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Credit Suisse Group Annual Report 2008

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Credit Suisse Group Annual Report 2008 Annual Report 2008 Financial highlights in / end of % change 2008 2007 2006 08 / 07 07 / 06 Net income (CHF million) Income/(loss) from continuing operations (7,687) 7,754 8,295 – (7) Net income/(loss) (8,218) 7,760 11,327 – (31) Earnings per share (CHF) Basic earnings/(loss) per share from continuing operations (7.33) 7.42 7.54 – (2) Basic earnings/(loss) per share (7.83) 7.43 10.30 – (28) Diluted earnings/(loss) per share from continuing operations (7.33) 6.95 7.20 – (3) Diluted earnings/(loss) per share (7.83) 6.96 9.83 – (29) Return on equity (%) Return on equity (21.1) 18.0 27.5 – – Core Results (CHF million) Net revenues 11,862 34,539 34,480 (66) 0 Provision for credit losses 813 240 (111) 239 – Total operating expenses 23,212 25,159 23,832 (8) 6 Income/(loss) from continuing operations before taxes (12,163) 9,140 10,759 – (15) Core Results statement of operations metrics (%) Cost/income ratio 195.7 72.8 69.1 – – Pre-tax income margin (102.5) 26.5 31.2 – – Effective tax rate 37.8 13.7 22.2 – – Income margin from continuing operations (64.8) 22.4 24.1 – – Net income margin (69.3) 22.5 32.9 – – Assets under management and net new assets (CHF billion) Assets under management from continuing operations 1,106.1 1,462.8 1,402.7 (24.4) 4.3 Net new assets (3.0) 43.2 88.4 – – Balance sheet statistics (CHF million) Total assets 1,170,350 1,360,680 1,255,956 (14) 8 Net loans 235,797 240,534 208,127 (2) 16 Total shareholders’ equity 32,302 43,199 43,586 (25) (1) Book value per share outstanding (CHF) Total book value per share 27.75 42.33 41.02 (34) 3 Tangible book value per share 1 19.37 31.23 30.20 (38) 3 Shares outstanding (million) Common shares issued 1,184.6 1,162.4 1,214.9 2 (4) Treasury shares (20.7) (141.8) (152.4) (85) (7) Shares outstanding 1,163.9 1,020.6 1,062.5 14 (4) Market capitalization Market capitalization (CHF million) 33,762 76,024 99,949 (56) (24) Market capitalization (USD million) 33,478 67,093 81,894 (50) (18) BIS statistics 2 Risk-weighted assets (CHF million) 257,467 312,068 253,676 – 23 Tier 1 ratio (%) 13.3 11.1 13.9 – – Total capital ratio (%) 17.9 14.5 18.4 – – Number of employees (full-time equivalents) Number of employees 47,800 48,100 44,900 (1) 7 1 Based on tangible shareholders’ equity, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity. Management believes that tangible shareholders’ equity is meaningful as it allows consistent measurement of the performance of businesses without regard to whether the businesses were acquired. 2 Under Basel II from January 1, 2008. Prior periods are reported under Basel I and therefore are not comparable. For further information, refer to III – Treasury, Risk, Balance sheet and Off-balance sheet – Treasury management. Annual Report 2008 January 26, 2009, 5 p.m., Credit Suisse, Three Exchange Square, Hong Kong Founded in 1856, we have today a truly global reach, with operations in over 50 countries and a team of more than 47,000 employees with some 100 different nationalities represented. Our global presence across all time zones enables us to serve our clients around the clock. As one of the world’s leading banks, we strive to make our entire financial expertise available to high-net-worth individuals and corporate, institutional, and government clients worldwide, as well as to retail clients in Switzerland. Our diverse client base has three divisions at its disposal – Private Banking, Investment Banking and Asset Management – which cooperate closely to provide integrated financial solutions. 2 Dear shareholders, clients and colleagues Credit Suisse recorded a net loss of CHF 8,218 million in The fourth priority for 2008 was to accelerate the implemen- 2008. Our loss from continuing operations was CHF 7,687 tation of our strategy. Credit Suisse delivered on this goal across million. While these results are clearly disappointing, we nev- all three divisions: In Private Banking, we added 340 relation- ertheless continued to strengthen our businesses during the ship managers to our Wealth Management team. In Investment year. Our overall approach was one of conservatism, and we Banking, we took steps to build a more client-focused, capital- delivered on our four main areas for 2008. efficient and streamlined operating model that should reduce Our first priority was to maintain our capital strength. As a earnings volatility and better leverage the strengths of our inte- result of our efforts, Credit Suisse entered 2009 with one of grated bank. In Asset Management, we made tangible progress the strongest capital ratios in the industry – 13.3% at the end in our efforts to streamline our business portfolio by closing our of 2008 – which we achieved without significantly diluting money market funds and agreeing to sell the majority of our shareholders. We see our capital strength as a key competitive traditional funds business to Aberdeen Asset Management in advantage at a time when clients are increasingly seeking a the UK, among other measures. As a result of these steps, we solid and trusted financial partner. In addition, we raised a total believe that Credit Suisse is well positioned for a protracted of CHF 37.1 billion of long-term debt. The Board of Directors period of market disruption or for a market recovery. will propose a cash dividend of CHF 0.10 per share for the financial year 2008 to the Annual General Meeting on April 24, 2009. 2008 financial performance Second, we succeeded in substantially reducing our level of risk in Investment Banking. By the end of 2008, our illiquid Credit Suisse reported a loss from continuing operations of leveraged finance and structured products positions had CHF 7,687 million for 2008, compared to income from contin- decreased by 87% compared to the end of the third quarter of uing operations of CHF 7,754 million in 2007. Excluding costs 2007. In addition, risk-weighted assets declined by 31% from after tax from the accelerated implementation of our strategic the end of 2007. We will continue to target further substantial plan, our 2008 loss from continuing operations was risk reductions during 2009. CHF 7,100 million. Core net revenues were CHF 11,862 mil- Our third priority was to maintain client momentum across lion in 2008 compared to CHF 34,539 million in the prior year. our businesses. Our efforts proved particularly effective in Pri- Private Banking demonstrated its resilience in 2008, deliv- vate Banking, which was solidly profitable through 2008 and ering solid net revenues of CHF 12,907 million despite the recorded over CHF 50 billion of net new assets. While our challenging operating environment. Pre-tax income declined overall performance in Investment Banking was disappointing, by 30% to CHF 3,850 million compared to 2007. The Wealth we nevertheless maintained good momentum in client-driven Management business reported pre-tax income of CHF 2,083 businesses such as flow-based rate products, foreign million, down 46% year on year. Net revenues remained solid exchange, prime services and cash equities, where we pro- but were 8% below the level of 2007, reflecting reduced client duced good results for the year. In Asset Management, where activity and lower average assets under management. Our significant valuation reductions impacted our overall result, we Swiss Corporate & Retail Banking business achieved record generated good inflows of net new assets in the high-margin pre-tax income of CHF 1,767 million for 2008, up 9% from alternative investments business. 2007. Net revenues grew by 5% compared to the prior year. Brady W. Dougan, Chief Executive Officer (left), Walter B. Kielholz, Chairman of the Board of Directors. In the background is a portrait of Alfred Escher who founded Credit Suisse in 1856. 4 Investment Banking posted a pre-tax loss of CHF 13,850 Strategic priorities for 2009 million for 2008, compared to pre-tax income of CHF 3,649 million in 2007. This result includes combined net valuation Credit Suisse will take a number of steps in 2009 to address writedowns of CHF 10,923 million in the leveraged finance the challenges and capture the opportunities presented by the and structured products businesses. Net revenues were nega- new market environment, in line with the accelerated strategic tive CHF 1,835 million in 2008, compared to positive plan announced in December 2008. Our 2009 priorities in our CHF 18,958 million in 2007. This decline reflects significant three divisions are as follows: losses in a number of businesses – including long/short and In Private Banking, we will continue to judiciously invest in event and risk arbitrage trading strategies, equity derivatives, growth, both globally and in our Swiss businesses. We see emerging markets trading and convertibles – due to the significant potential to gain market share in Switzerland in both extreme volatility in the second half of the year. At the same Wealth Management and Corporate & Retail Banking and are time, we reported good results in our client-driven businesses. increasingly benefiting from our strength and stability among Asset Management reported a pre-tax loss of CHF 1,127 our client base. At the same time, we will strive to further million in 2008, compared to pre-tax income of CHF 197 mil- enhance the efficiency of this business. lion in 2007. Net revenues decreased by 75% to CHF 496 In Investment Banking, we will continue to reposition the million, primarily as a result of private equity and other invest- business in line with the changed competitive environment and ment-related losses of CHF 676 million compared to strong market conditions.
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