Credit Suisse Group AG (CS) 2022 Q3 法說會逐字稿

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

早上好。這是會議接線員。歡迎並感謝您參加瑞士信貸集團為分析師和投資者舉辦的 2022 年第三季度業績電話會議。 （操作員說明）並記錄會議。 （操作員說明）

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

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。請繼續，金納。

Great. Thank you, Alice. Good morning. Welcome, everyone. Thank you for joining our third quarter '22 results call. So we have a busy schedule ahead of us with our third quarter earnings presentation, followed by the 2022 strategy update presentation, which as you know, begins at 9:30 GMT. So please note that this call will very much be focused on earnings, and I kindly ask you to respect that in the Q&A that follows.

偉大的。謝謝你，愛麗絲。早上好。歡迎大家。感謝您參加我們的 22 年第三季度業績電話會議。因此，我們的第三季度收益演示文稿排在我們前面，接下來是 2022 年戰略更新演示文稿，如您所知，該演示文稿從格林威治標準時間 9:30 開始。所以請注意，這次電話會議將非常關注收益，我懇請您在接下來的問答中尊重這一點。

Before we begin, please note all the legal disclaimers in the presentation, and let me remind you the important cautionary statements 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 third quarter 2022 earnings release published this morning. Let me remind you that our third quarter financial report and the accompanying financial statements for the period will be published in early November.

在我們開始之前，請注意演示文稿中的所有法律免責聲明，讓我提醒您重要的警示性聲明，包括與前瞻性聲明、非公認會計原則財務措施和巴塞爾協議 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 2022 年第三季度收益報告。讓我提醒您，我們的第三季度財務報告和本期隨附的財務報表將於 11 月初發布。

I will now hand over to our Group CEO, Ulrich Korner; and our Group CFO, Dixit Joshi, who will run through our numbers.

我現在將移交給我們的集團首席執行官 Ulrich Korner；以及我們的集團首席財務官 Dixit Joshi，他將檢查我們的數據。

Thank you very much, Kinner, and thank you all for joining today. We appreciate your participation and engagement. For the purpose of this call, we intend to focus on our third quarter performance only and I will share some brief remarks before handing over to our new Chief Financial Officer, Dixit Joshi. We will discuss the outcomes of our strategic review later today, starting at 9:30 London time. I hope that many of you on this call will be able to join us then.

非常感謝你，Kinner，感謝大家今天的加入。我們感謝您的參與和參與。就本次電話會議而言，我們打算僅關注我們第三季度的業績，在移交給我們的新任首席財務官 Dixit Joshi 之前，我將分享一些簡短的評論。我們將在今天晚些時候從倫敦時間 9:30 開始討論我們的戰略審查結果。我希望這次電話會議中的許多人屆時能夠加入我們。

Let me turn to performance. Overall, our results for the third quarter 2022 were significantly impacted by the continued challenging market and macroeconomic conditions. They were also reflective of underperformance compared to peers in certain business lines. And importantly, the effects of some of the strategic decisions that we have announced today.

讓我談談性能。總體而言，我們 2022 年第三季度的業績受到持續充滿挑戰的市場和宏觀經濟狀況的顯著影響。與某些業務線的同行相比，它們也反映了表現不佳。重要的是，我們今天宣布的一些戰略決策的影響。

Starting with the headline numbers. Here on Slide 4 of the presentation, we reported a net loss of CHF 4 billion in the quarter, including a CHF 3.7 billion impairment related to the reassessment of deferred tax assets resulting from the strategic review.

從標題數字開始。在演示文稿的幻燈片 4 中，我們報告本季度淨虧損 40 億瑞士法郎，其中包括與戰略審查導致的遞延所得稅資產重新評估相關的 37 億瑞士法郎減值。

Our reported pretax loss was CHF 300 million, and included CHF 200 million in major litigation provisions, which I will expand on shortly. The adjusted pretax loss of CHF 100 million mainly due to an investment banking -- a weak investment banking performance as well as somewhat lower client activity across all our divisions. In terms of our capital position, our CET1 capital ratio for the quarter was 12.6%, down 90 basis points. This was primarily due to the impact of deferred tax assets of approximately 50 basis points relating to the strategic review, together with the pretax loss and increased risk-weighted assets.

我們報告的稅前損失為 3 億瑞士法郎，其中包括 2 億瑞士法郎的重大訴訟準備金，我將在稍後對其進行擴展。調整後 1 億瑞士法郎的稅前虧損主要是由於投資銀行業務——投資銀行業務表現疲弱以及我們所有部門的客戶活動有所減少。就我們的資本狀況而言，本季度我們的 CET1 資本比率為 12.6%，下降 90 個基點。這主要是由於與戰略審查有關的約 50 個基點的遞延所得稅資產的影響，以及稅前虧損和風險加權資產增加。

Today, we have announced the capital raise of CHF 4 billion, which would increase the pro forma CET1 ratio to 14%, this means that we begin our strategic transformation from a position of capital strengths.

今天，我們宣布籌資40億瑞士法郎，將備考CET1比率提高到14%，這意味著我們從資本實力的位置開始了我們的戰略轉型。

Now let me turn to the details on the progress we are making towards resolving legacy litigation issues with the next slide. Total litigation provisions for the quarter were CHF 245 million, of which CHF 178 million where major litigation provisions primarily related to previously disclosed matters as we continue to take a proactive approach to reducing our litigation docket. The 2 most prominent recent examples of resolutions are: first, the settlement agreement with the New Jersey Attorney General related to a legacy residential mortgage-backed securities case, which was already fully provisioned. This resolved the largest of the bank's remaining exposure in the RMBS docket with transactions going back to before 2008.

現在讓我在下一張幻燈片中詳細介紹我們在解決遺留訴訟問題方面取得的進展。本季度的訴訟撥備總額為 2.45 億瑞士法郎，其中 1.78 億瑞士法郎的主要訴訟撥備主要與先前披露的事項有關，因為我們繼續採取積極主動的方式減少訴訟案件。最近兩個最突出的決議例子是：首先，與新澤西州總檢察長就一個遺留的住宅抵押貸款支持證券案件達成和解協議，該案件已經完全準備好。這解決了該銀行在 RMBS 案卷中最大的剩餘風險，交易可以追溯到 2008 年之前。

Second, the successful settlement in the French legacy case announced this week. Those represent major milestones in our efforts to achieve a significant reduction in our outstanding litigation docket and are supported by a quarter-on-quarter reduction in the range of reasonably possible losses of around 19%.

二是本周宣布的法國遺產案的成功和解。這些是我們努力大幅減少未決訴訟案卷的重要里程碑，並得到環比減少約 19% 的合理可能損失範圍的支持。

Let's look at the breakdown of the third quarter results by division with the next slide. The loss in the quarter was predominantly driven by the weak performance in the Investment Bank, which was impacted by higher volatility, widened credit spreads and muted primary issuance resulting in an adjusted pretax loss of the divisions -- of the division of CHF 640 million. The difficult macro environment also impacted the year-on-year performances of our Wealth Management division, which posted an adjusted pretax income of CHF 78 million, including a CHF 145 million of impairments related to certain IT-related assets.

讓我們看下一張幻燈片按部門劃分的第三季度業績。本季度的虧損主要是由於投資銀行業績疲弱，受到波動性上升、信貸利差擴大和初級發行減少的影響，導致各部門調整後的稅前虧損為 6.4 億瑞士法郎。艱難的宏觀環境也影響了我們財富管理部門的同比業績，該部門公佈的調整後稅前收入為 7800 萬瑞士法郎，其中包括與某些 IT 相關資產相關的 1.45 億瑞士法郎的減值。

The Swiss Bank and Asset Management divisions both had a solid performance with adjusted pretax income of CHF 383 million and CHF 104 million, respectively.

瑞士銀行和資產管理部門均表現穩健，調整後稅前收入分別為 3.83 億瑞士法郎和 1.04 億瑞士法郎。

With that, I hand it over to Dixit, who will walk you through the results in more detail.

有了這個，我把它交給 Dixit，他會更詳細地引導你了解結果。

Thank you, Ulrich, and good morning, everyone. I'm pleased to be presenting my first set of quarterly results at Credit Suisse and look forward to speaking to some of you in person later today. I will now provide some details on our performance at the group and the divisional levels. As you all know, challenging conditions continued during the third quarter with heightened market volatility, weak customer flows and ongoing client deleveraging, and our financial performance reflects these challenges. So let's start with the group numbers.

謝謝你，烏爾里希，大家早上好。我很高興在瑞士信貸展示我的第一組季度業績，並期待今天晚些時候與你們中的一些人面對面交談。我現在將提供一些關於我們在小組和部門級別的表現的詳細信息。眾所周知，第三季度市場波動加劇、客戶流量疲軟和客戶持續去槓桿化，挑戰仍在繼續，我們的財務業績反映了這些挑戰。所以讓我們從組號開始。

Reported net revenues for the group decreased 30% year-on-year to CHF 3.8 billion. The key drivers were substantially lower levels of activity across the industry in equity capital markets and leverage finance, which contributed to a weak performance in the Investment Bank and subdued client activity in Wealth Management, especially in terms of transaction-based activity.

該集團報告的淨收入同比下降 30% 至 38 億瑞士法郎。主要驅動因素是整個行業在股票資本市場和槓桿融資方面的活動水平大幅下降，這導致投資銀行表現疲軟，財富管理部門的客戶活動減弱，尤其是在基於交易的活動方面。

Total reported operating expenses were 10% lower year-on-year, at CHF 4.13 billion. Ulrich has already mentioned the major litigation provisions of CHF 178 million and the progress that we are making with regard to our legacy issues. Overall, our reported pretax loss for the quarter was CHF 342 million. Adjusted operating expenses were down 6% year-on-year at CHF 3.87 billion, mainly driven by lower compensation and benefits expenses. This was partially offset by an impairment of IT-related assets in Wealth Management, totaling CHF 145 million.

報告的總運營費用同比下降 10%，為 41.3 億瑞士法郎。 Ulrich 已經提到了 1.78 億瑞士法郎的主要訴訟準備金以及我們在處理遺留問題方面取得的進展。總體而言，我們報告的本季度稅前虧損為 3.42 億瑞士法郎。調整後的運營費用為 38.7 億瑞士法郎，同比下降 6%，主要是由於薪酬和福利費用減少。這被財富管理中的 IT 相關資產減值部分抵消，總計 1.45 億瑞士法郎。

On an adjusted basis, we recorded a pretax loss of CHF 92 million in the third quarter. We also reported an income tax charge of CHF 3.7 billion in the quarter of which the majority, CHF 3.66 billion was an impairment related to a reassessment of deferred tax assets resulting from our strategic review and so is not related to our third quarter operating performance. The net loss attributable to shareholders, including the income tax expense totaled CHF 4.03 billion for the quarter.

經調整後，我們在第三季度錄得 9200 萬瑞士法郎的稅前虧損。我們還報告了本季度 37 億瑞士法郎的所得稅費用，其中大部分，36.6 億瑞士法郎是與我們的戰略審查產生的遞延所得稅資產重新評估相關的減值，因此與我們第三季度的經營業績無關。本季度歸屬於股東的淨虧損（包括所得稅費用）總計 40.3 億瑞士法郎。

Turning now to assets under management on the next slide. Market movements were the main driver of a CHF 53 billion decline in assets under management for the group quarter-on-quarter. This includes net asset outflows of CHF 12.9 billion. At this point, I would like to provide some additional context and commentary on asset flows at the start of the fourth quarter. We did see a significant level of deposit and AUM outflows during the first 2 weeks of October. Whilst these outflows have stabilized since this period, they've not yet reversed. We have plans to address these matters after 27th of October through, amongst other things, accessing capital markets and executing the strategic initiatives we have announced today. We would note that the execution of these measures is also expected to generate liquidity and reduce the funding requirements of the group.

現在轉到下一張幻燈片上的管理資產。市場走勢是該集團管理資產環比下降 530 億瑞士法郎的主要驅動因素。這包括 129 億瑞士法郎的淨資產流出。在這一點上，我想就第四季度初的資產流動提供一些額外的背景和評論。在 10 月的前兩週，我們確實看到了大量的存款和 AUM 流出。雖然自這段時期以來這些資金外流已經穩定下來，但它們還沒有逆轉。我們計劃在 10 月 27 日之後通過進入資本市場和執行我們今天宣布的戰略舉措等方式解決這些問題。我們會注意到，這些措施的執行也有望產生流動性並減少集團的資金需求。

Let's now turn to costs on the next slide. As I mentioned earlier, adjusted operating costs were 6% lower year-on-year at CHF 3.87 billion. This was mainly due to a reduction in our compensation and benefits accruals of CHF 398 million, reflecting our revenue performance and pretax loss in the third quarter. The figure also includes a charge of CHF 145 million that I mentioned earlier as we took the decision to impair IT-related assets in Wealth Management, following a review of our technology and platform strategy in the division. We continue to make investments in technology and in Wealth Management, though the associated costs were partly offset by savings and business exits.

現在讓我們轉向下一張幻燈片上的成本。正如我之前提到的，調整後的運營成本為 38.7 億瑞士法郎，同比下降 6%。這主要是由於我們的薪酬和福利應計減少了 3.98 億瑞士法郎，反映了我們第三季度的收入表現和稅前虧損。該數字還包括我之前提到的 1.45 億瑞士法郎的費用，因為我們在審查了我們在該部門的技術和平台戰略後，決定削弱財富管理中的 IT 相關資產。我們繼續在技術和財富管理方面進行投資，儘管相關成本被儲蓄和業務退出部分抵消。

Later on today, we will provide details of our strategic plan to reduce costs further over the next 3 years. The IT impairments taken in the second and third quarters are evidence of our willingness to take action in the short term for longer-term benefit.

今天晚些時候，我們將提供我們在未來 3 年進一步降低成本的戰略計劃的詳細信息。第二季度和第三季度的 IT 損失證明我們願意在短期內採取行動以獲取長期利益。

Let's now turn to our capital ratios on the next slide. Our quarter-end CET1 ratio was 12.6% a decrease of 90 basis points compared to the end of the second quarter. Let me take you through the key drivers. First, we saw a 12 basis point reduction from the pretax loss for the quarter. Second, certain CET1 capital movements accounted for a further 20 basis point reduction. And third, net increases in RWAs in the quarter accounted for a net reduction of 11 basis points. This takes us to a CET1 ratio of 13.1% before the impacts of today's announcements.

現在讓我們轉向下一張幻燈片上的資本比率。我們的季度末 CET1 比率為 12.6%，與二季度末相比下降了 90 個基點。讓我帶您了解關鍵驅動因素。首先，我們看到本季度的稅前虧損減少了 12 個基點。其次，某些 CET1 資本流動進一步減少了 20 個基點。第三，本季度 RWA 的淨增長導致淨減少 11 個基點。在今天的公告影響之前，這使我們達到了 13.1% 的 CET1 比率。

Taking these in turn, the strategy related deferred tax assets impairment reduces the CET1 ratio for the third quarter by 48 basis points to the reported 12.6%. This is more than offset, though, by the CHF 4 billion capital raise, which adds around 140 basis points, taking us to a pro forma CET1 ratio for the third quarter of 14%. Our tier 1 leverage ratio was 10 basis points lower at 6% compared to the previous quarter before the strategy impact. The 21 basis point reduction due to the strategy related deferred tax impact is more than offset by an increase of around 45 basis points coming from the capital raise. And this takes the pro forma tier 1 leverage ratio for the quarter to 6.5%.

反過來，與戰略相關的遞延所得稅資產減值將第三季度的 CET1 比率降低 48 個基點至報告的 12.6%。不過，這被 40 億瑞士法郎的融資所抵消，這增加了約 140 個基點，使我們第三季度的備考 CET1 比率達到 14%。與戰略影響前的上一季度相比，我們的一級槓桿率下降了 10 個基點，為 6%。由於與戰略相關的遞延稅影響而導致的 21 個基點的減少被資本籌集帶來的約 45 個基點的增加所抵消。這使本季度的備考一級槓桿率達到 6.5%。

A few points on parent capital. As a result of our strategy announcement, in particular, the capital raise, the Credit Suisse AG Swiss CET1 ratio has reduced significantly due to further participation valuation adjustments. In contrast, the announced capital actions are expected to strengthen the group CET1 ratio. In light of the bank's transformation, FINMA has reduced the size of the capital surcharges for the bank's market share and its size according to the capital adequacy ordinance. This results in a lower total capital requirement for Credit Suisse Group AG and its domestic subsidiaries.

關於母資本的幾點。由於我們的戰略公告，特別是融資，Credit Suisse AG Swiss CET1 比率由於參與估值的進一步調整而顯著降低。相比之下，預計宣布的資本行動將加強集團 CET1 比率。鑑於銀行的轉型，FINMA根據資本充足條例降低了銀行市場份額和規模的資本附加費規模。這導致瑞士信貸集團及其國內子公司的總資本要求較低。

In addition, the bank parent company will temporarily use capital buffers until the end of 2025, in line with the capital adequacy ordinance and the regulatory guidance by FINMA. This allows the bank effective and efficient capital management during the transformation period.

此外，銀行母公司將根據資本充足條例和 FINMA 的監管指導，暫時使用資本緩衝至 2025 年底。這使得銀行在轉型期間能夠有效和高效地進行資本管理。

Let's now turn to our business divisions, which we will discuss as usual on an adjusted basis. And I'll start with Wealth Management. Total net revenues in Wealth Management were CHF 1.36 billion, down 14% year-on-year, impacted by lower client activity, volumes and recurring revenues. Net interest income improved 20% due to higher deposit revenues, which reflected higher interest rates, especially in U.S. dollars. This was more than offset by lower recurring commissions and fees, which down 18% and a reduction in transaction-based revenues of 40%.

現在讓我們轉向我們的業務部門，我們將在調整的基礎上照常討論。我將從財富管理開始。財富管理的總淨收入為 13.6 億瑞士法郎，同比下降 14%，受客戶活動、交易量和經常性收入下降的影響。由於更高的存款收入，淨利息收入增加了 20%，這反映了更高的利率，尤其是美元。這被較低的經常性佣金和費用所抵消，減少了 18%，基於交易的收入減少了 40%。

Looking at the revenue lines in more detail. The decline in recurring commissions and fees reflected lower average assets under management and lower service-driven fees. In terms of transaction-based revenues, clients continue to be cautious, especially in our Asia Pacific franchise, which impacted Global Trading Solutions revenues. We also saw further mark-to-market losses on our fair value portfolio of CHF 35 million related to the APAC Financing Group.

更詳細地查看收入線。經常性佣金和費用的下降反映了較低的平均管理資產和較低的服務驅動費用。在基於交易的收入方面，客戶繼續保持謹慎態度，尤其是在我們的亞太地區特許經營業務中，這影響了全球交易解決方案的收入。我們還看到與 APAC Financing Group 相關的 3500 萬瑞士法郎的公允價值投資組合進一步按市值計價虧損。

Operating expenses were 9% higher at CHF 1.27 billion, mainly driven by an impairment of IT-related assets of CHF 145 million, following a review of the wealth management technology and platform strategy. We continue to simplify our technology state and position Wealth Management for the implementation of our new strategy, though the costs associated with this were partly offset by lower compensation and benefits expenses. Overall, adjusted pretax income for the division was 80% lower year-on-year at CHF 78 million. There were net outflows of CHF 6.4 billion in the quarter due to a combination of clients deleveraging and proactive derisking.

運營費用增長 9%，達到 12.7 億瑞士法郎，主要是由於對財富管理技術和平台戰略進行審查後，IT 相關資產減值 1.45 億瑞士法郎。我們繼續簡化我們的技術狀態和定位財富管理以實施我們的新戰略，儘管與此相關的成本部分被較低的薪酬和福利費用所抵消。總體而言，該部門調整後的稅前收入為 7800 萬瑞士法郎，同比下降 80%。由於客戶去槓桿化和主動去風險化，本季度淨流出 64 億瑞士法郎。

Let's turn to the Swiss Bank. The Swiss Bank delivered a resilient performance, notwithstanding the impact on threshold benefits as Swiss interest rates have risen, with total net revenues 9% lower year-on-year at CHF 956 million. Net interest income decreased 11%, mainly driven by lower threshold benefits from the Swiss National Bank. As a reminder, this threshold benefit has been worth around CHF 350 million per annum while rates have been at minus 75 basis points. But as Swiss interest rates have moved towards 0, that benefit has eroded, the effect of this should bottom out around the middle of 2023.

讓我們轉向瑞士銀行。儘管瑞士利率上升對門檻收益產生了影響，但瑞士銀行的業績表現強勁，總淨收入同比下降 9%，為 9.56 億瑞士法郎。淨利息收入下降 11%，主要是由於瑞士國家銀行的門檻收益較低。提醒一下，這一門檻收益每年約為 3.5 億瑞士法郎，而利率為負 75 個基點。但隨著瑞士利率趨向於零，這種好處已經消失，其影響應該會在 2023 年年中左右觸底。

Recurring commissions and fees were down 3% year-on-year due to lower assets under management, partly offset by higher fees generated from lending. Transaction-based revenues were 17% lower year-on-year, However, we did see a transition gain relating to IBOR in the third quarter of last year. If we exclude this as well as gains on certain equity investments, transaction-based revenues were 4% lower year-on-year. Operating expenses were 7% lower year-on-year at CHF 552 million, mainly due to reductions in compensation and benefits. This translated into a pretax income of CHF 383 million, 15% lower than the same quarter last year. There were net outflows in the quarter of CHF 1.5 billion with outflows of CHF 1.7 billion from private clients, partly offset by inflows of CHF 200 million from institutional clients.

由於管理的資產減少，經常性佣金和費用同比下降 3%，部分被貸款產生的費用增加所抵消。基於交易的收入同比下降 17%，但是，我們確實在去年第三季度看到了與 IBOR 相關的過渡收益。如果我們排除這一點以及某些股權投資的收益，基於交易的收入同比下降 4%。運營費用為 5.52 億瑞士法郎，同比下降 7%，主要是由於薪酬和福利的減少。這轉化為 3.83 億瑞士法郎的稅前收入，比去年同期下降 15%。本季度淨流出 15 億瑞士法郎，其中私人客戶流出 17 億瑞士法郎，部分被機構客戶流入 2 億瑞士法郎所抵消。

Let's now turn to Asset Management. Revenues here improved compared to the second quarter, but were down year-on-year as a result of market uncertainty and reduced client appetite. Overall, net revenues were 15% lower year-on-year at CHF 346 million. Management fees declined by 13% year-on-year in line with a 13% decrease in assets under management, mainly the result of market movements and currency effects, a 47% improvement in investment in partnership income was more than offset by a 56% fall in performance, transactions and placement revenues.

現在讓我們轉向資產管理。與第二季度相比，這裡的收入有所改善，但由於市場不確定性和客戶需求下降，同比下降。總體而言，淨收入為 3.46 億瑞士法郎，同比下降 15%。管理費用同比下降 13%，與管理資產下降 13% 一致，主要受市場波動和貨幣影響，合夥收入投資增長 47% 被 56% 的增長所抵消業績、交易和配售收入下降。

Operating expenses were 11% lower year-on-year, mainly driven by lower expenses related to the supply chain finance fund matter and reduced compensation and benefits. Overall, pretax income decreased 21% year-on-year to CHF 104 million. There were net asset outflows of CHF 4.2 billion over the quarter, across both traditional and alternative investments, partly offset by inflows from investments and partnerships.

營業費用同比下降 11%，主要是由於與供應鏈金融基金相關的費用減少以及薪酬和福利減少。總體而言，稅前收入同比下降 21% 至 1.04 億瑞士法郎。本季度，傳統投資和另類投資的淨資產流出達 42 億瑞士法郎，部分被投資和合作夥伴關係的流入所抵消。

Let's now turn to the Investment Bank. The Investment Bank faced challenging conditions in the third quarter with higher volatility, widened credit spreads and muted primary issuance. As a result, total net revenues were 58% lower year-on-year at USD 1.14 billion. Within primary, our performance this quarter has been broadly comparable with peers in a depressed market, whereas a comparatively weak sales and trading performance is largely reflective of our business mix. As we have evolved in recent years, we have deemphasized certain business lines such as macro where our peers have been able to benefit from higher volatility. Later this morning, we'll discuss the steps that we're taking to address this including refocusing our markets business.

現在讓我們轉向投資銀行。投資銀行在第三季度面臨著充滿挑戰的環境，波動性增加、信用利差擴大和初級發行低迷。因此，總淨收入為 11.4 億美元，同比下降 58%。在初級方面，我們本季度的表現與低迷市場的同行大致相當，而相對疲軟的銷售和交易表現在很大程度上反映了我們的業務組合。隨著我們近年來的發展，我們不再強調某些業務線，例如我們的同行能夠從更高的波動性中受益的宏觀業務。今天上午晚些時候，我們將討論我們為解決這個問題而採取的步驟，包括重新關注我們的市場業務。

Capital markets revenues were impacted by substantially lower activity in the equity capital leverage finance markets and also include mark-to-market losses of USD 120 million in leveraged finance. We continue to take steps to de-risk our book and our non-investment-grade underwriting portfolio was down 40% compared to the end of 2021. Advisory revenues were 39% lower year-on-year with lower deal closings. And again, this was in line with peers.

資本市場收入受到股權資本槓桿融資市場活動大幅減少的影響，還包括 1.2 億美元的槓桿融資按市值計價損失。我們繼續採取措施降低賬面風險，與 2021 年底相比，我們的非投資級承銷組合下降了 40%。諮詢收入同比下降 39%，交易完成量減少。同樣，這與同行一致。

Equities revenues were down 54% against a strong third quarter in 2021. This was driven by reduced equity derivatives and cash trading revenues and also reflected the exit from Prime Services. Fixed income revenues were 32% lower year-on-year due to a decline in securitized products and global credit products partly offset by higher macro revenues as a result of higher volatility.

與 2021 年第三季度的強勁表現相比，股票收入下降了 54%。這是由於股票衍生品和現金交易收入減少，也反映了 Prime Services 的退出。由於證券化產品和全球信貸產品的下降，固定收益收入同比下降 32%，部分被波動性增加導致的宏觀收入增加所抵消。

Operating expenses were 12% lower year-on-year at USD 1.78 billion, reflecting lower compensation and benefits and revenue-related expenses. This resulted in an adjusted pretax loss of USD 640 million. Clearly, this is not an acceptable outcome. And again, we will outline the steps we are taking to reshape our business model later on this morning. Risk-weighted assets and leverage exposure were down 10% and 20%, respectively, year-on-year, reflecting reduced business activity as well as management actions.

運營費用為 17.8 億美元，同比下降 12%，反映出薪酬和福利以及與收入相關的費用減少。這導致調整後的稅前虧損為 6.4 億美元。顯然，這不是一個可以接受的結果。同樣，我們將在今天上午晚些時候概述我們為重塑業務模式而採取的步驟。風險加權資產和槓桿敞口同比分別下降 10% 和 20%，反映出業務活動和管理行動減少。

Let me finish with a look at the Corporate Center. Net revenues were CHF 35 million while operating expenses were 62% lower year-on-year at CHF 76 million. As a result, the Corporate Center delivered a pretax loss of CHF 41 million down from a pretax loss of CHF 212 million for the same period last year. The asset resolution unit, which sits within the Corporate Center generated a pretax loss of CHF 28 million compared to a pretax loss of CHF 73 million in the third quarter of last year.

最後讓我看看企業中心。淨收入為 3500 萬瑞士法郎，而運營費用為 7600 萬瑞士法郎，同比下降 62%。因此，企業中心的稅前虧損為 4,100 萬瑞士法郎，而去年同期的稅前虧損為 2.12 億瑞士法郎。位於企業中心內的資產解決部門產生了 2800 萬瑞士法郎的稅前虧損，而去年第三季度的稅前虧損為 7300 萬瑞士法郎。

RWAs declined by USD 2 billion to USD 6 billion and leverage exposure by USD 5 billion to USD 14 billion over the same period as we continue to wind down the book.

同期風險加權資產減少 20 億美元至 60 億美元，槓桿敞口增加 50 億美元至 140 億美元，因為我們繼續減持。

With that, thank you very much, and I'll hand over to Kinner.

有了這個，非常感謝你，我將移交給 Kinner。

Great. Thank you. So we'll now begin the Q&A part of the conference. I would kindly remind you again to focus on earnings. There will be time for strategy later this morning. Also, given time restriction, if everybody could stick to a maximum of 2 questions, please. So over to Alice. Thank you.

偉大的。謝謝你。所以我們現在開始會議的問答部分。我會再次提醒您關注收益。今天上午晚些時候將有時間制定策略。另外，由於時間限制，如果每個人都可以堅持最多 2 個問題，請。所以交給愛麗絲。謝謝你。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Stefan Stalmann with Autonomous Research.

我們的第一個問題來自自治研究的 Stefan Stalmann。

My 2 questions are as follows. The first one on your deposits, customer deposits in the group balance sheet. They are down by 5% during the quarter. And I guess on an FX-neutral basis, given the strength of (inaudible) would be even more. Can you give any color, please, on what drove this reduction maybe by business lines, geography, currency, whatever makes sense? And the second question on your capital situation at the AG. The U.K. authorities approved a roughly CHF 5 billion capital repatriation in early September. Has that actually been executed, please? .

我的2個問題如下。第一個放在你的存款上，客戶存款放在集團資產負債表上。他們在本季度下降了 5%。我猜在外匯中性的基礎上，考慮到（聽不清）的強度會更大。請您就業務線、地理、貨幣等任何有意義的因素推動這種減少的原因提供任何顏色嗎？第二個問題是關於您在 AG 的資本狀況。英國當局在 9 月初批准了大約 50 億瑞士法郎的資本匯回。請問這真的被執行了嗎？ .

Thank you for both questions, and thank you for joining the call. I'll take the second one first. The answer is yes. We did repatriate the CHF 5 billion out of our U.K. entities and that was supportive of our parent capital ratio in the third quarter. Quite frankly, that follows a legal entity simplification strategy that we've been investing in over the years that's contributed in the region of about CHF 18 billion of efficiencies to date. We will continue investing in that initiative over the next 3 years, and we'd expect that to free up more parent capital during that period as well.

感謝您提出這兩個問題，並感謝您加入電話會議。我先拿第二個。答案是肯定的。我們確實從我們的英國實體中匯回了 50 億瑞士法郎，這支持了我們在第三季度的母資本比率。坦率地說，這遵循了我們多年來一直在投資的法人實體簡化戰略，迄今為止在該地區貢獻了約 180 億瑞士法郎的效率。我們將在未來 3 年內繼續投資於該計劃，我們預計這也將在此期間釋放更多的母公司資本。

On the deposit front, what you have seen in the third quarter, as we show on Slide 9, is really that a combination of market moves and NNA outflows have led to a reduction in AUM in the third quarter. Net new asset outflows were in the region of CHF 13 billion in the third quarter. As you know, the negative social media news around our name at the beginning of October, did lead to outflows across our franchise. It's something that we're looking to address today through the strategic announcements that we're making, including the CHF 4 billion capital raise and ensuring that we're well capitalized through this transformation period while we make the transformational announcements and restructuring across our investment bank and other business areas.

在存款方面，正如我們在幻燈片 9 中展示的那樣，您在第三季度看到的是，市場走勢和 NNA 流出的結合導致第三季度的 AUM 減少。第三季度的新資產淨流出量在 130 億瑞士法郎左右。如您所知，10 月初圍繞我們名字的負面社交媒體新聞確實導致了我們特許經營權的資金外流。這是我們今天希望通過我們正在發布的戰略公告來解決的問題，包括籌集 40 億瑞士法郎的資金，並確保我們在這個轉型期擁有充足的資本，同時我們在整個投資中發布轉型公告和重組銀行等業務領域。

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。

I am going to have to follow up on the question about the outflows? Because of course, I think from one perspective, I think the market was prepared for them given what you've just kind of discussed in terms of what we have kind of seen in the markets and the media as well. But could you give us a sense of how concentrated those outflows were versus more broad-based. And we've seen the outflows, I think because you've provided us with so much information, but there seems to be outflows in APAC and MENA, but, for example, not in EMEA. Would you be able to kind of give us a sense of kind of what actually happened during the quarter and maybe in the beginning of and maybe in October as well to kind of -- for us to be able to assess how to look at them going forward. .

我將不得不跟進有關資金外流的問題？因為當然，我認為從一個角度來看，我認為市場已經為他們做好了準備，因為你剛才就我們在市場和媒體上看到的情況進行了討論。但是，您能否讓我們了解這些流出的集中程度與基礎範圍更廣。我們已經看到了資金外流，我認為是因為您向我們提供了很多信息，但亞太地區和中東和北非地區似乎有資金外流，但例如，歐洲、中東和非洲地區沒有。您能否讓我們了解本季度實際發生的事情，也許是在 10 月初，也可能在 10 月份 - 以便我們能夠評估如何看待它們向前。 .

Sure. Thanks, Magdalena. So if you look at the Wealth Management situation, you've seen the outflows of CHF 6.4 billion for the quarter. And you rightly put it, which you then see reflected in the transaction-based income line as well. Our Wealth Management business is very strong, as you know, in APAC, in emerging markets that has impacted that clearly, as you said. If you look at the CHF 6.4 billion, it's a combination in the third quarter of deleveraging and derisking if you want to, so about CHF 3 billion comes from deleveraging another like CHF 2 billion is a proactive, call it, derisking and then some additional deposit outflows. I think that's the right way to think about everyone.

當然。謝謝，瑪格達萊娜。因此，如果您查看財富管理的情況，您會看到本季度流出 64 億瑞士法郎。你說得對，然後你會看到它也反映在基於交易的收入線中。如您所知，我們的財富管理業務在亞太地區和新興市場非常強大，正如您所說，這明顯影響了這一點。如果你看一下 64 億瑞士法郎，如果你願意，它是第三季度去槓桿和去風險的組合，所以大約 30 億瑞士法郎來自去槓桿化另一個，比如 20 億瑞士法郎是主動的，稱之為去風險化，然後是一些額外的存款流出。我認為這是思考每個人的正確方式。

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。

First question is on advisers and concern around adviser morale, clearly, but if I look at the numbers, they are down quarter-on-quarter in adviser numbers. And I just wanted to see -- is that driven by business exits? Or what are you doing to retain advisers, i.e., do you have to write fixed contracts at this point? And how should we think about the trend into the fourth quarter in terms of advisers, and in that context, this clients, do you need to increase deposit rates in order to retain, i.e., should we think about NII changes in the Wealth Management business in terms of impact from deposit [renumeration] that you might have to give, and then the second question is just on funding. Clearly, your funding costs have changed quite materially lately. And I just wonder how we should think about financing for this year, and going forward, if there's any delay in financing from your perspective?

顯然，第一個問題是關於顧問和對顧問士氣的擔憂，但如果我看一下這些數字，他們的顧問人數環比下降。我只是想看看——這是由業務退出驅動的嗎？或者你在做什麼來留住顧問，也就是說，你現在必須寫固定的合同嗎？以及我們應該如何考慮顧問方面進入第四季度的趨勢，在這種情況下，這些客戶是否需要提高存款利率才能保留，即我們是否應該考慮財富管理業務的 NII 變化就您可能必須提供的存款 [renumeration] 的影響而言，然後第二個問題只是關於資金。顯然，您的資金成本最近發生了很大變化。我只是想知道我們應該如何考慮今年的融資，以及從你的角度來看，如果融資有任何延遲？

Okay. Thank you very much. Let me start with the number of relationship managers you're referring to on Page 12, actually, there is nothing, I would say, from my point of view, unusual behind -- as you know, we said last year that we would build on that number and enlarge that number over time. Also that is, in principle, unchanged because we want to grow our business and therefore, also over time enlarge that number. Having said that, if you look at this market environment and what it has done, not only to us, but to all in terms of market performance, et cetera, it's clear that we slowed that down in line with the overall development of the results. And this is more driven here than by, call it, natural fluctuations and not being too fast to replace them, if not necessary, or build them put out, I think that's what's behind no more. Kinner, I think.

好的。非常感謝。讓我從你在第 12 頁上提到的客戶關係經理的數量開始，實際上，我想說，從我的角度來看，背後沒有什麼不尋常的——如你所知，我們去年說過我們將建立在那個數字上並隨著時間的推移擴大這個數字。同樣，原則上不變，因為我們想要發展我們的業務，因此隨著時間的推移也會擴大這個數字。話雖如此，如果你看看這個市場環境和它所做的，不僅對我們，而且對所有人的市場表現等等，很明顯，我們放慢了速度，以符合結果的整體發展.這比所謂的自然波動更受驅動，而不是太快更換它們，如果沒有必要的話，或者把它們建造出來，我認為這就是背後的原因。金納，我想。

I'll take the second 2 questions. On funding and deposits, I guess, somewhat interlinked. Funding costs this year we think are up about CHF 160 million year-on-year. That's on a full year basis versus last year. You've seen the uptick in spreads across the entire industry, including on our name. And the idiosyncratic effects in October have resulted in wider spreads on our name as well.

我會回答第二個問題。我想，在資金和存款方面，有些相互關聯。我們認為今年的融資成本同比增加約 1.6 億瑞士法郎。與去年相比，這是全年的。您已經看到整個行業的價差上升，包括我們的名字。 10 月份的特殊影響也導致我們的名字出現更廣泛的傳播。

Look, today's announcements that we'll speak about during the Strategy Day, the actions we're taking on the investment bank the lower leverage and RWA footprint that we will run with, the reduction of our risk profile and exposure through the Securitized Products exit, all of those items, I think, will be conducive to a tightening of spreads over time. and we think that would allow us to reduce our funding costs as we get through the transformation.

看，今天我們將在戰略日期間談論的公告，我們對投資銀行採取的行動，我們將運行的較低杠桿和 RWA 足跡，通過證券化產品退出降低我們的風險狀況和敞口，我認為，隨著時間的推移，所有這些項目都將有助於收緊利差。我們認為這將使我們能夠在完成轉型時降低我們的資金成本。

In terms of deposit rates, we would be looking to regain our market share and would be competitive, as you'd expect us to be. It's not lost on us that look, you did see in the U.S. as a result of really liquidity in the system, contracting, especially from central banks that you did see large reductions in deposits in the United States as well. And I suspect that's something that we might see globally as well. So in that environment, we'll remain competitive.

在存款利率方面，我們將尋求重新獲得我們的市場份額並具有競爭力，正如您所期望的那樣。我們並沒有忘記這一點，你確實在美國看到了由於系統中真正的流動性，收縮，特別是來自中央銀行，你確實看到美國的存款大幅減少。我懷疑這也是我們可能在全球範圍內看到的東西。所以在那種環境下，我們將保持競爭力。

And may I just follow up very briefly on the debt schedule. Can you -- clearly, that is changing with your restructuring, can you give us indication of how much debt you still want to refinance this year and next year? .

我可以簡單地跟進債務時間表。你能 - 很明顯，隨著你的重組而改變，你能告訴我們今年和明年你還想再融資多少債務嗎？ .

Yes. Happy to. And you'll see in the fixed income deck that was published as well. We outlined our revised plans for this year. We'd expect to do in the region of around CHF 2 billion of further AT1 through the course of the fourth quarter and in the region of CHF 5 billion of Holdco debt as well. Look, the strategy announcements that we have -- that we'll talk about later, result in a freeing up of liquidity. And of course, with the lower leverage exposure, we would find efficiencies in our funding through the next 2 or 3 years, and that should result in not just improved funding costs, but quite frankly, just lower funding requirements in the capital market as well.

是的。高興。您還將在已發布的固定收益套牌中看到。我們概述了今年的修訂計劃。我們預計在第四季度期間將在大約 20 億瑞士法郎的進一步 AT1 區域以及在 50 億瑞士法郎的 Holdco 債務區域內進行。看，我們擁有的戰略公告——我們稍後會談到，導致流動性釋放。當然，由於槓桿敞口較低，我們會發現未來 2 或 3 年的融資效率會提高，這不僅會降低融資成本，而且坦率地說，還會降低資本市場的融資需求.

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

下一個問題來自法國巴黎銀行的 Jeremy Sigee。

I just wanted to follow up again on the outflows point. You sort of quite deliberately told us about outflows in October after the quarter end. And I just wondered if you could give us a sense of scale, are they a similar run rate to what we had in 3Q, which was CHF 6 billion to maybe CHF 2 billion in the month? Or is it sort of more or less than that? Any sense of scale would be really helpful.

我只是想再次跟進流出點。你有點刻意地告訴我們季度結束後 10 月份的資金外流。我只是想知道你是否可以給我們一個規模感，它們是否與我們在第三季度的運行速度相似，即當月 60 億瑞士法郎到 20 億瑞士法郎？還是比這多或少？任何規模感都會非常有幫助。

What we have seen, and thanks for the question, what we have seen in particular at the beginning of October, certainly a heightened level of outflows, which was very much based on what you have seen in the media enterprise rumors. And let me say here very clearly to the largest extent possible factual incorrect rumors. But after that has affected the overall situation that has come in and down very significantly in the last couple of weeks, actually.

我們所看到的，感謝您提出的問題，尤其是在 10 月初，我們看到的資金外流肯定有所增加，這在很大程度上是基於您在媒體企業謠言中看到的。並且讓我在這裡非常清楚地說出最大可能的事實不正確的謠言。但在那之後，實際上影響了過去幾週來來去去的整體情況。

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

下一個問題來自巴克萊銀行的 Amit Goel。

I'm not sure if maybe this has been for the strategy presentation. But have you given the P&L contributions for the SPG Group in -- for this quarter and for prior periods in the release I couldn't quite find it. I saw obviously, overall noncore unit kind of P&L contribution?

我不確定這是否是為了戰略演示。但是，您是否提供了 SPG 集團在本季度和之前發布期間的損益貢獻，我找不到它。我很明顯地看到，整體非核心單位的損益貢獻？

Amit, was there a second question, Amit, you broke up?

阿米特，還有第二個問題，阿米特，你分手了嗎？

I know it was 1 question. I was just curious if you've given SPG P&L contribution for the Q3 and for prior quarters?

我知道這是1個問題。我只是好奇您是否為第三季度和前幾個季度提供了 SPG 損益表？

We haven't broken out the SPG contribution, and it's unlikely that we'll be breaking that out as well over the next quarter.

我們還沒有分解 SPG 的貢獻，而且我們不太可能在下個季度也分解它。

Okay. And just a second related question on that. Have you indicated anywhere any kind of gain or loss on the transaction?

好的。還有第二個相關的問題。您是否在任何地方表明交易的任何收益或損失？

Amit, you'll hear more about that today during our strategy announcement. We make a series of planning announcements -- planning assumptions and any gain or loss would be embedded into those assumptions. But again, we'll be more fulsome in our discussion during the strategy day.

阿米特，今天在我們的戰略公告中，您將聽到更多關於此的信息。我們發布了一系列計劃公告——計劃假設和任何收益或損失都將包含在這些假設中。但同樣，我們將在戰略日的討論中更加充實。

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

下一個問題來自匯豐銀行的皮爾斯布朗。

Sorry to come back to the topic of liquidity, but you did mention in the report that you breached certain legal entity LCR requirements during the quarter. I wonder if you could just elaborate on that and whether you can also give us the balance, the HQLA balance at the end of the quarter? And possibly, if you have the number for October as well, that would be even better. I think that number at the end of Q2 is CHF 230 billion roundabout. So if you could update on that. .

很抱歉回到流動性話題，但您在報告中確實提到您在本季度違反了某些法人實體的 LCR 要求。我想知道您是否可以詳細說明一下，您是否也可以給我們餘額，季度末的 HQLA 餘額？如果你也有 10 月份的數字，那可能會更好。我認為第二季度末的數字是 2300 億瑞士法郎。因此，如果您可以對此進行更新。 .

Sure. Happy to. Increasingly, we don't think about our liquidity in HQLA terms because it's not the best indicator of our liquidity position as it doesn't provide the full picture. As you know, we're derisking our balance sheet, and so NCOs are reducing. And as such, actually, we focus on the liquidity coverage ratio. The LCR at the end of the third quarter was around 192%. And -- and so it was pretty strong and probably at the highest end by peer standards. That, of course, has gone down, as we've indicated in our disclosures through the month of October. And that's partly related to the previous question that I got around funding from Kian, which is we will then commence funding subsequent to the announcements today. We had self-selected to be out of the capital markets during the month of October, given the strategic announcements that were coming today and we'd be once again commencing funding activities.

當然。高興。我們越來越不考慮 HQLA 術語中的流動性，因為它不是我們流動性狀況的最佳指標，因為它沒有提供全貌。如您所知，我們正在降低資產負債表的風險，因此 NCO 正在減少。因此，實際上，我們關注的是流動性覆蓋率。第三季度末的 LCR 約為 192%。而且 - 所以它非常強大，並且可能處於同行標準的最高端。正如我們在 10 月份的披露中所表明的那樣，這當然已經下降了。這部分與我從 Kian 獲得資金的前一個問題有關，即我們將在今天的公告之後開始資助。鑑於今天即將發布的戰略公告，我們已自行選擇在 10 月份退出資本市場，並且我們將再次開始融資活動。

The second is just what you'll hear about later, and you'll see -- and I won't go through all the detail right now, is that the leverage exposure reductions and balance sheet reductions that we have as part of our strategic announcements actually reduce our funding needs greatly over the next few years.

第二個就是你稍後會聽到的，你會看到的——我現在不會詳細介紹，是我們作為戰略一部分的槓桿敞口減少和資產負債表減少公告實際上大大減少了我們未來幾年的資金需求。

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

下一個問題來自瑞銀的 Daniele Brupbacher。

I wanted to ask about this Slide 18 from the second quarter where you showed the potential impact on revenues coming from shift to yield curves based on the forward curve, whether you could give us an update there. Obviously, we had major moves for the general update by currency would be super helpful and probably by -- I think you also broke it down by division, if I recall correctly.

我想問一下第二季度的這張幻燈片 18，您在該幻燈片中展示了基於遠期曲線向收益率曲線轉變對收入的潛在影響，您是否可以在那裡向我們提供更新。顯然，我們對按貨幣進行的一般更新採取了重大舉措，這將非常有幫助，而且可能是——如果我沒記錯的話，我認為你也按部門對其進行了細分。

Daniele, Hi. Sure, happy to take that question. When we look at -- and we've given previous disclosure around this, but when we look at updated yield curves from most recently, on a static balance sheet. We'd expect in the region of around CHF 1 billion net of uplift next year in NII. And I think that's a combination of 2 effects. The 1 is elevated rates compared to where we are. And the second is making some adjustments and being prudent around the size of deposit base as well, and that would be a CHF 1 billion uplift next year.

丹尼爾，嗨。當然，很高興接受這個問題。當我們查看-並且我們已經對此進行了先前的披露，但是當我們查看最近更新的收益率曲線時，在靜態資產負債表上。我們預計明年 NII 的淨增長約為 10 億瑞士法郎。我認為這是兩種效果的結合。與我們所處的位置相比，1 是更高的利率。第二個是對存款基礎規模進行一些調整和謹慎，明年將增加 10 億瑞士法郎。

(Operator Instructions)

（操作員說明）

There are no more questions at this time. Kinner back to you for closing remarks.

目前沒有更多問題。 Kinner 回复你的結束語。

Very good. So thanks very much. Look forward to catching up later in the morning. And of course, in the meantime, if you have any questions, feel free to reach out to us in the IR team. Thank you.

很好。非常感謝。期待在早上晚些時候趕上。當然，與此同時，如果您有任何問題，請隨時與我們的 IR 團隊聯繫。謝謝你。

Thank you very much.

非常感謝。

Thank you.

謝謝你。