Good morning. This is the conference operator. Welcome and thank you for joining Credit Suisse Group's Q3 2022 results conference call for analysts and investors. As a reminder, all participants are in 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. Great. Thank you, Alice. Good morning. Welcome, everyone. Thank you for joining our Q3 2022 results call. We have a busy schedule ahead of us with our Q3 earnings presentation, followed by the 2022 strategy update presentation, which, as you know, begins at 9:30 GMT. Please note that this call will very much be focused on earnings, and I kindly ask you to respect that in the Q&A that follows. Before we begin, please note all the legal disclaimers in the presentation and let me remind you the important cautionary statements, including in relation to 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 Q3 2022 earnings release published this morning. Let me remind you that our third quarter financial report and the accompanying financial statements for the period will be published in early November. I will now hand over to our Group CEO, Ulrich Körner, and our Group CFO, Dixit Joshi, who will run through our numbers. Thank you very much, Kinner, and thank you all for joining today. We appreciate your participation and engagement. For the purpose of this call, we intend to focus on our third quarter performance only, and I will share some brief remarks before handing over to our new Chief Financial Officer, Dixit Joshi. We will discuss the outcomes of our strategic review later today, starting at 9:30 A.M. London time. I hope that many of you on this call will be able to join us then. Let me turn to performance. Overall, our results for Q3 2022 were significantly impacted by the continued changing market and macroeconomic conditions. They were also reflective of underperformance compared to peers in certain business lines, and importantly, the effects of some of the strategic decisions that we have announced to date. Starting with the headline numbers here on slide 4 of the presentation, we reported a net loss of CHF 4 billion in the quarter, including a CHF 3.7 billion impairment related to the reassessment of deferred tax assets resulting from the strategic review. Our reported pre-tax loss was CHF 300 million and included CHF 200 million in major litigation provisions, which I will expand on shortly. The adjusted pre-tax loss of CHF 100 million, mainly due to a weak investment banking performance, as well as somewhat lower client activity across all our divisions. In terms of our capital position, our CET1 capital ratio for the quarter was 12.6%, down 90 basis points. This was primarily due to the impact of deferred tax assets of approximately 50 basis points relating to the strategic review, together with the pre-tax loss and increased risk-weighted assets. Today, we have announced a capital raise of CHF 4 billion, which would increase the pro forma CET1 ratio to 14%. This means that we begin our strategic transformation from a position of capital strength. Now let me turn to the details on the progress we are making towards resolving legacy litigation issues with the next slide. Total litigation provisions for the quarter were CHF 245 million, of which CHF 178 million were major litigation provisions primarily related to previously disclosed matters as we continue to take a proactive approach to reducing our litigation docket. The two most prominent recent examples of resolutions are, first, the settlement agreement with the New Jersey Attorney General related to a legacy residential mortgage-backed securities case, which was already fully provisioned. This resolved the largest of the bank's remaining exposure in the RMBS docket, with transactions going back to before 2008. Second, the successful settlement in the French legacy case announced this week. Both represent major milestones in our efforts to achieve a significant reduction in our outstanding litigation docket and are supported by a quarter-on-quarter reduction in the range of reasonably possible losses of around 19%. Let's look at the breakdown of Q3 results by division, with the next slide. The loss in the quarter was predominantly driven by the weak performance in the investment bank, which was impacted by higher volatility, widened credit spreads, and muted primary issuance, resulting in an adjusted pre-tax loss of the division of CHF 640 million. The difficult macro environment also impacted the year-on-year performances of our wealth management division, which posted an adjusted pre-tax income of CHF 78 million, including one hundred and forty-five million of impairments related to certain IT-related assets. The Swiss Bank and Asset Management divisions both had a solid performance with adjusted pre-tax income of CHF 383 million and CHF 104 million respectively. With that, I hand it over to Dixit, who will walk you through the results in more detail. Thank you, Ulrich, and good morning, everyone. I'm pleased to be presenting my first set of quarterly results at Credit Suisse and look forward to speaking to some of you in person later today. I will now provide some details on our performance at the group and the divisional levels. As you all know, challenging conditions continued during Q3 with heightened market volatility, weak customer flows, and ongoing client deleveraging. Our financial performance reflects these challenges. Let's start with the group numbers. Reported net revenues for the group decreased 30% year-on-year to CHF 3.8 billion. The key drivers were substantially lower levels of activity across the industry in equity capital markets and leverage finance, which contributed to a weak performance in the investment bank, and subdued client activity in wealth management, especially in terms of transaction-based activity. Total reported operating expenses were 10% lower year-on-year at CHF 4.13 billion. Ulrich has already mentioned the major litigation provisions of CHF 178 million and the progress that we are making with regard to our legacy issues. Overall, our reported pre-tax loss for the quarter was CHF 342 million. Adjusted operating expenses were down 6% year-on-year at CHF 3.87 billion, mainly driven by lower compensation and benefits expenses. This was partially offset by an impairment of IT-related assets in wealth management, totaling CHF 145 million. On an adjusted basis, we recorded a pre-tax loss of CHF 92 million in the third quarter. We also reported an income tax charge of CHF 3.7 billion in the quarter, of which the majority, CHF 3.66 billion, was an impairment related to a reassessment of deferred tax assets resulting from our strategic review, and so is not related to our Q3 operating performance. The net loss attributable to shareholders, including the income tax expense, totaled. Movements were the main driver of a CHF 53 billion decline in assets under management for the group quarter-over-quarter. This includes net asset outflows of CHF 12.9 billion. At this point, I would like to provide some additional context and commentary on asset flows at the start of Q4. We did see a significant level of deposits and AUM outflows during the first two weeks of October. While these outflows have stabilized since this period, they've not yet reversed. We have plans to address these matters after the twenty-seventh of October through, among other things, accessing capital markets and executing the strategic initiatives we have announced today. We would note that the execution of these measures is also expected to generate liquidity and reduce the funding requirements of the group. Let's now turn to costs on the next slide. As I mentioned earlier, adjusted operating costs were 6% lower year-on-year at CHF 3.87 billion. This was mainly due to a reduction in our compensation and benefits accruals of CHF 398 million, reflecting our revenue performance and pre-tax loss in the third quarter. The figure also includes the charge of CHF 145 million that I mentioned earlier, as we took the decision to impair IT-related assets in wealth management following a review of our technology and platform strategy in the division. We continued to make investments in technology and in wealth management, though the associated costs were partly offset by savings and business exits. Later on today, we will provide details of our strategic plan to reduce costs further over the next three years. The IT impairments taken in Q2 and Q3 are evidence of our willingness to take action in the short term for longer-term benefit. Let's now turn to our capital ratios on the next slide. Our quarter-end CET1 ratio was 12.6%, a decrease of 90 basis points compared to the end of Q2. Let me take you through the key drivers. First, we saw a 12 basis point reduction from the pre-tax loss for the quarter. The quarter accounted for a net reduction of 11 basis points. This takes us to a CET1 ratio of 13.1% before the impacts of today's announcements. Taking these in turn, the strategy-related deferred tax assets impairment reduces the CET1 ratio for Q3 by which adds around 140 basis points, taking us to a pro forma CET1 ratio for Q3 of 14%. Our Tier 1 leverage ratio was 10 basis points lower at 6% compared to the previous quarter before the strategy impact. The 21 basis point reduction due to the strategy-related deferred tax impact is more than offset by an increase of around 45 basis points coming from the capital raise, and this takes the pro forma Tier 1 leverage ratio for the quarter to 6.5%. A few points on parent capital. As a result of our strategy announcement, in particular, the capital raise, the Credit Suisse AG Swiss CET1 ratio is reduced significantly due to further participation valuation adjustments. In contrast, the announced capital actions are expected to strengthen the Group CET1 ratio. In light of the bank's transformation, FINMA has reduced the size of the capital surcharges for the bank's market share and its size according to the Capital Adequacy Ordinance. This results in a lower total capital requirement for Credit Suisse Group AG and its domestic subsidiaries. In addition, the bank parent company will temporarily use capital buffers until the end of 2025, in line with the Capital Adequacy Ordinance and the regulatory guidance by FINMA. This allows the bank effective and efficient capital management during the transformation period. Let's now turn to our business divisions, which we will discuss as usual on an adjusted basis, and I'll start with wealth management. Total net revenues in wealth management were CHF 1.36 billion, down 14% year-on-year, impacted by lower client activity, volumes, and recurring revenues. Net interest income improved 20% due to higher deposit revenues, which reflected higher interest rates, especially in US dollars. This was more than offset by lower recurring commissions and fees, which down 18%, and a reduction in transaction-based revenues of 40%. Looking at the revenue lines in more detail, the decline in recurring commissions and fees reflected lower average assets under management and lower service-driven fees. In terms of transaction-based revenues, clients continue to be cautious, especially in our Asia-Pacific franchise, which impacted global trading solutions revenues. We also saw further mark-to-market losses on our fair value portfolio of CHF 35 million related to the APAC Financing Group. Operating expenses were 9% higher at CHF 1.27 billion, mainly driven by an impairment of IT-related assets of CHF 145 million following a review of the wealth management technology and platform strategy. We continue to simplify our tech stack and position wealth management for the implementation of our new strategy, though the costs associated with this were partly offset by lower compensation and benefits expenses. Overall, adjusted pre-tax income for the division was 80% lower year-on-year at CHF 78 million. There were net outflows of CHF 6.4 billion in the quarter due to a combination of clients deleveraging and proactively de-risking. Let's turn to the Swiss bank. The Swiss bank delivered a resilient performance. Notwithstanding the impact on threshold benefits as Swiss interest rates have risen, with total net revenues 9% lower year-on-year at CHF 956 million. Net interest income decreased 11%, mainly driven by lower threshold benefits from the Swiss National Bank. As a reminder, this threshold benefit has been worth around CHF 350 million per annum, while rates have been at -75 basis points. As Swiss interest rates have moved towards zero, that benefit has eroded. The effect of this should bottom out around the middle of 2023. Recurring commissions and fees were down 3% year-on-year due to lower assets under management, partly offset by higher fees generated from lending. Transaction-based revenues were 17% lower year-on-year. However, we did see a transition gain relating to IPO in Q3 of last year. If we exclude this, as well as gains on certain equity actions in compensation and benefits. This translated into a pre-tax income of CHF 383 million, 15% lower than the same quarter last year. There were net outflows in the quarter of CHF 1.5 billion, with outflows of CHF 1.7 billion from private clients, partly offset by inflows of CHF 200 million from institutional clients. Let's now turn to asset management. Revenues here improved compared to Q2, but were down year-on-year as a result of market uncertainty and reduced client appetite. Overall, net revenues were 15% lower year-on-year at CHF 346 million. Management fees declined by 13% year-on-year, in line with a 13% decrease in assets under management, mainly the result of market movements and currency effects. A 47% improvement in investment and partnership income was more than offset by a 56% fall in performance, transactions, and placement revenues. Operating expenses were 11% lower year-on-year, mainly driven by lower expenses related to the supply chain finance fund matter and reduced compensation across both traditional and alternative investments, partly offset by inflows from investments and partnerships. Let's now turn to the investment bank. The investment bank faced challenging conditions in Q3, with higher volatility, widened credit spreads, and muted primary issuance. As a result, total net revenues were 58% lower year-on-year at $1.14 billion. Within primary, our performance this quarter has been broadly comparable with peers in a depressed market, whereas a comparatively weak sales and trading performance is largely reflective of our business mix. As we have evolved in recent years, we have de-emphasized certain business lines such as macro, where our peers have been able to benefit from higher volatility. Later this morning, we'll discuss the steps that we're taking to address activity in the equity capital and leverage finance markets, and also include mark-to-market losses of $120 million in leverage finance. We continue to take steps to de-risk our book, and our non-investment grade underwriting portfolio was down 40% compared to the end of 2021. Advisory revenues were 39% lower year-on-year with lower deal closings. Again, this was in line with peers. Equities revenues were down 54% against a strong third quarter in 2021. This was driven by reduced equity derivatives and cash trading revenues, and also reflected the exit from prime services. Fixed income revenues were 32% lower year-on-year due to a decline in securitized products and global credit products, partly offset by higher macro revenues as a result of higher volatility. Operating expenses were 12% lower year-on-year at $1.78 billion, reflecting lower compensation and benefits and revenue-related expenses. This resulted in an adjusted pre-tax loss of $640 million. Clearly, this is not an acceptable outcome, and again, we will outline the steps we are taking. 20% respectively year-on-year, reflecting reduced business activity as well as management actions. Let me finish with a look at the corporate center. Net revenues were CHF 35 million, while operating expenses were 62% lower year-on-year at CHF 76 million. As a result, the corporate center delivered a pre-tax loss of CHF 41 million, down from a pre-tax loss of CHF 212 million for the same period last year. The asset resolution unit, which sits within the corporate center, generated a pre-tax loss of CHF 28 million compared to a pre-tax loss over the same period as we continue to wind down the book. With that, thank you very much, and I'll hand over to Kinner Lakhani. Great. Thank you. We'll now begin the Q&A part of the conference. I would kindly remind you again to focus on earnings. There'll be time for strategy later this morning. Also, given time restriction, if everybody could stick to a maximum of two questions, please. Over to Alice. Thank you. Anyone who wants to ask a question may press star and one. If you change your mind and wish to remove yourself from the question queue, please press star and two. Anyone who has a question may press star and one at this time. Our first question comes from the line of Detlev Stahlmann with Autonomous Research. Please go ahead. Yes. Good morning, gentlemen. Thank you very much for the presentation. My two questions are as follows. The first one, on your deposits, customer deposits in the group balance sheet. They are down by 5% during the quarter. I guess on an FX neutral basis, given the strength of dollar, it would be even more. Can you give any color, please, on what drove this reduction maybe by business line, geography, currency, whatever makes sense? And the second question on your capital situation at the AG. The UK authorities approved a roughly CHF 5 billion capital repatriation in early September. Has that actually been executed, please? Thank you very much. Thank you for those questions, and thank you for joining the call. You know, I'll take the second one, you know, first. You know, the answer is yes. Strategy that, you know, we've been investing in over the years, that's contributed in the region of about CHF 18 billion of efficiencies, you know, to date. We will continue investing in that initiative over the next three years, and we'd expect that to free up more parent capital, during that period as well. On the deposit front, you know, what you have seen, you know, in Q3, you know, as we show on slide 9, is really that, you know, a combination of market moves and NNA outflows have led to, you know, reduction in AUM in Q3. You know, net new asset outflows were in the region of CHF 13 billion in Q3. You know, as you know, the negative social media news around our name at the beginning of October, you know, did lead to outflows, you know, across our franchise. You know, it's something that we're looking to address today through the strategic announcements that we're making, including the CHF 4 billion capital raise and ensuring that, you know, we're well capitalized through this transformation period while we make the transformational announcements, and restructuring across our investment bank and other business areas. Thank you very much. The next question comes from the line of Magdalena Stoklosa with Morgan Stanley. Please go ahead. Thank you very much and good morning. I am gonna have to follow up on the question about the outflows. Because of course, I think from one perspective, the market was prepared for them, given what you've just kind of discussed in terms of what we have kind of seen in the market and the media as well. You know, could you give us a sense of how concentrated those outflows were versus you know, more broad-based? We've seen you know, the outflows, I think, 'cause you've you know, provided us with so much information. There seems to be maybe in the beginning of and maybe in October as well to kind of for us to be able to to assess you know how to look at them going forward. Sure. Thanks, Magdalena. If you look at the wealth management situation, you've seen the outflows of CHF 6.4 billion for the quarter, and you rightly put it, which you then see reflected in the transaction-based income line as well. Our wealth management business is very strong, as you know, in APAC, in emerging markets, and that has impacted that clearly, as you said. If you look at the CHF 6.4 billion is a combination in the third quarter of, you know, deleveraging and de-risking, if you want to. About CHF 3 billion comes from deleveraging. Another, like, CHF 2 billion is proactive, call it de-risking, and then some additional deposit outflows. I think that's the right way to think about it, Magdalena. Thank you very much. The next question comes from the line of Kian Abouhossein with JP Morgan. Please go ahead. If I look at the numbers, they're down quarter-over-quarter in advisor numbers. I just wanted to see, is that driven by business exits or what are you doing to retain advisors? i.e., do you have to write fixed contracts at this point? How should we think about the trend into Q4 in terms of advisors? In that current business in terms of impact from deposit remuneration that you might have to give. The second question is just on funding. Clearly, your funding cost has changed quite materially lately, and I just wonder how we should think about financing for this year and going forward, if there's any delay in financing from your perspective. Okay, thank you very much. Let me start, excuse me, with the number of relationship managers you're referring to on page 12, actually. There's nothing, I would say, from my point of view, unusual behind. As you know, we said last year that we would, you know, build on that number and enlarge that number over time. Also that is in principle unchanged because we wanna grow our business and therefore also over time enlarge that number. Having said that, if you look at, you know, this market environment and what it has done not only to us but to all, you know, in terms of market performance, et cetera, it's clear that, you know, we slow that down in line with the overall development of the results. This is more driven here than by, call it, natural fluctuations and not being too fast to replace them if not necessary or build them further out. I think that's what's behind or more. Kian, I'll take the, you know, the second two questions. On, you know, on funding and deposits, I guess, you know, somewhat into last year. You know, you've seen the uptick in spreads across the entire industry, including on our name. The idiosyncratic effects in October have resulted, you know, in wider spreads on our name as well. Look, you know, today's announcements that we'll speak about, you know, during the strategy day, you know, the actions we're taking on the investment bank, you know, the lower leverage and RWA footprint that we will run with, the reduction of our risk profile and exposure through the securitized products exit. You know, all of those items, I think will be conducive to, you know, a tightening of spreads over time. Looking to regain our market share and we'll be competitive, you know, as you'd expect us to be. You know, it's not lost on us that, look, you did see in the U.S. as a result of really, liquidity in the system contracting, especially from central banks, that you did see large reductions in deposits in the United States as well, and I suspect that's something that, you know, we might see globally as well. In that environment, we'll remain competitive. May I just see you and next year? Yes, happy to. You know, you'll see in the fixed income deck that was published as well, you know, we outlined, you know, our revised plans for this year. You know, we'd expect to do in the region of around CHF 2 billion of further AT1 through the course of the fourth quarter, and in the region of CHF 4 billion or CHF 5 billion of HoldCo debt as well. Look, the strategy announcements that, you know, we have, that we'll talk about later, result in a freeing up of liquidity. Of course, you know, with the lower leverage exposure, we would find all efficiencies in our funding through the next two or three years, and that should result in not just, you know, improved funding costs, but quite frankly, just lower funding requirements in the capital market as well. Very helpful. Thank you. The next question comes from the line of Jeremy Sigee with BNP Paribas. Please go ahead. Are they a similar run rate to what we had in 3Q, which was CHF 6 billion to maybe CHF 2 billion in the month? Or is it sort of more or less than that? Any sense of scale would be really helpful. Thank you. Thanks for the question. What we have seen, particularly at the beginning of October, certainly a heightened level of outflows, which was very much based on what you have seen in the media and the press, rumors, and let me say here very clearly, to the largest extent possible, factually incorrect rumors. Obviously, that has affected, you know, the overall situation, that has calmed down very significantly in the last couple of weeks, actually. Hi, thank you. I'm not sure if maybe this is in for the strategy presentation, but have you given the P&L contributions for the SPG group in this, for this quarter, and for prior periods? In the release, I couldn't quite find it. I saw obviously overall non-core unit kind of P&L contribution. Amit, hi. Was there a second question, Amit? You broke up. I know. It was one question. I was just curious if you've given SPG P&L contribution, you know, for the Q3 and for prior quarters. Amit, no. We haven't broken out, the SPG contribution and, you know, it's unlikely that we'll be breaking that out. Kind of gain or loss on the transaction. Amit, you'll hear more about that today during our strategy announcements. You know, we make a series of planning announcements, planning assumptions and, you know, any gain or loss would be embedded into those assumptions. Again, we'll be more fulsome in our discussion during the strategy day. As a reminder, if you wish to register for a question, please press star and one on your telephone. Star followed by one. The next question comes from the line of Piers Brown with HSBC. Please go ahead. Good morning. Thanks for taking my question. Sorry to come back to the topic of liquidity, but you do mention in the report that you breached certain legal entity LCR requirements during the quarter. I wonder if you could just elaborate on that, and whether you can also give us the balance, the HQLA balance at the end of the quarter, and possibly if you have the number for October as well, that would be even better. I think that number at the end of Q2 is CHF 230 billion round about. If you could update on that. Thank you. Sure. You know, happy to. You know, increasingly, we don't think about, you know, our liquidity in HQLA terms because it's not the best indicator of our liquidity position, as it doesn't provide the full picture. You know, as you know, we're de-risking our balance sheet and so, you know, NCOs are reducing. As such, actually, we focus on the liquidity coverage ratio. You know, the LCR at the end of the third quarter was around 192%. You know, was pretty strong and probably at the highest end by peer standards. That, of course, has gone down, as we've indicated in our disclosures through the month of October. That's partly, you know, related to the previous question that I got around funding from Kian, which is, you know, we will then, you know, commence funding, you know, subsequent to the announcements today. We had self-selected to be out of the capital markets during the month of October, given the strategic announcements that were coming today, and we'd be once again commencing, you know, funding activities. The second is just, you know, what you'll hear about later and you'll see, and I won't go through all the detail right now, is that the leverage exposure reductions, and balance sheet reductions that we have, you know, as part of our strategic announcements, actually reduce our funding needs greatly over the next few years. The next question comes from the line of Daniele Brupbacher with UBS. Please go ahead. Yeah, good morning, and thank you. I wanted to ask about this slide 18 from the second quarter, where you showed the potential impact on revenues coming from shifts in yield curves based on the forward curves. Whether you could give us an update there. Obviously, we had major moves since then, but a general update by currency would be super helpful and probably by division. I think you also broke it down by division, if I recall correctly. Thank you. Daniele, hi. Sure. Happy to take that question. You know, when we look at, you know, and we've given previous disclosure around this, but when we look at, you know, updated yield curves, you know, from most recently, you know, on a static balance sheet, you know, we'd expect, you know, in the region of around, you know, CHF 1 billion net, you know, of uplift next year in NII. I think that's a combination of two effects. You know, the one is, you know, elevated rates compared to where we are. And the second is making some adjustments and being prudent around the size of deposit base as well. That would be a CHF 1 billion uplift next year. Once again, to ask a question, please press star and one on your telephone. Star followed by one. There are no more questions at this time. Kian, back to you for closing remarks. Very good. Thanks very much. Look forward to catching up later in the morning. Of course, in the meantime, if you have any questions, feel free to reach out to us in the IR team. Thank you. Thank you very much. Thank you.