InvestorVoice - InvestorVoice

FY08 loss from continuing operations of CHF 7.7 billion; FY08 loss from continuing operations of CHF 7.1 billion excluding costs after tax from the accelerated implementation of the strategic plan.
4Q08 net loss of CHF 6.0 billion; 4Q08 loss from continuing operations of CHF 4.9 billion excluding costs after tax from the accelerated implementation of the strategic plan.
Capital position remains very strong; tier 1 ratio of 13.3% as of end-2008; liquidity remained strong throughout the year.
Private Banking remained solidly profitable and recorded net new assets of CHF 50.9 billion in FY08.
- In 4Q08, continued strong net client inflows in Wealth Management of CHF 13.8 billion were partially offset by deleveraging of client portfolios of CHF 11.8 billion, resulting in net new assets of CHF 2.0 billion.
- In FY08, the Corporate & Retail Banking business achieved record income before taxes of CHF 1.8 billion.
Continued risk reduction in Investment Banking:
- Illiquid leveraged finance and structured products assets as of end-2008 declined 53% from end-3Q08 and 87% from end-3Q07.
- Risk-weighted assets declined 31% from end-2007 and 15% from end-3Q08 to USD 163 billion as of end-2008 and are expected to decline to USD 135 billion by year-end 2009.
Good progress made on strategic measures announced in December 2008:
- Investment Banking is focusing on its new streamlined business portfolio and capital-efficient strategy;
- With the sale of part of the global investors business, Asset Management has made tangible progress on its strategy to focus on scalable, high-margin areas;
- Credit Suisse is on track to deliver cost reductions of CHF 2 billion through the combined strategic measures.
Good contribution from collaboration revenues across the integrated bank: CHF 5.2 billion in 2008.
Credit Suisse has had a strong start to 2009 and was profitable across all divisions year to date.

Press Release