Dixit Joshi: Chris, if I could just answer the second question that you mentioned around the Markets business, I would say, look, not to look really at the fourth quarter, given that was an exceptional quarter for the company with all of the challenges that were there, together with the intentional repositioning and restructuring-related actions that we undertook in the fourth quarter. The Markets business is an important alignment to our Wealth Management franchise. As a management team, we’re moving pretty quickly to take the actions that were necessary to restore that, the bottom-line in that business. And we’re confident in the actions that we’ve begun taking in that franchise.
Chris Hallam: Okay. Thank you very much. That’s very clear.
Dixit Joshi: Sure.
Operator: The next question comes from the line of Anke Reingen with RBC. Please go ahead.
Anke Reingen: Yes. Good morning, and thank you for taking my question. I just wanted to follow up on your — on the benefit of higher interest rates. If I remember correctly, at the strategic update, you said around half of the 5 percentage point uplift in the RoTE is coming from higher interest rates. And I think that would imply a higher number than you show us today on the CHF900 million prefunding costs. So, I just wondered how this squares. And then on — following up on Amit’s question on the substantial loss in ’23. Is it fair to assume that you also think there’s a loss at the underlying level? And I think you made some comments on the news wires about 2024, if you can please clarify?
Dixit Joshi: Anke, sure. I’ll — let me run through the first. On higher NII, on October 27, when we indicated, I think we said in the region of around CHF900 million to CHF1 billion for 2025 as a result of the current term structure and market implies at the time. I think interest rates right now are slightly higher than where we were on October 27. But of course, we have a lower deposit base as a result of the events in October. On balance, it comes out roughly to a wash with around — still around CHF900 million for the three-year period. And that’s very much what was embedded into our RoTE walk as well. On the second point, on the loss for ’23, as I said, look, we’re focused on really restructuring our businesses. We want to take as many of the actions that we need to create the new Credit Suisse early on in our transition path.
We’re three months into the restructuring. We’ve already started, as you can see, in the fourth quarter results as well, largely premeditated intentional actions to execute on our strategy, and you’re seeing that come through in the results. We’ll, of course, be doing that during the course of the year in a way that is sensitive and capital accretive as possible or economically responsible for our shareholders. But we do want to move as quickly as we can on repositioning and restructuring the firm. Ulrich, if you wanted to add?
Ulrich Koerner: No, I think that’s all right.
Anke Reingen: On 2024, I think you said you expect to be profitable, is that correct? And is that at the reported level? Thank you.
Dixit Joshi: That’s correct. That’s right. As we look to ’24 with the planning assumptions that we’ve made, that’s our current assumption.
Anke Reingen: Thank you.
Operator: Your next question comes from the line of Andrew Lim with Societe Generale. Please go ahead.
