Thank you everybody for joining us today for our media webcast on our Investor Day. 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. On the line with me today, our chairman, António Horta-Osório, and our CEO, Thomas Gottstein, who will give you an overview of our group strategy review. After the remarks, you will have the opportunity to ask questions. Our CFO, David Mathers, will also join us for the Q&A. I will now hand over to António. Thank you, Christine, and good morning, everyone from London. It is with great pleasure that I am opening this media webcast today. I'm here with our CEO, Thomas Gottstein, and over the next hour we'll present our strategy and answer your questions together with our CFO, David Mathers. As I have said when I was elected chairman, there is no doubt that this is a very challenging time for Credit Suisse. The issues we have seen in the past year, including the settlements of two legacy investigations in mid-October, clearly highlight the need for us to focus on rebuilding a culture of risk management. We have been working hard to understand the root causes of these issues. The Archegos report provides evidence that we do not shy away from learning serious lessons. You have my personal commitment that we will work to solve our issues one by one with the required diligence, thoroughness, and humility. Let me elaborate on where we stand. First, risk management. We have largely completed our fundamental risk review. This includes adjusting our risk appetite at the group and divisional levels accordingly. We appointed renowned risk experts, and we have re-emphasized that every employee plays a pivotal role in being a risk manager at heart. Risk will be an area of key and continuous focus going forward. Second, strategy. Together with the Board of Directors, the CEO, and the Executive Board, we have thoroughly assessed and debated the bank's strategic options. Today, we present a clear and robust long-term vision with a three-year plan which harnesses our underlying growth opportunities, underpinned by clear financial plans, milestones, and immediate priorities. We will invest to grow our top line by shifting approximately CHF 3 billion of capital to our wealth management business and through additional technology and other investments, increasing to around CHF 1 billion-CHF 1.5 billion per year by 2024, funded by expected BAU cost savings. You will hear more about this later in this presentation. Third, culture. Over the past month, we have had the opportunity to engage with many employees as well as external stakeholders across the main geographies. A recurring theme has been that our people are valued for their dedication, entrepreneurial spirit, and strong client focus, as well as the bank's integrated approach. These are the strengths we want to nurture and amplify while developing a much stronger focus on risk management and a culture of accountability and responsibility, delivering diversity and inclusion, and setting the right incentives. Our competitive advantages lie in our brand, our integrated bank model, our people, our strong positions across both mature and fast-growing markets in the APAC and other emerging economies, as well as in our fast-growing business lines. Our brand builds on Credit Suisse's rich history. Founded in Zurich in 1856 by Alfred Escher, one of Switzerland's greatest entrepreneurs, his entrepreneurial spirit and a distinct focus on clients' needs are still relevant today and form an integral part of our culture and of the essence of who we are. Our integrated bank model is a key competitive advantage. Our entrepreneur and ultra-high-net-worth clients benefit from the strong connectivity between our investment bank and wealth management. We want to expand this collaboration further to cater for the sophisticated needs of these clients while capturing new opportunities in areas such as sustainability, technology, and digitalization. Furthermore, we are fortunate to count on a deep pool of dedicated talent. At the Investor Update 2020, Thomas launched the Credit Suisse purpose statement. Reflecting on the past and looking at our future, we need to ensure that the critical discipline and diligence in risk aspects is constantly applied as it is articulated in serving our clients with care. I would now like to share more details about the assessment of our strategic options the board of directors has undertaken over the last six months. Our key considerations included the bank's integrated model and deep relationships with core clients, a focus on our sustainable competitive advantages, the connectivity and synergies within business lines and geographies, and the risk-adjusted economics and returns through the cycle. As a result, we have made clear choices around our clients, businesses, and markets as you can see on this slide. For example, we will reinforce our integrated model, implementing a matrix of global businesses together with strong regions responsible and accountable for client coverage. We will further invest in our leading wealth management business in our aim to accelerate growth and are creating one leading unified global division. We will reshape our investment bank, focusing on connectivity with wealth management and areas of competitive advantage while seeking to diversify and significantly lower its earnings volatility profile going forward. We decided to retain and to grow our core asset management business that has very significant synergies with our other businesses, and we expect to make investments increasing to approximately CHF 1 billion-CHF 1.5 billion per year by 2024 in areas such as technology, digital, and talent to foster future growth funded by BAU cost savings. Thomas will elaborate further on these key aspects in his presentation. Importantly, we plan to shift our capital allocation across the portfolio, aiming to direct approximately CHF 3 billion to Wealth Management by 2024 and increase the relative capital allocation to the Wealth Management division, Swiss Bank and Asset Management to approximately two times that of the Investment Bank already in 2022 and beyond, compared with roughly 1.5 times in 2020. To deliver on this strategy, we will focus on three pillars, strengthen our core, simplify our operating model, and invest for growth. We will strengthen our core focusing on our people, culture, and capital allocation. We will focus our culture on risk management, individual accountability and responsibility, and plan to shift capital to our highest value-creating businesses. We will simplify our operating model, driving structural cost discipline, and expect to generate positive operating leverage to fund strategic investments. We want to invest in our target client relationships, our talent, technology, and in the businesses and markets where we have sustainable competitive advantages. This will amount to approximately CHF 1 billion-CHF 1.5 billion per year by 2024, as I said, and we are already making a significant investment increase this year compared to past years. While we strengthen, simplify, and invest, four principles will guide it. We will seek to place risk management at the core of the bank and in everything we do and operate under the right risk appetite as approved by the board. We will strive to foster a diverse and inclusive culture that is centered on personal responsibility and accountability, appropriately incentivized, and combined with our entrepreneurial spirit. We will aim to lead the bank and our clients into a sustainable future, building and delivering on our ESG commitments. Finally, we will execute our strategy relentlessly and diligently under Thomas' leadership as our CEO. Today marks a new beginning. As I said before, there are no quick fixes, and there is a lot more to do. I can clearly see the benefits that can be generated for all of our stakeholders if we deliver on our strategic plan to sustainably grow the bank's profitability, make it stronger, and reduce risk. I am committing to you today that the board and I will be relentless in overseeing the execution of this strategy. I am excited about what lies ahead for the bank, and I am absolutely convinced that with focus, teamwork, and dedication from everyone across the bank, we will do it. Thank you. With that, I would like to hand over to Thomas. Thank you, António. Thank you all for joining this media presentation. I'm delighted to present to you the results of our in-depth strategy review conducted by the Board of Directors and the Executive Board. Our strategic review and our vision builds on our considerable strengths and is expected to support our path to long-term sustainable growth and economic profit through three pillars; strengthen, simplify, and invest for growth, as António already remarked. With the concrete measures we are announcing today, we should be well-positioned to leverage our integrated model around the world. We believe our Wealth Management Division is ideally positioned to capture growth opportunities in all four regions. Our Investment Bank is central to our new strategy. It has market-leading franchises, and we plan to invest for growth in capital-light businesses and those with competitive advantage and/or connectivity to Wealth Management. We will also seek to build on our leading position in our Swiss home market and retain and grow our multi-specialist asset management division. Our third quarter figures today highlight that we have had a very strong base to build on. Some of the key highlights are as follows. Reported pre-tax income was CHF 1 billion or up 26%. Adjusted pre-tax income was up 25% at CHF 1.4 billion. Net new assets were over CHF 6 billion, and our CET1 ratio was 14.4%, the highest in our history. With that, let me turn to the next slide. Actually, it's this one. Thank you. Our strength and simplify and invest for growth pillars will apply to our four divisions, building on strong risk management and technology. Our measures will strengthen our vision to be a global leader in wealth management with an investment bank focused on advice and solutions, a leading universal bank in Switzerland, and a multi-specialist asset management division. In this context, our pivot to APAC is a key component of our balanced approach to mature and emerging markets. I want to stress that we have implemented significant changes today. These include strengthening our capital position as evidenced by our 14.4% CET1 ratio at the end of the third quarter. As I said, this is the highest level we have ever seen and is up from 12.2% at the end of the first quarter. We established asset management as a separate division, underlining its strategic importance. We reinforced our leadership with important appointments to the ExB. We have largely completed our fundamental review of risks across the bank. We have completed and published results of the independent investigation commissioned by the board into the Archegos matter. The independent investigation into the Supply Chain Finance Fund matter continues to be a focus for the bank with work ongoing. Next slide. Thank you. We have reinvigorated our risk culture around the principle that everyone is a risk manager, and we strengthened accountability as the first line of defense. We have strengthened our leadership with the appointment of Chief Risk Officer David Wildermuth and Chief Compliance Officer Rafael Lopez Lorenzo. We have invested in risk and compliance and are working to recalibrate risk appetite to the strategic direction of the bank. We are aligning the compensation process to reinforce a culture and a cultural shift towards more risk and control objectives and collaboration. Today, we are announcing clear choices as part of our strategy to strengthen the bank. They are expected to generate a roughly CHF 3 billion capital release to be redeployed into wealth management over the next three years, an approximately 25% increase in capital. We intend to exit non-core markets in wealth management while simplifying our banking platform setup. We expect to achieve the capital redeployment in part through the exit of Prime Services, which is a balance sheet-driven, low margin, and low return business, and the exit of approximately 10 non-core GTS markets. This should drive a roughly 25% capital reduction in the Investment Bank from 2020 levels to 2022. These measures are intended to create structural headroom to invest for growth across all core businesses. Structure follows strategy, and this slide illustrates how our strengthened regional structure will balance our three global divisions and the Swiss bank with strong regional empowerment. In essence, our new structure is intended to strengthen collaboration, bring the vision together to invest and grow. Our SRI function infuses ESG strategies, investment solutions, and research across all divisions and regions. The new structure will come into effect as per January 1st, 2022, and we are in full swing in finalizing the respective ExB appointments and are determined to conclude these over the coming weeks. We are investing for the next wave of our growth strategy for the new wealth management division, and we are building on the strength of our bank for entrepreneurs model and our distinct advantages in the ultra-high net worth segment globally. We will expand upper high net worth and build scale in core high net worth segments in targeted markets. We are building out our Mainland China presence, where we see long-term potential to leverage our integrated model. Next slide, please. This slide shows the significant potential for growth of over CHF 1 billion in recurring revenues by 2024 in our wealth management organization. We plan to add around 500 new relationship managers and to increase IT spending by around 60% by 2024. Our growth strategy aims to expand wealth management AUM to around CHF 1.1 trillion and our client business volume to around CHF 1.6 trillion by 2024. This would help deliver significant revenue upside through growth in commission and fees and net interest income. Our integrated model also aims to drive incrementally higher transactional revenues. Let me reiterate that we consider our investment bank business as core and as a competitive advantage, as evidenced by its robust third quarter performance. We have strong franchises that we intend to invest in and seek to grow. We plan to be expertise led, not balance sheet led. In this way, we should be a strategic partner to our core corporate, institutional, and ultra-high net worth clients. After transition year 2022, we aim to invest capital into the investment bank at broadly the same pace as the other three divisions, with an ambition to achieve a greater than 12% return on regulatory capital in 2024. Our Swiss business has been a resounding success. Our new Swiss bank division will focus on corporate, institutional, and retail clients, including consumer finance. Our high touch lever capitalizes on our global connectivity, leveraging our investment bank, GTS, and asset management businesses for the Swiss bank. Our high tech lever will drive CSX and further invest in digital client engagement and marketing. I would stress that the Swiss region will continue to be run as an integrated universal bank. The new Swiss bank division will be led by the same person as the Swiss region, driving our successful collaboration model across retail banking, wealth management, corporate investment banking, and asset management. For the new Swiss bank division, we aspire to deliver a return on regulatory capital above 12% through the cycle, a cost income ratio in the low 50s, and client business volume growth in the low- to mid-single digits. Our growth strategy for asset management rests on three pillars. Firstly, we shall grow our operating businesses while exiting non-core investments and partnerships. Secondly, we aim to intensify the connectivity with wealth management. Thirdly, it is our ambition to further grow our premier CIG business in the United States and other leading alternatives and alternative light offerings. Our medium-term aspiration is for a return on regulatory capital above 45%, a cost income ratio of around 75%, and net new asset growth greater than 4%. On this slide, you see tangible steps to lead our bank and our clients into a sustainable future. This includes progress towards the aspiration of CHF 300 billion of sustainable financing by 2030. We are supporting our clients' transition and expanding our sustainable investment and financing offering, also via strategic partnerships. We have further enhanced our sustainability reporting as well as governance and frameworks. As I conclude this presentation, I would like to give you three takeaways. Firstly, this is a growth strategy funded by certain business exits and strategic cost savings, and this strategy is grounded in strong risk management. Secondly, we are further reallocating capital into wealth management and investing in clients, businesses, markets, and in people. Thirdly, all four divisions, in collaboration with strong regional leadership, are intended to support growth. We expect our strategy to drive growth and to improve our cost-income ratio by 2024 to around 70%. We shall do so whilst operating with a strengthened balance sheet to support growth across our businesses. Our clear goal is to achieve a return on tangible equity of above 10% by 2024. Thank you very much for your attention, and I will now turn back to Christine for the Q&A. Thank you. We will now begin the question- and- answer part of the conference. Operator, let's please open the line. Thank you. Anyone who wants to ask a question may press star and one. If you change your mind and wish to remove yourself from the question queue, please press star and two. Anyone who has a question may press star and one at this time. Any questions? No, at the moment, we don't have any questions. Operator, can you check if the lines are also open? Just while we wait for confirmation, please press star and one if you'd like to ask a question. Operator, I believe there's a question from The Wall Street Journal. Thank you. Your first question comes from Margot Patrick from The Wall Street Journal. Please go ahead. Your line is open. Hi. Good afternoon. Thanks so much for taking my question. I just wondered if you could clarify exactly which roles are open on the Executive Board. Is this just the wealth position or I just wasn't sure what's happening there. And then I also wonder if you can just sort of clarify the loss of revenue from Prime Brokerage. I see a figure for 2021, but I think historically it's been higher. I just want to understand, are you essentially replacing sort of $1 billion or so Prime Services revenues with the wealth revenues that you're hoping to make by 2024? I'll stop with those, please. Thank you. Yeah. Let me start with the organizational question. As I said, structure follows strategy and appointments follow structure. We are delighted that we could get the entire Board of Directors and the Executive Board to agree not only to the strategy but also the structure, as I proposed the structure to the Board of Directors and as it was approved, and which we announced today. As I said, we are far advanced in the appointments of the open positions for the Executive Board, which in particular are Wealth Management and the EMEA region and the Americas. We expect to announce them in the next few weeks. As far as your question is concerned on Prime Services, maybe I would start and maybe David, you can add, but I will put this more in a strategic context. As Antonio and I explained, this was a decision to reallocate capital into the highest return businesses from a risk and return profile perspective. The decision that was taken by the Board of Directors and by the Executive Board was to move roughly CHF 3 billion of capital into mainly wealth management and where we see much higher returns than what we have seen in Prime Services. Prime Services are low margin, low return business. But maybe David, you want to add anything on the second question? Sure. I think I mean, to summarize what Thomas said, I think, in terms of the absolute numbers, we have seen a reduction in revenues from prime as a consequence. The initial phase of leverage reductions of CHF 300 million for 2021 compared to 2020, and we expect to see a further CHF 500 million in respect to the exit, so about CHF 800 million in total. However, if we actually look at the leverage that this business consumes, the returns on this business, well, frankly, it's barely profitable, and it certainly doesn't make an economic profit. Whereas, the average return on capital in our wealth management business is around 19%, and we're targeting 18% by 2024. We are You know, it's a straightforward reallocation from a, an economic loss maker to an economic profit maker. I would also just emphasize that I think the prime revenues have also been somewhat at a high level in 2021 because of the market conditions, which I'm not sure can necessarily be regarded as being sustained in the future. Okay. Thanks so much. Can you just clarify then that as far as the Executive Board, that there will be a representative then for Asia and the Americas, is that right, to balance out the geographies? Sorry if I'm not understanding. Well, as we presented in the Investor Day earlier today, Helman Sitohang who is our head of Asia will continue to be the head of Asia. That's basically what I said before, that the open positions are wealth management, are EMEA and are Americas. Got it. Thank you. Thank you. Your next question comes from the line of Thomas Pohl from AWP. Please go ahead. Your line is open. Yes. I always wanted about the opening for the post. In conclusion, it is that Mr. Helfenstein will remain Head of Swiss Bank and the IB will also, and asset management will also stay there with the leadership and under the leadership that they are. Could you clarify this again, so the executive committee will have four heads of regions and four heads of divisions, so eight people and including maybe CFO and other people. As I said. Just to have more clarity. Yeah. As I said in my deliberations, the Head of Switzerland will be the same person as the head of the Swiss Bank division. With respect to the other regions, we have various options, which could be also other divisional heads. We will inform the market in the next few weeks. At this stage, we are far advanced in our selection process. We have very strong internal and external candidates, which we'll announce over the next few weeks. Thank you. Thank you. Your next question comes from the line of Owen Walker, FT. Please go ahead. Your line is open. Good afternoon. Thanks very much for your time today. I appreciate it's a very busy day and a very long day, actually. My first question is around the pullback in prime brokerage. I know Christian talked earlier about how this would have an impact on cash equity trading and equity derivatives. I was just wondering if you could. I mean, presumably you've done some analysis about how it would affect the whole investment bank, given that you know you'll be dealing with a lot of the same clients and whether you had considered that that may lead to some clients not using other parts of the service. I wonder if you could share some thoughts on that. Also, if you could share any information about the impact on jobs from withdrawing from prime broking and also about the Dublin office, which I know there's quite a large prime broking operation there. David? David. Do you want to take the first one? Sure. Well, absolutely. I think in terms of the impact to prime. I was hearing Christian was asked the question. We have assessed the full impact to prime, and I think Christian was quite clear that we expect only a very limited impact on the related businesses. We do regard ECM as a core business, and as Christian said, we'll be expanding our banking operations. For equity derivatives, that's clearly very essential to our wealth management business and is very much driven by that. I have to say, I think the impact is likely to be limited, as Christian said. To expand on it a bit, we looked at it very closely over the summer in terms of the initial reductions. We've actually seen zero impact on our other businesses from the balance sheet reductions. Now, I can't be confident that will continue with the exit, but it's been very, very limited so far. I think the second point in terms of knock on the other businesses, look, I think Christian was very clear. We are making a very deliberate strategic decision to exit a business which has very high leverage, is highly transactional in nature, and has a very high degree of complexity. We're focusing our investment banking business on the other operations we have, whether that is our capital markets advisory, whether it is our credit business or our securitized products business, or our leverage finance business, or most importantly, GTS, in terms of the wealth management collaboration, all of which are successful and which generate economic profits. I think it's exactly the right thing to do. Separate from that, what it actually does release is leverage, which is absolutely critical for wealth management. I think when you've got two businesses contending for resources, it's absolutely right. We should make a clear decision about which one we're actually backing. Clearly, in our minds, wealth management is a far better business for us to expand in, and that will more than offset any consequences in terms of the Prime business. I think on the headcount point, look, I think, you know, we're not gonna communicate any numbers or targets today, nothing specific. I would step back and say the guidance we gave on costs today is that we expect our expenses to be in the range of CHF 16.5 billion-CHF 17 billion, which is probably slightly higher than where they'll actually be for 2021. This is not a cost story per se. We're actually going to be increasing our investment spend from an average of about CHF 2 billion during 2018-2020 to CHF 3 billion, and that will be incremental spend in our IT systems, our platforms, and the overall infrastructure. We've talked about hiring 500 new RMs to support our wealth management growth. This is a growth story using the resources that free up from the Prime issue. It is not a headcount story. I would like just to add on the equity side, equity is a very important asset class for our wealth management clients, and the execution of equity on the cash and equity derivative side is very important for our wealth management and will continue to be core to Credit Suisse. Okay, thanks very much. It's very helpful. Thank you. Your next question comes from the line of Oliver Hirt from Reuters. Please go ahead. Your line is open. Good afternoon, gentlemen. Two questions from my side. The first one would be on your new structure. You said that you wanted to simplify the organization. Now you're introducing a matrix structure. That doesn't strike me as really simple. I mean, other companies have tried this, and you've tried it before and abandoned again. So I wonder what your thoughts are about that. Secondly, I wonder about consolidation. Do you see this coming? Do you see Credit Suisse to be a part of that at some point, maybe next year or the year after? Well, first of all, on the matrix structure, you know, the way, the best way to answer this is when we already last year sat down with the three wealth management organizations, and looked at some of our strategies around clients, around products, around technology. It showed a very fragmented picture, and whether you are in Asia or in Europe or in Switzerland or in Latin America, and it's very important that we have a much more simpler, aligned, organization in wealth management, whether it's around technology, front to back organization, how you define the client segments. We have seen a lot of fragmentation, and that's just on the wealth management side. On the investment banking side, our clients are global. If you do M&A, you want to have sector bankers that cover their sector globally. So investment banking in Asia, investment banking in Switzerland, whether it's in healthcare or whether it's in other sectors, you need to collaborate globally. I think it's very important to simplify that by having global lines across both wealth management as well as investment banking. The regional overlay is really here to ensure that you have proximity to clients and ensure that people collaborate in the various regions across wealth management, investment banking as well as asset management. That's really the goal, and that's why most of our peers are also organized like that. It's very important, clearly, that you have to have clear responsibilities, but in many areas, you want to really have a four-eye principle as well. The goal is really externally, we'll report the four divisional divisions as the primary dimension in terms of reporting, but we'll in future also report the regions as a second dimension. That's why we have chosen this structure, because I think it's the right way for us to ensure the implementation of our strategy. On this- Oliver, relating to your second question about the constant rumors throughout the sector on consolidation and on many different players, I mean, what I can tell you about this, I will tell you a few points. First, we as the Board and the Executive Board, we have, as we said this morning to investors, we have developed a very thorough process about assessing all options in terms of strategy. We have invested a few months in terms of assessing the future direction for Credit Suisse, exactly because we wanted to take a long-term view. We want it to be an inclusive process, where everybody would express their points of view. We have narrowed our options by the summer, then we considered pros and cons, and we came sooner than we thought to a unanimous conclusion between the board and the Executive Board about the way forward, which we presented this morning. First point. It was quicker than we thought, I repeat, and even enabled to approve the matrix organization that Thomas proposed, as he just told you. Second point, we see significant growth opportunities in all of our businesses and in our geographies. Significant growth opportunities. If you look at the slide that we have, that Thomas has presented, all the businesses have target returns higher than they previously had, and they have executed. Those returns are with higher levels of capital, and as we also discussed this morning with investors, it will be done with a much lower risk profile. On top of it, we are diverting capital from our lower returning businesses, David said, to our higher returning businesses. It's a holistically coherent strategy where we have a significant shift of capital into wealth management, where Credit Suisse is the second-largest wealth manager in the world outside of the United States, with very significant growth opportunities in all businesses and with much lower risk profiles going forward, which should diminish the volatility of earnings and lower the cost of equity of the bank going forward. These are the points I would like to add to you. The board has been absolutely unanimous about this direction. We see huge growth potential, and now we have to go to the execution phase. Quarter after quarter, the executive board will be very focused on executing this strategy. As they will execute it, this will create successively value for all of our clients and for our shareholders. No kind of takeovers are not necessary, or a merger with a competitor is not something that you're The board is completely focused and completely unanimous on this direction, and we see significant growth opportunities ahead of us, which will be now executed over time. Okay. Thank you. Thank you. Your next question comes from the line of Marion Halftermeyer from Bloomberg. Please go ahead. Your line is open. Hi there. Just two questions from me. One with regards to the Asset Management unit. You have these lines about exiting partnerships and investments, and I believe the York investment was part of that category. I'm just wondering how much more you have to exit there and whether there's a risk of future impairments on those investments for future quarters. Thank you, Marion. It's David here. To answer that quickly. I think as you know, we took a substantial impairment on our investment in York Capital Management last November. We wrote it down to the realizable value of its components. It's a position we look at very closely, and it's part of the investment and partnerships portfolio in asset management, which, as I said, we are actually looking to reduce, although that's separate from this. During the course of this year, we've obviously kept evaluating performance of each of those components, and one of those components, I have to say, has not lived up to our expectations of a year ago. I have to say, when I looked at the progress we've made, we decided to actually write that off. The rest of the York business is performing perfectly fine and I think is in good state, but I think we did need to be conservative and move quickly on this particular point. The residual value in the balance sheet is CHF 187 million. Okay. There's nothing else you're looking to exit. Oh, I think. That you could have to write down in the future. That's York. I think clearly as Uli said this morning- Okay. We're looking to reduce the capital invested in our investment partnerships portfolio by 40%, of which we've accomplished 33% so far. I'm not gonna be drawn on specific positions, but that's the overall one. Okay, great. The other question I had was on exiting the markets in the UB wealth business. So you mentioned Sub-Saharan Africa as one particular area, but how does that factor in your NRI business, which I believe was part of that business? Essentially how are you exiting those markets? Is it wind downs or are you planning on selling parts of the business? First of all, I want to clarify. It doesn't include South Africa, and it's a select number of countries in Sub-Saharan Africa, as you indicated. This was really done for commercial, but also from a pure kind of compliance perspective that we decided to do that. There was no regulatory imposition to do that, but it was a decision that we took in the context of our strengthening and simplifying and investing for growth strategy. We decided together with the board of directors and with the relevant professionals in the business that this is the right way to go to further strengthen our wealth management organization. Perfect. Thank you. Next question, please. Thank you. Your next question comes from the line of Eveline Kobler from Swiss Radio. Please go ahead. Your line is open. Yes. Hello. My question goes to Mr. António Horta-Osório. You've got a three-year plan for the new organization to have it implemented within three years, but how long will it take for you to implement the new culture, that risk awareness that you focus so much on? How do you get there? What do you do with your people? Well, thank you very much for the culture, for your question and relating to culture. As I said on my introductory remarks, and I had said the same when I was elected at the AGM, there are no quick fixes when you are changing and progressing on culture, and there is a lot more to do, as I just said. Also, as I also have emphasized, I am very impressed with the quality of the people at Credit Suisse, with their client attention, with their entrepreneurial spirit, innovative approach, and finding solutions working very well across divisions, which are all good qualities and as Thomas said, we want to keep and we want to nurture. At the same time, we have to take the proper lessons from the past, and we have to significantly improve the culture of risk management and the culture of clear accountabilities and responsibilities, as I have been steadily saying since I was elected at the AGM. To your question, this, as I said, this takes time. It is an effort that has to be continuously done, and I would describe to you that it is being and will continue to be done mostly across five pillars. The first one is leading by example and absolutely sponsoring the fact that everybody at heart should be a risk manager, as Thomas and I have also repeated today, this morning, with our presentations with investors. The second point is that we have to promote internally and attract externally a combination of people with diversity of thought and diversity of gender and experiences, but they absolutely sponsor these values. I think in that context, you should see the hirings we have recently done, like for the CRO position, the chief compliance officer position, the chief technology officer position, and the chief and the head of human resources position at executive board level, and also at the board, where we had Axel Lehmann joining as chair of the risk committee and Juan Colombas joining as member of the compensation and risk committees. That is the second point. The third lever for this cultural change is the strategy itself. As you heard from the three of us, the strategy is a strategy that has a significant shift from lower return and higher risk segments into higher return and lower risk segments. The strategy will provide better returns with a lower risk profile and lower volatility of earnings going forward, with a significant shift into the wealth management division. Fourthly, the risk appetite, as set and approved by the board, will follow the strategy and will be a risk appetite that follows a more prudent strategy and with lower risk profile. We'll set the right risk appetite now that we finished the strategy review. Fifth, we'll also implement the right incentives, as we also discussed this morning, with economic profit and risk included in the incentives, so that people also have the right incentives in terms of their day-to-day actions. All these five levers together is what, through time and quarter after quarter, will drive the culture by keeping and nurturing the good parts of the DNA of the bank and also increasing the focus on risk management and on a culture of clear accountabilities and responsibilities. Thank you. Thank you. One more question by Mathilde Farine, Le Temps. Your next question comes from Mathilde Farine from newspaper Le Temps. Please go ahead, your line is open. Thank you. Hello, thank you for taking the time, taking my question. It's about what you just spoke about the right incentive and the compensation. Could you tell us a bit more on how much it has played a role in the problems Credit Suisse had, and how this will evolve, which form this incentive will take? Thank you. Sure, thank you for your question, and merci. Look, as I just said on the previous question, obviously the incentives, which includes remuneration, have to be aligned with the strategy review we have announced today. It's one of the five pillars that I just described that will support a cultural change into a culture of much deeper risk management, everyone feeling at heart as a risk manager and a culture of clear accountabilities and responsibilities. We are reviewing those incentives. Like the risk appetite, they follow strategy, which we just approved. Now we are setting the risk appetite and the right incentives. As I just said on the previous question, one of the changes on incentives is that risk will be included in remuneration. We will use economic profit as a measure going forward. Economic profit has the cost of capital and risk included in terms of its calculation. That is an additional step in terms of implementing this culture of putting risk management at heart and increasing the importance of having the right incentives, including, as per your question, on remuneration. Thank you, everybody. I think we'll have to leave it here for today. We're unfortunately out of time. Apologies, I'm aware that I could not take all of the questions, and hence, please do not hesitate to call the communications team of myself, and we will help you with further follow-up. Thank you very much.