Good morning. This is the conference operator. Welcome and thank you for joining Credit Suisse Group's first quarter 2022 results conference call for analysts and investors. As a reminder, all participants are in a listen-only mode, and the conference is recorded. You will have the opportunity to ask questions after the presentation. If you wish to register for a question, please press star and one at any time during the conference call. Should anyone need assistance, please press star and zero. I will now turn the conference over to Kinner Lakhani, Head of Investor Relations and Group Strategy and Development. Please go ahead, Kinner. Thank you, operator. Before we begin, let me remind you of the important cautionary statements on slides two and three, including in relation to the forward-looking statements, non-GAAP financial measures, and Basel III disclosures. For a detailed discussion of our results, we refer you to the Credit Suisse first quarter 2022 earnings release published this morning. Let me remind you that our first quarter 2022 financial report and the accompanying financial statements for the period will be published on or around May 5th. I will now hand over to our Group CEO, Thomas Gottstein, and our Group CFO, David Mathers, who will run you through the numbers. Thank you, Kinner, and thank you all for joining our first quarter 2022 results presentation. We greatly appreciate your participation and engagement. Let me begin by addressing the broader economic and geopolitical environment. Financial markets enter 2022 dealing with some of the highest inflation rates in a generation, putting significant pressure on central banks and weighing on the purchasing power of many of our fellow citizens. In addition, Russia's invasion of Ukraine has led to a catastrophic humanitarian crisis. Credit Suisse and its employees would like to express our sympathy and support towards the Ukrainian people as we continue to show our solidarity through support for aid groups and other organizations. The Ukrainian crisis has also had a significant impact on the global economy, financial markets, and many businesses, including our own, during the first quarter, as you will have seen in the reports from many of our global peers. As I've said previously, in the context of our long-term strategic plan, the year 2022 is one of transition for us at Credit Suisse. We are determined to continue with the implementation of our strategy as announced in November last year, and remain focused on refining and reinvigorating our franchise consistent with our approved risk appetite. The financial performance in the first quarter of 2022 highlights our work in progress and what more we need to do. As we disclosed last week, we reported a loss in the first quarter. This was partly a consequence of our decision to increase provisions relating to developments in a number of previously disclosed legacy legal matters. This is in line with our proactive approach to resolving legacy litigation matters, many of which go back more than one decade. Our results were also negatively impacted by Russia-related losses of CHF 206 million. As you will see in the slides, we have already made significant concrete progress in executing our strategy across our divisions with a simplified structure that went live on January 1st. Before I turn to the presentation, as you have seen today, we have announced a series of appointments to the executive board as well as management changes. We are delighted to welcome Francesca McDonagh as incoming CEO of the EMEA region, Edwin Low as CEO of the Asia Pacific region, and Markus Diethelm as General Counsel. They will take up their roles in the coming weeks and months. David, who has served as Chief Financial Officer since 2010, has indicated his wish to seek alternative opportunities outside of Credit Suisse. While I have accepted his request with regret, I look forward to working with him over the coming months until a successor is found. On a personal note, I would like to add that I will not only miss him as a competent CFO, but as a friend and colleague. We still have several months to go. David. Thank you very much. I would also like to thank Romeo and Helman for their service to the bank over the many years, and I'm very pleased that Helman will serve as Senior Advisor to me, focusing on the core clients around the APAC region, as well as serving on our APAC Advisory Council. The determined delivery of our strategy over the coming quarters is the absolute focus of the Board of Directors, the Executive Board, and all our employees. With that, let me turn to the slides, starting with our key messages from the first quarter on slide four. We recorded a CHF 0.4 billion pre-tax loss in the first quarter, as our reported results were negatively impacted by CHF 0.7 billion of legal provisions, by CHF 0.2 billion Russia-related losses, and by CHF 0.4 billion market value losses related to our Allfunds stake. These were offset somewhat by real estate gains and a net release of provision for credit losses. On an adjusted basis, we reported pre-tax income of CHF 0.3 billion. Overall, we saw net revenues decline year-over-year, mainly due to a particularly strong comparable in the first quarter of 2021, especially in the investment bank and wealth management. We also experienced significant industry-wide headwinds in the form of more challenging market conditions due to higher inflation and interest rates, as well as Russia's invasion of Ukraine impacting a number of our businesses. In the first quarter, we reduced our Russia-related net credit exposure by 56%, and we continue to make further progress in exposure reductions. David will discuss this in greater detail later. We have continued to run our businesses with a strong capital base. Our CET1 ratio was 13.8% in the first quarter of 2022, compared to 12.2% the same period one year earlier. Our CET1 leverage ratio was 4.3%, also up from prior year levels. We stand by our medium-term guidance of a CET1 ratio of at least 14% pre-Basel III reforms and a CET1 leverage ratio of around 4.5%. While our performance has been impacted by significant headwinds, our focus remains on executing the strategy we set out in November 2021. I will go into details a bit later, but as you can see from the middle of the slide, we have made good progress. Regarding risk, the strengthening of both our first and second lines of defense are on track. We are pleased. Here you see some of the factors affecting our reported and adjusted results in the quarter. Our adjusted results were characterized by reduced client activity and capital markets issuance in volatile market conditions. They also reflect the cumulative reduction in risk appetite in 2021, the impact of the flattening yield curve on corporate center treasury results, and increased cash accruals for compensation due to the normalized deferral level. Let me turn now to the divisional breakdown. Next slide, please. In terms of adjusted pre-tax income and net revenues, wealth management had a challenging start to the year, with adjusted PTI adversely impacted by lower transaction activity and further reduced lending volumes. The results were also impacted by Russia-related effects and APAC Financing Group mark-to-market losses, which combined were approximately CHF 130 million. Still, we increased investments, including in talent, and saw positive net new assets across regions reflecting our client franchise strength. Our investment bank results were impacted by our continued efforts toward our planned exit from Prime Services, the slowdown in capital markets, as well as the Russia-related impact on our GTS results. It is important to remember that our franchise mix, which particularly benefited us in the first quarter of 2021, was less supportive in the recent environment, given our much more limited exposure to macro and commodity sectors that performed particularly well in the first quarter. Despite this effect, the IB posted solid performances across equity derivatives, securitized products, and M&A. The advisory pipeline was up quarter-on-quarter as well as year-on-year. Our Swiss bank had a good performance with stable net revenues from higher recurring commissions and fees and strong net new assets from the institutional client business. Asset management had lower pre-tax income and softer revenues due to the market environment and reduced activity levels. However, recurring management fees were broadly stable with higher investment and partnership income. Next slide, please. We made a number of decisive actions throughout 2021 to strengthen risk and compliance teams, systems, and processes. As you know, we underwent a comprehensive risk review across the entire group, which was completed in the fourth quarter. Our de-risking measures have improved our risk profile, but also have negatively impacted our top line in the short term. For example, the de-risking measures in wealth management that you see on the left of the slide led to a reduction of roughly CHF 25 million in net revenues during the first quarter. In the investment bank, the de-risking led to approximately CHF 250 million in reduced revenues. Notwithstanding the expected impact from our planned exit from the remaining part of Prime, our growth ambitions are fully aligned with our risk appetite. Strengthening risk management and addressing legacy issues remain a focus even as we implement our growth strategy. Here you see selected updates of our progress on risk and compliance topics and our proactive approach to resolving litigation cases, whether by settlement or dismissal, which you can see on the right side of this page. Next slide, please. We are focused on refining and reinvigorating our franchise in order to drive forward our vision for Credit Suisse. We are convinced it is the right strategy, even in the midst of volatile markets and economic conditions which are challenging. Please allow me to give you just a few examples of our determined execution of this strategy. We have achieved $2.5 billion reduction in allocated capital in the investment bank since the fourth quarter of 2020, which amounts to over 80% of our more than $3 billion ambition. We launched an outsourcing agreement on April 1, 2022 to generate procurement savings, and aim to step up synergies from unified operating platforms and technology platforms and the divisions in the coming quarters. This should help us meet our ambition of CHF 1 billion-CHF 1.5 billion in structural cost savings per annum by 2024 to invest in our growth ambitions. In wealth management and private banking Switzerland, we achieved mandate penetration of approximately 33% in the first quarter, near our 33%-35% ambition. In the investment bank, we reached an 84% reduction in prime balances since the first quarter of 2021, with our goal of a full prime services exit by the end of 2022 at the latest, which should allow us to generate significant cost savings. We added approximately 50 managing directors in the investment bank, underscoring our commitment to attract talent. In our Swiss bank, we reached 125,000 clients for our digital offering, CSX, as of first quarter 2022, with an ambition to reach 200,000 by year-end. Let me discuss each division in more detail. Starting with wealth management on page 10. We aim to progressively deploy resources in wealth management under the new divisional leadership of Francesco De Ferrari to accelerate growth. We have made meaningful progress in laying the foundations for integrated wealth management and defined and initiated 10 execution priorities that reflect the changing geopolitical climate. These include client segments, priority markets, products and solutions, simplification and people. We have also started execution on our initiative roadmap. Examples include the exit of private banking activities in sub-Saharan Africa markets, excluding South Africa, and accelerated digital outreach in the core high net worth individual segment. We invested in 50 relationship managers net, mainly in Asia-Pacific, Switzerland and EMEA. I would also point out that higher U.S. dollar interest rates should provide benefits to the bank through incremental net interest income of an estimated CHF 550 million through 2023, which David will address later. As with each of our divisional slides, you can see our key medium-term ambitions at the bottom of the page, which remain unchanged. Let me turn to the investment bank. Christian Meissner and his team have made continued progress reshaping the investment bank, and on this page you see some of our specific actions. We have released capital from Prime and de-risked the franchise. We have increased connectivity to wealth management in GTS to build a global franchise. We are investing in the capital light investment banking and capital markets business. In the first quarter, we grew market share in both EMEA and APAC, with top five market positions in both. We are driving growth in our market-leading credit and securitized products businesses. Slide 12. André Helfenstein's Swiss business has been a resounding success and is an anchor for our transformative agenda. The division continues to focus on growing our market-leading mid and upmarket franchises in private, corporate and institutional banking. We have seen strong growth in our digital offering, notably CSX, and we are simplifying and digitalizing front to back processes. We are well-positioned to capitalize on the post-COVID normalization in credit cards, FX and in leasing. Next page, please. Under the leadership of Ulrich Körner, we have also made solid progress executing our ambitious strategy in asset management with a focus on talent and technology. We have strengthened and simplified the organization with a number of key leadership hires. We joined the net zero asset managers initiative, underscoring the manner in which our group-wide sustainability strategy is embedded across divisions, including asset management. We have strengthened risk management and our control environment. Next slide, please. Our investments in technology are a significant focus of our ambition to simplify our business model, drive digitalization and maximize our client experience. We have started implementing the engineering strategy in our recently established chief technology and operations organization under the leadership of Joanne Hannaford. We recently announced the CTOO organization and leadership team and are focusing on agility, digital transformation, and productivity across our three group strategic pillars. Many of the underlying efforts have started and are progressing well. Next slide, please. Credit Suisse continues to emphasize the importance of sustainability as a core element to our value proposition for our clients, shareholders, employees, and society as a whole. We made significant progress executing our five-pillar strategy in 2021, and many of our objectives and achievements are outlined in our 2021 sustainability report. Let me outline some of our achievements here. We reached sustainable assets under management of CHF 144 billion at the end of the first quarter, up from CHF 118 billion in the first quarter of 2021. We also increased sustainable AUM penetration as a share of total assets under management. We are proud to have earned the Sustainability Bond of the Year Sovereign Award for our role as sole structurer and arranger of the Blue Bond for The Nature Conservancy. On the right side of this page, you see our progress and our way forward. Emma Crystal, our new Chief Sustainability Officer, is driving these efforts in close collaboration with all four businesses. We remain committed to supporting our clients' transition and expanding our sustainable investment and financing offering as we make further progress toward our ambition of providing at least CHF 300 billion in sustainable financing by 2030. I would now like to hand over to David, who will go over our results in more detail. Thank you very much, Thomas, and good morning to everybody. I'd like to go through the key financials and provide some more details on our performance at the group and at the divisional level. Just to be clear, this is of course the first time that we're presenting these numbers under the new divisional structure, which took effect from the January 1st, 2022. Now, before I turn to the numbers, I'd just like to make a few introductory points. You'll recall that last week, on April 20th, we issued a trading update which flagged an increase to our legal provisions of approximately CHF 600 million in relation to the developments in a number of previously disclosed matters, all of which originated more than a decade ago. We also highlighted the negative impact of over CHF 200 million relating to the effects of Russia's invasion of Ukraine. Now in the adjusted numbers, we will, as usual, exclude all the major litigation provisions. But to be clear, we're not excluding the Russia-related impact in the adjusted definition. Now, second, I'd like to make a broader point on Russia's invasion of Ukraine. Now while the tragic humanitarian aspects of this conflict remain, of course, front of mind, the disruption to financial markets as well as the breadth and the depth of the sanctions introduced by the Swiss, U.K., European, and U.S. authorities in response to this have also been significant. In keeping with our peers therefore, I will be providing further detail on the impact this has had within our different business lines in the first quarter. Third, I just note that as we continue to execute on the strategic plan, with the investment spending, the internal reorganization, and the capital reallocation associated with this, our risk appetite and our risk management remain key focuses. Now this combines clearly with a period of reduced risk appetite and lower activity from our clients. The overall impact of which has been a decline in revenues across our major business lines. Now, as I'm sure you know, the first quarter of 2021 was particularly strong in terms of our underlying performance, that is excluding the Archegos charge. The comparison to this quarter's figures should be seen in that context. Let me just start then with a summary of the group's results, and let me first remind you of the three significant items in the quarter that we highlighted in last week's statement. First, since the listing of Allfunds in April of last year, we have seen and continue to see mark-to-market volatility in the stock market price of this publicly listed entity, of which, as you know, we own about 8.6%. In the first quarter, we booked a loss of CHF 353 million as a consequence of the fall in Allfunds' share price during the first quarter. As you'll note, we listed this risk in our 2021 annual report, which we published last month. I would remind you, though, that this has been and remains a successful transaction, and that Credit Suisse has, to the end of March 2022, booked a cumulative gain of CHF 971 million, even including the loss in the first quarter. Second, we booked gains of CHF 164 million in the quarter as we continue to optimize our real estate portfolio. Third, our provision for credit losses includes a release relating to Archegos of CHF 155 million. You may remember that we recorded a similar net gain relating to the Archegos exposure of CHF 235 million in the third quarter of last year, and we clearly continue to seek further recoveries from the estate. Now going through the key reported figures then. Our net revenues were CHF 4.41 billion, 42% lower year-on-year, with declines across wealth management, the investment bank, and asset management offset to a degree by the resilient performance in our Swiss bank. With regard to the provision for credit losses, we had a net release of CHF 110 million, driven by the Archegos related release of CHF 155 million that I've already mentioned, but offset clearly by new provisions of CHF 58 million relating to Russia's invasion of Ukraine. However, the increases in litigation provisions that I've mentioned, which took the total to CHF 703 million this quarter, contributed to a 26% increase in reported operating expenses totaling CHF 4.95 billion. That means we reported a pre-tax loss for the quarter of CHF 428 million compared to the reported pre-tax loss of CHF 757 million in the first quarter of 2021. Now on an adjusted basis, that is excluding Allfunds and the real estate gains, the Archegos release, major litigation provisions, and certain other items, we delivered a pre-tax income of CHF 300 million. If you were to exclude the Russia-related impact, that would have equated to an adjusted pre-tax income of CHF 506 million. Now just a brief point on operating expenses. One recurrent theme that you'll notice as we go through the materials is around the normalization of our compensation deferral levels and a consequent increase in cash accruals compared to last year, and I'll give some more details on this shortly. Before we get to that, let me give you some more details on the impact of Russia's invasion of Ukraine and what it's had on our first quarter performance. You'll remember that we did give some disclosures on this with the publication of our annual report on March 10, and we've provided a further update since then. Just to summarize that, on March 10, we said that our 2021 credit risk exposure was CHF 1.57 billion gross and CHF 848 million net. We've reduced these figures significantly in the first quarter with net credit exposure at the end of the first quarter standing at CHF 373 million. That's about 56% lower than at the end of 2021. Now, if we consider the impact of these events on our P&L in the first quarter, there are three broad themes. First, we were generally successful in reducing our exposure before the invasion, but we did see some defaults on amounts owed to us by Russian counterparties, partly due to the imposition of the sanctions and certain other developments. Second, we took a limited amount of specific credit provisions across the bank. Third, a scenario review of the provision for credit losses led us to increase our non-specific provisions, that is related to CECL accounting, by CHF 44 million. Overall, we saw a negative impact of CHF 206 million on pre-tax income with respect to Russia's invasion of Ukraine in the first quarter, comprising CHF 58 million in the provisions for credit losses and CHF 148 million of trading and fair value losses. Just to be clear, that was split across the divisions as follows: CHF 99 million in Wealth Management, $101 million in the Investment Bank, and CHF 14 million in the Swiss Bank. Now more broadly, in terms of the Wealth Management division's exposure to Russia, I think you'll recall that at the Morgan Stanley European Financials Conference last month, Thomas confirmed that about 4% of our assets under management was linked to Russian clients globally. Just to be clear, that number's not changed significantly since then. In terms of our general position with respect to Russia, clearly we've stopped pursuing any new client business in Russia. We continue to reduce our exposure to Russia as the figures that I've just given demonstrate. We're helping our clients to unwind their own exposure, and we have moved roles out of Russia. I would make it clear that we're making no new investments in our Russian subsidiaries and have not done so since the invasion on February 24t h. I'd reiterate that as a matter of principle and policy, Credit Suisse applies international sanctions worldwide, in particular, those issued by Switzerland, the European Union, the U.K., and the United States. Let's turn to expenses now. As I said at the end of the fourth quarter, and I just reiterate now, we're guiding for adjusted operating expenses for 2022 to be around CHF 17 billion. The 9% increase that we see in the adjusted operating expenses compared to the first quarter of last year is primarily driven by two factors. First, the increased cash accruals for compensation due to the normalization deferral rates that I referred to earlier. As you remember, as part of our response to the Archegos and to the supply chain finance matters last year, we both reduced variable compensation overall and increased the amount deferred, thereby reducing the cash component and increased the amount carried forward to future years. We do not believe this is sustainable over the long term, leading as it does, to a buildup in future compensation liabilities. We decided, as we highlighted at our fourth quarter results in February, that we're going to revert to a deferral table in line with that of our European peers for the current year. For the first quarter, all these changes have had the impact of increasing compensation costs by CHF 214 million overall, and that's in line with the guidance that I gave that we should expect an increase in compensation costs for the year of about CHF 1 billion. Now, just to be clear, I'd stress that at this early stage in the year, we're not forecasting a change in the economic value of the awards. This reflects the change in the deferral tables. Now, the second factor driving the year-on-year increases in expenses is incremental investments of CHF 152 million in the quarter. These relate to our strategic priorities, particularly in respect to the wealth management businesses, together with the investments in risk and compliance remediation and the supporting work on IT systems to support our growth. I'd expect the bulk of the savings from these investments to flow through in 2023, particularly from major projects like the reunification of the IT platforms across the bank, which should yield significant savings, which I'll discuss in more detail at our planned investor deep dive, which I'll talk about towards the end of my presentation. I would add, though, that we are beginning to see initial cost measures, savings from other measures. For example, through the outsourcing of our procurement function to Chain IQ. This arrangement went live at the start of April, and we're on track to achieve about CHF 150 million of cash savings this year. Now, just to be clear, in addition to these incremental investments, we have taken restructuring expenses which feature in the reported numbers, and that totals about CHF 79 million over the past two quarters, of which CHF 46 million was in the first quarter of 2022. I just repeat our guidance for restructuring expenses to total about CHF 400 million, with the balance to be utilized over the rest of this year. Next slide, please. Now, what I show here is the quarter-on-quarter decline in client business volume across wealth management and private banking Switzerland, which is 5% lower at CHF 1.24 trillion. This reduction is primarily driven by market moves in the period, partly offset by net new assets of CHF 4.6 billion this quarter, the majority of which were achieved in Switzerland and in Asia Pacific, notwithstanding the deleveraging environment that we see in that market. You'll note that we've allocated CHF 16 billion of AUM to a line noted other. That includes about CHF 10 billion of assets which have been reclassified due to the impact of the sanctions imposed with connection with Russia's invasion of Ukraine, this quarter. Let's now look at capital, please. Our capital and leverage ratios remain resilient. Our CET1 capital ratio was 60 basis points lower compared to the end of the fourth quarter at 13.8%. This drop below our ambition to be at 14% pre the start of the Basel III reforms in 2024 was primarily due to internal model and parameter updates, with CHF 2 billion of the CHF 5 billion quarter-over-quarter increase in risk-weighted assets due to operational risk, excluding the related FX impact. I would note that we did see an RWA reduction of $2 billion due to the Prime Services exit in investment bank, with a balanced increase due to FX. Our CET1 leverage and our Tier 1 leverage ratios were both unchanged quarter-over-quarter at 4.3% and 6.1% respectively. Leveraged exposure overall was down by CHF 11 billion, and that includes a reduction of $20 billion due to the Prime Services exit. This was partly offset by a seasonal increase in business activity and by the weakening of the Swiss franc against the U.S. dollar. I'd just like to touch briefly on the Swiss CET1 capital ratio for Credit Suisse AG, the parent company. You'll recall that in February, I mentioned that the ratio had fallen at the end of last year to 11.7%, and then with the phase in the transitional regime to 11.4% as of January 1st, 2022. At the end of the first quarter, this ratio had increased to 11.8% due to the combination of a dividend payment from Credit Suisse AG and a capital repatriation from our U.S. holding company, together totaling around CHF 2 billion. We continue to execute on our other dividend and capital repatriation plans for 2022, although clearly, as we said before, these remain subject to regulatory approval, and I expect the bulk of them to arise in the second half of the year rather than in the second quarter. Just in terms of the Group CET1, I just remind you that our medium-term ambition remains to operate at a CET1 ratio of at least 14% pre the Basel III reforms and a CET1 leverage ratio of around 4.5%. Let me turn briefly now and let's look at net interest income sensitivity. I did wanna spend a few minutes on this, particularly given the level of interest rate moves that we've seen so far this year. If you look at the current exposure to rising U.S. dollar rates on the current forward curve, we'd expect about CHF 150 million benefit in 2022 compared to 2021. If you look at the current forward curve again into 2023, that should equate to a further CHF 400 million benefit for next year compared to 2022. Now you'd note, and I've said this before, at some point we would expect the European Central Bank and the Swiss National Bank to increase rates. Whilst we'd likely benefit overall from higher euro rates, you should remember that an increase in Swiss interest rates from the current level of -75 basis points would result in a drop in net interest income in the Swiss bank, at least in the initial phase. Now, let me turn now to the overviews of the new business divisions, and we'll report this, as usual, on an adjusted basis, unless I state otherwise. Let's start, please, with wealth management. Net revenues of CHF 1.51 billion was 12% higher than the fourth quarter, but 22% lower compared to the strong first quarter of last year. We can see that while both net interest income and recurring commissions and fees declined broadly in line with a 9% fall in client business volume at 8% and 5% respectively, transaction-based revenues fell by 38%. That reflected a substantial decline in contributions to the GTS joint ventures of the investment bank in line with the normalization of market conditions compared to the first quarter of 2021, as well as lower brokerage and product issuance fees. Of this CHF 360 million decline in transaction-based revenues, you should note that CHF 59 million was directly linked to Russia's invasion of Ukraine. You should also note that further weighing on the division's performance was mark-to-market losses of CHF 32 million in APAC financing compared to last year. In terms of expenses, these were 16% higher year-on-year at CHF 1.27 billion, the bulk of which was due to increased cash accruals relating to the normalization of compensation deferral levels that I mentioned already. We also made further investments in technology, in risk, and in compliance, as well as executing the increase in our relationship manager headcount. Now, provision for credit losses of CHF 24 million included CHF 40 million of primarily non-specific provisions for expected credit losses relating to Russia's invasion of Ukraine, meaning the total impact of the invasion to the division's pre-tax income was CHF 99 million in the first quarter. Overall pre-tax income was 74% lower year-on-year at CHF 212 million. We did though see net new assets of CHF 4.8 billion booked in the period. That's a reversal clearly of the net asset outflows that we saw in the previous quarter. Just let me turn now to the investment bank. Now as has been the case with our peers, investment bank revenues were significantly lower compared to the record first quarter of last year. Though they were 11% higher than the previous quarter, that is the fourth quarter of 2021, at $2.02 billion, that still equates to a 53% reduction year-on-year. This reflects three factors. First, our decision to exit Prime Services, which directly resulted in a year-on-year decline in revenues of $173 million. Second, our reductions in risk appetite and in allocated capital, which contributed to lower revenues, especially in leveraged finance. Third, the market disruptions caused by Russia's invasion of Ukraine, which contributed to significantly lower ECM market activity and reduced M&A fees. Overall, Russia-related losses totaled $101 million in division, primarily due to trading and the fair value losses in the GTS business. That said, our equity derivatives business, while not seeing the strength of trading in the first quarter of last year, still performed well in the first three months of 2022. Our fixed income results reflected normalized securitized products revenues lower than in recent periods, but still above historic levels. Operating expenses were 6% higher year-on-year at $2.08 billion, largely due to the increased cash accruals relating to the normalization deferral levels that I mentioned before, but also to higher group-wide technology, risk, and compliance costs. The division therefore delivered an adjusted pre-tax loss of $55 million against a backdrop of reduced capital usage and lower client activity across all business lines. I would note that the $174 million release in the provision for credit losses relating to Archegos, as well as real estate gains, partly offset by restructuring, meant that on a reported basis, our pre-tax income was $134 million. Now just a brief word on capital. Risk-weighted assets and leverage exposure was down by 21% and 18% respectively year-on-year, primarily due to reductions in Prime Services. We've also continued to allocate capital away from the investment bank as per our strategy, and we've now reduced capital in the division by $2.5 billion compared to the end of 2020, putting us well on track to deliver our ambition of a more than $3 billion reduction by the end of 2022. Let's just turn to the Swiss Bank. Now, as we've already said, the Swiss Bank delivered another resilient performance in the first quarter. Net revenues were stable year-on-year at just over CHF 1 billion, with a 7% increase in recurring commissions and fees, supported by an improved performance in our investment in Swisscard and higher levels of assets under management. That's offset by lower net interest income and decreased transaction-based revenues. The provision for credit losses of CHF 23 million includes a Russia-related impact of CHF 14 million. Operating expenses were 5% higher at CHF 614 million, reflecting again the normalized level of deferrals at target investments and, again, the higher group-wide technology risk and compliance costs. Overall, pre-tax income was 8% lower year-on-year at CHF 385 million. The division saw CHF 6 billion in net new assets, albeit entirely in our institutional client business rather than in wealth or private banking. Finally, let me just turn to asset management. Net revenues for the division were 10% lower year -on -year at CHF 359 million, with a 48% increase in investment and partnership income, more than offset by a 52% decline in performance, transaction, and placement revenues. That does include a reversal of a gain that we reported a year ago in certain CEDA Funds. Now taken together with the 15% year-on-year increase in operating expenses to CHF 308 million, reflecting the increased cash accruals due to normalized compensation deferral levels, the group-wide investments in risk, technology, and compliance, and CHF 15 million of costs relating to the supply chain finance matter, pre-tax income for the quarter was CHF 51 million, 62% lower year-on-year. That reflects the volatile macro environment as well as reduced activity levels and risk appetite from clients. I'd just note that we saw about CHF 0.6 billion of outflows in the quarter, primarily from fixed income and credit, while we maintained good momentum in inflows in index solutions. Now, just, before I pass to Thomas, one point which I alluded to before. We're planning on hosting an investor deep dive event towards the end of the second quarter, which will give us an opportunity to talk you through the progress and the plans that we have in our risk and compliance functions, our technology function, and the developments in our wealth management division. Now, these parts of the group are all headed by relatively new executive board members, and so this event will also give us the chance to introduce you more formally to David Wildermuth, Rafael Lopez Lorenzo, Joanne Hannaford, and Francesco De Ferrari. On that note, I'd like to hand back to Thomas just to conclude before we open for Q&A. Thank you. Thank you, David. Allow me to conclude by reiterating our 2022 priorities that you see on this page. First is to execute with discipline the detailed group strategy and three-year financial plan, which we presented at our Investor Day on November 4th, 2021. Together with my colleagues on the ExB, we share a clear commitment to implementing the new strategy of strengthening the core, simplifying the organization, and investing for growth. Second, we will continue to improve risk and compliance with an emphasis on risk culture, while not losing our client focus and the entrepreneurial spirit that has been the hallmark of Credit Suisse since its foundation more than 165 years ago. Third, we aim to reestablish franchise momentum grounded in the positive basis for growth in our four divisions with a regional overlay and supported by a disciplined approach to costs and investments. With that, let me turn to Kinner to begin the Q&A. Okay, we will now begin the question-and-answer part of the conference. May I please ask everyone to stick to a maximum of, two questions, please? Operator let's open the line, please. Thank you. Anyone who wants to ask a question may press star and one. If you change your mind and wish to remove yourself from the question queue, please press star and two. Anyone who has a question may press star and one at any time. The first question comes from the line of Magdalena Stoklosa from Morgan Stanley. Please go ahead. Your line is now open. Thank you very much. Can you actually hear me well? We can, Magdalena, yes. Okay, lovely. I've got two questions. Thank you very much for the slide seven in the presentation, which I thought was very useful. Really my first question is about exactly that. Give us a sense of the impact from the kind of de-risking measures, but going forward in Wealth in particular. You know, kind of what are the milestones to the business normalization in Wealth as you see it? You know, is it the finalization of the FINMA outstanding investigation? Is it the additional client reviews? Could you give us a sense, kind of what does it take to see the kind of normalization of Wealth business going forward? The second one, net new money. They have been kind of relatively strong in the first quarter. Could you give us your sense of the quality of the flows in Wealth, but also on the institutional Swiss side? Thank you very much. Yeah. Thank you, Magdalena. First of all, as you can see on page seven, in terms of the Wealth Management de-risking measures, they touched really on five areas: ship financing, exit of Sub-Saharan Africa markets, then the Russia-related de-risking, concentration risks, and client risk review. If you look at some of the lending volumes that we have also shown in David's sections, for example, on global wealth management, the reduction was quite significant in terms of lending volume. You can see, for example, net loans are down 14% since the first quarter of 2021. You can see that on page 23. What we really have not yet seen is a rebound of that. It's actually quite the opposite. As you can also see on page 23, net loans went down a further CHF 6 billion from the end of the fourth quarter, and this was partially impacted by Russia and partially by de-leveraging in Asia. In terms of the milestone to the Wealth Management normalization, you could see in our chart also on page six, for example, that the Russia and AFG impact was about CHF 130 million to the adjusted PTI of CHF 212 for Wealth Management. As you go through the second, third, fourth quarter, we clearly expect and would like to drive a reversal from what we've seen over the last 12 months, namely a reduction of lending volumes, but also clearly a more proactive approach, generally, with respect to some of the transactional revenues that are related to larger transactions for our ultra-high net worth clients. Step by step, over the next few quarters, we expect to move back to a more normalized return on regulatory capital towards the 18% that we have as a target for 2024. This will not be achieved in the next one or two quarters. Clearly, as we move over the next two years, we are moving towards that 18%. That's clearly our target under the leadership of Francesco and his team, and we are fully focused on that. Secondly, on your question on NNA, you say it was positive. Yes, it was positive, but it's not nearly there where I would like it to be. It was marginally positive in every region. It was mainly positive in Switzerland and in Asia, but also in our external asset management business. I see substantially more opportunities, particularly also, for example, in the Middle East and in other areas. I've never been a big fan of quarterly NNA because they are volatile by nature, but this will clearly be the midterm target of Francesco and his team, both not only for assets under management, but more the entire client business volume, which was always my preferred metric, which includes also assets under custody and especially lending volumes. That's where we want to grow the business, and where we see midterm substantial growth opportunities. I think the only point I'd probably add, Magdalena, to Thomas's points, which I agree with entirely, it's just obviously on the interest rate sensitivity, 'cause that is clearly most noted within the Wealth Management division, given where we are in the curves. Because clearly the U.S. has moved first, and that will be a benefit we should begin to see in the second half of this year and then into 2023. I just wanted to just note that, basically. Thank you very much. Thomas, can I just confirm that your, you know, your internally driven, kind of client de-risking, de-leveraging that we have kind of seen in Wealth over the last 12 months, is broadly done. What we are going to see, and I know very, very gradually, is more of an underlying business dynamics as we move forward. Would that be fair? That is fair, yes. Absolutely. Thank you. Thank you. We are now taking our next question, and the next question comes from the line from Flora Bocahut from Jefferies. Please ask your question. Your line is now open. Yes. Thank you for taking my question. So the first question I have is regarding the cost guidance that you have provided. You know, you gave us this guidance of adjusted cost of CHF 17 billion for this year. Indeed, you know, if I annualize the adjusted cost you printed for Q1, this is the run rate we are heading to. The only issue is that the adjusted revenues have been running, you know, around CHF 18 billion of annualized run rate the past two quarters. I understand, you know, that part of the cost guidance has to do with the variable compensation and the investments that you talked about. I know, you know, the environment has been tough the past two quarters. The only issue is it could remain so for the rest of the year. The question I wanted to ask you is, do you stick to the CHF 17 billion cost guidance no matter what the revenues end up being this year? Which means you could be hardly profit making on an adjusted basis this year with your cost-to-income ratio just below the target. The second question is actually on capital, whether you could just elaborate, please, on any capital impact that you think could come for the rest of the year. You know, whether you expect further increase in op risk RWA, further impact from other changes, or any other elements you have in mind as of today's standpoint on capital would be helpful. Thank you. Okay. Thank you very much. Let's take the two questions in turn. Look, I think there is limited cost flexibility in 2022 for two primary reasons. Firstly, I think if we look back at 2021, our response to Greensill and to the Archegos matters was to reduce both the absolute amount of variable compensation, but also to increase the amount of deferrals. That's what drove our costs down to just over CHF 16 billion last year. That was the right thing to do in the circumstances, but it's not sustainable for the long term, and it's why I guided when we spoke earlier this year and indeed back at the Investor Day, that we'd expect to see about a CHF 1 billion increase in our expenses. Now, that's not to say that I'm giving any particular guidance over the economic value, the total value of awards for 2022. It's much too early in this year to make that kind of statement, and there clearly is flexibility in terms of that. I think sitting here at the first quarter, I think it's appropriate to be prudent in terms of what I say about that. I think the second reason is if we think about what we're doing in terms of risk compliance and the IT to actually support it, I think clearly those are necessary investments we need to make as we address the issues that caused so much damage in 2021 to our results and everything else. We are obviously executing a substantial strategic cost program. I've mentioned already the outsourcing of procurement, the CHF 150 million of cash savings that should generate. We're also putting together all of our operating IT, operations and IT functions under Joanne Hannaford, so moving back to the sort of pre-2016 structure, and that should yield very significant savings. To be clear, majority of that actually flows through in 2023. Ditto, you know, the exit from Prime. We will save money from that, but at the moment, we're still in the rundown of that particular business. There is, whether we like it or not, a significant degree of short-term inflexibility in the cost base for 2022, and I think we've warned about that before in terms of where we are now. It doesn't mean there's no flexibility, but I think, you know, that's why I'm sticking to the guidance of around CHF 17 billion for this year. We're working very hard at this. We're considering what we should prioritize, what we should deprioritize. There are certain things, particularly around the risk and control investments, that really do have to actually happen. I think that's all I can really say. At this point, early in the year, there is clearly some flexibility around variable compensation, particularly with a much lower level of deferral. You understand that. The gearing through to cash is therefore higher. I think in terms of capital, you know, I think our medium-term ambition remains the same. We wanna have a CET1 ratio of the group of at least 14% before the Basel IV transition in 2024. We've obviously dipped slightly below that this quarter, mainly due to the CHF 600 million increase in litigation provisions, which mathematically just drops you almost exactly by 20 basis points. You know, I think I probably expect the ratio to range somewhere in the 13.5%-14% for the next six months, depending on the level of cash generation and other issues we actually deal with and how we actually allocate capital. But I'd expect our CET1 ratio thereafter to actually improve at and above our 14% medium-term target in terms of that. I think you asked a specific question in terms of methodology. I think I said back in February that we expected about CHF 6 billion-CHF 7 billion of methodology changes this year. You know, I think that's still the case. Clearly there will be some increase in op risk RWA above and beyond that as we work through the impact of the litigation provisions that we took two weeks ago. I don't have a particular view at this point in terms of that number and in that-- that's something I'd expect to see in the second half of this year, not in the second quarter. I hope that's some help. You know, on the cost point, we are super focused on moving to a more flexible structure, but as I said, a lot of this comes through in 2023 rather than 2022. This is very clear. Thank you, David, and all the best for the future. Thank you very much. Thank you. We will take our next question, and the next question comes from the line of Alastair Ryan from Bank of America. Please ask your question. Your line is now open. Yeah. Thanks very much. Good morning. Just on the trade-off, to draw you a little bit on that, David, if I may, between CET1 below target and sort of the risk capacity that the group's put to work. You've got a lot of good franchises, which I think you've sort of sketched you're not gearing with the risk that they might normally take at this point. Absolutely understandably in the current circumstances. Just whether you'd be happy running below the capital target for longer to put some more money back to work or whether the capital target's more of a constraint? You know, you're still a good surplus to requirements, but below your goals. Thank you. That's a very good question, Alastair. Look, I think the target setting for the 14% is clearly in respect to the inflation we expect to see when we finally get to the B3R transition in a couple of years' time. And we wanna make sure that we have sufficient buffer for that and, you know, we don't have a rerun of what we saw with the B3 transition a decade ago. But nonetheless, you know, I think we've set a medium-term ambition of 14%. I've kind of said, you know, it could be in the range of 13.5%-14% for the next six months. I think there is a balance in terms of that, in terms of putting money to work within the wealth management lending business, in particular, and we'd obviously like to see that. I think it is important that we remain prudent in terms of the Group CET1 levels that we actually operate at. You know, that's the balance that I'm thinking about really in terms of how we actually operate. You know, I think we have taken some tough decisions in the first quarter, particularly around the litigation provisions, but I think those were the right things to say, and if the cost of that is we drop to 13.8%, then it is what it is, I guess. I think it is important to really put a dent into this. As Thomas said, you know, we've actually got through the dismissal of more than 80 cases and settled 12. I think it's finally the right time to draw a line under this issue. Thank you, David. Thank you. The next question comes from the line of Jeremy Sigee from BNP Paribas. Please ask your question. Your line is now open. Morning. Thank you very much. First one on Russia, I don't know if I missed it. Did you give us an update on the percent of AUM with Russian clients? I think you previously said 4%. I'm not sure whether you gave an update here on that number. Could you just talk a bit about how you're managing those kind of frozen clients, you know, your ability to charge fees and with interest income, and generally kind of how you see that going forward? That's the first question. Secondly, you mentioned in the investment bank strong market share performance in EMEA and APAC. I just wondered whether you could talk about the products and geographies where you're below what you see as a normal market share and what it needs to get that back to normal. Okay. With respect to the AUM, as you mentioned, the 4% that we outlined at the Morgan Stanley conference, David mentioned they actually reduced a little bit, but not much. As you also saw the total AUM have also reduced given market performance and other factors. Broadly speaking, that number has marginally reduced, but not too much. In terms of how we deal with Russian clients. Obviously, you have the sanctioned clients and they're you basically can't touch them, and they're basically you. It's just sitting there. Then you have the other Russian clients where they are legally not sanctioned, but de facto, given the rules in Switzerland and the EU, which are broadly the same, is basically that they cannot bring any new assets, so but they can obviously retrieve assets. That's really the situation that we have at the moment with those non-sanctioned Russian clients, of which some of them are living in Russia, some of them are living in the West. But they are all subject to the restrictions that we see in the EU and in Switzerland. That's really how it works and we do not really have any new business with Russian clients at all. With respect to the IBCM market shares in EMEA and APAC, yes, they were marginally up, and we had some good transactions, but it's also fair to say that the overall market, as you know, is down significantly. We always also see that the U.S. usually is, you know, 60%-70% of the market. We've, you know, we have traditionally a strong leveraged finance and ECM and M&A practice and, especially leveraged finance and ECM was down more. DCM investment grade capital markets is a market where we have lower market share. That obviously makes it not helpful in this first quarter. That was just the first quarter. We'll have to now hopefully see how capital markets activity will develop over the next couple of quarters. Great. Thank you very much. Thank you. The next question comes from the line of Daniele Brupbacher from UBS. Please ask your question. Your line is now open. Yeah, good morning, and thank you. Can I ask about the Prime Services exit and what kind of side effects or multiplier effects you would expect to see in other businesses? Probably, you know, what's happened so far and what you expect going forward. Just a bit more a general question on leveraged lending given interest rate moves or expected interest rate moves. How do you think about the risks in that business for the industry overall, and how you think about your own business in that context? That would be helpful. Thank you. I mean, I think just to kick off on the Prime business. I mean, we estimate that the adverse revenue impact's about $170 million in the 1Q numbers. You know, I think so far in terms of revenue impact, it's probably similar or perhaps less than what we talked about back in November i.e., there hasn't been that much of a multiplier impact. You know, clearly there is a cost aspect to this as well. You know, realistically, those cost savings will only come in late in the year and into 2023, because we obviously need to ensure that our customers are actually dealt with fairly and properly as we actually transition this business. I think in terms of price slope, and Thomas, you may want to comment, but I'll have a first crack at the leverage finance type point. I think our market share in leveraged finance obviously did drop in the fourth quarter of last year. I think we're just outside the top 10. It's improved to about fifth, I think, in the first quarter. I think what we are seeing as a consequence of the volatility in interest rates and to lesser extent, credit markets in the first quarter, is the market has shifted away from the sponsors business and perhaps more to corporate issuers. It's a slightly adverse market shift for us. You know, I think you can see in the numbers we've given on the appendices that we've got about $7.4 billion of leveraged finance pipeline. And that's increased steadily over the last few quarters. I think as we commented in the outlook statement, you know, I think, you know, that clearly we are a hostage to fortune in terms of the stability of markets to actually how well we can, how fast we can actually execute that business. Thomas, I don't know if you want to. No, we are obviously actively managing our exposure. The $7.4 billion that we had at the end of the first quarter compared to $10.2 billion we had at the end of the first quarter 2021, so it's down 30%. We are obviously observing the markets for leveraged loans and high yield bonds in close collaboration between both the first line and the second line. It's a market that is clearly significantly slower and less active than it was a year ago. At the same time, we are also more cautious. At the same time, as it was said, it's not only sponsor deals, but it also corporate deals. We look at it deal by deal. Okay. Thank you. Thank you. Thank you. The next question comes from the line of Kian Abouhossein from JP Morgan. Please ask your question. Your line is now open. Hello? Kian Abouhossein from JP Morgan, your line is now open. Please ask your question. Yes. Hi. Thank you for taking my question. The first question is regarding fixed income sales and trading again. Just trying to understand how we should think about the environment, considering that first quarter was difficult, but it was not a dislocation, and your revenues declined around 50% year-on-year. Just thinking about the run rate and the potential impact of higher credit spreads that is having on your credit business, which is mainly a fixed income business. Then the second question is related to your return on equity target in the investment bank of over 12% by 2024. I think you made clear that 2022 is a restructuring year or a transformation year, but you're clearly far off looking at the numbers today, and the environment actually has been reasonably good for other players. I'm just trying to understand the path to 12% in a more difficult revenue environment. Yeah. If you look at our fixed income sales and trading and the various components, with credit, securitized products and GTS, then you can clearly see if you compare it with Q1, a significant reduction. If you go more back, let's say the first quarter 2020, then the main. We are basically up in securitized products. We are up about 30% compared to the first quarter 2020, so we had a very decent performance there. In other credit products, as you can remember, 2020 was a very strong quarter in terms of credit trading, there we are down. GTS, which is mainly driven on the fixed income side by financing on our side, as well as by FX and macro businesses, which are clearly much smaller than some of our competitors, where we are also down to that comparable quarter. It is clear that we have not the exposure that others have to certain interest rate trading business within macro, FX or commodities that some of our other peers have, where they saw some benefits of the dislocation created by the Russian invasion, which we do not have. We did obviously have the benefit as we actually predicted in our 2020 Investor Day. We said that 2021 will be the year for credit, and that is exactly what happened in the first quarter 2021, where we saw an absolute record in our fixed income sales and trading of $1.6 billion, compared to the $800 million that we now saw in the first quarter 2022. I don't think that the first quarter 2022 is necessarily the right basis to look at for where we should be maybe in 2023, 2024. You know, the first quarter 2020 was more in the $1.3 billion area. We are now at $800 million. There's clearly upside from where we are now. The same is true for capital markets, whether it's ECM, whether it's leveraged finance, where we had a very slow quarter in the first quarter like many of our peers as well. One thing is the business mix. Clearly, we are much more geared towards credit to capital markets, M&A, and much less to macro. The second is that we foresee a clear improvement in some of our market shares through the investments we're making, especially around M&A and capital markets. Sorry, if I can just very briefly on the accrual of compensation, which clearly, you know, David had highlighted a few times now on this call. The normalization that you talk about is just a year-on-year comparison issue. Going forward, clearly you will pay higher cash components, so they will be comparable. Is that what you're trying to say? Yeah, I think. Well, let me see if I can be helpful here. You know, I think the, as I said, the level of compensation. The response that we decided in response to Archegos and Greensill was to reduce the overall level of variable compensation, as you know, and we've summarized that in the comp report and the annual report. What we also did, which we're also clear about, is we actually reduced the amount of cash and increased the amount of deferral last year for many reasons, which, as you know. Now moving into 2022, that level of deferral was not sustainable. As you said back in November and again in February, that essentially we want to normalize that. That's what we've actually done, and that's what we've accrued to in the first quarter. As I said, I'm not making any particular statements around the economic value of awards for compensation this year. I mean, if you want to push me a bit, I think I've used a basis of something similar in both, compensation and the strategic delivery award as the plan for the accruals. But clearly that's, at this point in the first quarter, just a place marker, shall we say. But then I've used that at the lower deferral levels to actually calculate the cash accrual, which I think is a prudent thing to do, and I think it's the right thing to do. But clearly, as we actually work through this year, we'll have to decide what is the right level for economic value, and that's obviously gonna depend on our performance and on the conditions in which we actually operate. There afterwards, if you're asking the question around 2023, you're right. We will then have had that step change, and then we move forward, basically. I don't think the bank's intention necessarily will be to change that deferral plan in 2023 compared to 2022, but, you know, that'll be a decision to be made at the time. I think clearly once you actually get into 2023, then some of the cost pressures that we've seen away from this in 2022 fall away. You know, we have clearly the savings from the integration of technology function, which will be substantial, and we'll discuss that in more detail in the deep dive later on this quarter. We'll have some relief elsewhere in terms of we'll obviously have the accelerating benefits from procurement outsourcing and some of the other reengineering benefits. We'll also have the cost savings from the Prime exit, which will help the investment bank numbers. I think certainly from a cost point of view, I think 2022 is perhaps the most challenging year to be dealing with, provided that we manage things well going through the period. Thank you. Thank you. Before we take our next question, can I just remind you, please press star and one on your telephone keypad if you wish to ask a question. The next question comes from the line of Amit Goel from Barclays. Please ask your question. Your line is now open. Hi. Thank you. Two questions from me. The first actually just going back to the redivisionalization and the kind of updated numbers that were, you know, released also a few, I guess, a few weeks back. It looked also like the redivisionalization was slightly different to what was initially presented at the Investor Day in terms of, you know, some of the business movements. It seemed like obviously the sub high net worth business was retained within the Swiss bank, and it seemed like there was a higher IB contribution or revenue contribution than previously anticipated. Just wanted to understand some of those dynamics and whether that changes also some of the divisional kind of aspiration or targets. The second question just relates further to restructuring in the parent co capital levels. So just wanted to understand better as well, whether or not the parent kind of capitalization limits your ability to do further restructuring of some of the businesses, if it potentially impacts, you know, further, you know, participation values. Thank you. Shall I take the second one? Mm-hmm. then pass back to you, Thomas, for the PBS change? I think in terms of the parent, I mean, I think what we've done so far in the year is pretty much in line with what I said back in February. I think you may recall that, I was talking about something like CHF 10 billion of dividends and capital repatriation to come out of the subsidiaries and into the parent to basically strengthen the ratio from the 11.4% that we had basically as of the January 1st this year. So far this year, we've moved in about CHF 2 billion from both Switzerland and from CSH USA, and that's obviously increased the ratio to 11.8%. I think if we look forward to the balance this year, I think the other dividends and capital restructuring are on track. They do remain subject to regulatory approval. Some of those approvals do have to go through a process that takes several months. As I said before, I would expect those to come through primarily in the second half of this year rather than the second quarter this year. I mean, I think. That's really, you know, as per our plan. I think in terms of your, you know, other question, Lee, which is the answer is yes. Clearly, if you have to reduce the value of those subsidiaries without further capital repatriation, that has an adverse impact on the parent ratio. It does act as some constraint in terms of what we can do, basically. But I think equally, if we actually think about the bank overall, when we talked about shifting CHF 3 billion of capital from the investment bank to the wealth management businesses, that's clearly an overall makes sense. But in order to actually accomplish that, given that more of the investment banking business is actually in the subsidiaries compared to the branches, we also need to move capital to actually support our wealth management ambitions, Amit. I hope that's of some help, at least. As far as your first question is concerned, yes, indeed, we did decide to move the Swiss private banking business, which is the high net worth, as opposed to the ultra-high net worth or the external asset manager business, back into the Swiss division. Out of the three businesses which we originally were planning to move into the global wealth, we moved indeed two, namely the Swiss premium clients business, which is the ultra-high net worth business, and the global external asset management business in Switzerland into global wealth. The Swiss high net worth business, we decided to leave in the Swiss bank because the collaboration between both that business and the corporate bank on one side, but secondly, also with the retail bank, is just too close. In addition to that, they share, for example, the mortgage centers, and they are in all the 109 branches we have in Switzerland. For all these reasons, we came to a view, it's much easier if they stay in the same division. Serge Fehr, who runs that business, he's also on the Global Wealth Management Committee, and he's very closely also liaising with our global high net worth strategy, because some of the successes we've seen now in Switzerland, also with CSX, for example, is something that he can also help build out internationally with the global wealth management team. We are and will continue to show our volumes in terms of AUM and net new assets for our global wealth management business, including that business going forward as well. In terms of the investment banking revenues, I think they are pretty much in line with what we showed already in November. Obviously they were through the finalization of the restatement. We had to finalize the numbers for GTS and for AFG, especially those. The AFG is the APAC Financing Group. The split between wealth management and investment banking for those two businesses went through a finalization iteration in the first quarter. Broadly speaking, they are absolutely in line with what we had already presented on the November 4th at our strategy day. Okay, thank you. Those differences, they don't change the divisional targets? No, they don't. Okay. Thank you. Thanks, both. Thank you, David, as well for your help. Thanks, Amit. Thank you. The next question comes from the line of Anke Reingen from Royal Bank of Canada. Please go ahead. Your line is now open. Yeah, thank you very much for taking my question. The first is, yeah, thanks, David, for all the help. On that note, on the strategic plan you presented last year, I mean, most of the probably managers that were heading the divisions and the operations probably have changed since then. As a CEO, I just wonder, I mean, what's the appetite to review the strategic path, given I suppose new people have new ideas and might see things differently. You also mentioned before that 2021 was too inward-looking, and is there like a risk from the number of management changes that this will impact your 2022 as well? Although obviously acknowledged, you say it's a year of transition, but is there a risk that the management changes put more pressure on this as well? Then, on your disclosure about the losses from litigation not covered by existing provisions, I mean, the numbers only changed by CHF 100 million versus the year-end number. I mean, is it just this number is just accounting and we shouldn't really pay any attention on it, or is it to do with flow in the first quarter why the number hasn't really changed? Thank you very much. Let me take the first one and, Yeah. David, the second. Although the second I was struggling to. Yeah, I think you might have to have another go- Yeah. with me Anke on the second one, I'm afraid. Why don't you take the first one first? Okay, I'll take the first one. Just to be clear, each of André Helfenstein for the Swiss business, Ulrich Körner for asset management, and Christian Meissner for investment bank were at the Investor Day, so three out of the four. Obviously Francesco, who started on the January 1st, was before he joined fully aware of all these targets and fully bought into this before he joined. Three out of the four divisional CEOs were indeed already there when we presented our presentation. Philipp Wehle, who is now the CFO of Francesco, presented the numbers and plans. There is very much continuity. I would not agree with the statement that we have different CEOs now executing the strategy. We have broadly the same lineup. Secondly, we obviously did strengthen and appoint some additional ExB members for risk with David Wildermuth, who started on the J anuary 1st, as did Joanne Hannaford for our technology and engineering effort. They have very much had, you know, a very busy first four months since they joined, reviewing the, you know, the strategic plans, reviewing also what it means for both technology, engineering for Jo's, and for David Wildermuth. He has had a lot of positive impact on our risk management approach. This is the reason also why we will do a deep dive for you guys at the end of June to really go into each of those businesses with our new ExB colleagues, with Francesco, with David Wildermuth for risk, with our technology effort with Jo and Rafael from compliance. All four will be presenting to you, and you will be able to get a feeling about the progress we've had. Rafael, as our head of compliance, he was already on board at the time that we presented our strategy in November. He joined, as you know, on the first of October our compliance effort. That's on your first question. Maybe you can repeat again your second question. It was difficult to understand. Yeah. Well. Yeah, sorry. Was it about the reasonably possible loss, Anke? Exactly. Under litigation, not covered by existing provisions. Thank you, Anke. Yeah. The decline from CHF 1.5 billion to CHF 1.4 billion. Yeah. Your question is, why did it only drop by CHF 100 million ±? Yeah. While the provisions went up by CHF 700 million. Look, I think, Thank you. I mean, it's always difficult to provide complete visibility on this because we are referring to a number of matters which are actually live in court at this particular moment, and therefore it's not appropriate for me to comment in detail. If I speak more generally, then I think it's clear to say that we had some positive developments on a number of the cases, where we have visibility to be able to settle and dismiss or reduce the scale number of those things, and that reduced the RPL. However, we did have, you know, certain adverse developments during the quarter, and, you know, I think we've talked about those publicly already, but I'm not gonna add to what we've said already. Therefore, we have generally reassessed our reasonably possible loss in terms of that. There's a balance of things going on, as you might say, in the RPL disclosure. You know, I think that's probably all I can say given the live nature of these actions. I think more generally, I just would repeat what Thomas has already said, which is we have been making a very determined and proactive effort to seek to resolve, dismiss, reduce the scale of these cases. You know, things such as the RMBS cases clearly date back to pre-2008, which is a very long time. We've managed to get more than 80 dismissed over the last two years. We've settled another 12. I think we are getting through the lump of this legacy at this particular point. You know, hopefully we can continue to actually work through these issues, basically. I think that's all I can really say, Anke, in terms of, given the live nature of the materials. Okay, thank you very much and, all the best. Thank you again. Okay. Thank you. The final question comes from the line of Andrew Lim. Please ask your question. Your line is now open. Hi. Good morning. Thanks for taking my questions. So the first question is, I'm just wondering how you think about the investment bank strategically, whether there's opportunities for further deleveraging. I ask this, of course, because it's visibly strong first quarter period as well, and yet you've made a loss, and seem to be losing market share across all business lines. I mean, it's supposed to be a year where it's a transition rather than a big restructuring year. I wonder, you know, just following on from Kian's question, how you think about the opportunities for different business lines improving for the remainder of the year. If not, whether actually some businesses could be delevered further. You're notable in, you know, structured products, securitized products and leveraged lending and whether you think about these products actually being synergistic with the rest of the IB or even synergistic with wealth management and whether these could be delevered. My second question is on the CET1 target that you have of 14%. We've discussed this before, but it's. I think it's worth revisiting again. It's optically quite high versus peers, especially a notable Swiss peer of yours. I wonder whether you think whether this could be lowered perhaps to, like, 13% or whether there's some kind of, like, steady state where all regulatory changes have been implemented, other charges can be taken into account and that you feel comfortable bringing that down to a lower level or not. Well, first, should I take the second question first? Yeah, sure. If that's all right. Look, I think, as I said already, I think, when we announced our 14% ambition, it was last November. It was very clearly set, on the basis of the Basel III transition in a couple of years' time. I think we got at that point, correct me anyone here, but up to about CHF 35 billion-CHF 40 billion increase in RWA. I think we wanted to make sure that there were no questions around the capital ratios of the bank for that particular transition. I think that very much remains our position. I think if we get to 2024, you know, the impact is less or things have changed, then that's the decision we should make at that point. It should be driven by, A, that regulatory change, and B, let's be clear, by the stress calculations we make in terms of our capital needs, and that's what will, I think, guide the board in terms of their views on that. I think at this point, nothing has changed materially to justify a change in that being, you know, where we wanna be for that ambition. Doesn't mean we have to be there for the end of the second quarter or the end of the third quarter. You know, we're still talking about a change several years away, but a couple of years away. You know, that's our, that's been our thinking in terms of the CET1 ratio, if that's helpful, Andrew. That's great. Thank you. On the deleveraging in the IB, as you know, the main areas where we are deleveraging, which was part of our presentation in November, are three areas. One is Prime Services. The second one is emerging markets GTS in those markets where we do not want to strategically be active anymore going forward. Thirdly, in the corporate bank, which is mainly a U.S. corporate bank book. Those are the three areas where we are focused on the deleveraging, and that hasn't changed. We did mention some ideas at the Investor Day about some incremental opportunities potentially in other areas where we in principle see ourselves as strong players and market-leading franchises. They are always there for further analysis, and we will report if and when we have any news on that. Clearly we are focused to invest in those market-leading franchises being SP, be it leveraged finance, be it M&A, be it equity capital markets. That's great. Thank you very much. Best of luck for the future, Dave. Thank you. Thank you. Actually, just while, you know, I think Thomas has made this clear, I probably should just say something. Which is, you know, I think I have indicated my decision to Thomas and to the board that, you know, I do think after 12 years, it's right and proper to seek some fresh challenges and opportunities. I would just reiterate that I've also committed to Thomas and to the board that my first priority is to ensure a smooth and a seamless transition of my CFO responsibilities. To that end, I have committed to stay at Credit Suisse until my successors in both the CFO role and in my role as Chief Executive of CSI are actually been selected and are in place and to support Thomas, the Chairman and the Board throughout that period. I regret to tell you all that you'll probably be talking to me in three months' time, and I'm certainly gonna be looking forward to seeing you at the Investor Deep Dive. Just to make that point clear. Thank you, David. Indeed. Okay. Thank you. Please go ahead. Sorry to interrupt. We have got one more question from Stefan Stalmann from Autonomous Research. Please go ahead. Your line is now open. Yes. Good morning, gentlemen. Thank you very much for taking my question. There's only one left for me. You are making a change in the position of your General Counsel. The press release is relatively silent on why that is, and also, more importantly, what do you expect to change under the new General Counsel? Maybe you can add a little bit of color on that. That would be great. Thank you. Well, Romeo has also been with us over 10 years, and these discussions have started. I mean, has been with us in the role of a General Counsel on the Group Executive Board over 10 years, and these discussions also started already last year. There is no change in policy. We did decide already in 2020 to more proactively address our legacy cases, many of which date back 10 years or more. We started to execute on that under the leadership of Romeo already in 2020 and 2021. There is no change in policy. This was part of succession planning and materialized now. We have the fortune to have somebody very qualified, with very relevant experience, be it in the U.S. or elsewhere, and with Markus Diethelm, we have somebody who can start on the July 1st. That's why we made that decision. We are both grateful to Romeo for everything he's done, and we're looking forward to working with Markus Diethelm from July 1st onwards. Great. Thank you very much. Thank you very much. Thank you. Stefan. Thank you. May I hand over to Kinner. Please continue. You know, thank you all for all your questions and your time this morning. Of course, if you have any follow-up questions, feel free to give myself or the investor relations team a call in the usual way. Thank you. This concludes our conference today for the analysts and investors. A recording of the presentation will be available about two hours after the event on the Credit Suisse website. Thank you for joining today's call. You may all disconnect.