigee。

Thank you in particular to Thomas. And best wishes for the team taking the group forward from here. I've got 2 questions. One is on the strategy review. I realize we'll need to wait to hear the conclusions, but I wanted to hear about how that review is being framed. And in particular, the cost target you're indicating seems to be a relatively limited change in the scope of the group. It's described more in terms of efficiencies rather than a change in scope, so I just wondered whether you're effectively ruling out significant changes in the shape and the scope of the group as you go into that review. And then my second question is more a numbers question for David, if you could just walk us through -- you talked about the RWA movements, but I wondered if you could talk us through the capital movements because capital reduced quite a lot less than the loss for the quarter. So I just wondered if you could talk us through the moving parts and what helped capital in the quarter.

特別感謝托馬斯。並祝愿帶領團隊從這裡向前發展的團隊。我有 2 個問題。一是關於戰略審查。我意識到我們需要等待聽到結論，但我想知道該審查是如何制定的。特別是，您所指出的成本目標似乎是小組範圍內相對有限的變化。它更多地是根據效率而不是范圍的變化來描述的，所以我只是想知道在您進行審查時，您是否有效地排除了小組的形式和範圍的重大變化。然後我的第二個問題對大衛來說更像是一個數字問題，如果你能告訴我們——你談到了 RWA 的運動，但我想知道你是否可以告訴我們資本運動，因為資本減少的幅度比本季度虧損。因此，我只是想知道您是否可以與我們討論活動的部分以及本季度對資本的幫助。

Sure. I can probably take the second one, first, which I think, Jeremy -- and I think you probably just need to look at FX moves because there was a notable strengthening in the U.S. dollar in the second quarter. As we hedge forward about 65% of our equity into U.S. dollars, you'll see an appreciation in the capital base. So it's the point I referred to in my script. We neutralized the group CET1 ratio, but as the parent has a different ratio, we can't neutralize both at the same time, so that will boost the underlying group equity. Should I have a start on the first question, Thomas and Axel, and then perhaps (inaudible)?

當然。我可能會採取第二個，第一個，我認為，傑里米 - 我認為你可能只需要看看外匯走勢，因為第二季度美元顯著走強。當我們將大約 65% 的股權對沖為美元時，您會看到資本基礎升值。所以這就是我在腳本中提到的一點。我們中和了集團 CET1 比率，但由於母公司的比率不同，我們不能同時中和兩者，這樣會提高基礎集團股權。我是否應該先回答第一個問題，Thomas 和 Axel，然後也許（聽不清）？

(inaudible).

（聽不清）。

I mean I think -- look. I think the cost reduction program is absolute priority for the Board and for executive management. We are perhaps more advanced with this than the other work because we actually started a very extensive benchmarking work in the first quarter. I think therefore, on that basis, we can say 2 or 3 things. Firstly, if we look at the current perimeter, the current -- of the bank, then we believe it is perfectly possible to operate this on the [basis of the analysis] we've done at less than CHF 15.5 billion in the medium term. Clearly we need to do our remediation programs. Those are clearly critical, but on the basis of the current structure of the bank, we think a cost target less than CHF 15.5 billion is perfectly achievable. That clearly does not preclude, and I'll pass back to Axel and Thomas, any changes in the perimeter. Clearly, if we changed the perimeters of the bank, that cost target would actually change. So that's, as you might say, Jeremy, a like-for-like view in terms of what can be achieved.

我的意思是我認為——看。我認為降低成本計劃是董事會和執行管理層的絕對優先事項。我們可能在這方面比其他工作更先進，因為我們實際上在第一季度開始了一項非常廣泛的基準測試工作。因此，我認為，在此基礎上，我們可以說兩三件事。首先，如果我們看看當前的邊界，銀行的當前，那麼我們相信完全有可能在我們在中期以不到 155 億瑞士法郎完成的[分析的基礎上] 進行操作.顯然，我們需要進行補救計劃。這些顯然很關鍵，但根據銀行目前的結構，我們認為低於 155 億瑞士法郎的成本目標是完全可以實現的。這顯然不排除，我將傳回給阿克塞爾和托馬斯，外線的任何變化。顯然，如果我們改變銀行的範圍，成本目標實際上會改變。正如您可能會說的，傑里米（Jeremy）就是這樣，就可以實現的目標而言，這是一種相似的觀點。

Yes. And maybe -- this is Axel Lehmann. Just to complement on the cost target: Yes, we did that benchmarking. And I think it's quite a notching up from what we said last November as we commit to an absolute cost target based on the current perimeter of the group. And what I said earlier, we are in a strategic review with a clear plan and the objective to make that group even more focused on the core Swiss business, Wealth Management and Asset Management; and a highly focused, highly competitive banking and a better-aligned markets business. And as we go now through the third quarter, we will develop the detailed plan and then give you the details also on the performance targets and or the targets that we will communicate to the market. And Ulrich is now obviously in-charge. Thomas was fantastic helping us to bring us to the point where we are. And now we go into kind of third and in the fourth quarter and speeding up, speeding up our [overall] transformation.

是的。也許——這是阿克塞爾·萊曼。只是為了補充成本目標：是的，我們進行了基準測試。而且我認為這與我們去年 11 月所說的相比有了很大的提升，因為我們承諾根據該集團的當前範圍制定絕對成本目標。正如我之前所說，我們正在進行戰略審查，制定了明確的計劃和目標，使該集團更加專注於核心瑞士業務，財富管理和資產管理；高度集中、競爭激烈的銀行業務和更加協調一致的市場業務。隨著我們現在進入第三季度，我們將製定詳細計劃，然後向您提供有關績效目標和/或我們將與市場溝通的目標的詳細信息。烏爾里希現在顯然是負責人。托馬斯非常棒，幫助我們把我們帶到了現在的地步。現在我們進入第三和第四季度並加快步伐，加快我們的[整體]轉型。

That's very helpful. And as I say, best wishes for all the work that's underway.

這很有幫助。正如我所說，對所有正在進行的工作表示最良好的祝愿。

Jeremy, one point. You might also want to look at [OCI] moves, although they don't have the same capital relevance but -- just to complete it. Mostly it's FX [there].

傑里米，一點。您可能還想查看 [OCI] 移動，儘管它們沒有相同的資本相關性，但 - 只是為了完成它。主要是 FX [那裡]。

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

下一個問題來自摩根士丹利的 Magdalena Stoklosa。

Well, of course, firstly, Thomas, I would also like to extend my thanks to you for the years we all worked together and wish you all the best for the future as well. I've got 2 questions, 1 still on strategy, another 1 on costs. Now on the strategy, I suppose, kind of similarly to the question before, could you just explain to us kind of what sort of options would you consider for the Investment Bank, where you've relooked at that operations very, very carefully kind of last year as well? And maybe in more detail, what are the kind of theoretical options, particularly with that capital option for the securitized product platform? Just so that we get a sense of what type of changes may come. And maybe on costs, and that's particularly on wealth -- and I'm going to kind of concentrate on what's happening kind of currently. Could you run us through kind of what sort of cost pressures you're actually likely to see in the short term, particularly on the compensation side, on the retention side and, of course, on some of the IT investments that are already coming through?

嗯，當然，首先，Thomas，我還要感謝你多年來一起工作，並祝你未來一切順利。我有 2 個問題，1 個仍然是關於策略的，另外 1 個是關於成本的。現在關於策略，我想，有點類似於之前的問題，你能否向我們解釋一下你會為投資銀行考慮什麼樣的選擇，你已經非常非常仔細地重新審視了這些業務去年也是？也許更詳細地說，什麼樣的理論選擇，特別是證券化產品平台的資本選擇？只是為了讓我們了解可能會發生什麼樣的變化。也許在成本方面，尤其是在財富方面——我將專注於目前正在發生的事情。您能否告訴我們您在短期內實際上可能會看到什麼樣的成本壓力，特別是在薪酬方面、保留方面，當然還有一些已經通過的 IT 投資?

So first of all, thank you, Magdalena, for your kind words. I suggest you start, David, with the second question, on costs, the short-term pressures. And then maybe, Axel, he will take the options for the Investment Bank.

所以首先，謝謝你，Magdalena，你的客氣話。大衛，我建議你從第二個問題開始，關於成本，即短期壓力。然後也許，阿克塞爾，他會選擇投資銀行。

Well, look. I think, as I said before, there's been quite a lot of work that's been put into the cost program and actually very detailed benchmarking at -- in every aspect of the bank to actually support this analysis. I think that has indicated significant potential even absent the strategy review. And I think quite clearly, I mean, Thomas has very much led this. I think you know we actually have outsourced our procurement function. And I think what has been clear from that outsourcing is that there are significant potential in -- for savings in some of our supplier relationships, and that does include some of our managed servicing arrangements. So I guess, brutally, Magdalena, we're paying too much. And I think, as part of the pressure around the procurement function and the outsourcing, we do see savings there. And that will give us the ability to offset to a degree at least, because one has to recognize the inflationary pressures in the system, what we're seeing outside. And it's -- that's -- I guess it's a problem, but in that sense it's an opportunity to actually achieve that.

嗯，看。我認為，正如我之前所說，已經在成本計劃中投入了大量工作，實際上在銀行的各個方面都進行了非常詳細的基準測試，以實際支持這一分析。我認為即使沒有戰略審查，這也表明了巨大的潛力。我認為很清楚，我的意思是，托馬斯在很大程度上領導了這件事。我想你知道我們實際上已經外包了我們的採購職能。而且我認為從外包中可以清楚地看出，在我們的一些供應商關係方面有很大的潛力可以節省，這確實包括我們的一些託管服務安排。所以我想，殘酷地，馬格達萊娜，我們付出了太多。我認為，作為採購職能和外包壓力的一部分，我們確實看到了節省。這將使我們至少有能力在一定程度上抵消，因為我們必須認識到系統中的通貨膨脹壓力，以及我們在外面看到的。這是 - 那是 - 我想這是一個問題，但從這個意義上說，這是一個真正實現這一目標的機會。

I think the second point -- and Jo Hannaford spoke eloquently about this at the Investor Day back in June. I think we made the right and brave decision to put IT and operations back together as a single function. That's transformational in terms of what it can actually drive us in terms of scale benefits, but I think -- beyond that, I think it brings back centralized IT control, which is the right thing to do, and the ability to actually drive our IT much more effectively, so as you can guess, I'm very supportive about this. And I think it does give us potential, so I'm not decrying the cost pressures we see in the system, but I think we can, I can see 2 large levers there. And when I look at the much more detailed work that we've done across the rest of the bank, I can see how we can drive towards the CHF 1 billion to CHF 1.5 billion total for our current perimeter. And as we've said, I think that really takes us in 2 directions, one, as Axel has and Thomas has said already, in terms of the strategy review. And I think, two, basically we will obviously need to deliver gross savings in excess of that net target in order to allow for our investment plan and [to a degree] to offset the inflationary factors you're referring to, Magdalena.

我認為第二點——喬漢納福德在 6 月的投資者日上雄辯地談到了這一點。我認為我們做出了正確而勇敢的決定，將 IT 和運營重新組合為一個單一功能。就規模效益而言，它實際上可以推動我們的變革，但我認為——除此之外，我認為它帶回了集中的 IT 控制，這是正確的做法，以及實際推動我們 IT 的能力更有效，所以你可以猜到，我非常支持這一點。而且我認為它確實給了我們潛力，所以我並不譴責我們在系統中看到的成本壓力，但我認為我們可以，我可以在那裡看到兩個大槓桿。當我查看我們在銀行其他部門所做的更詳細的工作時，我可以看到我們如何才能在我們目前的範圍內實現 10 億至 15 億瑞士法郎的總額。正如我們所說，我認為這確實將我們帶到了兩個方向，一個，正如 Axel 和 Thomas 已經說過的，就戰略審查而言。我認為，第二，基本上我們顯然需要提供超過淨目標的總儲蓄，以允許我們的投資計劃和[在一定程度上]抵消你所指的通脹因素，馬格達萊納。

And [through, let's say] -- this is Axel speaking, Magdalena. [Through the] strategy, first of all, we will leverage all the work, the good work, that the group has done last year. We also feel, from a senior executive, also from a Board perspective, encouraged by the progress on strategy implementation and execution. David was reporting that he overachieved already now our targets to shift $3 billion capital from the IB to other businesses, but we clearly came to the conclusion, amongst others, also accentuated by the current market environment but not only that, [and chose] we can execute and that we want to refocus and even speed up our transformation. And we do that not shying away to looking to some businesses that are great businesses, like the SP business, but ultimately not too much connected with the rest of the group. And we want to allow those businesses to get back on a growth path, so we are really fundamentally looking to what are the core strengths in particular we have in our Investment Bank; reshape; offer opportunities for some other parts; and then also go rigorously after the cost base, as that is an issue for the Investment Bank but for the group as a whole.

而且[通過，讓我們說] - 這是阿克塞爾說話，馬格達萊娜。 [通過]戰略，首先，我們將利用集團去年所做的所有工作，出色的工作。從高級管理人員和董事會的角度來看，我們也對戰略實施和執行方面的進展感到鼓舞。 David 報告說他現在已經超額完成了我們將 30 億美元資本從 IB 轉移到其他業務的目標，但我們清楚地得出結論，除其他外，當前的市場環境也強調了這一點，但不僅如此，[並選擇]我們可以執行，我們希望重新聚焦，甚至加快我們的轉型。我們這樣做並沒有迴避尋找一些很棒的業務，比如 SP 業務，但最終與該集團的其他部分沒有太多聯繫。我們希望讓這些業務重回增長之路，因此我們真正從根本上研究我們在投資銀行中的核心優勢是什麼；重塑；為其他部分提供機會；然後還要嚴格考慮成本基礎，因為這是投資銀行的問題，但對於整個集團來說都是一個問題。

So Axel, are we supposed to -- are we kind of -- can we consider even a further shrinkage of the Investment Bank that was communicated last time around with the strategy review, particularly as you talk about the kind of the capital lightness of the model -- of your kind of new model going forward?

所以阿克塞爾，我們是否應該——我們是不是——我們是否可以考慮進一步縮減投資銀行，上次在戰略審查中傳達的信息，特別是當你談到投資銀行的資本輕盈程度時模型——你未來的新模型？

Well, look what we said. We come up with the datas, details in Q3. We have exited. We have done what we said we are going to do, and yes, we are going to transform. And we are looking and enabling parts of the business to grow and to prosper, and the details will be disclosed with the Q3 results, so bear with me.

好吧，看看我們說了什麼。我們在第三季度提供了數據和詳細信息。我們已經退出了。我們已經做了我們說過要做的事情，是的，我們將要轉型。我們正在尋找並使部分業務增長和繁榮，細節將與第三季度的結果一起披露，所以請耐心等待。

The next question comes from the line of Andrew Coombs with Citi.

下一個問題來自花旗銀行的 Andrew Coombs。

A couple of questions. Firstly, just on the structured products business, the plans for that. You talk about seeking third-party capital. Anything you could elaborate there in terms of what partnership or kind of partnerships you are looking for to an extent? How much of this will be an exit of assets versus this is just a third-party participation in this business line? And also, if there's anything you can provide on the revenues and costs of that business as well, that would be appreciated. I think you've given the RWAs and leverage exposure but nothing on the P&L metrics. And then my second question would just be on the outflows. Middle East, Russian sanctioned individuals as well, you flagged out. Do you think that's now run its course? I'm interested to know if you think there's anything more to go. And anything you can say on [July] given what UBS said yesterday?

幾個問題。首先，就結構性產品業務而言，計劃。你說尋求第三方資本。您可以在其中詳細說明您正在尋找什麼樣的合作夥伴關係或合作夥伴關係？其中有多少將是資產退出，而這只是第三方參與該業務線？而且，如果您還可以提供有關該業務的收入和成本的任何信息，那將不勝感激。我認為您已經給出了風險加權資產和槓桿風險敞口，但沒有給出損益指標。然後我的第二個問題是關於資金流出的。中東，俄羅斯也制裁了個人，你也退出了。你認為這已經順其自然了嗎？我很想知道你是否認為還有更多事情要做。鑑於瑞銀昨天所說的話，你能在 [7 月] 說什麼？

Well, perhaps I would take the 2 questions in order. I think -- look. I think we've given the numbers around the risk-weighted assets and leverage exposure for securitized products. I'm not going to go into detailed P&L and cost metrics today. What I would say is this is a business that Credit Suisse has a long track record in. Clearly it's our origins lie in mortgage securitization, but it's expanded well beyond that into asset finance. That is a business that is seeing structural growth, particularly with the growth in private debt. There's a lot of appetite for those types of products. I think our ability to actually finance that in house is -- clearly has limits and notwithstanding the sustained profitability of this business and its high returns. And I think, therefore, it is the right thing to do, to actually consider third-party capital for this to allow us to basically maximize the potential of this franchise and, I think, without basically distorting our overall asset allocation. So we like this business, but there has to be a limit to how much capital you can actually organize. And I think there will be demand for this, and I've already received one e-mail this morning already. I think -- but it does -- it has -- this is a sustainably profitable business which does cover a very broad range of asset financing.

好吧，也許我會按順序回答這兩個問題。我想——看。我認為我們已經給出了證券化產品的風險加權資產和槓桿敞口的數字。我今天不打算詳細討論損益和成本指標。我想說的是，這是瑞士信貸長期從事的業務。顯然，我們的起源在於抵押貸款證券化，但它已經擴展到資產融資之外。這是一個正在看到結構性增長的企業，尤其是隨著私人債務的增長。對這些類型的產品有很大的胃口。我認為我們在內部實際融資的能力顯然是有限的，儘管該業務的持續盈利能力及其高回報。因此，我認為這樣做是正確的，為此實際上考慮第三方資本，以使我們能夠基本上最大限度地發揮這個特許經營權的潛力，並且我認為基本上不會扭曲我們的整體資產配置。所以我們喜歡這項業務，但必須限制您實際組織多少資金。而且我認為會有這樣的需求，而且我今天早上已經收到了一封電子郵件。我認為 - 但它確實 - 它已經 - 這是一項可持續盈利的業務，確實涵蓋了非常廣泛的資產融資。

I think, just quickly on the Russian-related outflows. Look. I think we've had outflows in -- both in respect of sanctioned clients, which we obviously do treat as a structural change because the money is locked -- and then in terms of non-sanctioned clients, we had about a CHF 1.4 billion outflow. I'm not going to comment. I think clearly it's an evolving situation, obviously, [where it's changing with] geopolitical situation. It's very uncomfortable and very difficult. [I mean just note] that we saw that in terms of those numbers. I mean, yes, I think, in terms of the third quarter -- and look. Brutally, we're only 3 weeks into the third quarter. I'm not going to comment on net new asset outflows 3 weeks into the quarter. We'll see how this quarter develops. Just do note we've had positive inflows for the first half of the year and, I think, clearly in what is a very challenging environment.

我認為，很快就與俄羅斯有關的資金流出。看。我認為我們有資金流出——既涉及受制裁的客戶，我們顯然將其視為結構性變化，因為資金被鎖定了——然後就未受制裁的客戶而言，我們有大約 14 億瑞士法郎外流。我不打算發表評論。我清楚地認為這是一個不斷變化的情況，很明顯，[隨著]地緣政治局勢的變化而變化。這是非常不舒服和非常困難的。 [我的意思是請注意]我們在這些數字方面看到了這一點。我的意思是，是的，我認為，就第三季度而言 - 看看。殘酷的是，我們距離第三季度只有 3 週的時間。我不打算對本季度 3 週後的淨新資產流出發表評論。我們將看看本季度的發展情況。請注意，我們在今年上半年有積極的資金流入，而且我認為，顯然是在一個非常具有挑戰性的環境中。

The next question comes from Daniele Brupbacher from UBS.

下一個問題來自瑞銀的 Daniele Brupbacher。

Thank you and all the best to you, Thomas, as well from my side. Can I ask on capital, first? And I mean, at this point in time, are you ready and able to exclude a capital increase to -- if you go into this strategic review? Or does that really ultimately depend on the measures you'll take and probably also the impact or expected impact on parent bank given that restructurings often result in impairments there?

謝謝你，祝你一切順利，Thomas，以及我身邊的人。我可以先問一下資本嗎？我的意思是，在這個時間點，你準備好並且能夠排除增資——如果你進入這個戰略審查？或者這是否真的最終取決於您將採取的措施，以及考慮到重組通常會導致那裡的減值，可能還取決於對母銀行的影響或預期影響？

And secondly, just on profitability. Obviously we will all guess how the go-to profile looks like over the next 3 months, but I mean you mentioned the CHF 15.5 billion like-for-like cost base. You had a 10% drop to your target in the past. One could argue that the business will be even more capital light going forward, so it should actually be higher than that. So I mean, taking a 40 billion [TNAV], that would probably imply like a net profit of 4 billion or revenues north of 20 billion, which you probably think could be a sustainable base given the current profile. Is that a fair way of looking at it? Or is there too much assumptions in there?

其次，就盈利能力而言。顯然，我們都會猜測未來 3 個月的首選配置文件會是什麼樣子，但我的意思是你提到了 155 億瑞士法郎的同類成本基礎。過去你的目標下降了 10%。有人可能會爭辯說，該業務未來將更加資本化，因此實際上應該比這更高。所以我的意思是，拿 400 億 [TNAV]，這可能意味著 40 億的淨利潤或 200 億以上的收入，鑑於目前的情況，你可能認為這可能是一個可持續的基礎。這是一個公平的看待它的方式嗎？還是裡面有太多的假設？

Perhaps I'll just kick off on capital and then hand over to Axel and Thomas in terms of the strategic review. I think the first point I'd make is I've been CFO for 12 years. And a 13.5% CET1 is one of the highest CET1 ratios we've actually ever reported, so we are in a strong capital position. And our leverage ratio is equally strong in terms of that, so I think the bank is well funded in terms of that. What I have said in the course of this morning is that I do have continued AT1 plans. I think you may note that I've given guidance of CHF 2 billion to CHF 4 billion of AT1 issuance this year, of which I've only issued [1.65 billion], so clearly we are looking to add to AT1 capital, if that's helpful, Daniele, in terms of your thinking and analysis.

也許我會從資本開始，然後在戰略審查方面交給 Axel 和 Thomas。我想我要說的第一點是我已經擔任了 12 年的首席財務官。 13.5% 的 CET1 是我們實際報告過的最高 CET1 比率之一，因此我們處於強大的資本狀況。我們的槓桿率在這方面同樣強大，所以我認為銀行在這方面資金充足。我今天早上所說的是我確實繼續 AT1 計劃。我想你可能會注意到，我今年已經給出了 20 億至 40 億瑞士法郎的 AT1 發行指導，其中我只發行了 [16.5 億]，所以很明顯我們正在尋求增加 AT1 資本，如果那是Daniele 對您的思考和分析很有幫助。

I think, in terms of the parent capital ratio, the drop from 11.8% to 11.4% is primarily due to FX. And I'm happy to expand on that, if you like, Daniele, but just quickly: We clearly neutralize for the group. And therefore, moves in the dollar against the Swiss franc in particular do not have an impact on the group ratio, but because the FX weighting of the parent is different from that of the group, that means that a higher dollar tends to reduce the parent capital ratio. So if we had FX rates similar to where they were at the end of the first quarter, it would have been probably closer to [11.6 or 11.7]. And then the balance basically reflects the net losses, but as you note here, I've actually seen about 1.8 billion of capital repatriations and dividends, of which $1.2 billion came from the U.K. entity CSSEL which I've talked about before, Daniele, which you know very well basically. There is an ongoing repatriation request in respect of CSSEL, and that's something we're clearly discussing with regulators. I'm not going to comment on that, but there clearly is excess capital in CSSEL because it is now a nonmaterial legal entity. And you know our plan is to repatriate the bulk of that to CSAG in due course. I think -- in terms of strategy, I think, Axel, there's not much we can really add, but...

我認為，就母資本比率而言，從 11.8% 下降到 11.4% 主要是由於外匯。如果你願意的話，我很高興擴展這一點，Daniele，但很快：我們顯然會為團隊中和。因此，美元兌瑞士法郎的走勢尤其不會對集團比率產生影響，但由於母公司的外匯權重與集團不同，這意味著美元走高往往會降低母公司資本比率。因此，如果我們的匯率與第一季度末的水平相似，它可能會更接近 [11.6 或 11.7]。然後餘額基本上反映了淨損失，但正如你在這裡指出的，我實際上看到了大約 18 億美元的資本匯回和股息，其中 12 億美元來自我之前談到的英國實體 CSSEL，Daniele，基本上你很清楚。關於 CSSEL 的遣返請求正在進行中，這是我們正在與監管機構明確討論的問題。我不打算對此發表評論，但 CSSEL 顯然有多餘的資本，因為它現在是一個非物質法律實體。你知道我們的計劃是在適當的時候將其中的大部分歸還給 CSAG。我認為——就戰略而言，我認為，Axel，我們真的沒有什麼可以補充的，但是......

No. And Daniele, thanks for your question. Look. We will inform you [and] the full market in Q3. I think today, we indicate, yes, it will be bold. It will be deep, far reaching, but it will -- done with prudent, in a reasonable way. And we are really looking to set up parts of the Investment Bank also for growth [on] the banking business. We said we are going to better align the markets business. We give you an example with SP that is somewhat delivered -- guiding also our thinking. And we will now go through 3 months intense, very detailed work; and we will disclose the details of that work with the Q3 result.

不，還有 Daniele，謝謝你的提問。看。我們將在第三季度通知您 [和] 整個市場。我認為今天，我們表示，是的，它將是大膽的。這將是深刻而深遠的，但它會——以一種合理的方式謹慎地完成。我們真的希望設立部分投資銀行，以實現銀行業務的增長。我們說過我們將更好地調整市場業務。我們為您提供了一個有點交付的 SP 示例 - 也指導我們的思考。我們現在將進行為期 3 個月的緊張、非常詳細的工作；我們將在第三季度的結果中披露該工作的細節。

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

下一個問題來自自治研究的 Stefan Stalmann。

Also from me, all the best for the future, Thomas. And happy birthday, Kinner. I wanted to follow up, please, with one question on the strategic direction. And I appreciate it's all very early, but it seems that the savings that you outlined are indeed largely targeting tech, procurement, efficiency issues. Is it fair to assume that those savings will be spread across the divisions? And how does this cost efficiency drive, help to transform the Investment Bank into a less-complex and more capital-light entity? And also does it come fast enough given that the unit is losing about 1 billion underlying pretax in the first half of this year? And the second question is a numbers question going back to the capital trajectory. You mentioned in the earnings release that there has been a positive CET1 impact from regulatory adjustments of DTAs. Has that been a material factor, please?

我也祝你未來一切順利，托馬斯。生日快樂，金納。我想跟進一個關於戰略方向的問題。我很感激這一切都還為時過早，但您概述的節省似乎確實主要針對技術、採購和效率問題。假設這些節省將分散到各個部門是否公平？這種成本效率如何推動、幫助將投資銀行轉變為更簡單、更輕資本的實體？此外，鑑於該部門在今年上半年損失了約 10 億美元的潛在稅前利潤，它是否來得足夠快？第二個問題是回到資本軌蹟的數字問題。您在財報中提到 DTA 的監管調整對 CET1 產生了積極的影響。請問這是物質因素嗎？

I think -- on the second point, I think that's just completing the CET1 [walk] basically. As I said, there's been a number of moves there in both FX and [OCI]. So that's useful but not material. I mean I think, just on the tax charge, it's clearly not desirable that I have to report a tax charge at the same time as we report a group loss, but that does reflect the tax structure of the group and my limited ability to actually achieve deferred tax offsets at this particular time. So there's a limit to what I can actually do, Stefan, in terms of DTA, I'm afraid. And I think we're taking a prudent approach around tax.

我認為 - 關於第二點，我認為這基本上只是完成了 CET1 [步行]。正如我所說，在 FX 和 [OCI] 中都有很多動作。所以這很有用，但不重要。我的意思是，我認為，僅就稅費而言，我必須在報告集團損失的同時報告稅費顯然是不可取的，但這確實反映了集團的稅收結構和我實際的有限能力在這個特定時間實現遞延稅收抵銷。所以我實際上可以做的事情是有限度的，Stefan，恐怕就 DTA 而言。我認為我們在稅收方面採取了謹慎的態度。

I think -- on the first question. Look. I think -- fair points. I think, as we've said, this cost program is an absolute priority for the Board and for the executive management of Credit Suisse. It has to happen. The work on this is advanced, but I think -- and it's -- but I think it's clear, given what Jo said at the Investor Day in June, that's probably most advanced in terms of our technology operations. And I think she gave a very good summary of what can be achieved there in terms of the efficiency of our IT programs, the integration of IT and what [she's] actually bringing to this job. And I think it's got off to a very good start in terms of actually providing very effective and clear leadership. Procurement program, as I said before, is something -- the outsourcing, which something was -- Thomas was very much behind in terms of driving this. And I think that's heading in the right direction. I think it's perhaps a little bit embarrassing. The savings are what they are, but I guess it's an opportunity. But I think we do want to make the point that this cost program is not limited to technology or procurement, which just to answer your question specifically, Stefan, does accrue across the whole group because essentially majority of this is the corporate functions. And it flows out through the allocations, but it is not limited just to those things. It is a complete review of the costs of all divisions and all corporate functions of the bank and will include savings across all of those.

我認為——關於第一個問題。看。我認為——公平點。我認為，正如我們所說，這個成本計劃是董事會和瑞士信貸執行管理層的絕對優先事項。它必鬚髮生。這方面的工作是先進的，但我認為——而且是——但我認為很明顯，鑑於喬在 6 月的投資者日上所說的話，就我們的技術運營而言，這可能是最先進的。我認為她很好地總結了我們在 IT 計劃的效率、IT 的集成以及 [她] 實際為這項工作帶來了什麼方面可以實現的目標。而且我認為就實際提供非常有效和明確的領導而言，這是一個非常好的開始。正如我之前所說，採購計劃是某種東西——外包，它是——托馬斯在推動這一點方面非常落後。我認為這是朝著正確的方向發展。我覺得這可能有點尷尬。儲蓄就是這樣，但我想這是一個機會。但我認為我們確實想指出，這個成本計劃不限於技術或採購，這只是為了具體回答你的問題，Stefan，確實會在整個集團中累積，因為這主要是公司職能。它通過分配流出，但不僅限於那些東西。這是對銀行所有部門和所有公司職能的成本的全面審查，並將包括所有這些方面的節省。

Yes. And if I may add: We did a -- really a benchmarking of cost-income ratios across the businesses and for the whole group. And we have identified cost reduction potential in every single division and in every single corporate function, so this will be broad-based. And as David said, we think we are just at the beginning here and we see significant opportunities.

是的。如果我可以補充一下：我們確實對整個企業和整個集團的成本收入比進行了基準測試。我們已經確定了每個部門和每個公司職能部門的成本降低潛力，因此這將是廣泛的。正如大衛所說，我們認為我們才剛剛開始，我們看到了巨大的機會。

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。

Yes. Again I also would like to thank Thomas for dealing with issues not caused by his management and operation but by previous management within the group. And thank you for your open regular communication and dealing with us analysts. I mean clearly over the last 18 months have been very demanding. Questions: First of all, good luck on finding third-party money. Now let's assume that is not going to happen. What is the second alternative in terms of exiting the securitization platform? And then the second question is have you had discussions with FINMA. And how would FINMA see potentially capital going below 13%?

是的。我還要再次感謝 Thomas 處理了不是由他的管理和運營而是由集團內的前任管理層引起的問題。並感謝您與我們分析師進行公開的定期溝通和打交道。我的意思是，在過去的 18 個月裡，我的要求很明確。問題：首先，祝你好運找到第三方資金。現在讓我們假設這不會發生。退出證券化平台的第二種選擇是什麼？然後第二個問題是您是否與 FINMA 進行過討論。 FINMA 將如何看待潛在資本低於 13% 的情況？

And if I could add 1 more quick one, restructuring costs related to the costs saving plan that you're going to be outlining in more detail. Could you give us an idea if 100% of cost savings is roughly the right magnitude as we have seen in past restructurings?

如果我可以再快速添加 1 個，與您將更詳細地概述的成本節約計劃相關的重組成本。您能否給我們一個想法，如果 100% 的成本節約與我們在過去重組中看到的大致正確的幅度一樣？

Maybe if I start with the SP. So look. We have already started this a couple of weeks ago. And we have reasons to believe that there is tremendous interest in our world-class securitized products business from third-party capital providers, so I'm very confident that this is a business that attracts a lot of interests. On the FINMA, capital side, clearly, yes, as it was said by David, the 13.5% is a very solid capital base. We have a Board of Directors risk appetite of 13% to 14% for the rest of the year, and that's what we are doing. We are obviously always also in contact with FINMA, but this is very consistent with the spirit there. I don't know whether, Axel, you want to add anything.

也許如果我從 SP 開始。所以看。我們已經在幾週前開始了這項工作。我們有理由相信，第三方資本提供商對我們世界級的證券化產品業務有著極大的興趣，所以我非常有信心這是一項吸引很多興趣的業務。在 FINMA，資本方面，顯然，是的，正如大衛所說，13.5% 是一個非常穩固的資本基礎。在今年餘下的時間裡，我們董事會的風險偏好為 13% 到 14%，這就是我們正在做的事情。我們顯然也一直在與FINMA保持聯繫，但這與那裡的精神非常一致。我不知道，Axel，您是否想添加任何內容。

[I'll make -- maybe just on] the question. Obviously, with FINMA, we are in very close contact and, I think, have their support on the general strategic direction and our intent. We also informed in the appropriate way the [core college]. So of course, we don't do that in an isolated way. And we are in a constant dialogue, in particular with FINMA.

[我會提出-也許只是]這個問題。顯然，我們與 FINMA 保持著非常密切的聯繫，我認為，他們對總體戰略方向和我們的意圖給予了支持。我們還以適當的方式通知了[核心學院]。因此，當然，我們不會以孤立的方式這樣做。我們一直在進行對話，尤其是與 FINMA。

I think your point about restructuring costs. Look. I think -- I think we've been clear. We've scoped out the program. We can see the opportunities. We are moving to implementation quickly on this point, but we are only going to provide further details on the new SEC U.S. GAAP restructuring program once we get to the end of the third quarter. And I think that's the time to do the -- I'm not sure I would make the assumption you make about 100%, Kian. I think it is certainly true that there are certain steps that we can take which is -- perhaps impact [contractors versus permanently] differently, but as I said, I think we'll give you further details in due course.

我認為你關於重組成本的觀點。看。我認為 - 我認為我們已經很清楚了。我們已經確定了該計劃的範圍。我們可以看到機會。在這一點上，我們正在迅速實施，但我們只會在第三季度末提供有關新的美國證券交易委員會美國公認會計原則重組計劃的更多細節。我認為是時候做這個了——我不確定我是否會假設你做出了大約 100% 的假設，Kian。我認為我們可以採取某些步驟當然是正確的——可能會以不同的方式影響[承包商與永久]，但正如我所說，我認為我們會在適當的時候為您提供更多細節。

And may I just follow up on the third-party platform? If you don't achieve third-party money on the platform, would that mean, as an alternative, an exit of the business?

我可以在第三方平台上跟進嗎？如果您沒有在平台上獲得第三方資金，那是否意味著作為替代方案退出業務？

[Look]. I don't want to speculate at that point about anything. This is a highly profitable, highly success #1 business in the marketplace. Trust me. We will do the right steps.

[看]。我不想在這一點上推測任何事情。這是市場上利潤豐厚、非常成功的#1 業務。相信我。我們將採取正確的步驟。

(Operator Instructions) The next question comes from the line of Amit Goel with Barclays.

（操作員說明）下一個問題來自 Amit Goel 與 Barclays 的一行。

Again my thanks as well, Thomas, for all the help that you provided. So I've got, I mean, 2 questions; the first one, on the SP business. I think you gave some balance sheet color in terms of RWA and leverage consumption. Can you, [firstly], give us a bit of color in terms of the profitability of that business and perhaps how that's evolved in recent periods? And then secondly, just understanding the CET1 target: So I think previously you said that you anticipate being at around 13.5% for the kind of the next 6 months or so. Now the range has kind of widened to 13% to 14%, so just would like to understand, I mean, what's driving that increase in, I guess, volatility for the CET1 ratio.

再次感謝 Thomas，感謝您提供的所有幫助。所以我有，我的意思是，2個問題；第一個，關於SP業務。我認為您在 RWA 和槓桿消費方面給出了一些資產負債表顏色。 [首先]，您能否就該業務的盈利能力以及最近一段時間的發展情況給我們一些色彩？其次，僅了解 CET1 目標：所以我認為您之前說過您預計未來 6 個月左右的目標在 13.5% 左右。現在這個範圍已經擴大到 13% 到 14%，所以我想了解一下，是什麼推動了 CET1 比率的波動性增加。

Well, I think -- look. I think I did answer a similar question on securitized products before actually, Amit. And I'm not going to give detailed profitability numbers at this point. I think that's not appropriate. I would merely restrict myself to saying that the returns on this business have consistently exceeded the cost of capital over a very extended period of time. So probably should -- we'll stop there in terms of what I say about it. And it's a very strong business that's got excellent leadership and it's got a very good history of entrepreneurship and innovation. I think, in terms of the capital guidance, look: I think we're operating in a volatile environment. I think you've seen the radical move in interest rates, so far. I'm -- I think the whole Russian-Ukrainian situation cannot be described as stable. It's not stable in any sense of the word. I mean I think it does seem prudent to give a range for the guidance for capital. I'm not saying anything beyond that, but I think that's the context in which we've set the 13% to 14%, Amit.

嗯，我想——看。我想我之前確實回答過關於證券化產品的類似問題，阿米特。在這一點上，我不會提供詳細的盈利能力數據。我認為這不合適。我只想說，這項業務的回報在很長一段時間內一直超過資本成本。所以可能應該——就我所說的而言，我們將停在那裡。這是一家非常強大的企業，擁有出色的領導力，並且擁有非常好的創業和創新歷史。我認為，就資本指導而言，請看：我認為我們在動蕩的環境中運營。到目前為止，我認為您已經看到了利率的激進變化。我 - 我認為整個俄烏局勢不能被描述為穩定。它在任何意義上都不穩定。我的意思是，我認為給出一個資本指導範圍似乎是謹慎的。我沒有說除此之外的任何內容，但我認為這就是我們將 13% 設置為 14% 的背景，Amit。

Okay. Just given the first question, I guess, had been partially answered before, just maybe one follow-up just checking in terms of the commentary about the CHF 15.5 billion and that being within the current perimeter. If you were to make further cuts or changes to the IB, then would you then be looking at a number below CHF 15.5 billion?

好的。剛剛給出的第一個問題，我猜，之前已經部分回答了，也許只是一個後續檢查關於 155 億瑞士法郎的評論並且在當前範圍內。如果您要進一步削減或更改 IB，那麼您會看到低於 155 億瑞士法郎的數字嗎？

Yes.

是的。

Yes. It seems to be logic, isn't it?

是的。這似乎是邏輯，不是嗎？

Yes, Amit.

是的，阿米特。

Yes. Just to check.

是的。只是為了檢查。

Yes.

是的。

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

下一個問題來自美國銀行的 Alastair Ryan。

Thank you, Thomas. Just really (inaudible) [on the outside] to judge how you're progressing with remediation of the control issues that emerged 1.5 years ago or so, many of which were backward looking but clearly a constraint on how you take risk on a daily basis. And I think, David, you alluded to the [they're quite expensive]. Can you give us any sense of how you're working through those? [At what point is FINMA] kind of giving you a clean bill of health on the things that you highlighted at the Investor Day last month?

謝謝你，托馬斯。只是真的（聽不清）[在外面] 來判斷你在修復 1.5 年前左右出現的控制問題方面的進展情況，其中許多是回顧性的，但顯然限制了你如何每天承擔風險.我認為，大衛，你提到了[它們非常昂貴]。你能告訴我們你是如何解決這些問題的嗎？ [在什麼時候 FINMA] 就你在上個月的投資者日強調的事情給你一個乾淨的健康賬單？

Yes. I mean maybe I can start off. As I said in my comments, we have made a substantial progress in our remediation program, organization and leadership, under the leadership of David Wildermuth. We have been in very close contact with the [core college], with all 3 regulators across a large regulatory remediation book of work, which we have agreed priorities with them which is roughly a dozen major programs. They include, amongst others, the Archegos read-across. It includes the supply chain fund read-across. It includes FRTB and other projects, so I think we are very well organized now. We have a very constructive dialogue with all 3 regulators. Clearly there's still a lot of work left, but we are moving definitely in the right direction. And under David Wildermuth's competent leadership, I feel that we are moving in the right direction.

是的。我的意思是也許我可以開始。正如我在評論中所說，在 David Wildermuth 的領導下，我們在整治計劃、組織和領導方面取得了實質性進展。我們與 [核心學院] 保持了非常密切的聯繫，與所有 3 個監管機構在大型監管整治工作簿中達成一致，我們已經與他們達成了優先事項，大約是十幾個主要項目。其中包括 Archegos 閱讀器。它包括供應鏈基金閱讀。它包括 FRTB 和其他項目，所以我認為我們現在組織得很好。我們與所有 3 個監管機構進行了非常有建設性的對話。顯然還有很多工作要做，但我們肯定在朝著正確的方向前進。在 David Wildermuth 的勝任領導下，我覺得我們正朝著正確的方向前進。

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

下一個問題來自高盛的 Chris Hallam。

And first of all, just to echo everybody's comments, Thomas: I certainly appreciated both your thoughts and perspectives in recent months. 2 quick questions from me. Just first, on compensation costs and head count. They were both up year-over-year in the quarter. And I know you've talked about the deferred comp impact here in 2022, but is it fair to assume that considerations on head counts and on comp costs feed into the CHF 15.5 billion landing points [in] OpEx and also as part of the ongoing pivots in the IB into the more capital-light activities? So that's the first question. And then secondly -- and maybe I missed this in your prepared remarks, David, but just on the [235 million] of mark-to-market losses in the quarter in leveraged finance, would that number be meaningfully different where we are now in late July?

首先，為了回應大家的評論，Thomas：我當然很欣賞你最近幾個月的想法和觀點。來自我的 2 個快速問題。首先，關於補償成本和人數。他們在本季度均同比增長。而且我知道您已經談到了 2022 年的延遲補償影響，但是可以公平地假設對人數和補償成本的考慮會影響到 155 億瑞士法郎的著陸點 [in] OpEx 並且也是正在進行的IB 轉向更輕資本的活動？所以這是第一個問題。其次——大衛，也許我在你準備好的發言中錯過了這一點，但就槓桿融資本季度按市值計價的損失 [2.35 億] 而言，這個數字是否會與我們現在所處的位置產生有意義的不同？七月底？

That's a good question. Thanks, Chris. Just to take the 2 in turn: I mean I think -- in terms of compensation costs, Chris, I think you know that last year, as a consequence of our response particularly to Archegos, we did go for a much higher level of deferral. That was an appropriate decision we made in conjunction with what -- which we made. And clearly, this year, we are actually going back to much more normal levels of deferral, so therefore, the [CVA], the cash component of the awards is substantially higher than before. I think -- in terms of the outlook for compensation costs overall, I think clearly it's a radically different investment banking environment this year than it was last year. I'm not going to prejudge how this year closes out, but I -- it doesn't seem to me like it's going to be as good a year for bonuses in 2022 as it was in 2021 across the industry. So yes, we'll look at it, basically, but the year-on-year change is primarily due to deferral changes. Clearly we have looked at this as part of our program, but it's not the primary driver in terms of what we need to do. We're talking about sustainable improvements in efficiency that we need to achieve that go far beyond compensation changes.

這是個好問題。謝謝，克里斯。只是反過來考慮2：我的意思是我認為 - 就補償成本而言，克里斯，我想你知道去年，由於我們特別是對 Archegos 的回應，我們確實提出了更高水平的延期.這是我們結合我們所做的事情做出的適當決定。很明顯，今年，我們實際上將恢復到更正常的延期水平，因此，[CVA]，獎勵的現金部分比以前要高得多。我認為——就整體薪酬成本的前景而言，我認為今年的投資銀行環境顯然與去年完全不同。我不會預先判斷今年會如何結束，但在我看來，2022 年的獎金不會像整個行業的 2021 年那樣好。所以是的，我們基本上會看看它，但同比變化主要是由於延期變化。顯然，我們已將此視為我們計劃的一部分，但就我們需要做的事情而言，它並不是主要驅動力。我們談論的是效率的可持續提高，我們需要實現的不僅僅是薪酬變化。

I think, your second question, in terms of the mark-to-market on the unrealized, in particular, component of the leveraged finance. Well, it was $245 million. Would it be better in July? Well, look. Yes, you're right in the sense the indices have obviously [rallied] in the first few weeks of July, but I think a lot of wood to chop in terms of market volatility before one can make these comments. And I would be inclined to be still prudent about this. As I've said, we clearly take our marks continuously. It's not just done at the end of a quarter. It's done on a regular basis. And that reflects both deals that have actually funded already where we've exited but also marked to market against future funding commitments. So I think that's a protocol which, I would say, I've followed since 2007; and I think it's the prudent way to think about it. You're right. The indices have narrowed, but just history from the past basically says you can't always judge specific trades by moves in indices basically. So I would still be cautious, Chris, in terms of this. I think there's -- we're still in the course of a very difficult market environment with very radical changes in the interest rates structure. And it clearly has a -- and clearly, Chris, as I said in my prepared remarks, there does have to be a much increased chance of a significant recession at some point in the next 12 months.

我認為，您的第二個問題是關於未實現資產的市值，特別是槓桿融資的組成部分。嗯，是2.45億美元。七月會更好嗎？嗯，看。是的，從某種意義上說，您是對的，指數在 7 月的前幾周明顯 [反彈]，但我認為在做出這些評論之前，就市場波動而言，還有很多事情要做。我傾向於對此保持謹慎。正如我已經說過的，我們顯然是不斷地拿分數。這不僅僅是在一個季度末完成。這是定期進行的。這反映了這兩項交易實際上已經在我們退出的地方提供了資金，但也針對未來的資金承諾進行了市場化。所以我認為這是我自 2007 年以來一直遵循的協議；我認為這是審慎的思考方式。你是對的。指數已經收窄，但只是過去的歷史基本上表明你不能總是通過指數的變動來判斷特定的交易。因此，克里斯，在這方面我仍然會保持謹慎。我認為——我們仍處於一個非常困難的市場環境中，利率結構發生了非常劇烈的變化。很明顯，克里斯，正如我在準備好的講話中所說，在未來 12 個月的某個時間點，發生嚴重衰退的可能性確實會大大增加。

The next question comes from the line of Anke Reingen with Royal Bank of Canada.

下一個問題來自加拿大皇家銀行的 Anke Reingen。

Also from me, thank you, Thomas, and all the best. And happy birthday, Kinner. I just had a question on Slide 18, about the interest rate sensitivity, the higher funding costs comment. I assume that's not included in the potential benefit from higher rates. And I was wondering. You give us the CHF 200 million for '22, but given your issuance comments, should that ramp up into '23?

也來自我，謝謝你，托馬斯，一切順利。生日快樂，金納。我剛剛對幻燈片 18 提出了一個問題，關於利率敏感性、更高的融資成本的評論。我認為這不包括在更高利率的潛在好處中。我想知道。您給我們 22 年的 2 億瑞士法郎，但考慮到您的發行意見，是否應該增加到 23 年？

And then secondly, just on the strategic changes. I mean I guess I can imagine it must be quite unsettling across your -- a number of divisions of your bank. And I just wonder how you sort of like try to manage that situation and not, yes, impacting staff morale. Or is the view to do this relatively quickly, which might be more costly? Or is it more gradual? I just wonder how you manage your staff through the announced changes.

其次，就戰略變化而言。我的意思是，我想我可以想像這在您的銀行的許多部門中一定是非常令人不安的。我只是想知道你是如何嘗試管理這種情況而不是，是的，影響員工士氣。還是認為這樣做相對較快，可能成本更高？還是更循序漸進？我只是想知道您如何通過宣布的變更來管理您的員工。

Well, just taking the first point, first, in terms of the benefit from higher dollar and euro rates and the offset from the move toward 0 in Switzerland, which is -- as you say is on Page 18. I did think that it was appropriate to give full guidance around this, so we've given the benefit we'd expect from current forward curves. And incidentally, just in terms of my, yes, interest rate and treasury management, I do have the ability to actually term out a significant proportion of this to actually lock in that benefit. And those are trades which my treasury function has actually been conducting, so we are beginning to lock that benefit in. It's not just a forward curve projection, but I did want also to basically disclose that, clearly given the moving credit spreads across the market, across the banks and for Credit Suisse, for that matter, it seemed prudent to basically guide to the adverse impact to funding costs as a consequence, both for those moves and, of course, the increase in the AT1 guidance which I've given this morning. Clearly what the funding costs will be in '23 or '24 will obviously depend critically on what our credit spreads are at the time [we actually issue]. So that's a comment in terms of my issuance plan for '22 and that's all I'd say at this point. It becomes a little bit forward looking there afterwards.

好吧，就拿第一點來說，首先，就美元和歐元匯率上漲帶來的好處以及瑞士向 0 移動的抵消而言，這是 - 正如你所說的那樣，在第 18 頁。我確實認為它是適合對此提供全面指導，因此我們已經給出了我們期望從當前的遠期曲線中獲得的好處。順便說一句，就我的，是的，利率和資金管理而言，我確實有能力實際取消其中很大一部分以實際鎖定該收益。這些是我的財務職能實際上一直在進行的交易，所以我們開始鎖定這種收益。這不僅僅是一個遠期曲線預測，但我確實想基本上披露這一點，顯然考慮到整個市場的信用利差移動，對於整個銀行和瑞士信貸來說，就這一點而言，基本上指導對融資成本的不利影響似乎是謹慎的，無論是對於這些舉措，當然還有我給出的 AT1 指導的增加今天早上。顯然，23 年或 24 年的融資成本將在很大程度上取決於我們當時的信用利差（我們實際發行）。所以這是對我 22 年發行計劃的評論，這就是我現在要說的。之後它變得有點向前看。

Okay, so the CHF 1 billion is pre any potential increase in funding costs (inaudible) number.

好的，所以 10 億瑞士法郎是任何潛在的資金成本增加（聽不清）數字之前的數字。

That's right, but they are separate things because [one is the] exposure to my shareholders' equity, my deposit strategy, my [replication] strategy. The other is the increase in funding costs, which comes largely from our AT1 issuance plan.

沒錯，但它們是不同的東西，因為[一個是]我的股東權益、我的存款策略、我的[複製]策略。另一個是資金成本的增加，這主要來自我們的AT1發行計劃。

Okay.

好的。

(inaudible) staff morale and attrition is concerned, clear that changes in strategic directions, et cetera always create a certain un-security, but on the other hand, from all my conversations I've had and that Ulrich will continue to have going forward, there is a broad-based recognition and support that we have to take some further actions. There is a lot of frustration around allocated costs, et cetera, so the cost initiatives is broadly supported by everybody. And also we are very focused to come back quickly, i.e., within a quarter, with clarity for everybody. So we are very much focused on this and we are having a lot of support by our direct reports and N-2s across the bank.

（聽不清）員工士氣和減員很明顯，戰略方向的變化等等總是會造成一定的不安全感，但另一方面，從我所有的談話來看，烏爾里希將繼續前進，有一個廣泛的認可和支持，我們必須採取一些進一步的行動。在分配成本等方面存在很多挫敗感，因此成本舉措得到了每個人的廣泛支持。而且我們非常專注於快速回來，即在四分之一之內，每個人都清楚。因此，我們非常關注這一點，我們的直接下屬和整個銀行的 N-2 為我們提供了很多支持。

The next question comes from the line of Andrew Lim with Societe General.

下一個問題來自法國興業銀行的 Andrew Lim。

Best wishes to you, Thomas. And credit to you for managing the bank through challenging times which have arisen through no fault of your own. So on to my questions: First of all, how do you think about the stability of the CET1 ratio at 13.5%? The reason I ask is, number one, had you not had 5 billion of IB deleveraging, you would have been 30 basis points lower. And then number two, how long do the FX hedges stay in place? Do they roll off at some point? So I guess my question is, if you keep on making losses, would you see your CET1 ratio drop lower? So that was my first question. And then my second question is on retention packages that have hit the headlines lately. Could you explain in detail how these are expensed through the P&L? Is it on awarding of these packages [or on vestment]?

向你致以最良好的祝愿，托馬斯。並感謝您在並非由於您自己的過錯而出現的充滿挑戰的時期管理銀行。那麼我的問題是：首先，您如何看待CET1比率在13.5％的穩定性？我問的原因是，第一，如果你沒有 IB 去槓桿化 50 億，你會低 30 個基點。然後第二點，外匯對沖會持續多久？他們會在某個時候滾落嗎？所以我想我的問題是，如果你繼續虧損，你會看到你的 CET1 比率下降嗎？所以這是我的第一個問題。然後我的第二個問題是關於最近成為頭條新聞的保留套餐。您能否詳細解釋這些是如何通過損益表支出的？是授予這些包裹[還是授予]？

Well, firstly, I think, just in terms of the CET1 ratio, I mean, I think clearly there's clearly a number of moving parts there. Obviously we did reduce our business usage. And that was clearly part of the plan we actually had last year, so I think that's to be expected, primarily in the IB clearly, but I think clearly we also had the leveraged finance losses (inaudible) overall performance of the banks and including litigation charges. So there clearly is a number of volatile items within that. I think it seems prudent to give a range of 13% to 14%. I'm not really going to add to it beyond that. As I said, I think it is a very high capital ratio for the bank, certainly compared to historic norms. And indeed we did include a comparison at the back of the deck against many of our peers. So I think that is worth keeping in mind.

嗯，首先，我認為，就 CET1 比率而言，我的意思是，我認為那裡顯然有許多活動部件。顯然，我們確實減少了業務使用量。這顯然是我們去年實際計劃的一部分，所以我認為這是可以預期的，主要是在 IB，但我認為我們顯然也有銀行的槓桿融資損失（聽不清）整體表現，包括訴訟收費。因此，其中顯然有許多不穩定的項目。我認為給出 13% 到 14% 的範圍似乎是謹慎的。除此之外，我不會真的添加它。正如我所說，我認為這對銀行來說是一個非常高的資本比率，當然與歷史標準相比。事實上，我們確實在甲板後面與許多同行進行了比較。所以我認為這值得牢記。

On the FX point. It's we continuously roll the -- roughly 65% of our CET1 forward, so they don't have an expiry date in terms of that. It's just part of our normal treasury management. We've run it continuously on that basis. That's separate from my term-out strategy for the shareholders' equity which I mentioned before, which I think you may be alluding to, where we have been keeping it relatively short for the last couple of years, typically around 2.5 years. I think [we're weather right to] these sorts of events coming at some point, although they've been clearly much, much more marked than I would have expected. And we have been seeking to -- we have been terming that out in the course of recent months basically, as interest rates have actually moved up, to actually lock that in. And those are typically termed out to somewhere between 4 and 5 years. [Andrew asked that] question, but there are 2 separate things. One is my term-out strategy for the equity. The other is my FX exposure management -- sorry. And you asked a technical question around retention and recognition and -- well, look. I think this -- I don't think I can add too much in terms of details. If I talk about the program we did last year, to give you some idea: Typically speaking, those were 3-year instruments; and they vest roughly 1/3, 1/3, 1/3 basically. So it's a time-weighted basis, so it's -- if they were awarded for 6 months, it would be 1/6, 1/3, 1/3, 1/6, depending on when they're actually awarded. That's how they work.

在 FX 點上。是我們不斷向前推進——大約 65% 的 CET1，所以他們沒有到期日。這只是我們正常資金管理的一部分。我們在此基礎上不斷運行它。這與我之前提到的股東權益的到期策略是分開的，我想你可能會提到，在過去的幾年裡，我們一直將其保持相對較短，通常在 2.5 年左右。我認為 [we're weather right to] 這些事件在某個時候會發生，儘管它們顯然比我預期的要明顯得多。而且我們一直在尋求 - 我們在最近幾個月的過程中基本上一直在將其命名，因為利率實際上已經上升，以實際鎖定它。而這些通常被定義為 4 到 5 年之間的某個時間。 [安德魯問那個]問題，但有兩件不同的事情。一個是我的股權到期策略。另一個是我的外匯風險管理——抱歉。你問了一個關於保留和認可的技術問題 - 好吧，看。我認為這一點——我認為我不能在細節方面添加太多。如果我談論我們去年做的項目，給你一些想法：通常來說，那些是 3 年的工具；他們基本上都背心大約 1/3, 1/3, 1/3。所以這是一個時間加權的基礎，所以它是 - 如果他們被授予 6 個月，它將是 1/6、1/3、1/3、1/6，具體取決於他們實際授予的時間。他們就是這樣工作的。

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

下一個問題來自匯豐銀行的 Piers Brown。

I've just got a couple. On litigation. So you put CHF 434 million this quarter. I think, if I'm not mistaken just looking at the quarterly report, the number you gave for the range of [reasonably possible losses] has gone slightly higher. I think you're quoting 1.6 billion versus 1.4 billion last quarter. So if you could just talk to what you're seeing in terms of sort of inflow of new cases into that number versus work out of existing cases. And I guess you've mentioned this quarter the communication, record-keeping issue, which is a new case, I guess, but just the effect of those 2 items. And then secondly, on the securitized products business. I mean, when you think about that business and if we got to a point somewhere down the road where you looked either to do a disposal or some form of exit, do you think there are interlinkages with other parts of the IB that you intend to maintain as -- in their current format? And I guess the reason I ask the question is because we've sort of seen with the exit of Prime Services that there can be unintended consequences for businesses that you retain, in terms of spillover effects. So just how you think about securitized products and how discrete or siloed that business side is in the context of the overall IB franchise.

我剛有一對。關於訴訟。因此，您本季度投入了 4.34 億瑞士法郎。我認為，如果我只看季度報告沒記錯的話，你給出的[合理可能損失]範圍的數字略高。我認為你的報價是 16 億，而上個季度是 14 億。因此，如果您可以就新病例流入該數字與現有病例的工作情況進行交流。我猜你在本季度提到了溝通、記錄保存問題，我猜這是一個新案例，但只是這兩項的影響。其次，關於證券化產品業務。我的意思是，當您考慮該業務時，如果我們到達某個地方，您希望進行處置或某種形式的退出，您是否認為您打算與 IB 的其他部分存在相互聯繫？保持為 - 以他們當前的格式？我想我問這個問題的原因是因為我們已經看到，隨著 Prime Services 的退出，就溢出效應而言，您保留的企業可能會產生意想不到的後果。因此，在整個 IB 特許經營的背景下，您如何看待證券化產品以及業務方面的離散或孤立程度。

We're taking those in turn. Just in terms of litigation, I mean, I think your comments are absolutely correct. I mean the [RPL] did increase to 1.6 billion and notwithstanding the fact that we took major litigation provisions of CHF 434 million in the quarter. Why? I mean, as you say basically, we were not anticipating the $200 million charge in respect of unapproved electronic communications. I think you've obviously seen that across the industry, but I wasn't expecting that at the end of the first quarter, so that was a new case. It had no RPL associated with it and doesn't have any RPL associated now, so unfortunately, I've had to increase my provisions by [200] with no impact on RPL . I think the balance -- I mean I think you know that Markus Diethelm took office as our General Counsel. He's been doing a full review of our legal case. He has made and continues to make substantial progress in resolving a number of these cases, and that really flowed from that review of those cases. There's nothing particularly new that's popped up to drive the RPL number.

我們輪流接受這些。就訴訟而言，我的意思是，我認為你的評論是絕對正確的。我的意思是 [RPL] 確實增加到 16 億美元，儘管我們在本季度採取了 4.34 億瑞士法郎的重大訴訟準備金。為什麼？我的意思是，正如你所說的，我們沒有預料到對未經批准的電子通信收取 2 億美元的費用。我認為您顯然已經在整個行業中看到了這一點，但我沒想到會在第一季度末出現，所以這是一個新案例。它沒有與之關聯的 RPL，現在也沒有任何關聯的 RPL，所以不幸的是，我不得不將我的規定增加 [200] ，而對 RPL 沒有影響。我認為平衡 - 我的意思是我認為您知道 Markus Diethelm 擔任我們的總法律顧問。他一直在對我們的法律案件進行全面審查。他在解決其中一些案件方面取得併繼續取得實質性進展，而這確實源於對這些案件的審查。沒有什麼特別新的東西可以推動 RPL 數量。

I think, on the second question, just on SP. I just would guide you against from -- kind of assuming that this is an exit from securitized products. This is a very successful platform. It's been core to the bank for a very long time indeed, firstly, in mortgages, and now in terms of asset financing. There's a lot of potential to actually grow this business, if you had to deploy more capital. We do have some limits on what we can do to actually support it. It's a great team. And that's really what we're looking to actually do here, frankly, so I just want to caution against this is an exit from SP. It's not. This is a business where we do see potential to basically grow and invest in it, albeit with third-party support for this operation. I don't know, Thomas, if you want to comment.

我認為，關於第二個問題，只是關於 SP。我只是會指導你反對——假設這是證券化產品的退出。這是一個非常成功的平台。事實上，長期以來，它一直是銀行的核心，首先是抵押貸款，現在是資產融資。如果您必須部署更多資金，那麼實際發展這項業務的潛力很大。我們確實有一些限制，我們可以做些什麼來實際支持它。這是一個很棒的團隊。坦率地說，這就是我們真正希望在這裡真正做的事情，所以我只是想提醒大家注意這是從 SP 的退出。它不是。這是一項業務，我們確實看到了基本增長和投資的潛力，儘管該業務需要第三方支持。我不知道，托馬斯，如果你想發表評論。

No. I think you summarized it well.

不，我認為你總結得很好。

Okay. And Thomas, very best wishes for the future.

好的。和托馬斯，對未來的美好祝愿。

Thank you very much.

非常感謝。

Back to Kinner's closing comments. Kinner?

回到 Kinner 的結束評論。金納？

Great. Well, thanks, everyone, for your, yes, interest. And if you do have any further questions, feel free to contact the IR team. And have a good day. Thank you.

偉大的。好吧，謝謝大家，是的，你的興趣。如果您還有其他問題，請隨時聯繫 IR 團隊。祝你有美好的一天。謝謝你。

Thank you very...

非常感謝...

(inaudible) for analysts and investors. A recording of the presentation will be available about 2 hours after the event, on the Credit Suisse website. Thank you for joining today's call. You may all disconnect.

（聽不清）分析師和投資者。演講的錄音將在活動結束後約 2 小時在瑞士信貸網站上提供。感謝您加入今天的電話會議。你們都可以斷開連接。