Within the Case Shiller home price indexes, there are now data sets for three different home price tiers for 17 major MSAs. Different home price tiers within the same MSA often behave completely differently as if those markets belonged to different cities thousands of miles away. This presentation explores this strange phenomenon.
Managers interact in different ways. This presentation is extracted from a real case study in which different managerial-impacting factors are analyzed. Performing risk-type analysis reshuffles the performance clusters and the results point to areas that warrant attention
There may be a way to reduce wasted resources and
finances chasing undesirable clients, while also targeting
those customers that it may be worth investing in
Risk Management in the Age of DisruptionAlan Laubsch
How do we manage risk in exponential times? Traditional "predict and control" paradigms fail to keep up with rapidly accelerating change and complexity. To be successful at managing risk, we must identify critical risk signals before tipping points are crossed. Dynamic maps that help us "sense and respond" to emerging risk risks are critical.
Within the Case Shiller home price indexes, there are now data sets for three different home price tiers for 17 major MSAs. Different home price tiers within the same MSA often behave completely differently as if those markets belonged to different cities thousands of miles away. This presentation explores this strange phenomenon.
Managers interact in different ways. This presentation is extracted from a real case study in which different managerial-impacting factors are analyzed. Performing risk-type analysis reshuffles the performance clusters and the results point to areas that warrant attention
There may be a way to reduce wasted resources and
finances chasing undesirable clients, while also targeting
those customers that it may be worth investing in
Risk Management in the Age of DisruptionAlan Laubsch
How do we manage risk in exponential times? Traditional "predict and control" paradigms fail to keep up with rapidly accelerating change and complexity. To be successful at managing risk, we must identify critical risk signals before tipping points are crossed. Dynamic maps that help us "sense and respond" to emerging risk risks are critical.
Three case studies deploying cluster analysisGreg Makowski
Three case studies are discussed, that include cluster analysis as a component.
1) Customer description for a credit card attrition model, to describe how to talk to customers.
2) Hotel price optimization. Use clusters to find subsets of similar behavior, and optimize prices within each cluster. Use a neural net as the objective function.
3) Retail supply chain, planning replenishment using 52 week demand curves using thousands of seasonal "profiles" or clusters.
Application of Clustering in Data Science using Real-life Examples Edureka!
Clustering data into subsets is an important task for many data science applications. It is considered as one of the most important unsupervised learning technique. Keeping this in mind, we have come with a free webinar ‘Application of Cluster in Data Science using Real-life examples.’
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. PRESENTATION
S RESULTS OVERVIEW
S CONSOLIDATED RESULTS Slide 4
S CREDIT SUISSE FINANCIAL SERVICES Slide 13
S CREDIT SUISSE FIRST BOSTON Slide 22
S ADDITIONAL INFORMATION Slide 29
S DISCLAIMER Slide 42
Slide 1
3. RESULTS OVERVIEW
Q3/03 9M/03
Q2/03 Q3/02 9M/02
in CHF m
Credit Suisse
Financial Services 1,778 851 (1,194) 3,333 (891)
Credit Suisse
First Boston 308 373 (668) 884 (609)
Corporate Center & adjustments (41) 122 (286) (174) (859)
Net profit/(loss) 2,045 1,346 (2,148) 4,043 (2,359)
Amortization of acquired intangible
assets and goodwill, net of tax (1) 208 197 396 609 1,008
Net operating profit/(loss) 2,253 1,543 (1,752) 4,652 (1,351)
Basic earnings per share (in CHF) 1.66 1.09 (1.81) 3.29 (1.98)
Return on equity (annualized) 26.3% 18.5% (26.9%) 18.2% (9.2%)
(1) Q3/02 ans 9M/02 include exceptional items of CHF 119 m, net of tax
Slide 2
4. KEY TRENDS IN Q3/03
S Further progress achieved in our efforts to produce sound profitability
S Divestitures and provisions at Winterthur significantly strengthened capital
position and balance sheet
< After-tax gain of CHF 1.6 bn gross, or CHF 1.3 bn net of related provisions
< Additionally, provisions of CHF 383 m after tax related to its international
business portfolio
S Private Banking with better results than seasonally expected and a strong
increase in net new assets
S Corporate & Retail Banking benefited from efficiency improvements and stable
revenue trends
S Both insurance segments benefited from strong investment results, lower
administration costs and tariff increases
S CSFB performance was dampened by lower fixed income results reflecting
conservative risk positioning in light of interest rate volatility, while the business
unit demonstrated expense flexibility and continued to experience low credit
charges
Slide 3
5. PRESENTATION
S RESULTS OVERVIEW Slide 1
S CONSOLIDATED RESULTS
S CREDIT SUISSE FINANCIAL SERVICES Slide 13
S CREDIT SUISSE FIRST BOSTON Slide 22
S ADDITIONAL INFORMATION Slide 29
S DISCLAIMER Slide 42
Slide 4
6. OPERATING INCOME
∆ ∆
9 months
in CHF m
2003
Q3/03 Q2/03 2002
in % in %
Net interest income 2,012 1,862 8 5,525 6,110 (10)
Net commission & fee income 3,223 2,960 9 8,997 12,034 (25)
Net trading income 72 1,327 (95) 2,672 2,145 25
Net income from the
insurance business 1,467 1,341 9 4,343 1,924 126
Total operating income (1) 6,531 7,549 (13) 21,104 21,643 (2)
(1) including quot;Other ordinary income/(expenses), netquot;
Slide 5
7. OPERATING EXPENSES, DEPRECIATION
AND TAXES
∆ ∆
9 months
in CHF m
2003
Q3/03 Q2/03 2002
in % in %
3,125(1) 3,824
Personnel expenses (18) 10,588 13,446 (21)
Other operating expenses 1,262 1,247 1 3,890 4,972 (22)
Operating expenses 4,387 5,071 (13) 14,478 18,418 (21)
Depreciation 471 475 (1) 1,366 1,539 (11)
Cost/income ratio, reported(2) 74% 73% 75% 92%
Cost/income ratio,
banking business only(2)(3) 70% 73% 74% 83%
Taxes 317 319 (1) 1,014 914 11
Tax rate 13% 19% 20% (63%)
(1) includes positive net impact of CHF 122 m from change in vesting of share-based compensation and related incremental incentive compensation
at CSFB
(2) operating expenses plus depreciation of non-current assets divided by operating income
(3) including results from Corporate Center and adjustments
Slide 6
8. PROVISIONS
Valuation adjustments, provisions and losses
in CHF m
1,440 Adjustment in the
method of estimating
973
inherent loss allowance
155
778
Non credit-related
106
Credit-related at CSFS
24
Credit-related at CSFB
164
734
233
215
471 45 131
61 119
31
44
126 86 10
53
Q3 Q4 Q1 Q2 Q3
2002 2003
Note: Totals include Corporate Center and adjustments but exclude exceptional provisions of CHF 984 m in Q4/02
Slide 7
9. IMPAIRED LOANS
Total impaired loans
in CHF bn
15.6
12.4
12.3
6.0
10.8
9.5
8.5
5.0 5.5
4.3 3.5 CSFB
3.2
9.5
7.3 6.9 CSFS
6.5 6.0 5.3
12/01 09/02 12/02 03/03 06/03 09/03
6.0 4.6 4.9 4.1 3.3 3.0 Impaired loans as % of due
from banks and customers (1)
59.5 60.0 62.3 63.8 67.1 68.0 Valuation allowance as % of
impaired loans
(1) due from banks and customers and mortgages (excluding securities lending and reverse repurchase agreements)
Slide 8
10. BIS CAPITAL RATIOS
AS OF SEPTEMBER 30, 2003
Credit Suisse
Credit Credit Suisse Group
(1) (1)
in CHF m Suisse First Boston Consolidated
Book equity 7,701 19,914 34,873
Deduction of goodwill (254) (7,727) (9,462)
Deduction of 50% of Winterthur's
adjusted net asset value - - (2,682)
Other tier 1 adjustments (399) (75) (828)
Tier 1 capital 7,049 12,112 21,901
(2)
(2)
Acquired intangible assets 62 1,731 1,795
Hybrid capital – 1,003 2,184
Risk-weighted assets 92,269 99,308 197,412
Tier 1 capital ratio 7.6% 12.2% 11.1%
excl. acquired intangible assets 7.6% 10.7% 10.3%
(1) consolidated banking entities Credit Suisse and Credit Suisse First Boston (2) net of tax liability
Slide 9
11. YEAR-END 2003 PREVIEW
IMPLEMENTATION OF REVISED RRV-EBK*
S Announced by EBK in December 2002, effective as of January 1, 2003
S Changes to be applied prospectively, i.e. no restatement
S Credit Suisse Group will implement full-year impact in Q4/2003
S Impact predominantly from business unit CSFB
Change Description Pro-forma impact
S Income related to treasury shares S For nine months 2003:
to be recorded directly in equity decrease of CHF 120 m to net profit
Accounting
S Treasury shares and share S At September 30, 2003: net decrease of
for own
award-related liabilities to be CHF 0.6 bn to shareholders' equity
shares
S No impact on regulatory capital
recorded directly in equity
S In line with US GAAP treatment adequacy ratios
S Revised hedge accounting
S For nine months 2003:
principles and documentation
decrease of CHF 180 m to net profit
Accounting requirements
(before cumulative effect)
for
S Freestanding derivative
S Cumulative positive effect from prior
derivatives
valuations are marked to market
years of CHF 190 m, net of tax
S Strategic hedges disallowed
* EBK = Swiss Federal Banking Commission RRV = Swiss Banking GAAP as promulgated by the EBK
Slide 10
12. US GAAP PREVIEW
DIVESTITURES TRIGGER ASSESSMENT OF US GAAP GOODWILL
Swiss GAAP US GAAP
S Merger accounted for applying S Merger accounted for under the
the pooling of interests method purchase method
< assets and liabilities valued at fair market
S Historical carrying values value at transaction date
maintained for Winterthur's
S Difference between the net fair value of
assets and liabilities
assets / liabilities acquired and the market
capitalization of Winterthur recorded as
S No goodwill from merger but
< goodwill, with corresponding
also no increase in equity
< increase in shareholders' equity
account
S At January 1, 2003, the remaining
S Recent divestitures resulted in additional US GAAP goodwill amounted
an after-tax gain of CHF 1.6 bn to CHF 3.5 bn
gross, or CHF 1.3 bn net of
S Net result of recent divestitures under
related provisions
US GAAP significantly lower due to the
higher book values and allocated goodwill
Slide 11
13. US GAAP PREVIEW
DIVESTITURES TRIGGER ASSESSMENT OF US GAAP GOODWILL
Swiss GAAP US GAAP
in CHF billion
Winterthur-related goodwill recorded in CSG
consolidated accounts at December 31, 2002 1.0 4.5
Q2/03 – Q3/03 goodwill allocation and write-off
related to divestitures (0.1) (1.7)
Q2/2003 goodwill impairment charge (Life & Pensions) – (1.5)
YTD 2003 goodwill amortization charge (0.1) –
Winterthur-related goodwill recorded in CSG
consolidated accounts at September 30, 2003 0.8 1.3
At December 31, 2002:
Winterthur shareholders' equity(1) 5.6 10.8
Winterthur shareholders' equity(1), net of goodwill 4.6 6.3
Relevant 2003
reporting
standard
(1) including minority interests
Slide 12
14. PRESENTATION
S RESULTS OVERVIEW Slide 1
S CONSOLIDATED RESULTS Slide 4
S CREDIT SUISSE FINANCIAL SERVICES
S CREDIT SUISSE FIRST BOSTON Slide 22
S ADDITIONAL INFORMATION Slide 29
S DISCLAIMER Slide 42
Slide 13
15. CREDIT SUISSE FINANCIAL SERVICES
OVERVIEW (1/2)
Third quarter net profit of CHF 1.8 bn vs a net profit of
CHF 851 m in Q2/03
Winterthur’s Q3/03 results include
< an after-tax gain from divestitures of CHF 1.6 bn, or CHF 1.3 bn
Results net of related provisions
< additionally: provisions of CHF 383 m after tax related to its
current and former international business portfolio
YTD 2003 net profit of CHF 3.3 bn, vs a loss of CHF 0.9 bn in the
first nine months of 2002
Quarterly operating income slightly improved, although the third
quarter usually shows seasonal weakness
Results clearly reflect the impact of efficieny measures taken
Highlights
(YTD costs down CHF 356 m or 8% vs. 9M/02)
banking
segments Lowest cost/income ratio in the past seven quarters
Private Banking net new assets more than doubled to
CHF 8.4 bn in Q3/03
Slide 14
16. CREDIT SUISSE FINANCIAL SERVICES
OVERVIEW (2/2)
Significantly improved investment results 9M/03
(Life & Pensions up CHF 2.7 bn; Insurance up CHF 1.0 bn)
Steady progress in the underlying performance vs 9M/02 due to
< tariff increases, selective business renewals
Highlights
insurance < lower administration costs (in total down by CHF 315 m or 12%)
segments
Finalized sales of Churchill (UK), Winterthur Italy and
Republic (US)
< In isolation, these divestitures increased Winterthur Group’s
EU solvency surplus capital by approximately CHF 3.5 bn
Slide 15
17. WINTERTHUR SEGMENT PROFITS
Total
Non-Life Life
in CHF m
Segment profit Q3, including 991 126 1,117
after-tax gains from divestitures,
net of related provisions (1) 1,268 57 1,325
additional provisions after tax (2) (383) – (383)
of which recognized in claims (117) – (117)
(1) Churchill (UK), Winterthur Italy, Republic (US)
(2) certain provisions related to Winterthur’s current and former international business portfolio
Slide 16
18. PRIVATE BANKING
Segment result Key profit & loss items
1,382 1,406
∆ vs ∆ vs
Q3/03 Q2/03 9M/03 9M/02
in CHF m
+2%
1,571 4,489
Operating income 3% (5%)
in CHF m
519 819 2,501
Operating expenses (4%) (8%)
492
+5%
Operating income up 3% vs Q2/03, gross margin
down 3 bp (to 125 bp) vs Q2/03
Operating expenses 4% below Q2/03, in line with
Gross
125 125
128 124 headcount development
margin
(bp)
Improved cost/income ratio of 55.1%, lowest ratio
55.1 59.1
C/I in the past six quarters
59.1 61.5
ratio (%)
Net new assets more than doubled to CHF 8.4 bn
Net new assets in Q3/03, higher AuM base
8.4 13.7
(CHF bn) 3.8 18.2
Q3 2002 2003
Q2
9 months
2003
Slide 17
19. CORPORATE & RETAIL BANKING
Segment result Key profit & loss items
445
∆ vs ∆ vs
364 Q3/03 Q2/03 9M/03 9M/02
in CHF m
in CHF m
789 2,346
Operating income (2%) (3%)
+22%
169
156
483 1,481
Operating expenses (4%) (9%)
+8%
Provisions (1) 65 213
(8%) (9%)
Net interest
S Stable underlying operating income, net interest
215 213
margin (bp) 212 214
margin up 3 bp vs Q2/03
S Operating expenses 4% below Q2/03, in line with
Cost/income
64.4 66.3
ratio (%) 65.8 70.7 headcount development
S Improved cost/income ratio of 64.4%, lowest ratio
13.6 12.2
12.9 9.5
ROE (%) in the past seven quarters
S Further reduced impaired loans
Q3 2003
Q2 2002
9 months
2003 (1) valuation adjustments, provisions and losses (provisions based on expected credit
losses derived from statistical model)
Slide 18
20. LIFE & PENSIONS
Segment result Key profit & loss items
∆ vs
354
9M/03 9M/02
in CHF m
126
117 13,277
Gross premiums written (10%)
Benefits & claims (1)
in CHF m
(14,487) (10%)
(545)
Policy acquisition costs (2%)
(862)
Administration costs (18%)
Investment income (2) 3,821 246%
(1,493)
S Segment result of CHF 126 m including after-tax
Expense
17.1 10.6
11.5 10.9
ratio (%) gain from divestitures of CHF 57 m
S Premiums down 5.0% (organic) vs 9M/02 due to
Return on
5.0 5.0
5.1 1.5
invested selective underwriting
assets (%)
S Administration costs down 18% vs 9M/02
Q3 2002 2003
Q2
S Q3/03 acquisition costs and expense ratio
9 months
2003
impacted by DAC unlocking of CHF 201 m
(1) death and other benefits incurred & change in provision
for future policyholder benefits (segment result impact of CHF 75 m)
(2) excluding separate account business
Slide 19
21. INSURANCE
Segment result Key profit & loss items
∆ vs
1,185
9M/03 9M/02
in CHF m
991
11,876
Net premiums earned 2%
(8,689)
Claims & annuities 0%
in CHF m
(2,018)
Policy acquisition costs 7%
102
(1,355)
Administration costs (8%)
952
Investment income –
S Segment result of CHF 991 m including
< an after-tax gain from divestitures of CHF 1.6 bn,
(998)
or CHF 1.3 bn net of related provisions
Combined < additional provisions of CHF 383 m after tax
ratio (%) 100.5 103.6 103.5 101.6
S Premiums up 8.1% (organic) vs 9M/02, largely
driven by tariff increases
Return on
3.9 3.8 S Administration costs down 8% vs 9M/02
4.0 (0.3)
invested
assets (%)
S Q3/03 reported combined ratio of 103.6%
Q3 2002 2003
Q2 includes CHF 117 m additional provisions
9 months
2003 (corresponding to 3.1 ppt combined ratio)
Slide 20
22. CREDIT SUISSE FINANCIAL SERVICES
OUTLOOK
S CSFS expects a good overall result in 2003:
Overall: - Efficiency improvements
Banking: - Higher AuM base
- Stable credit trend
Outlook
- Seasonally higher costs in fourth quarter
for 2003
Winterthur: - Improved technical results
- No contribution from divested businesses
going forward
S Life & Pensions remains exposed to volatility of the capital markets
Slide 21
23. PRESENTATION
S RESULTS OVERVIEW Slide 1
S CONSOLIDATED RESULTS Slide 4
S CREDIT SUISSE FINANCIAL SERVICES Slide 13
S CREDIT SUISSE FIRST BOSTON
S ADDITIONAL INFORMATION Slide 29
S DISCLAIMER Slide 42
Slide 22
24. CREDIT SUISSE FIRST BOSTON
OVERVIEW
S Net operating profit(1) of USD 358 m, down 13% from USD 412 m
< Net profit down 21% to USD 224 m
S Operating income of USD 2.4 bn, down 22% primarily as
conservative risk positioning dampened fixed income trading results
Results
S Operating expenses reduced by 21% to USD 1.8 bn due to lower
Q3/03
compensation accruals
vs
< Compensation/revenue ratio(2) reduced to 48.5% from 52.2% due
Q2/03
to positive net impact of USD 90 m from change in vesting of stock
awards and related incremental incentive compensation accruals
S Pre-tax operating margin(2) comparable at 17.4%
S Return on average allocated capital(2) of 16.9% vs 18.0%
S Cost containment continues to be a key goal
Highlights S Credit provisions continue to be at historically low levels
S Amortization of retention payments substantially completed
(1) excluding amortization of acquired intangible assets and goodwill, net of tax
(2) excluding certain acquisition-related costs not allocated to the segments and reflecting certain other reclassifications
Slide 23
25. CREDIT SUISSE FIRST BOSTON
KEY FINANCIAL RESULTS
Q3/03 9M/03
Q2/03
in USD m 9M/02
2,422 8,363
Operating income 3,103 9,233
8,348
pro forma excluding Pershing – – 8,583
1,792 6,167
Operating expenses 2,266 7,236
pro forma excluding Pershing – – – 6,730
80 257
Valuation adjustments, provisions and losses 49 1,022
358 1,045
Net operating profit (1) 412 129
1,030
pro forma excluding Pershing – – 57
16.9% 15.5%
Operating ROE (2) 18.0% 1.9%
17.4% 16.1%
Operating pre-tax margin (2) 18.1% 0.4%
48.5% 51.1% 54.6%
Personnel expenses/operating income (2) 52.2%
18,195
Number of employees (3) 18,137
(1) excluding amortization of acquired intangible assets and goodwill, net of tax (3) full-time equivalents
(2) excluding certain acquisition-related costs not allocated to the segments and reflecting certain other reclassifications
Slide 24
26. INSTITUTIONAL SECURITIES
OVERVIEW
Segment result Key profit & loss items
∆ vs ∆ vs
1,134
Q3/03 Q2/03 9M/03 9M/02
in USD m
2,135 (24%) 7,515
Operating income (2%)
245%
453
in USD m
348 1,016 (31%) 3,829 (11%)
Personnel expenses
329
(23%) 542 (5%) 1,665
Other operating exp. (4%)
Provisions (3)
Q3 2002 2003 80 248 (75%)
43%
Q2
9 months
2003
S Operating income lower across Fixed Income
Value-at-Risk (1-day, 99%) in USD m
S Positive expense trends
Average 43.7 39.4 49.2 64.2 37.0
< change in vesting of stock awards
NPL (1)
1.6
1.6 2.6 2.2 1.7
S Continued favorable credit trends
(USD bn)
S Leading franchise in leveraged finance
Allowance/
124 129
142 102 103
NPL (%)(2)
S VaR decreased on reduced interest rate/mortgage
Q2 Q3
Q3 Q4 Q1
exposure, updated models
2003
2002
(1) non-performing loans
(2) ratio of valuation allowances to non-performing loans (3) valuation adjustments, provisions and losses
Slide 25
27. INSTITUTIONAL SECURITIES
OPERATING INCOME
Fixed Income Division S 41% decline, as the residential and commercial mortgages
USD bn
and the interest rate businesses were adversely impacted
1.4 1.4
1.1 by lower volumes, fewer securitizations, seasonal influences
0.8
0.6 and a lower risk profile
S Strong in high yield but lower than record-setting Q2/03
S Down 8%, but cash trading activities improved in
Equities Division
USD m all regions
S Results generated from derivatives activities, particularly
682 548 575 732 675
related to convertible securities, lower than the results
recorded in previous quarter
Investment Banking Division
S 11% decrease, driven by less significant private equity
USD m investment sales
936
S Mergers and acquisitions fee income increased, while
545 644 572
556
industry dollar volume of completed deals remains
comparable to previous quarter
Q2 Q3
Q3 Q4 Q1
2002 2003
Slide 26
28. CSFB FINANCIAL SERVICES
OVERVIEW
Segment result Key profit & loss items
178 ∆ vs ∆ vs
Q3/03 Q2/03 9M/03 9M/02
in USD m
in USD m
109
287 848 (45%)
Operating income 3%
(15%) (39%) – 832 (5%)
pro forma excl. Pershing –
40 34
234 673 (43%)
Operating expenses 4%
Q3 2002 2003
Q2 – 673 (2%)
pro forma excl. Pershing –
9 months
2003
S CSAM operating income and assets under
Net new assets (USD bn)
(7.8) (5.9) (3.8) (1.3) (4.0) management comparable to Q2/03
CSAM
1.0 (1.2) (1.1)
0.1 1.8
PCS S Alternative investment initiative launched by CSAM
(7.7) (4.1) (2.8) (2.5) (5.1)
Total in the third quarter of 2003
AuM S Comparability of results impacted by sale of
361 364
333 347 339
(USD bn)
Pershing on May 1, 2003
Q2 Q3
Q3 Q4 Q1
2003
2002
(1) excluding certain acquisition-related costs
Slide 27
29. CREDIT SUISSE FIRST BOSTON
OUTLOOK
S Outlook remains optimistic, despite seasonally lower revenues
expected for the fourth quarter
< Progress towards sustained profitability
<
Outlook Continued focus on client needs
for 2003
S Core businesses remain challenging, with many of our markets
operating at historically low levels
S While making continued progress, profitability still not satisfactory
Slide 28
30. PRESENTATION
S RESULTS OVERVIEW Slide 1
S CONSOLIDATED RESULTS Slide 4
S CREDIT SUISSE FINANCIAL SERVICES Slide 13
S CREDIT SUISSE FIRST BOSTON Slide 22
S ADDITIONAL INFORMATION
S DISCLAIMER Slide 42
Slide 29
31. ADDITIONAL INFORMATION
INDEX
Winterthur
- Additional information on divestitures at Winterthur (Slides 31 to 32)
- Investment result general account (Slide 33)
- Investment portfolio - asset allocation (Slide 34)
- Equity base development (Slide 35)
Credit Suisse Private Banking
- Development of gross margin (Slide 36)
- AuM by product and currency (Slide 37)
Credit Suisse First Boston
- Operating income detail Investment Banking (Slide 38)
- quot;Legacyquot; assets (Slides 39 to 40)
- Counterparty exposure by industry (Slide 41)
Slide 30
32. ADDITIONAL INFORMATION ON
DIVESTITURES AT WINTERTHUR (1/2)
Non-life Life
2002 2003 2002 2003
(9 months*) (9 months)
in CHF m
Gross premiums written 7,624 5,228 1,158 692
Net premiums earned 5,885 4,455 1,151 688
Segment result 177 54 (20) 47
8,606 9,429 4,372
Technical reserves 5,046
AuM 7,907 8,803 4,251 4,933
9,524 10,353 129 122
FTE
* Churchill (UK) and Republic (US) 8 months, Winterthur Italy 9 months
Slide 31
33. ADDITIONAL INFORMATION ON
DIVESTITURES AT WINTERTHUR (2/2)
Total
Non-Life Life
in CHF m
Sales proceeds (1) 4,810
4,376 434
(2,944)
./. Book value (2,575) (369)
(90)
./. Goodwill (90)
(143)
./. Tax impact (135) (8)
Gross gains on sales, after tax 1,576 57 1,633
./. Sales related provisions
(275)
booked as other expenses (275)
./. Sales related provisions
(97)
booked as claims (technical) (97)
64
Tax impact 64
After-tax gains on sales,
net of related provisions 1,268 57 1,325
(1) Churchill (UK), Winterthur Italy, Republic (US)
Slide 32
34. WINTERTHUR GROUP
INVESTMENT RESULT GENERAL ACCOUNT
in CHF m
2002(1) 2003(1)
Q3
Q3
Q1 Q2 Q4 Q1 Q2
1,359
Current income 1,236 1,435 1,203 1,222 1,255 1,394
688
Realized gains 1,346 1,389 2,353 333 1,327 821
(193)
Realized losses (647) (2,129) (1,589) (373) (633) (411)
(75)
Impairments (942) (857) (1,413) (675) (328) (52)
(127)
Other (114) (100) (135) (115) (111) (141)
Investment income (P&L) 879 (262) 419 392 1,510 1,611 1,652
Note: Q1 to Q3 2002 reclassified to the current presentation format, including real estate for own use, interest paid from current income and realized
gains/losses
Slide 33
35. WINTERTHUR GROUP
INVESTMENT PORTFOLIO – ASSET ALLOCATION
S Response to equity market developments
< Decrease in equity securities from CHF 7.0 bn (5.3%) to CHF 5.6 bn (4.6%)
in Q3/03
S Total investment portfolio reduced by CHF 13.7 bn through divestitures in Q3/03
Winterthur investment portfolio (1)
(2)
122.3
127.4 132.9
125.4 124.8 Total (in CHF billion)
10
8
10 10
13 Short-term investments & others
8
8
8 8
8 8 9
8 8
5
5
8 Real estate (fair value)
7 5
% of total
8
Mortgages
Equity securities
68
69
63 71
67
Debt securities & loans
09/02 12/02 03/03 06/03 09/03
(1) all investments incl. real estate at market value; excluding separate account (i.e. unit-linked) business
(2) reduced by CHF 4.5 bn vs reported figures due to trade accounting on purchased bonds and maturing money market transactions (settlement date)
Slide 34
36. WINTERTHUR GROUP
EQUITY BASE DEVELOPMENT IN 2003
S Significant increase of CHF 1.4 billion in shareholders' equity in 9M/03
Winterthur shareholders' equity
in CHF m
+50
+1,493
-318
0
+148
6 960
5 587
12/02 09/03
Net unrealized
Dividends FX changes; Net profit Minority
gains/losses
paid other interests
(netto)(1)
(1) net of tax and policyholder participation
Slide 35
37. PRIVATE BANKING
DEVELOPMENT OF GROSS MARGIN
Asset-driven Transaction-driven Other
in bp 134
128 125
125 122
122
4
112 115 4
120 4
6 4
5 alternative investments Ô
5
5
46 Î
37 42 brokerage
36 35 42
29
90 27 Ò
trading
60
alternative investments Î
commission on assets Ò
84 83 81 82 82
81
80 79
Ô
30 interest margin
Ò
lending
0
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
2003
2002
Slide 36
39. CREDIT SUISSE FIRST BOSTON
OPERATING INCOME DETAIL INVESTMENT BANKING
Investment Banking Division (1)
2003
2002
Q3
in USD m Q1 Q2 Q3 Q4 Q1 Q2
72
Private equity 133 186 141 397 77 111
68
Debt capital markets 100 94 28 64 85 95
74
Equity capital markets 117 153 74 92 29 119
291
Advisory 344 444 280 357 296 283
67
Other 47 30 33 26 58 36
Total 741 907 556 936 545 644 572
Note: results reflect the impact of various divisional sharing arrangements regarding operating income amongst the divisions
Slide 38
40. CREDIT SUISSE FIRST BOSTON
quot;LEGACYquot; ASSETS (1/2)
quot;Legacyquot; assets net exposure
in USD m
8,964 Real estate
11,925 1,975 Distressed
12/1999
986 Private equity (1,228 unfunded commitment)
4,805 Real estate
8,026 1,498 Distressed
12/2000
1,724 Private equity (984 unfunded commitment)
2,925 Real estate
5,357 1,107 Distressed
12/2001
1,325 Private equity (857 unfunded commitment)
1,535 Real estate
3,031 512 Distressed
12/2002
984 Private equity (785 unfunded commitment)
1,052 Real estate Note:
2,498
06/2003 - Unfunded commitments
539 Distressed
excluded for private equity
907 Private equity (863 unfunded commitment) - Unfunded commitments
included for real estate
978 Real estate - Private equity unfunded
commitments include
2,438 532 Distressed
09/2003 employee commitments
928 Private equity (778 unfunded commitment)
Slide 39
41. CREDIT SUISSE FIRST BOSTON
quot;LEGACYquot; ASSETS (2/2)
Charges related to quot;legacyquot; assets
in CSFB's income statement
Real Distressed Private
Total
in USD m estate portfolio equity
Q3/03
73
Operating income 8 20 45
Provisions – – – –
Total charges 8 20 45 73
9M/03
23
Operating income 14 (9) 17
(1)
Provisions (1) – –
Total charges 13 (9) 17 22
Slide 40
42. CREDIT SUISSE FIRST BOSTON
COUNTERPARTY EXPOSURE BY INDUSTRY
Selected CSFB exposure as of September 30, 2003 (1)
Current Undrawn Net
exposure commitments Reserves exposure
in USD m
Telecommunications 1,347 1,717 (321) 2,743
Telecommunications
manufacturers 39 201 (14) 226
Merchant energy 789 130 (151) 768
Airlines 625 39 (202) 462
Note:
(1) Current exposure equals committed amount (includes only drawn commitments) for lending plus mark-to-market for counterparty trading less
credit protection.
Slide 41
43. DISCLAIMER
Cautionary Statement regarding forward-looking information
This presentation contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements involve inherent risks and uncertainties, and we might not be
able to achieve the predictions, forecasts, projections and other outcomes we describe or
imply in forward-looking statements. A number of important factors could cause results to
differ materially from the plans, objectives, expectations, estimates and intentions we
express in these forward-looking statements, including those we identify in quot;Risk Factorsquot; in
our Annual Report on Form 20-F for the fiscal year ended December 31, 2002 filed with the
US Securities and Exchange Commission, and in other public filings and press releases.
We do not intend to update these forward-looking statements except as may be required by
applicable laws.
Quarterly Report 2003/Q3 — Non-GAAP Financial Information
For additional information with respect to our results for the third quarter, we refer you to
our “Quarterly Report 2003/Q3”, posted on our website at www.credit-suisse.com. This
presentation may contain non-GAAP financial information. A reconciliation of such non-
GAAP financial information to the most directly comparable measures under Swiss
generally accepted accounting principles (as well other related information), is also included
in our Quarterly Report 2003/Q3.
Slide 42