Credit Suisse Invest Strategic Reorientation of Wealth Management. Jean-Luc Rochat, Head PWMC Région Suisse Romande 11 April 2016

Transcription

1 Credit Suisse Invest Strategic Reorientation of Wealth Management Jean-Luc Rochat, Head PWMC Région Suisse Romande 11 April 2016

2 Agenda About Credit Suisse Wealth Management: current state and related challenges Credit Suisse Invest Questions and answers Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

3 Alfred Escher ( ) Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

4 Credit Suisse: an integrated global bank Founded in 1856 with headquarters in Zurich, Switzerland, Credit Suisse has operations in over 50 countries and employs 48,200 individuals from over 150 different nations Swiss Universal Bank International Wealth Management Asia Pacific Global Markets Investment Banking & Capital Markets Universal bank for private clients (retail, wealth management), commercial and institutional clients (excl. asset management services) primarily domiciled in Switzerland Global wealth management arm serving non-swiss and non-asia Pacific domiciled (U)HNWI clients, and global asset management business, including Swiss products and clients Integrated private and investment bank for our Asia Pacific domiciled (U)HNWI, corporate, and institutional clients Sales & trading platforms covering the Americas and EMEA Advisory and underwriting platforms covering the Americas and EMEA EMEA = Europe, Middle East and Africa. (U)HNWI = (Ultra)-high-net-worth individuals. Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

5 Credit Suisse Group: facts & figures Financial performance Total reported results in CHF bn Net revenues Pre-tax income/(loss) (2.4) Pre-tax income excl. adjustment items Net income/(loss) att. to shareholders (2.9) A balanced business portfolio % 21% Adjusted 1% pre-tax income 1,2 22% 24% Cost/income ratio 109% 86% 84% Return on equity attributable to shareholders (7)% 4% 6% Net new assets Assets under management 1,214 1,369 1,249 Total assets Net loans Capital ratios on a Basel 3 look-through basis, in CHF bn 6% 31% Employees 2 28% 54% 20% 15% Swiss Universal Bank International Wealth Management Asia Pacific Global Markets Investment Banking & Capital Markets Strong senior credit ratings 3 Credit Suisse AG (the Bank) Shortterm Moody s P-1 A2 Longterm Outlook Stable CET1 ratio 11.4% 10.1% 10.0% CET1 leverage ratio 3.3% 2.5% Tier 1 leverage ratio 4.5% 3.5% not applicable not applicable 15% Relationship managers 31% S&P A-1 A Fitch Ratings F1 A Stable Positive CET1 = Common equity tier 1. 1 Adjusted results are non-gaap financial measures. A reconciliation to reported results is included on the last slide of this presentation. 2 Excluding Corporate Center and Strategic Resolution Unit. 3 Relate to senior unsecured debt and are subject to change without notice. Latest rating action on January 11, Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

6 Swiss Universal Bank Switzerland core to the strategy The Swiss Universal Bank division offers comprehensive advice and a wide range of financial solutions to private, corporate and institutional clients domiciled in our home market Switzerland, which offers attractive growth opportunities and where we can build on a strong market position across our key businesses. Our Private Banking business has a leading franchise in Switzerland and serves UHNWI, HNWI and retail clients. Our Corporate & Institutional Banking business serves large corporate clients, small and medium size enterprises, institutional clients, financial institutions and commodity traders. Drive efficiency Increase cost efficiency through optimized footprint, automation and operational leverage End-to-end accountability and responsibility over Swiss costs and investments Focus to simplify Concentrate on Swissdomiciled clients Strategic priorities Invest in brand Further strengthening of brand and reputation in Switzerland Empower to grow Reported results in CHF bn Net revenues Pre-tax income Cost/income ratio 68% 64% 68% Number of relationship managers 2,060 2,070 2,040 Number of employees 14,200 13,200 13,200 Business lines financials in 2015 Net revenues CHF 5.6 bn 65% Focus on HNWI and capture synergies with mid/large SMEs by becoming the Bank for Entrepreneurs Exploit growth opportunities in UHNWI 35% Pre-tax income CHF 1.7 bn 52% 48% Assets under management CHF 241 bn CHF 276 bn Private Banking Corporate & Institutional Banking Net new asset development in CHF bn (U)HNWI = (Ultra)-high-net-worth individuals. Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

8 Credit Suisse Invest Re-Definition of Investment Advice Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

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10 Behavior Generation Wealth Source Behavior Wealth Source Generation We need to create value propositions tailored to subsegments to secure future success Generations communicate and do business differently Write me Call me me Whatsapp me UHNWI HNWI Retail & Affluent Traditionalist Baby Boomer Generation X/Y Millennials Current asset size focus Inherited old wealth vs. self-made new wealth Liliane Bettencourt Mark Zuckerberg Decline of delegation and growth of self-directed/assisted investing Client characteristics focus Client Sub-Segments 33% 1% Baby Boomer 66% 49% 9% Gen. X/Y 42% Wealth managed by... by primary advisor... by self... by others Source: 2013 Fidelity Millionaire Outlook Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

13 Evolved business model embracing digital capabilities, empowering our clients and employees Old paradigm world New digital & social business oriented world PUSH PULL Client Client Client Client Client Client Client Client Relationship Manager Relationship Manager Expert Expert Client Expert Expert Relationship Manager Solution Manager Investment Consultant Solution Manager Investment Advisor Solution Manager Expert Investment Consultant Expert Expert Expert Expert Expert Expert Expert Expert Credit Suisse Expert Expert Expert Expert Expert Credit Suisse COLLABORATIVE System Multi-directional Power of crowd Transparency Speed Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

14 Multiple challenges lead to re-thinking of investment advisory offering Higher client expectations Increasing regulation Fiercer competition New Reality in wealth management: explicitly defined, monitored & priced investment solutions New opportunities through technology Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

15 The most dangerous phrase in the language is, "We've always done it this way. (Grace Hopper 1 ) 1 Grace Hopper, American computer scientist and United States Navy rear admiral (* December 9, 1906; January ) Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

18 Credit Suisse Invest Solutions orientées sur les besoins Compact Aller à l essentiel: la solution d'investissement Compact Partner Exploiter les opportunités et identifier les risques: la solution pour les investisseurs exigeants Expert Au cœur des marchés: la solution pour investisseurs sophistiqués Mandate Gestion de fortune professionnelle: la solution pour mettre en œuvre votre stratégie de placement de manière optimale Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

19 Credit Suisse Invest Les éléments de différenciation 1/3 Comment définir la solution de conseil en placement qui convient? Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

20 Credit Suisse Invest Les éléments de différenciation 2/3 Compact Partner Expert Mandate Interaction avec un RM/IC (investment consultant) Interaction avec un RM/PM (gestionnaire de portefeuille) Services addition-nels au sein des solutions d'investissement Interaction avec un RM Interaction avec un RM Surveillance et rapports de performance Surveillance et rapports de performance Gestion de portefeuille (surveillance, mise en œuvre, rapports de performance) Rapports de performance Services et idées d'investissement Services et idées d'investissement Services et idées d'investissement Canal en ligne Services de base en placement Plate-forme de transactions Dépôt et reporting Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

21 Credit Suisse Invest Les éléments de différenciation 3/3 Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

22 Credit Suisse Invest Une tarification avantageuse et un univers de fonds sans rétrocessions Nouveau tarif applicable à Credit Suisse Invest (par rapport au tarif actuel) Droit de garde Droit de garde en fonction des actifs (abaissé) Commission de conseil en placement Nouveau Nouvelle commission spécifique pour le conseil en placement (différenciée selon la solution choisie) Courtage (actions, obligations, options, ETF, etc.) Ticket fee (abaissé) Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

23 Credit Suisse Invest Les avantages pour le client en résumé Des prestations de conseil déterminées Une relation personnalisée L assurance d un conseil professionnel Des recommandations basées sur la qualité du portefeuille Une offre transparente Une interaction, une surveillance et un monitoring adaptés aux besoins du client Une approche multicanaux Des outils à la pointe de la technologie Une tarification simple et avantageuse Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

24 Credit Suisse Invest - Explorer App / Démonstration Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

25 Credit Suisse Invest - Review App / Données clients Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

29 Credit Suisse Invest - Review App / Performances Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

30 Credit Suisse Invest - Review App / Performances Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

31 Credit Suisse Invest - Review App / Critères de qualité Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

35 Credit Suisse Invest - Review App / Portefeuille modèle Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

36 Credit Suisse Invest - Review App / Idées d investissement Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

37 Credit Suisse Invest - Review App / Themes in portfolio (TIP) Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

38 Credit Suisse Invest - Review App / ioptimizer Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

43 Credit Suisse Invest provides Superior Value Proposition Client related Self segmentation / choice of width and depth of services Explicit and transparent fee for service and advice, not included in transaction fees Inducement-free offering adds to attractiveness of pricing Comprehensive offering for all clients Bank related Consistency in delivery of expertise to the client directly and via Increased efficiency through clear role distinction of client-facing roles Streamlining the bank's efforts to fulfil explicit client needs (Research / Lead Offering / Investment Ideas / Client Reporting / Online Tools / etc ) Tangible value proposition for attracting share of wallet / new clients Create a sustainable business model Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

45 Questions? Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

46 Thank you! Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

47 Disclaimer Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk Factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2014 and in "Cautionary statement regarding forward-looking information" in our third quarter earnings release 2015 filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements except as may be required by applicable law. Statement regarding non-gaap financial measures This presentation also contains non-gaap financial measures, including adjusted cost run-rates. Information needed to reconcile such non-gaap financial measures to the most directly comparable measures under US GAAP can be found in the presentation to investors slides for the third quarter 2015, which is available on our website at credit-suisse.com. Statement regarding capital, liquidity and leverage As of January 1, 2013, Basel 3 was implemented in Switzerland along with the Swiss Too Big to Fail legislation and regulations thereunder. As of January 1, 2015, the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS), was implemented in Switzerland by FINMA. Our related disclosures are in accordance with our interpretation of such requirements, including relevant assumptions. Changes in the interpretation of these requirements in Switzerland or in any of our assumptions or estimates could result in different numbers from those shown in this presentation. Capital and ratio numbers for periods prior to 2013 are based on estimates, which are calculated as if the Basel 3 framework had been in place in Switzerland during such periods. Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. Leverage amounts for 4Q14, which are presented in order to show meaningful comparative information, are based on estimates which are calculated as if the BIS leverage ratio framework had been implemented in Switzerland at such time. Beginning in 2015, the Swiss leverage ratio is calculated as Swiss total capital, divided by period-end leverage exposure. The look-through BIS tier 1 leverage ratio and CET1 leverage ratio are calculated as look-through BIS tier 1 capital and CET1 capital, respectively, divided by end-period leverage exposure. The re-segmented financial information is preliminary and subject to further review Unless otherwise noted, this presentation contains certain historical financial information that has been re-segmented to approximate what our results under our new structure would have been, had it been in place from January 1, Such information is preliminary in nature and subject to review, evaluation and refinement, has not been audited or reviewed by our independent public accountants and can be expected to change in certain respects before any final re-segmentation is published. In addition, Illustrative, Ambition and Goal presentations are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such presentations are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. Accordingly, this information should not be relied on for any purpose. We may not achieve the benefits of our strategic initiatives We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions, changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Credit Suisse Invest - Strategic Reorientation of Wealth Management 11 April

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