We've got a couple more people coming in. Maybe we can close the doors at the back. Thank you everyone. Great to see everybody. Welcome to the 2022 strategy update. I think most of you know me, Kinner Lakhani. I head Investor Relations, and also head, Strategy and Development. We're delighted for you to be here, in person, in our auditorium here in London. Let me begin by giving you a quick, overview of the format of this morning. Our Chairman, Axel Lehmann, will provide some introductory remarks. Our CEO, Ulrich Körner, will then provide an overview of his perspective on strategy for Credit Suisse going forward. That'll be followed by, a presentation from Dixit, our new CFO, who will cover the financial perspectives. We'll then begin a live Q&A session. We'll take questions both from the audience and over the phone. The event should end around 11:45 A.M. After that, you know, we'll go out and get some lunch, and, you know, hopefully we can all mingle together. Please note the slides are also available on the website and on the Credit Suisse Investor Relations app. Before we begin, I do have to say the following, as always. Please note all the legal disclaimers in the presentation. Let me remind you of the important cautionary statements, including statements on non-GAAP financial measures, forward-looking statements, and Basel III disclosures. For additional detail, please look at the strategy update presentation and the media release also available on the investor relations section of our website. I'll now hand over to our Chairman, Axel Lehmann, and invite him upon the stage. Thank you. Thank you, Kinner. Dear shareholders, clients, and employees, a warm welcome also from my side. It is very good to be here with you today. We all know Credit Suisse is at a critical point in its history. For months, if not years, Credit Suisse presence in the public has been overshadowed by various issues. Our share price has underperformed for many years, and we have disappointed many of our stakeholders. We all know we need to get this right. We need to draw a line clearly. We need to remember our origins and return to the core of our business and our values. We need to be bold, but also considered. We need to commit to a strategy for the long-term future. We know, as an institution with an impressive heritage of 166 years, we have the ambition to last for many, many more decades to come as a proud, independent Swiss bank with global reach. For this, we have a clear plan. We are parting ways with the idea of being a leading wealth manager with strong investment banking capabilities. We therefore take decisive actions to create the new Credit Suisse. The new Credit Suisse will have wealth management and our Swiss business at its core, complemented by strong capabilities such as investment solutions and asset management, advisory and financing solutions, combining some of the most attractive segments in global banking. Building our strategy, we focused on key considerations to ensure our plan is robust, sustainable, and viable. A strategy that builds on our strengths. A strategy that caters to the needs of our clients. A strategy that works in the long term and throughout the cycle. A strategy that inspires and is endorsed by our people so they can be authentic ambassadors throughout the transformation and beyond. Because a strategic and cultural transformation is what we want and what we need. It is no longer time for shifts here and there. We are setting our bank up for the future. We thoroughly analyzed various options, and we made clear decisions with one overarching objective in mind, to rebuild Credit Suisse as a strong, efficient bank with a firm foundation, rock solid like our Swiss mountains. A bank with a strong capital position and a strong balance sheet. A bank with a sustainable franchise positioned for profitable growth. A bank with a reduced cost base. A bank with a structure built on simplification and smart digitization. A bank with a strong purpose: to build lasting value by serving our clients with care and entrepreneurial spirit. Our vision is to be a leading wealth manager, holistically serving our entrepreneur and wealthy clients across the globe, and catering to our important client base in our home market, Switzerland. We want to be an attractive place to work for employees and a reliable partner for our stakeholders as a stronger and fitter bank. With these key pillars in mind, the measures we are announcing today are evident. A, we restructure the investment bank. B, we accelerate our operation and cost transformation. C, we strengthen our balance sheet and reallocate capital. Firstly, we intend to significantly de-risk and reduce our investment bank, focusing on core parts of sustainable value. This means we plan to transfer certain investment banking and capital market capabilities into a separate entity, revitalizing the CS First Boston brand. Credit Suisse intends to remain a long-term investor, creating equity ownership and a partner-like culture to tap the right talent and attract external capital. Going forward, this business will be advisory-led and have a reduced risk profile. We expect to access external credit facilities for the leveraged finance business. I will be delighted when Michael Klein is appointed CEO designate of Credit Suisse First Boston. He will lead this transformation towards Credit Suisse First Boston's more independent future. The market activities with strong connectivity to wealth management, our Swiss clients and selected counterparties will offer cross-asset investment products, market access, and financing solutions. Market desks that do not fulfill these criteria and do not generate sufficient returns throughout the cycle are planned to be exited and to transition for resolution into our non-core unit. Finally, we have entered into a framework agreement and exclusivity agreement to transfer a significant portion of our securitized products business to an investor group led by Apollo Global Management. This proposed transaction will support our transformation. It will de-risk and reposition securitized products to release capital. Secondly, we are driving our operational transformation and focusing on reducing the cost base by CHF 2.5 billion by 2025, while achieving nearly half of the savings by the end of 2023. Thirdly, we plan to strengthen our balance sheet with a capital raise with gross proceeds of approximately CHF 4 billion to support our transformation. Over the next one-two years, we want to deliver stability and lay the foundation for future profitable growth and a significantly improved risk-return profile. We are further committed to higher and sustainable capital distributions to shareholders from 2025 onwards. As I stated at the AGM, each business area must be able to cover its own cost of capital, and each area has to generate an appropriate return on the risk capital allocated to it. We will be very disciplined in this. The measures we announced today exactly follow this approach. Moreover, they consider that the geopolitical outlook and the market conditions have significantly changed during the course of this year. Very clearly, the financial strengths, the sustainability of our business model, and a deeply embedded and sound risk culture are key metrics for us. A strategy is as solid as its development. That is why we have worked to create a strategic plan that is feasible with the preconditions to make it work. Since my appointment as Chairman, and also before as the Chair of the Risk Committee after my election to the Board just a year ago, my clear focus has been on strengthening our governance, improving our risk management control processes, and establishing the right risk culture. We have achieved significant progress and clear results in these areas, and we will continue with our efforts. We have built a refreshed Board of Directors with the right skills and expertise, ensuring diversity. We have strengthened our Executive Board and appointed a new CEO, absolutely focused on the transformation of the bank. Uli was, in his first weeks in his role, able to appoint a new CFO, a new COO and a new Chief Compliance Officer alongside our new General Counsel. We have a new and highly experienced and motivated Executive Board. We have established a robust risk management governance with clear transparency of our risks. In addition, we keep reducing barriers. We have been proactively resolving legacy issues and are diligently continuing these efforts. The recent settlements for the RMBS and French legacy cases prove this. We have made good progress in our regulatory remediation program. We have rolled out a comprehensive program on risk culture, continuously engaging with our employees and training them. Key to our success will be the correct combination of renewal and continuity. As I said before, renewal is not only a strategic, but also a cultural imperative. The imperative to focus on what our clients need, building on our entrepreneurial mindset and innovative solutions. The imperative for everyone to be a prudent and highly professional risk-taker across all dimensions of our business. The imperative to seek diverse views, where we welcome constructive challenge and collaboration and foster a speak-up culture. Clearly, renewal needs a firm foundation. We have such a foundation through the heritage of our core values. Credit Suisse has built on entrepreneurship, client focus, accountability, partnership, and meritocracy since 1856, when Swiss entrepreneur Alfred Escher founded the bank. Credit Suisse is proud of its Swiss roots and global reach. Credit Suisse purpose remains to build lasting value by serving our clients with diligence, dedication, and entrepreneurial spirit. On this bedrock, we build our future success, realizing the full potential of our strengths. Strengths we have. We are a leading global wealth manager. We are a leader in our Swiss home market. We are a strong and highly specialized asset manager. We serve our wealthy and entrepreneur clients holistically with outstanding advisory, capital markets, and financing capabilities. Ladies and gentlemen, today we open a new chapter in the history of our proud bank, laying the foundational elements of the new Credit Suisse. This is the start of a great journey, a journey to build a strong, efficient bank with sustainable returns. A rock-solid bank based on our strengths, focused on our clients. We have a clear plan. We have clear objectives. We have the right people and the right focus. Together with the Board of Directors, the Executive Board, and our employees, we have a strong collective will to succeed. I have every confidence in the future of Credit Suisse. We are ready to deliver. With that, I hand over to our CEO, Ulrich Körner. Uli, the floor is yours. Thank you. Thank you very much, Axel. As you all immediately figured out, jokes are done by Axel. Now, ladies and gentlemen, thank you very much for joining us either in person here in London or virtually for our strategy update. We greatly appreciate your participation and engagement. When we presented our second quarter results in July, we committed to an ambitious timeline to announce the outcome of our strategic review. We also made it very clear that we would carry out a rigorous and diligent evaluation of all options available. The review itself was conducted by the Board of Directors and the Executive Board. As Axel said in his introductory remarks, we are at an inflection point and must get this right. Over the past 166 years, Credit Suisse has built a powerful and respected global franchise. We have also recently encountered a series of setbacks. I realize that the last three months have been challenging, with a heightened level of media and market speculation, aggravated by challenging market conditions. Therefore, I would like to thank our clients for their support and patience, our investors for their trust, and our employees for their relentless efforts and focus on delivering value for our clients every day. With that, let me share some of the highlights we are communicating today. We are creating a new Credit Suisse with a simpler, more stable, more focused business model built around our leading franchises in wealth management and in our Swiss home market, complemented by our strong capabilities in asset management and markets. We will radically restructure our investment bank and reduce risk by around 40%. We will create a resized, connected markets business as an integral part of new Credit Suisse. We will establish Credit Suisse First Boston as an independent bank for capital markets and advisory, carving it out and opening it up for third-party capital. We will partner on securitized products with Apollo Global Management and PIMCO. We will exit businesses that no longer fit either in markets or First Boston through a non-core unit. We will sustainably reduce our cost base by CHF 2.5 billion by 2025. We have started this already and aim to take out CHF 1.2 billion over the next year. Finally, as we go through this transformation, we will build out a capital position of indisputable strength, with a CET1 capital ratio of above 13.5% by 2025. The decisive action will translate into significant benefits. For our clients, a bank even closer to their needs. For our shareholders, sustainable value creation. For our employees, a great platform and culture. For our regulators and other stakeholders, a reliable and trustworthy partner. Let me start by acknowledging that for our stakeholders, the last years have been disappointing. We are absolutely determined to address our key challenges once and for all. Let me explain what I mean by this. Over the past few months, we concluded that our portfolio has become too broad and is partially too fragmented. We have not been disciplined enough around our capital and our costs. There were also too many litigation and reputational events, and they weigh on our name. This has led to volatile returns and value destruction over a longer period, despite the strengths of our underlying businesses. All of these challenges can be managed. We will get through them, but overcoming them requires focus and determination. Let's turn to our actions. We are taking decisive actions to refocus Credit Suisse around client needs. We are restructuring the investment bank, we are strengthening and reallocating capital, and we are accelerating the cost transformation. The investment bank has not created value for a long time, so we have taken a hard look at what makes sense for us at this juncture. Going forward, the shape of the investment bank will be radically different. As we embark on this transformation, we have made absolutely sure that we have enough capital, and we will use it wisely to reshape the bank throughout the transformation ahead of us. As already mentioned, our cost base is too high and inflexible. We are addressing waste, redundancy, and excess. After our detailed assessment over the past months, we now have a very clear plan how to transform our cost base. Let me be crystal clear, this will not come at the expense of necessary investments in the future, the quality of service to our clients, or the management focus on risk and compliance. This is not just about numbers. We are determined to be a compelling choice for clients and employees, and we will create sustainable value to secure our future. Most importantly, it is about trust, and we know we need to work hard on restoring the trust: the trust of our clients, our employees, our investors, and of course, our regulators. At the end of this journey, a new Credit Suisse will emerge. A Credit Suisse with strong risk management, stable earnings, and connected businesses with leading positions. The new Credit Suisse will be an integrated bank with wealthy clients at its core in Switzerland as a home market. We have a strong franchise here. We are the number two wealth manager outside the U.S., and we are a leading bank in Switzerland. These two leading franchises are supported by differentiated capabilities in asset management and by reshaped markets set up. Which brings us to the light blue box. We have concluded that carving out our capital markets and advisory business is a great opportunity to create a world-class firm in this market, in the tradition of First Boston, whose name we will revive. We believe that an independent capital markets and advisory bank will be more valuable for us than the current setup. The other parts of the investment bank that do not fit into one of the two setups will be exited over time to release capital. The Capital Release Unit will contain securitized products, where we will be partnering with Apollo Global Management and PIMCO, and non-core businesses which we will wind down. Additionally, we are exploring other divestments, and I will give you more detail about all these components in just a moment. Let me start with the new Credit Suisse and our leading franchises. Looking at new Credit Suisse, we have leading positions across wealth management and the Swiss bank and asset management, all attractive markets. The combination of asset management and wealth management is probably the most attractive part of global banking. It tends to grow faster than GDP. It uses little capital, and it is hard to enter. We have dual strengths with ultra and very high-net-worth clients, many of which are in Asia and in the Middle East, and with high-net-worth clients in Switzerland and Europe. Still, there is a lot of room to grow for us. Global wealth management is a fragmented market, and we intend to increase our share in a very targeted way. In Switzerland, our home market, we proudly serve a broader range of clients than elsewhere. In line with our entrepreneurial nexus, we have been leading corporate and investment bank in Switzerland for decades. Corporate and investment banking in Switzerland is more attractive than in most other places. This is a low-risk, low-leverage economy with a disproportionate share of global companies. Closely related is our service to institutional investors. We are the market leader in Switzerland with a very integrated offering and set of specialist capabilities. We are also a leader in offering B2B services to other wealth managers and more generally, asset gatherers. We also remain committed to our Swiss retail customers. This is a business we will innovate and differentiate, and we believe we have the most successful digital-only offering with CSX. Even more than wealth management, asset management is growing fast and requires little capital. We are the number two asset manager in Switzerland and a multi-asset manager with strengths in specialized products such as real estate and a successful offering in sustainable investment. These franchises will be supported by our markets capabilities, including a leading investor products franchise and tailored equities, FX, and rates capabilities. Let me come back to how we will restructure our investment bank. We currently have $90 billion of risk-weighted assets in the investment bank, down from historic levels, but still accounting for about one-third of the group. They are not generating sufficient value in the current setup. With the actions announced today, we will reduce our risk exposure by around 40%, both in terms of risk-weighted assets and leverage exposure. Let me explain how we are doing this in a differentiated way. Markets is the part closest to our franchises in wealth management and in Switzerland. Over the coming quarters, we will streamline the business and align it even closer to be an integral part of new Credit Suisse and cater to our core clients. Credit Suisse First Boston is a business that will be more successful as a standalone entity, so we will carve it out. While we will remain the majority owner of the foreseeable future, it will be an independent bank focused on capital markets and advisory. This will allow us to build a partnership culture and leverage third-party capital, which we believe are ingredients of future success. Securitized products is an attractive market-leading business, but it is a business that is not central to our strategy and requires more capital than we are willing to allocate. We have therefore decided to reduce exposure and will partner with Apollo Global Management and PIMCO. There are a few businesses that are not connected to our core, are often not really leaders in their markets, and thus have not created value. We will wind this down over time through a designated non-core unit. In summary, we are reshaping the investment bank in a differentiated and in a strategic way, not just shutting it down or breaking it up. We believe this will create successful businesses that can serve our clients, release capital, and create strategic options for the future. Let's turn to the markets business. Markets includes the strongest, and as I said, most relevant parts of our trading capabilities. We are a world leader in investor products, which is core to our wealth management business. Our equities, FX and rates, markets access, and tailored services are critical for our clients. This distinguishes Credit Suisse from other pure wealth managers rivals that cannot offer these solutions. This is reflected in the revenue mix of the markets business today. While over half of our markets revenues are already tied to our wealth management Swiss clients, we will further drive the integration and transform the business to offer a unique platform to both Credit Suisse and other wealth managers. As a next step, we will materially reduce the risk and refocus, integrate the markets business more closely with the rest of the bank, focus our institutional coverage on the strongest product offerings, transform our cash equities business and focus research to match our clients' needs, and grow our services to other wealth managers. Let me clearly say here, we are fully committed to our institutional clients. A markets franchise cannot operate without them. We want to serve those clients that value our capabilities and not simply chase league tables. After our transformation, as part of the new Credit Suisse, markets will account, as you can see here, for about $22 billion in terms of risk-weighted assets, which typically corresponds to about $3 billion of net revenues. Ultimately, our objective is to create a scalable platform that can serve institutional clients, Credit Suisse, as well as other wealth managers. Let me explain the rationale behind bringing back Credit Suisse First Boston a bit more in detail. This has generated a lot of excitement among our investment banking colleagues, as well as with talent currently outside the bank. The reasons are quite obvious. Imagining a bank rooted in North America, the deepest capital market, and by far, as you all know, the largest fee pool. Imagine an owner open to creating a partnership culture to attract the best talent and willing to mobilize third-party capital to grow the franchise. Imagine a firm purely focused on capital markets and advisory, the least capital-intensive segment of investment banking. Imagine a franchise with top-tier positions in M&A, in ECM, and in serving financial sponsors, coupled with a global reach and able to support global clients. Imagine an owner who is also a leading global bank and a future partner. You add the brand, the rich history and culture of First Boston, founded in 1933, but with roots going all the way back to the 18th century. We are convinced that we can create a unique, independent enterprise that will grow and create value over time. In fact, I'm very pleased to inform you today that we already have a $500 million hard commitment into Credit Suisse First Boston from a highly respected investor. Looking at the financials, Credit Suisse First Boston will initially have just over $20 billion in terms of risk-weighted assets and a net revenue profile of around $2.5 billion. Let me briefly turn to the investment banking-related divestments and partnerships within the Capital Release Unit. As mentioned earlier, securitized products is an attractive, truly market-leading business, but it requires more capital and funding than what we would like to allocate, and it is not really that connected to our core franchise. Therefore, we have decided to reduce our exposure and will partner with Apollo Global Management and PIMCO. What we identified as non-core comes down to subcritical positions and/or a history of poor or volatile returns and/or with few ties to our core businesses. Among others, some businesses which we will wind down are the following: residual prime, which is basically Delta One and index access, non-wealth management-related lending and trading in emerging markets, as well as marginal investment banking presences in some countries. We will also reduce our activity in European investment banking, lending, and capital markets, which aren't as attractive as North America, and we are less competitive here. These actions combined will release a total of $57 billion in risk-weighted assets and $217 billion in leverage exposure. This will allow us to allocate more capital to higher return businesses in which we are more competitive. Through this transformation to the new Credit Suisse, we are decisively reallocating capital to the core of our franchise and to higher return businesses. We currently have 40% of our capital in the investment bank. This will be reduced to less than 10% in Credit Suisse First Boston. Another roughly 10% will be in the markets business, as I said before, an integral part of new Credit Suisse. This means that we are increasing capital allocation to more than 75% for the new Credit Suisse, up from 60% today in Wealth Management, Swiss Bank and Asset Management. Dixit will provide you further details later on, including the role of the corporate center, which is not shown here for simplicity. Let me be absolutely clear. Our intent is to execute this transformation from a position of capital strength. Our capital raise will bring us to around 14% illustrative CET1 ratio. This will be further strengthened by our announced securitized products partnership and other divestments. We will have further meaningful core capital generation from our ongoing businesses, offset by the capital usage for the non-core unit and restructuring charges. Also, here, Dixit will provide you further details later on. With that, let me turn to cost transformation. We are committed to reducing complexity and the cost base of our businesses from CHF 17 billion today by CHF 1.2 billion in 2023, and by CHF 2.5 billion in 2025. The new bank will be simpler in terms of geography, businesses, and risk profile. Adapting to this new model, unfortunately, it also means fewer colleagues. This is not a decision that any executive team will take lightly, but we will reduce our headcount over the next three years to deliver on our strategy. We expect a total reduction of about 9,000 full-time employees by 2025, of which 2,700 will be reduced by the end of this year. In addition, we are also working on our external costs. By managing the workforce with a 30% reduction in contractor spend already in progress, and by reducing third-party spend with a 50% reduction of consultancy and the reset of market data spend, both also already in implementation. Bear in mind that these numbers are on a like- for- like basis, which means that actual costs will come in lower as we partner Securitized Products and exit other businesses. As we deliver these savings, we will, as I said earlier, not compromise risk management. To sum up, delivering our strategic actions will allow us to reach our targets for 2025. Today marks the beginning of a process at the end of which we will deliver attractive and sustainable results. In short, the new Credit Suisse, excluding non-core unit and securitized products, will deliver more than 8% return on tangible equity by 2025. We will have a CET1 ratio above 13.5%. The total group cost base will be around CHF 14.5 billion. We will provide nominal dividend in 2022 to 2024, and a meaningful distribution from 2025 onwards. Last but not least, it's all about execution. As I mentioned, we have already started radically reshaping the portfolio and reducing costs decisively. The next two years will be about transforming into the new Credit Suisse and carving out Credit Suisse First Boston as a standalone entity. We will reduce costs sustainably while investing in our core businesses and further improving our risk management. As a new Credit Suisse, we will grow our core businesses and deliver sustainable and attractive returns to our shareholders from 2025 onwards. As Axel mentioned, we are at a critical inflection point, and we must get this right. Remains the question: What is different this time? This time, our strategy is radical and transformative. We have not been afraid to take the tough decisions and are fully committed. We have new executive board members with highly relevant experiences and strong track record of execution in similar situations. You will hear from one of them, Dixit, in just a moment. We have near-term accountability for each and every milestone of our targets. We are strongly capitalized to deliver on targets, and we are radically restructuring the investment bank to shape the new Credit Suisse into a much more focused and stable business model while resolving our legacy issues. With this, we are delivering to all our stakeholders. Our focus is on building a sustainable, responsible, and stable new Credit Suisse around the needs of our clients. We will focus the bank on a simpler business model and clear proposition to our clients. We will create an aligned positive culture and a streamlined structure. We will be a transparent, reliable, and trustworthy partner to our clients, our investors, our employees, and our reg ulators. When Alfred Escher founded our bank 166 years ago, he acted with courage and foresight. Credit Suisse has since built on entrepreneurship, client focus, and partnership. We are bringing these ideals back to the center of our thoughts and our actions. Thank you very much. With that, I hand it over to Dixit. Thank you, Uli, and good morning, everyone. I'm pleased to be with you today, and as a returning to Credit Suisse after many years, I do feel motivated by the challenges and the opportunities that lie ahead. What I'm going to talk to you about now is how we are strengthening our capital position and optimizing our capital allocation going forward, managing down our cost base, simplifying our model, reducing the risk profile of the firm, and refocusing our resources on the areas where we can grow to deliver sustainable shareholder returns. Let's get started. The strategic priorities that Uli just talked about translate into three core financial targets for 2025. Number one, we intend to reduce the capital allocated to our investment bank by around 40% and to attract external capital in Credit Suisse First Boston. Second, we plan to operate with a CET1 ratio above 13.5%, pre-Basel III reforms by the end of the program and at least 13% throughout the transformation period. Third, we are targeting a cost reduction of CHF 2.5 billion to around CHF 14.5 billion. These priorities are key to unlocking the full value of Credit Suisse. From January 1st, 2023, we will be delivering on our targets under the new simplified structure that you will see on slide 5. The core of the bank will comprise wealth management, Swiss bank, asset management, and the investment bank, which includes markets and CS First Boston, alongside the corporate center. Here we are building on our historic strengths. We are a top two global wealth manager outside the United States. We proudly operate one of the leading universal banks in Switzerland. Our asset management division is differentiated by strengths in specialist products and sustainable investments. Both markets and CS First Boston have clear connectivity across the Credit Suisse network and significantly enhance our wealth management offering as well. In addition, we will set up a Capital Release Unit comprising a non-core unit, and as we work through the partnership agreed this morning, our share of the securitized products business as well. We intend to release capital over time via both an accelerated deleveraging plan for the non-core unit and by reducing our exposure to securitized products. We are also reducing complexity and improving transparency in other ways. For example, we plan to bring an end to the Global Trading Solutions and Asia Financing Group joint ventures. Though the collaboration that's fostered by these initiatives will, of course, remain. We plan to move our Swiss investment banking and capital markets activities to the Swiss bank. We plan to continue to divest our equity stakes in third parties, as well as parts of our property portfolio. You will have seen that we completed the sale of our stake in Allfunds last week. These changes will be reflected in restated earnings in time for our first quarter results presentation next year. Let's now look in more detail at the repositioning of the investment bank. Our ambition is to create an investment bank that supports wealth management clients. We want to be competitive in and attract talent to the business lines that are most complementary to our wealth management-related businesses, and this does mean reducing or exiting those that do not meet these criteria in order to release capital and reduce risk. Our investment bank will comprise a streamlined markets business and a capital markets and advisory bank, CS First Boston, which both have clear connectivity across the wider Credit Suisse network. Our securitized products business has historically been quite successful, but through the partnership that we have announced this morning, we expect to reduce our exposure to it because of its low connectivity and high capital consumption. Let me spend a few moments outlining our vision for the investment bank. The connectivity of our markets business to the wealth management engines of our new business model is proven. Half of our current markets revenues are tied to wealth management and Swiss banking clients. This is primarily through our leading cross-asset class investor products business and our provision of market access in equities and foreign exchange. This will be a crucial aspect of our differentiated offering for clients. Furthermore, our equities franchise supports our leading equity capital markets and IPO franchises within the new Credit Suisse First Boston. Which leads me onto introducing this highly innovative aspect of our strategy, one that we're really excited about. CS First Boston will be a wholly owned but independent capital markets advisory and financing bank. As such, it will have a unique offering as one of the only standalone banks with real capital markets capabilities. This also includes our leveraged finance franchise, which CS First Boston will be able to operate at size and scale, but with reduced risk for Credit Suisse. We will encourage a partnership culture, enabling Credit Suisse First Boston to attract and retain top talent. The bank will also be extremely well-positioned to attract third-party capital in order to support those businesses, such as leveraged finance, that are high-performing but are capital-intensive. CS First Boston will drive a stronger geographic center in New York, where the franchise is truly rooted, given the First Boston and DLJ heritage, while still remaining global. Now, as part of our simplification and risk reduction program, we plan to exit or reduce our businesses that generate low returns or have a higher risk profile. The capital associated with these business lines is expected to be absorbed into the non-core unit. As an illustration of the intended investment bank reduction, let's assume we move $25 billion of RWAs into the non-core unit. We then take $22 billion of RWAs retained as part of the securitized products partnership and move both into the Capital Release Unit. This would deliver an estimated total reduction of around $45 billion or about half of the investment bank's current RWAs. We are transforming Credit Suisse into a capital-light model, and let me show you what we mean by this. Now, this is a more detailed version of the slide that Uli talked you through, building in the corporate center and other items to convey how we intend to reshape our risk profile. As Uli stated, we intend to make radical changes to our allocation of RWAs in order to transform the dynamics of the group. In essence, we are further rebalancing our capital allocation in favor of our wealth management-related businesses and supercharging our leading franchises to truly deliver for clients. At the end of the third quarter of this year, investment banking RWAs accounted for almost a third of the group. By 2025, we expect them to represent less than a fifth of the group's RWAs. Conversely, we expect RWAs in wealth management, Swiss bank, and asset management to increase from 50% to around 55% over the same period. We are confident that through our securitized products partnership, as well as our accelerated deleveraging plan within the non-core unit, we can deliver our target reduction in investment bank capital of around 40%. Furthermore, we have created strategic optionality for Credit Suisse to share ownership of CS First Boston with potential anchor investors, allowing the group to focus on its core strengths, and this is a strategy that we will actively pursue over the next few years. We expect our new model to bring greater stability to our earnings, as you can see on the next slide. By 2025, we expect to generate over half our revenues from net interest income and recurring income, up from an average of 44% over the last five years. We expect revenues from the existing sales and trading businesses to decrease from 26% to about 15% of the total by 2025 within the new streamlined markets business. We expect the proportion of revenues from investment banking and capital markets to fall below 15% within the independent CS First Boston. Let's now turn to capital. We are very clear that we want to continue strengthening our capital position. As I outlined this morning, at the end of the third quarter, our CET1 ratio was 12.6%. We expect that the capital raises we have announced will add around 140 basis points, taking us to an illustrative CET1 ratio of around 14%. Going forward, we expect the combination of capital release from securitized products, the rundown of the non-core unit, and other divestments to free up significant amounts of capital that we can reallocate across the group. Let me touch briefly on the capital raises we have announced this morning. We are taking decisive steps to bolster our capital. We announced today that we are raising CHF 4 billion, with half coming from a non-preemptive placement with selected investors and half from a firm underwritten rights issue. I'm pleased to say that a number of strategic investors have already confirmed their support. You can see the timetable here on the slide. The key dates are the extraordinary general meeting, which we expect to hold on 23 November, and the first day of trading of new shares on ninth of December. This means that as we embark on the transformation of the bank, we do so from a position of strength. Now let me give you some details on our plan for securitized products. As we announced this morning, we have entered into a framework and exclusivity agreement to transfer our securitized products business to an investor group led by Apollo. The securitized products business has long been a high-performing business for us, and we are delighted that its clients and the team will benefit from the support that its new owners will bring. Under the terms of the proposed transaction, which we hope to complete in the first half of next year, affiliates of Apollo Global Management and PIMCO would acquire the majority of the business assets from us and enter into an investment management agreement with us to manage any residual assets on our behalf. We expect this transaction will deliver exactly what we set out to achieve, de-risking our balance sheet and further reducing our exposure to capital-intensive business lines. Now let's turn to the non-core unit. Credit Suisse has experience of successfully managing down non-core entities through our Strategic Resolution Unit. We have an internal team of experts ready to get to work on the wind down process, while of course, always maintaining strict controls. The key priorities of the unit are to accelerate the reduction of assets to release capital and reduce risk in line with our strategic objectives, while at the same time working to eliminate related operating costs. By establishing the unit as a standalone entity, stakeholders will have transparency around the progress that we will make quarter by quarter. Over the first nine months of the year, under the new structure, the unit would have an adjusted pre-tax loss of $1.7 billion, with RWAs of around $35 billion and leverage exposure of around $132 billion. Let's look at the composition of the unit on the next slide. This illustrative breakdown of assets at the end of the third quarter of 2022 shows that loans and fixed income trading assets make up the majority of the unit in terms of both RWAs and leverage exposure. Around 50% of the investment bank's exposure to emerging markets will be transferred to the non-core unit, along with approximately $4 billion of fair value level three assets, which is about 40% of the total for the group. The average portfolio duration is around four-five years, reflecting the trading and banking book positions. Excluding operational risk, the portfolio is approximately 85% credit risk and 15% market risk RWAs. Turning now to the wind down trajectory on the next slide. An illustrative RWA progression shows the non-core unit moving from $35 billion to around $17 billion over the course of the transformation period. This is about a 60% reduction if we exclude operational risk. Similarly, we expect to see a 55% decline in leverage exposure. By 2025, we expect the non-core unit to have released around $2.5 billion of capital and reduced its adjusted pre-tax loss from $2.2 billion in 2022 to $1.3 billion in 2025. We will also be taking further management actions to reduce allocated costs. I want to now turn to our plans to achieve our target CET1 ratio of 13.5% by 2025. As I showed earlier, an uplift of 140 basis points from the capital raises takes us to an illustrative CET1 ratio of around 14% for the third quarter. Here we show an illustrative walk that takes us through the three-year restructuring period. Reduced exposure to securitized products and other divestments, along with core capital generation, should provide significant uplift throughout the transformation period. This is then offset by restructuring costs and capital usage, including in the Capital Release Unit. This adds up to a ratio of around 13.5% at the end of 2025, pre-Basel III reforms, which is well above the Swiss minimum of 10.2%. I now want to look at the expected impact on capital of Basel III final reforms. At our Investor Day in 2020, we guided to a likely additional RWA impact from the reforms of around CHF 35 billion-CHF 40 billion. As a result of the strategic actions that we've announced today, we now expect this impact to be around CHF 15 billion for the Credit Suisse Group, with further reductions to come once we complete the securitized products partnership. Let's now look at our cost program on the next slide. At the end of last year, we guided to adjusted total operating expenses of around CHF 17 billion for 2022, and we lowered this further at the end of July to a range of around CHF 16.5 billion-CHF 17 billion. With the new three-year timeline in place for our transformation program, we expect to reduce the cost base to CHF 15.8 billion in 2023 and around CHF 14.5 billion by 2025. I would like to stress that these targets are on a constant perimeter basis, so they exclude, for example, the impact of the securitized products partnership. As we execute on our transformation program, we will reduce our cost target accordingly. We will, for example, provide an update on the target once the securitized products partnership and other actions have been completed. Given the restructuring of the bank, we are planning a significant reduction in the number of our full-time employees over the course of the next three years. We expect that the total reduction will be around 9,000 or 17% of full-time employees by 2025. To be clear, this does not include employees who are transitioning into Credit Suisse First Boston or move as part of the securitized products partnership. We have already initiated projects that we expect will achieve 2,700 of that total by the end of next year. In the second half of this year, we have also initiated a 50% reduction on consultancy spend and a 30% reduction in contractor spend. We're also on track to achieve the estimated CHF 200 million technology and operations exit run rate savings that we talked about during June's Investor Deep Dive. Taken with the headcount reduction program, we expect these actions to generate two-thirds or around CHF 800 million of our 2023 cost reduction target. Let's now look at our plan to reduce the cost base to around CHF 14.5 billion over the course of the three-year transformation period. Essentially, we're striving for better efficiency with a smaller perimeter and a reduced headcount. The four pillars of the cost program are, number one, the rundown of the non-core unit. Second, organizational simplification. Third, workforce management. Fourth, third-party cost management. I would add that we will, of course, continue to make strategic investments where necessary. These are just some of the programs that we believe will take us to our cost target and underpin the improved returns that we expect our transformation to deliver. I don't wanna go through this slide point by point, but I will highlight a few items which are particularly important. For example, we are de-scoping unprofitable activities. We are creating a more focused business footprint and, as a result, reducing IT spend on non-core businesses. We continue to work on legal entity structure and organizational simplification. We are removing complex and manual processes, which are supported by our continued digitization program. Taken together, all of these initiatives will be instrumental in driving down our cost base over the next three years, though it goes without saying that our risk management controls and our standards must continue to be prioritized. Let's now turn to the cost of the transformation. We expect the restructuring program, along with software and real estate impairments, to cost about CHF 2.9 billion through to the end of 2024. The four pillars of the cost program I've just mentioned should partly offset this by generating adjusted cost savings of CHF 2.5 billion by 2025. Looking at a year-by-year breakdown, we expect to incur approximately CHF 300 million of upfront costs in the fourth quarter of this year, CHF 1.6 billion, or just over half of the restructuring cost next year, with a further CHF 1 billion in 2024. An additional cost of executing the strategy relates to deferred tax asset valuation adjustments that I announced on the results call earlier this morning. As a reminder, we have taken an impairment related to a reassessment of deferred tax assets resulting from our strategic review. This totals CHF 3.7 billion, which has had an impact of 48 basis points on our CET1 ratio in the third quarter of this year. The purpose of our transformation is to deliver sustainable returns for shareholders over time, and I now want to turn to our expectations for return on tangible equity. We are targeting a core return on tangible equity of above 8% and a group ROTE of around 6% by 2025, as our new business mix supports higher group returns. We expect that revenue drivers from our refocused business divisions will generate about 5 percentage points of upside, and cost drivers will deliver a further 3-3.5 percentage points. Some of the divestments and strategic actions that we have completed or are initiating may have a negative impact on returns, but we believe that a group figure of around 6% by the end of the transformation period is realistic, with a core figure of above 8%. The difference between the two being the effect of the drag from the Capital Release Unit. Let me conclude with a recap of our 2025 financial targets. We are transforming Credit Suisse into a simpler, more focused, and more stable bank built around our client needs. We will achieve this by restructuring the investment bank, by strengthening and reallocating the group's capital, and by accelerating our cost transformation. These are the targets by which you will be able to judge the success of our transformation, and we expect to be able to show you evidence of our progress towards them on a quarterly basis. As I've just outlined, we expect to be delivering a return on tangible equity for the core business of over 8% and for the group of around 6% by 2025. We are targeting a CET1 ratio of more than 13.5% by 2025, pre-Basel III reforms, while expecting to maintain a minimum of 13% throughout the transformation period. In terms of costs, we expect to reduce adjusted operating costs on a constant perimeter basis to CHF 15.8 billion by 2023, falling to around CHF 14.5 billion by 2025. As both Axel and Uli have said, Credit Suisse is at an inflection point. We are embarking on an ambitious and necessary transformation, but by the end of 2025, we expect to be generating consistent returns for shareholders. We expect, therefore, to be making nominal dividend distributions between 2022 and 2024, but we are targeting more meaningful distributions from 2025 onwards. With that, let's move to Q&A. Over to Kinner. Okay. Yeah. We are right on time, actually. That's great. You know, I was gonna start by taking questions from the audience here in the auditorium. For those of you on the webcast, if you would like to ask any questions, you'll need to dial into the conference call and, yeah, also make sure that you're muted when you dial in, so there isn't any noise. Shall we start with Alastair? Yeah. Thank you. Good morning. That's really comprehensive, so congratulations. I'm sorry to be asking a stupid question then. Just on the share issue, it prices on Monday, the shares are trading today. Is there any comfort you can give on sort of the dilution implications? I know the pricing's difficult to talk about, but at the moment, you're issuing a lot of shares at a price we don't know, and share price is falling, I think partly because of that. The share price isn't necessarily representing what the market thinks of the comprehensive addressing of the issues, it's more just a technical thing. Then I have a second one separately. Perhaps I'll take that and then Uli can jump in as well. I think you're quite right. I think there's some technical issues there today. You know, of course, the short interest has been quite high in advance of, you know, the rights issue as well. I think we need to let the stock, quite frankly, settle over the next few days. As you know, the NPP portion, as you rightfully point out, really sets on the VWAP over the next two days, whereas, you know, the remainder is really the theoretical ex rights price and the normal rights issue as well. I, like you, I don't wanna draw too much into the stock price reaction, today. What we're really focused on, quite frankly, is delivering on the strategy, and you see that today. Thank you, sir. The more substantial piece then is all this operational risk capital that you're carrying at the center historically. It doesn't look like you've included any of that really coming out because I guess it lags, but it should be quite a meaningful number for you over time, right? There's a lot of deadweight risk-weighted assets in the bank that should go. Can you give us any sense of whether that might happen and i f we can dream about it. Alastair, that's a very hard one, as you know. That's why nothing is in there yet, because, A, there's a lack time-wise, obviously, as it's immediately clear to you, and B, that is not something, as you know, which, you know, is in our hands. I think if we develop the risk profile into what we just laid out, and we will, I mean, that must have, in my modest opinion, exactly that impact which you are describing, goes without saying. If I may add to that. You know, what I think you're also referring is the $35 billion, not just the $6 or $7 billion that we carry in the non-core unit, and the $35 billion sits, you know, at the corporate center. It's a question that, you know, we've got asked quite often. Why is the corporate center so large? Well, actually, because we hold those $35 billion, which is in respect of really legacy mortgage issues going back many, many years. Like Uli says, we'd hope to work on that with our, you know, with all of our stakeholders over the next few years. One item I'd be remiss if I didn't mention was, you know, we did settle a large mortgage case, as you know, with the New Jersey Attorney General, which was mentioned in the remarks. You know, that shows that we're putting a lot of that history behind us. You know, we'd never try and take a forward view, as you rightfully point out. You know, this is a plan that's grounded in reality, but we'd be working on it. Andy? Thank you. It's Andrew Coombs from Citi. One big picture question and then I guess a couple of technicals on the financials. The big picture question, the group ROTE target that you've set. I believe it's the lowest ROTE target of any European bank. When you look at the average ROTE that you've generated from your three core divisions historically, which you've put on slide 10 helpfully, it does seem quite unambitious. If you could provide any color there about your long-term thoughts on the ROTE prospect above and beyond 2025. Two technical questions. First is on the RWA walk. I think if I look at the securitized products transfer, the non-core rundown, and the Basel IV inflation, you're looking at a net $25 billion reduction. Perhaps you could just provide some color on what you think the RWA growth will be in the other core divisions so we know kind of the endpoint. Then the final question would just be on the accounting treatment of First Boston going forward. I assume you're gonna fully consolidate that, and then there will be a minority interest. If you could just clarify, please. Okay, all good questions. Let me start with the ROTE. You have seen the walk, which, you know, Dixit was showing where we start on the left-hand side, and where, you know, over this transformation we are going. I would say in an hopefully prudently, in my view, somewhat conservatively planned way. I think the main point you made yourself, you know, these businesses very well. If you look at Wealth Management, you look at Asset Management, you look at the Swiss businesses, and these are businesses in any markets, by the way, in the way we are, you know, putting it going forward. These are businesses which go easily above 12%. Wealth Management, whatever is the right figure, to think about going forward, but I would say that is rather 18%-20% than anything else. Asset Management, you know the targets. We said above 45%. By the way, in the third quarter, if you look at that, I think off the top of my head we are at 48%, and that is not the most brilliant year ever, 2022 in terms of market conditions as you're aware. André, I mean, André is running the businesses already like at 12% and obviously he has even better things in mind. I think that gives you at least a relatively clear indication where we wanna go and what really makes sense then from investor perspective, I would say. Andrew, I'll just add to that, and I know you have two questions to follow, but you know, the numbers that you know, Uli had shown on his slides are return on regulatory capital, so not you know, directly comparable with kind of you know, ROTE and tangible equity. On RWAs, you're right. Look, our Basel III impact has gone down greatly, and it's gone down greatly from CHF 35 billion-CHF 40 billion, which we'd estimated before, to around CHF 15 billion. The reason for that, we think it has potential to go down further depending on the form of the transaction that we finally complete with Apollo and PIMCO. It's gone down because we're reducing the risk profile of the firm, and so you know, that's quite a manageable impact as you see in our capital walk. Of course, we'd have, you know, ability to mitigate, you know, to the extent we can and rebalance our portfolio. But that's. We've given you kind of our best estimate at CHF 15 billion. Your question on, you know, where we're allocating RWAs ties up with what Uli's just said, which is that, you know, we're allocating more RWAs in the growth path to the Swiss Bank and the wealth management unit. As we've said, you know, we wanna become really capital efficient in our markets business, which services those units. We wanna have a Credit Suisse First Boston that is capital light, but also has optionality in terms of raising external capital, which has not been baked in to our capital light path, as it stands. You know, you'll hear me say this a few times today. You know, we wanna be grounded in reality around the assumption set that we have. From First Boston accounting treatment? First Boston accounting treatment. Look, we'll be preparing the unit for a carve-out. I think it's a little early to sort of run through the accounting treatment, but for now, of course, you know, First Boston's a clear part of the firm, and we'd be working on that transition over the next, you know, couple quarters. Kian? Yeah. Thanks. Kian Abouhossein, J.P. Morgan. Few questions and maybe I can come back later with a few more if there's time. Just the implied risk-weighted assets you can calculate for the group based on what you've been saying, am I right to say about CHF 275 billion after restructuring Basel III to 90%, Basel IV, is that about right? That's the first question. Second question is related to the carve-out of CSFB. I'm just trying to understand this. I'm not exactly clear. So you're gonna have a majority stake. It sounded like you're gonna have a, you wanna reduce that over time. Am I correct? Who gives the wholesale funding, which is key here, and at what capital level do you think this has to operate? Strategically, I'm just not fully understanding if this is such a good business, why don't you keep that part, the IBD part? Why is this carve-out? So just to understand what risk you keep, especially funding, and the rationale of this transaction. Secondly, on markets and CSFB, or thirdly, you're putting them together and I'm trying to understand the return on equities that this business will generate. You give normalized revenues. Can you tell me roughly what the revenue generation is today in this business? Maybe let me start with CSFB. All good questions, partially I would say too detailed, given where we are now. I think the right way to think about CSFB is to think about a journey. As you say, look, today is an integral part of our business, you know, with the capital market and advisory part sitting in the iBank. The first step, what we are doing is putting it on its own feet, so to say, creating a separate carrier, separate bank. That's why we said, look, if you look at the slide, which I presented, is set up for, we call it, I think, carve-out. Secondly, once we have done that, we open it up for third-party capital, and I gave you initial indication that we have initial commitment on the one hand. On the other hand, without doing, you know, any marketing for that idea, to be very honest, so far, we have. I'm not sure if it's surprisingly, but we have very strong interest from many different investors to come in to CSFB. Then, you know, we take it from there. That will be obviously once we have established, we'll call it the majority participation, we might go, depending how it develops, into minority, and at the end of the journey could be an IPO or something like that. This is, you know, this is day one, and therefore, you know, I give you how we think about it and how the journey could look like. I think second part of your question, if I remember, why do you do that? Look, we think in these two parameters because we think, you know, with CSFB as an independent bank, which in this form, if you think it through strategically, will be positioned between the bulge bracket banks on the one hand, the very successful boutiques existing in the market. It has a differentiating position for many different aspects, so it's something which is really interesting in the market space, I would say. We feel, you know, the overall value creation by running that more independent is much bigger than sitting, you know, as it was the last years here as part of the investment bank. Having said that, it opens up, and I think that's the attractive part in terms of value proposition for the people and the employees at the end of the day, because it allows you, if you do it like that, you know, to run it, call it, in a more partnership-like structure as it maybe was in the old days. You might have a separate and different compensation system in it, all these kind of things. I think that makes us very attractive, not only in terms of what gets delivered to clients, but also in terms of what it can offer to talent in the market. Kian, you then had a question on RWAs. Yeah. Sorry, just on wholesale funding, who will offer the wholesale funding to CSFB? Yeah, you know, currently, of course, CSFB is, you know, a part of Credit Suisse. You know, over time, you know, as we seek to take, you know, a partnership interest from others in the vehicle, you know, we would also be looking to establish relationships for funding as well. Some strategic relationships related to, for example, areas like leveraged finance or others. Once again, you know, that's about creating an independent vehicle which will have some synergistic areas with Credit Suisse. We're again, as Uli says, we think, you know, we can set that up in a way that will be, you know, quite value creative, quite frankly. This isn't a disposal. This is about value creation. If I may, your question on RWAs. You know, I would say, look, there's a number of moving pieces here, as you can imagine. Basel III is one, and, you know, that has some flex. The speed of the non-core unit, you know, is quite frankly something that we look at as a function of market conditions. We could spend a lot of money and de-risk it very quickly, or we could, you know, be more measured, and we'll be very mindful of our shareholders' capital on that path as we de-risk the non-core unit. What I'd say directionally is, you're roughly right. I mean, what we've done is really kept capital-light businesses like First Boston and Markets. To the extent we've been able to actually allocate our RWAs, it's to the wealth management business and the Swiss bank. There will inherently be moving pieces along this path that we'll need to manage to, one of which is securitized products. I mean, we've put up an estimate for the de-risking. It has $22 billion RWAs, as you see. We may not de-risk all the way. It might be a portion of it, and that will be determined over the next few weeks, and we'll give you know, some updated color on that as we finalize the transaction and get through the next few months to what's closing. [audio distortion] Sorry, ROTE for the business, for the new co IB? Kian, we won't be drawn on, you know, specific targets intentionally, as you see from the targets that we've set. You know, we've said really two most important things we wanna deliver on is, you know, cost, which are firmly in the control of the management team, and that's something, you know, we absolutely are committed to doing, the CHF 15.8 billion and the CHF 14.5 billion. The second is making sure that we have the capital strength throughout to underpin the restructuring. I think those are the two most important ones. Of course, if we do that gets you to your ROTE target. Over time, you know, we take a look at the segmental, you know, targets as well. We wanted to make sure we delivered on kind of the two biggest levers that we have here, you know, in terms of performance. Thank you. Hi. Just a few questions, one on the cost side and one on wealth. On the cost side, I suppose to literally continue our conversation, I think on the slide 17, you've got your path, but already in 2023, we've got that kind of CHF 1.2 billion of the cost cuts. Would you be able to kind of to give us more color around where it's actually coming from? I know it's a current parameter, but you know, how much of that is what's going to be kind of designated as CRU? Also, you know, added to that is quite a significant headcount reduction, whereas you know, where are the areas to where it's coming from? Could you kind of just give us a bigger sense also from a more business perspective, where that number is effectively coming from? That's on costs. On wealth, I suppose I was just hoping for you to assess the resilience of this business kind of today, because of course, over the last 18 months, you know, it's been, it's, you know, through the ups and downs of the rest of the bank. We are kind of starting to see, as we've discussed this morning, deleveraging, some outflows, which seem to be kind of continuing. You know, how do you stabilize this business to effectively anchor the valuation of the future of the group? Thank you. Let me start maybe, and you add, with the cost question first. I think the right way to think about this, it's how I do it, is [audio distortion] these two-phase approach, if you want to. It's the short term and the more midterm going into 2025. Why I'm saying that, because A, we have strongest visibility, call it, in terms of what we are executing in the short term, and that's why we gave you a short-term target that you can measure us against it with this CHF 1.2 billion for 2023. That has different components, as you say, like the necessary layoffs, 2,700 FTEs, as we said, this morning. Secondly, you know, doing all the things which you know, do and which are clearly defined in execution, as I said this morning, like, you know, bringing down your third-party spend. You know, getting much more professional in terms of how we're buying goods, i.e. supply management. You bring down, and we gave you numbers like, you know, consultancy spend by 50%. This is all on the way already. All these different measures which are in execution mode get us to CHF 1.2 billion. Then the more midterm thing is, and there we have also good visibility, I would say, but this is also, and that needs some more work now, is a little bit the harder part, because what we said very loud and clearly, you know, we wanna have that bank simpler, we wanna have that bank more agile, because I think it's really important for us going forward in terms of work, how we work together in this more integrated model which we are laying out. That means, obviously, as it's immediately clear to you know, we need great help from Joanne here in terms of digitization. You know, we need to think about our core processes. How can we automate them stronger? How can we, you know, really establish for the most important processes end-to-end visibility and responsibility? We need to, you know, do even the very, so to say, obvious things at the first moment, which are partially not so easy. You know, if I look, for example, at our committee structure in the bank, how many committees we have, how many people sitting on committee. You're laughing, but, I mean, this is crazy. You know? This is absolutely crazy. This bank cannot be run long-term by committees. You know, a committee never takes the responsibility at the end of it. It's individuals, you know, who execute, who need to take responsibilities. Don't get me wrong, I'm not saying you need a couple of important committees, obviously, but not as many as we have. These are the kind of things which we are doing, and I think that will definitely lead us into the necessary cost savings here of CHF 2.5 billion which we laid out. Magdalena, you had a second question. Was it on wealth management? Wealth Management. Yeah. Yes, the specialization of the business. Yeah, you know, you saw this in the Q3 numbers that we announced this morning. You know, it's not dissimilar to what we're seeing elsewhere through the course of the year, that look, we've been in a bear market for equities and bonds. You've seen transactional volumes come off as clients have both delevered and then have been hedging or de-risking as well. You know, our wealth management unit under Francesco is very focused on a number of initiatives. You know, one is being very focused on the geographies where we have a critical mass, and then making sure we allocate enough resources to those. The converse of that is kinda doing less in geographies where, quite frankly, you know, where we don't have the critical mass. The second is, you know, leveraging, I mean, while it's a bear market for assets as we've seen this year, there's never a more important time for wealth managers to deliver value-added product, hedging solutions, investment ideas for their clients. What you're seeing in Francesco is leveraging the CIO unit and the idea generation, driving research, you know, products. You've heard us talk about cross-asset class products and structured products, driving that, you know, to wealth management clients' needs. The third, you know, fairly stating the obvious, which is, you know, using technology as a tool and as a lever to get efficiencies in terms of how you interact with your clients and do that, you know, kind of in a fairly efficient way and not scale headcount necessarily with number of interactions. A combination of those we think, you know, will set us up for the future. The second point I would make is that, you know, over the next three years, the wealth management unit will be a big beneficiary of kinda implied rates as we see them today. Even at currently implied rates with making some conservative assumptions, you know, around balance sheet, you know, we'll see a material uplift, and that underpins part of our ROTE that I've shown you as well. Hope that answers the question. Yeah. Take that. No. Not Valerie there in the middle. Oh, sorry. Of course. Yeah. She's waiting for a very long time. Oh, absolutely. Anke has been very patient there. Sorry. Well, no. Thank you. Thank you. I just had a few questions, please. On the capital path, I mean, it looks a bit like, obviously, lots of moving parts and illustrative, but it ends around 13.5% on that chart. I mean, obviously you have a target above 13.5%, but can you provide us a little bit of comfort on where the buffer is for unforeseen circumstances like litigation, regulation, and obviously you say Basel IV is a 70 basis points hit, so would the target ratio be lower potentially under Basel IV? Then leading from there to your ROTE target, is that, I mean, obviously the size of the capital base at the point will have an impact on your ROTE. Is the ROTE target structured on the 13.5%, or is it on whatever the capital base basically is? You said you aim to deliver a cost of equity return across the divisions, which then doesn't quite square up firstly with your group ROTE target. Is that a question of you basically being conservative, or is it a question of timing? Thank you. You may have to repeat the first question for me. I might have missed that one. It's basically just on the capital path. Where is the buffer for-- I got that. Look, with any, you know, with any capital path like this, as you imagine, we have a number of planning assumptions, a number of assumptions around regulatory measures that come through. You know, securitized products decisions we make will impact that perimeter. For example, our Basel III impact would go down. We've taken a, I would say, a prudent view. In our planning assumptions, we do have a contingency built in for certain items. You know, that's just prudent management, you know, as you look at a capital path. Now, you know, we've always said as a firm that, you know, the targets we set out will be on a pre-Basel III basis, partly because, you know, we have actions like today which, you know, mute the effect of Basel III. The second is, you know, we have mitigation, we can restructure our balance sheet. You know, a lot we can do between now and then to be able to work towards that. You know, it is 13.5%. You know, if all else being equal, if there wasn't any mitigation, it was exactly the same balance sheet and the impact turned out to be 70 basis points, then the CET1 ratio would be 70 basis points lower. On a less risky balance sheet, quite frankly. That's the way I would look at that. There's your last question actually I wanted to get to as well. Would the Basel IV ratio then be lower than 13.5%, you think your target? Assuming no mitigation. Yeah. Which is, you know, always the case that we look to mitigate and work on it. Okay. Maybe we kind of break it up and just get a couple of questions that are online. No, but-- On the telephone. Let this lady ask. Are you not done? Okay. Do you have any more, Anke? Yeah. I I have one more question. Okay. You had one. It was answered, right? It was answered. Okay. Okay. If it's answered, I'll just take a couple of questions on the telephone. The first question from the telephone comes from the line of Flora Bocahut with Jefferies. Please go ahead. Yes, good morning, and thank you for taking my questions. I have two. The first question is just going back to the ROTE work on the slide 39. Just focusing again on the revenue growth, you know, given this is really the bulk of the ROTE improvements you expect in 2025. You're talking about the normalization in GIB, rising rates, business growth elsewhere. Can you maybe elaborate a bit on some of the assumptions that you have considered in there? Is it based, you know, on what level of rate in your key markets? Is it based on what, like 5% net new money per year? Have you made an assumption on the market level? You know, anything you can give us to try and get more details around the revenue work. The second question is regarding First Boston again. You made a statement that you already have commitment from an investor for $500 million investment into that unit. But just so I try and understand it, this is based on what level of valuation? This would mean that that investor would get what stake in the new unit. Can you tell us maybe a bit more on the profile of that investor, you know, the geography, the activity, and how much you ultimately want to keep from that business? Do you want to stick to a majority or you would be looking at potentially going below 50%? Thank you. Okay, let me start with the second question because I think at least the last part of your second question was largely answered before when I was describing the journey of Credit Suisse First Boston. Summarize the answer, it's not yet clear where we end up, obviously, because we are at the very beginning of that journey, as I said before. The second part to your second question is, you know, that's why I called it CHF 500 million commitment, because obviously, you know, this is not yet an independent separate carrier and therefore, you know, it's not clear, you know, how that would be converted into, and that's why it's a commitment. These are all things, you know, which we are doing, going through, you know, the next steps when it, you know, comes to establishing Credit Suisse First Boston. At least, you know, this is definitely no surprise to me. It shows you that, you know, there are enough people out there who think they can be very attractive and view which I fully share. You wanna? Thank you for joining us on the call. You know, to answer the question on ROTE, if we could go back to the slide for everyone. You know, the 5.5% revenue uplift that we outlined, you know, comprises a number of pieces. First and foremost, as you've correctly highlighted, you know, NII uplift makes up roughly, I would say, you know, about 2%-2.5% of that 5%. The remainder comes from, you know, a combination of some of the initiatives that we've launched in those businesses, together with some modest assumptions around revenues in those businesses. We've been mindful, you know, not necessarily to look at, you know, this year's wallet, which as you know, and especially in places like investment banking capital markets, is at multi-year lows. That would be overly conservative. On the other hand, you know, we've had bumper years in those businesses in the last two years, and so we've taken a measured through the cycle view, in terms of revenue growth, which comprises the remainder. NII makes up about 2%-2.5%, you know, of that uplift. I think there is, maybe one more, online. That's it. Or a couple more. Next question. The next question from the telephone comes from the line of Stefan Stalmann with Autonomous Research. Please go ahead. Yes, good morning. Thanks for the presentation. Sorry I couldn't be in London today. My questions are the following. If I start with slide 17, where you provide us with the regulatory capital waterfall. I've been trying to translate this into U.S. GAAP terms, and I think if I look at the building blocks here, it's quite possible that you may actually be losing money in GAAP terms from 2023 to 2025 in total. Also the sale of the Securitized Products Group could well trigger a loss. If I look at all this together, and if I look at the tangible book value development over the next couple of years, in your budget, do you think that your tangible book value at the end of 2025 is going to be higher or lower than it, what it is today at the end of Q3? The second question comes back to CSFB, this new entity. I may have missed this, but could you maybe give us an indication of what the P&L roughly looked like of this entity in the first nine months of the year? I assume it was losing money. Could you give us an indication of how much? The final question goes back to the Strategic Resolution Unit, where you still expect to lose CHF 1.3 billion pre-tax in 2025. I'm wondering why that is still such a big loss by 2025. When do you expect this unit to go back to break even, roughly? Thank you very much. Yeah. Let me start maybe with the third one. You come in if you want to. You know, putting it together, non-core unit like that, and you saw the composition roughly, as Dixit showed it actually. That is quite a thing, as you know, exactly on that slide, so how it's composed. You know, for me, this size is also early stage here. For me, you know, the question is to drive it down obviously as quick as possible, but to drive it down in a prudent, and if you want economic, best economic way, so to say, because you can be very quick and lose a lot of money which you not necessarily need to lose. You can give it a bit more time, and therefore, do it in a more value accretive way. I would say what you rightly say in terms of where we are with what we laid out here is in my sense, a prudent but pretty conservative view on it. We will take a much harder look over the next couple of weeks and months into it and see, you know, how this plan develops from here, I would say. Yeah, I'm with you. I think if there's any chance to be faster, more radical in terms of the results, we will do that. I'll add to what Uli just mentioned, in that the CHF 1.3 billion that we have in 2025, about approximately, CHF 800 million-CHF 900 million of that is really what we would call allocated expenses and OpEx. The remainder would be from funding costs. Now, over the next three years, you know, as we restructure the bank, reduce our leverage exposure, make the bank less risky as we've outlined, you know, we estimate that we'd be freeing up something like in the order of or we'd have a reduced liquidity need for about CHF 70 billion of exposure over the next three years, and approximately CHF 50 billion of that we think will arise over the next year. Again, some moving pieces there. These are approximate. As you know, the balance sheet operates with the lag effect, and so we'd expect to tackle funding costs as well. As Uli says, you know, we've made some prudent planning assumptions here for 2025, both on the funding cost side and then, you know, we'd need to attack operating costs as well, at the same time. Sir, the other ones? On the capital. There is, if we bring up the capital work, please. The question was on impairments and the risk of impairments. I think you correctly point out that, look, the securitized product sale, for example, you know, was a productive business, you know, had a future revenue stream in PTI. And it's today's deferred tax asset impairment that we took is a conservative assumption that we've made on the basis of our exit that you know, we've now announced in the strategic partnership with PIMCO and with Apollo. That may change slightly, but we've chosen to make a conservative assumption and quite frankly, put that behind us. You know, the DTA impairment that we took, which was a total of CHF 3.7 billion, largely writes off almost all the DTAs we have on our balance sheet. You know, we like that cleanup, quite frankly, as we go forward and not having to worry about it. I think that leaves about CHF 300 million-CHF 400 million on the balance sheet from here on. I think the third question was about the P&L of Credit Suisse First Boston this year. Obviously, almost obviously, but we do not give these numbers right now. What is important for you to understand is, as Dixit was saying, because we spent a lot of time on that, how we did the overall planning for that. We you know, if you look at this market or this year's market, so to say, in primary, you know where we are, very special market. If you look at last year's market, 2021 in terms of this business, also very special market, completely on the other side. What we did with all the different businesses, together with the colleagues from the business, obviously, we looked at averages, let's say also 2018, for example, to 2020. We looked where the businesses are, and we built the plan, you know, around this, call it realistic, maybe in parts, conservative assumption. That's what we did with it. If I may just finish the last question online, and then we'll come back to the auditorium. Right. I think there is one more. The next question from the telephone comes from the line of James Hyde with PGIM. Please go ahead. Hello. Hi. Thanks for taking my question. Yes, it's more a fixed income investor question. Trying to understand what these plans mean for eventual issuance needs. First step would be to try and understand what would be your TLAC requirement in percent, given that you've had some changes in the capital add-ons, and also not clear whether the Greensill reduction from CET1 is included in your latest calculations. Secondly, there's something unanswered, but for a fixed income investor, it's rather important this morning, the HQLA and where it would stand. The mention that you said you've held off any OpCo issuance. I mean, does that reduction in the LCR mean that you have to really step up OpCo issuance to make up for that, to bring in the liquidity? Finally, just want to understand the reduction in the investment bank RWAs. Does that sort of address the CSAG capital deficit eventually? Thanks. James, hi. Welcome, and, you know, thanks for joining on the phone. Yeah, a couple of, I guess, questions sort of broadly funding and capital related. You know, one is that, you know, we self-selected not to issue in the markets in the month of October, just given we had the strategic announcements today. We look to shortly commence issuance. You, you'll see in the fixed income deck that we've published, we set out an intent to issue about CHF 2 billion of AT1 and about CHF 4 billion or CHF 5 billion of holdco debt as well in the fourth quarter. This might change slightly, but that's the plan, and that's the intention today. In terms of TLAC, you know, I'll need to get back to you on TLAC. You know, we meet, you know, all of our requirements, and our issuance plans address the needs, especially, you know, with Tier 1, our Tier 1 ratio. You know, the one thing we haven't discussed and looked at is really our Tier 1 leverage ratio, which, you know, remains at pretty healthy levels, and we see that remaining at healthy levels through the plan period. You also asked a question, James, really on deposit flows and funding and the needs for funding. We really have two effects here at hand. You know, one is, you know, we've had, as you've seen in the first weeks of October, we've had a reduction in deposits, and we'll be looking to replenish that post today. On the other hand, the strategic changes that we've announced today, especially the securitized products exit, together with the rundown of the non-core unit and exit of certain IB businesses, and we've commenced some of that already, but those deleveraging efforts will release and reduce our need for capital markets funding. What we'd be doing, I think, over the next quarter or two, is giving you a much more fulsome view on what that issuance plan will be, taking all these effects into account. You know, we'll know shortly in the next few weeks what the securitized products perimeter will look like once we finalize the transaction. I think we'd be able to give you a much more better view of the 2023 funding plan. Maybe if we go to Jeremy. Yeah. Sorry. We'll come back in a sec. Hi there. Thank you. Two questions, please. Firstly, I wanted to re-ask Magdalena's question a bit more specifically. Could you give us a split of the cost savings by division, either in terms of actual numbers or rough proportions, particularly between non-core IB and then wealth and Swiss banking? So that's my first question, a split of the cost savings. A related question is, you talked about raising profitability in the wealth management business, which I think is important because it's currently earning lower returns than some of your peers. Could you talk a bit more about how you raise the profitability in wealth management? Uli, do you wanna do wealth management, then I'll come too? Sure. I mean, the franchise in wealth management, as you know, as I said, is very much geared to Asia, to emerging markets. You have seen maybe also this morning what we said, you know, with respect to Middle East region as one of the growth regions going forward, at least in my mind, over the next 10 years. That's also something which we will, I think, you know, invest more going forward. The wealth management plan itself, if you remember it, as Francesco was laying it out, I guess in summer this year or something, it's not, in principle, not so much changed. We have a very, very strong franchise in these regions I was mentioning in the, call it more ultra-high net worth entrepreneur segment. This is something which we expect to grow strongly going forward. Secondly, we said, or Francesco said very clearly, you know, the high net worth segment is something where he would double down. And I think that is in obviously, as you know, in terms of profitability a very interesting segment. There is more to do going forward. Yeah, I think that the strategy in wealth management is not really changed. As I said, I think this morning in the Q3 call, wealth management is an industry which is supposed to grow stronger than GDP. I think that's unchanged. Our view, wealth management is an industry which is highly fragmented still, even if you have strong positions, so there is enough room to grow. I mean, I think this is something which we wanna capture going forward. If I may, you know, answer the question, then on cost. You know when I showed you the cost initiatives that we went through, they were intentionally not led by division. Francesco has been leading our cost initiative, and that comprises a couple things. One is a series of vertical initiatives, which you can measure more closely to a business line performance. We have a number of horizontal stripes that you see. For example, you know, cutting consultancy spend, contractor spend, or some of the technology work that we're doing, that Joanne's doing in the background, really to re-architect the firm. For example, cloud computing, just as an example, you know, allocating that becomes a little more tricky, but that's not the way we tend to look at it. We will look at it across the horizontal stripes. The cost savings of course will appear in those segments, including in the non-core segment, to be clear. As Francesco executes on our cost reduction, we'll find it across all of those business units. [audio distortion] I've got two questions with a similar theme and then a clarification, please. At 2Q, when you first announced third-party capital coming to the IB, it was a bit of a headache for quite a few of us in terms of how to manage that. I see a couple of issues here. One, on the securitized products, it sounds like they haven't committed to taking all the assets, so there may be some assets being managed on your balance sheet by Apollo. Then secondly, losses in the First Boston business. Clearly, it's a volatile business. There's leverage finance in there. You've already said it's been difficult year to date. Who's gonna bear the first losses? How do you manage aligning your interests with the third-party capital? The clarification on the asset transfer to Apollo, is the current FRTB assumption assuming no transfer of assets, or what's the base case assumption in terms of the balance sheet that Basel IV assumption is made against? Maybe on SP, you know, what we communicated today is the partnership and the fact that we are going with these strong partners into exclusivity. As you heard, Dixit saying, you know, how it looks very concretely at the end, how fast is something which we finalize over the next few weeks, basically. There is still some room in it. You know, what might, as you say, sit on our balance sheet for a while, or if, you know, even more goes immediately off the balance sheet. This is something which we need to finalize now. You know, the second question that you said on First Boston and, you know, how that would work. You know, that's something that we will work our way through. One of the things me and Uli have been clear on, I think, through the course of today, is that we will seek to make it independent. We will seek to carve it out. We will seek to bring in external capital together with potentially providers of financing for leverage finance and other areas like that. In that respect, you know, shareholders would share equitably. That's something we need to update you on as we work through these plans. This is a journey, not the endpoint. FRTB? Sorry. Is FRTB incorporated in that? Yeah. The FRTB impact for us is, you know, fairly muted. It's baked into our, you know, RWA glide path as well. You know, what helps is when you look at the markets perimeter, you know, we shrunk the markets perimeter greatly, which is where you'll get, you know, FRTB inflation. We've constrained the amount of resources there, not because we don't wanna grow the markets business, because we're running a capital-light markets business that focused on our wealth management, our Swiss business, and on external wealth managers. You know, a combination of these strategic measures means that our, sort of the impact from potential regulatory measures is muted when you look at our perimeter. In that respect, you know, our markets perimeter becomes less directly comparable in a sense to our peers because our business mix is very different. You know, you've seen in the third quarter, for example, macro, for example, being an outperformer. You know, macro is a place where we chose to, you know, reduce our risk profile over the many quarters before. We'll take a couple more here and then go back to the operator. Yeah. Do you wanna-- A lot of questions, sorry. Yeah. Hi. It's Piers Brown from HSBC. I've got one on litigation and one on the NCU. On litigation, I think you came out of the third quarter with a number for a reasonably possible unreserved losses of CHF 1.3 billion. You've had a couple of cases resolved in October, but can you give us an update as how you're thinking about the litigation case docket from here and how that number may have changed post those resolutions in October? And secondly, on the NCU, I just find it very surprising that you've managed to identify CHF 35 billion of RWA and CHF 132 billion of leverage assets that are only accruing revenues of CHF 200 million. It just seems a very large balance sheet that's delivering virtually nothing on a revenue basis currently. The question is, can you give us some reassurance that there aren't bits of the core investment bank that historically would have been quite reliant on that balance sheet? I'm thinking potentially, for example, the lending book within NCU and how that would be intertwined potentially with the leverage finance business, which obviously you're gonna keep as part of CSFB. Thanks. If I may, I will only take the first. The second one. You hit really the nub of the issue, which is, you know, when we've had underperforming businesses, you know, part of the reason is you have a balance sheet that's inefficiently allocated. It may have been, you know, transactions on which there's no carry anymore or negative carry, quite frankly, which then feeds through over the next few years and then results in the, you know, negative performance that we see partly as a result of funding costs. You know, when you look at the RWA mix that I mentioned, 85% is actually credit risk. And then there's an element of longer-dated transactions, you know, embedded in there as well. You know, those will take time to unwind. They're really low-performing assets, otherwise we, you know, wouldn't be seeking to free up the capital from them, if that makes sense. Okay. We'll take-- In terms of litigation, as you say, a reduction of like 90% in the quarter. You mentioned CHF 1.6 billion-CHF 1.3 billion for the reasonable possible losses. Obviously, as you can imagine, I mean, when I took over like three months ago, I took a fairly careful, I would say, walk through the open litigation cases with our specialists in that area. From what I have seen so far, and there's always some uncertainty around it goes without saying, I think we feel well-provisioned for these cases, I would say. As Markus always put it, and that's why you have seen what we did in the last, you know, couple of weeks, we try to, you know, get more clarity faster, maybe, with respect to this overall portfolio. Okay. We'll take a question from Amit. Thank you. It's Amit Goel from Barclays. Two questions from me. One, actually just going back to the SPG group transaction. I just wanted to gauge, I mean, is it a done deal in terms of, you know, what is or is there any risk to closing this transaction now in the next few weeks and finalizing the details? And if it doesn't close, then what is the plan? Secondly, just with regards to the costs and the cost savings. It seems like the CHF 2.5 billion savings appears to be a kind of a net and a gross number. I think previously there was talk about, you know, about a CHF 1 billion or so investment, and there's, you know, plans to hire into the wealth management business and so forth. I just wanted to check, are those kind of investment plans still there? Or with the current environment, those have been kind of downscaled or reduced? Thank you. I tried to say that, you know, as you say, it's a net number, which means obviously the gross number is bigger, as you are alluding to. The gross number gives room for the necessary investments into the businesses, which are core going forward. On the one hand, but also, and this is very much figured in, you know, and still, you know, our risk remediation programs, all these kind of things which are on the way. That's the way the plan is done, basically. You wanna take, SP? You know, SP and the framework agreement that we've announced today is the culmination of many weeks of work and a large number of people on both sides actively working to this. You know, we don't wanna presuppose any other outcome. We're working towards a close. You know, we're quite excited by it because it's quite rare, I think, exposure, and be able to do that in one transaction. You know, hard-pressed to see transactions like that other than real M&A. We feel, you know, quite frankly, quite good with our partners. I won't speak for them, but I think they feel pretty good, as you've seen in the press release that we put out today. You know, you had a further question on the fallback. I don't think, you know, we need to necessarily look at the fallbacks right now. You know, the unit had tremendous interest, of course, you know, from many parties. You know, we really like where we've arrived with the transaction, and we're gonna be working quite fast, actually, even as we speak, to actually execute on the transaction. We look forward to keeping you updated, you know, as we get towards the close and through the closing. We'll take Joe. Joe Capone at Cerberus Capital Management. Thanks for the work, by the way, here in advance for the hard work you guys have in front of you. I had a question on the CS First Boston carve-out. When I hear you talk about your partnership, you know, with employees, and I think back to the very creative and successful compensation plans Credit Suisse had post-crisis. Is the idea here to have, over time, a meaningful percentage of CS First Boston owned by employees? And if that's the case, presumably the granting of partnership units would be a cost, but the retained earnings of which over time would not be, right? It would probably just be part of the minority interest and could be a tailwind to your cost-cutting. I was wondering if that's part of the plan as well. Thanks. Yeah. I mean, in terms of partnership, and that's what I was alluding to, that's certainly the idea, you know, that if that separate bank is established, it allows you, compared to what we call new Credit Suisse, some flexibility in terms of how you do compensation. It allows you know, letting our colleagues being part of that equation into that bank and participating, obviously, as shareholders. That's exactly the idea, and I think that is also part of the, if you want, from that perspective, the attraction of that model, which we are putting in place here. Sorry, did you get the second part then? Yeah. I think I get the sort of cost point as well and, you know, the future cost implications. I mean, I'd say, you know, this is very much about, you know, value creation and simplification at the same time. You know, by virtue, just by going down the path of preparing for standalone, makes the unit efficient, helps Francesco deliver on our cost targets at the same time. You know, those goals are aligned on the journey to get there. We will be a beneficiary Of redesigning the unit and enabling it to, you know, be a standalone unit. At the same time thereafter, there's value creation, because as you say, you have a much more flexible cost base that's much more aligned with revenues as well, you know, through the cycle. Great. I'm just gonna take a couple more questions online. Then we'll come back to the auditorium just to finish up. The next question from the telephone comes from the line of Daniele Brupbacher with UBS. Please go ahead. Good morning, thank you. Danny, we can't hear you. Daniel? Thanks. Okay. In which case, any more questions online? We proceed to the next questioner, on the telephone, Benjamin Goy with Deutsche Bank. Please go ahead, sir. Yes, hi. Thank you very much. Two questions left. First, trying to a bit better understand your corporate finance franchise going forward. Obviously, CS First Boston will be heavily U.S. exposed. I was wondering, and it sounds like most of the European corporate finance franchise will be closed outside of Switzerland, but was wondering about Asia, which was often, I think, a differentiator and highlighted in your presentation. Will it be part of CSFB also going forward, or will you retain it in the in other parts of the group? And then secondly, on asset management, clearly it's core, but I was wondering whether there's some parts of it you would consider for divestitures or any comments you can make on this business in more detail. Thank you. With respect to your first question, as you laid it out, is I think exactly the right way to think about it. EMEA, Europe, very much focused on advisory. With respect to Asia as part of Credit Suisse First Boston, a much more full and broader offering for the reasons which you said yourself, i.e., because that is something, you know, which is in demand there, which we need to deliver to the existing clients, and we will. Therefore, and that's why I said also this morning, is, you know, the positioning of Credit Suisse First Boston, which can, you know, really, convey global connectivity to global clients still in the future. I think that's the idea behind. With respect to asset management, again, as you heard, it's a business which is highly attractive, which in principle we wanna build and build out, for obvious reasons. At the moment, there's not much more to say to that. It's in the package of our offering, as you have seen also on our slide, an integral part. I think the operator was gonna try Daniel again. You feel comfortable that you can align interests. Daniel, could you try again? Okay, back to the auditorium then. Yeah. Hi, it's Andrew Lim from SocGen. Can we focus on the residual markets business that's going to be still core? I think that's on slide 12. So you talk about de-risking the markets business and refocusing. Are we to assume that $22 billion of RWA falls off going forward and helps to contribute towards the CET1 ratio improvement? And then perhaps you could disclose the PTI for the first nine months as you did for the non-core business. What does that look like? And what's your strategy here for improving the profitability of this markets business? Just thirdly, on the 3Q CET1 ratio, you took a bit of a hit here from RWAs inflating at a time when a lot of your peers had market RWAs falling. Could you give a bit of color on what actually happened there? Was it more of a one-off? Sure. First of all, with respect to the markets business, and apologies if there was misunderstanding. The figures which we're giving here is that's why we call it objective financial metrics. The $22 billion in terms of how we resized and designed the remaining business is how you should think about it. That's the $22 billion risk-weighted assets which are tied to this perimeter with, you know, as we say here, revenue level of like $3 billion. That is what remains, so to speak, from today's view, obviously part of new Credit Suisse. Your second question, Andrew, was on-- One-off PTI. What's your strategy for improving the business here, whether that $22 billion RWA-- In the markets business? Yeah. Yeah. One, you know, important aspect here is that we've disbanded a lot of the JVs. What you'll see going forward in the segmentation that I showed on the slides is just a much cleaner organizational construct. Hopefully better to understand, but also, quite frankly, better for us to ensure that, you know, we have-- A discipline and focus on accountability and metrics internally. For example, the JV that we had between Swiss Bank and Investment Bank, that's been folded into the investment bank. There's some moving pieces there in terms of our RWA. Broadly speaking, I'd say, you know, we don't foresee a need for a lot more RWAs in that business line. The reason being is, again, we've aligned it much more towards our Swiss bank and the wealth management unit with an institutional focus as well to allow us to, you know, hedge and transact and, you know, pay revenues that will defray those costs as well. We don't foresee actually a great need to add more capital to that business. I think we can run that on a capital light, in a capital light manner given the business model that we have. Okay. I think we still have maybe one here. Thank you. Sorry, just two questions from me. Quick questions. First, on the external capital that you're looking to attract into the leveraged finance business, could you give us an idea of sort of quantum and timing of that, and how dependent that might be on market conditions within leveraged finance? Then, separately, a bit of a follow-up on the global markets point. Am I right in thinking the $3 billion revenue target in markets? I mean, I think it actually implies quite a lot of growth versus where those businesses are run rate in the third quarter. Perhaps if you could sort of explain sort of how that growth is delivered, especially at the same time as being more selective with your institutional clients. Perhaps I'll take the second piece, which is just that the numbers that you see there are actually the historical numbers, which is important to bear in mind. You know, we're not gonna give any targets for, you know, segmental performance, as yet. As I was saying earlier, you know, we've made some modest assumptions for growth, quite frankly, in businesses like markets going forward. That's recognizing the macro environment, recognizing the need to continue to execute on our transformation plan. We've been prudent. We could call it conservative, but I'd say prudent. The first one was? Just any comments on the, either the timing or the quantum of the external capital you're looking for in leverage finance and how dependent that is on market conditions? Yeah. Not yet, because this is also obviously part of the journey I was describing. Once we are getting into CSFB and we're having these discussions, and we'll see, you know, how that develops, particularly with respect to the LevFin business and so on. It's something where, you know, obviously on the journey we are very open to. Okay. I think we've covered the questions over here. If I may, sorry, Kian, if I may just try Daniele one more time because he's tried very hard to get in. Operator, could we try Daniele one last time? Sure. Mr. Brupbacher, your line is now open. Yeah. Can you hear me now? Perfectly. Yeah. Third time lucky. Close. Sorry for this. Just briefly on the non-core unit again, at the CHF 1.3 billion loss in 4Q, it was very useful to hear how you talked about what drives that. A bit more broadly, how dependent do you think is this expected loss from market conditions overall? You know, I'm talking about spreads, liquidity, interest rate levels, or is this something which should be achieved just with the passage of time? Just interested to hear your thoughts there. Just a bit of a clarification, just to be 100% sure I got that right. The 6% and 8% ROTE targets, that still assumes 100% ownership of CSFB. Is it also fair to assume that CSFB, the legal entity you would probably use, would be the basically Credit Suisse Holdings, you would say. Yeah, that's basically the questions. Thanks. The second part, second question too early. Yes, it's part of what you're seeing in terms of the perimeter which we laid out as long as it is obviously on its or till it's on its own feet. Daniel, sorry, what was the first question? I missed that. Yeah. You know, the non-core loss 2025 to the operating $3 billion. I mean, you were giving us some helpful guidance in terms of this OpEx, et cetera. Sure. Yeah. Just interested to hear. Yeah. Thanks for clarifying that. Yes, there is some market sensitivity, you know, within that business, but I'd say, look, it's reasonably minimal in the sense that, you know, 15% of the exposure, if you remove operational risk, about 15% of the exposure is market risk RWA and the rest is credit risk. You know, look, our deleveraging efforts there of course are a function of market conditions, for sure. At the same time, you know, we have a prudent assumption, I think, for a de-risking budget that we've embedded in as well. As you know, there's an optimization that we'd be doing trying to stay as close to the efficient frontier as we can, trading off sort of capital spend versus time to reduce RWAs. Before we actually do that, you know, we'd be doing a whole bunch of other things in the portfolio like, you know, running down positions if they're shorter dated or medium term, and they don't pose a lot of risk to us, and they don't have, for example, potentially a pretty bad carry. You know, we'd be looking at recouponing, you know, restructuring transactions, novating, netting transactions, kind of finding efficiencies other than actually having to go to market. I think that kind of reduces our market dependency. But for sure, I mean, we do have a dependency on the market. As I said, we have a de-risking budget, and we're pretty mindful of, you know, the management of these positions. If it's okay, I was gonna suggest we move to lunch, and then management will be with us, so we can ask more questions and have a discussion, if that's okay. Thank you. Okay. Thank you. Thank you very much.