CoinShares International Limited Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Leadership Changes: Thomas Gottstein has stepped down as Group CEO. Ulrich Körner appointed as the new CEO. Körner brings substantial transformation and operational experience, having previously held executive roles at both Credit Suisse and UBS.
  • Strategic Review: A comprehensive review is underway aimed at transforming Credit Suisse into a simpler, more efficient, and more focused bank. Key priorities include:
    • Strengthening global Wealth Management and the Swiss Bank franchise.
    • Transforming the Investment Bank into a capital-light, advisory-led, and more connected markets business.
    • Evaluating strategic options for the securitized products business, potentially involving third-party capital.
    • Reducing the group’s cost base below CHF 15.5 billion in the medium term.
  • Q2 2022 Financial Highlights:
    • Reported Pretax Loss: CHF 1.2 billion (vs. pretax income of CHF 1.31 billion in Q2 2021).
    • Adjusted Pretax Loss: CHF 442 million (vs. adjusted PTI of CHF 1.31 billion in Q2 2021).
    • Litigation & Restructuring Charges: CHF 434 million in litigation provisions, CHF 80 million in restructuring costs.

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Operator: Good morning. This is the conference operator. Welcome and thank you for joining Credit Suisse Group's Second Quarter 2022 Results Conference Call for Analysts and Investors. [Operator Instructions] The conference is recorded. [Operator Instructions] I will now turn the conference over to Kinner Lakhani, Head of Investor Relations and Group Strategy and Development. Please go ahead, Kinner. Kinner Lakhani: Good morning, everyone. Thank you, Alice. Welcome, everyone. Before we begin, let me remind you of the important cautionary statements on Slides 2 and 3, including in relation to forward-looking statements, non-GAAP financial measures and Basel III disclosures. For a detailed discussion of our results, we refer you to the Credit Suisse second quarter earnings release published this morning. Let me remind you that our second quarter financial report and accompanying financial statements for the period will be published on or around July 29. I will now hand over to Axel Lehmann, our Group Chairman, who will elaborate on the announcements from this morning; followed by Group CEO Thomas Gottstein; and our Group CFO, David Mathers, who will run through the numbers. Axel Lehmann: Thank you, Kinner. And good morning and thank you for joining our analysts call. Today, we announced a series of important changes, most notably a new CEO and a repositioned strategy. Let me spend the next couple of minutes elaborating a little bit more in detail before handing over to Thomas a

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