Ulrich Koerner: Okay. Chris, let me start with the first one. Thanks for the questions. So, we laid out very clearly, as part of the transformation, three main blocks of actions by the end of October, as you might remember. The first one, as you put it, the radical restructuring of the Investment Bank, and we talked about some various important elements over the last few minutes here. The second one is the cost transformation program with very, very clear guidance on the cost reduction targets, again, as Dixit was saying, excluding exits and all these kind of things that comes on top of it. And that’s important to bear in mind. And the last one, which we very clearly said is we want to do that transformation out of a position of capital strength, hence, the capital raise, which was successfully — and other measures, which was successfully concluded in November, as you are fully aware.
So — and we are executing currently against all of these main blocks of measures and, as we said, very focused, very decisively. And you see that we are in many, many aspects, if you go through the presentation, we are ahead of our plan. Second point to make here is, and that is something, as I was alluding to at least, something we are also in parallel working on is to really fill these new Credit Suisse, how we put it, bank, which will evolve here over the next couple of years with content and then, obviously, doing the same with CS First Boston on the other side. And this is something which we owe you, so to say, but it needs a bit more time as we are traveling through 2023. And once we are there, we will update you in terms of what it means then really going forward.
Having said that, and that’s intuitively clear to you, if new Credit Suisse is based on our Wealth Management business, our very strong businesses in Switzerland, complemented by Asset Management and by the Markets business in a resized form, I think it’s intuitively clear where this business, if it runs, so to say, in the way we want to run it going forward, will end up in terms of shareholder returns. So, there must be a very, very attractive proposition for our shareholders. Wealth Management, I think it’s — if I understood the question correctly, it’s not — it’s a tricky question, I would say, if you allow me. So, it’s not the idea to say, okay, we lost these assets and then we take what we have and, therefore, resized the Wealth Management firm to make it reasonably profitable again.
I think we do two things. We do all what is necessary on the cost side, and there is room, as I said before. On the other hand, Wealth Management is the growth engine or one of the growth engines of today’s Credit Suisse, but also of the new Credit Suisse. And that is why I said we have a relatively clear plan, the client outreach initiative which we started is part of that certainly in the short term, i.e., last year and 2023. And I said it has started to create good momentum. So we want to win back all the assets, and if not more, which we lost, that goes without saying. Secondly, the growth focus in Wealth Management, strategically spoken, is very clearly on the stable high net worth business; secondly, recurring revenues, and there is enough room for us to improve, goes without saying; and then last but not least, and you know that we have super strong positions in different geographies of the world here, also regaining the ultra-high net worth wallet share.
So, I think that’s the overall package we are working on. And that’s the way how we push back Wealth Management into profitability and into growth mode.
