Credit Suisse Group AG(CS) Q2 2010 Earnings Call Transcript July 22, 2010 4:30 am ET Executives Brady Dougan – CEO Renato Fassbind – CFO Walter Berchtold – CEO, Private Banking Eric Varvel – CEO, Investment Bank Analysts Philipp Zieschang – UBS Teresa Nielsen – Bank Vontobel Fiona Swaffield – Execution Noble Huw Van Steenis – Morgan Stanley Derek De Vries – Bank of America Kinner Lakhani – Citi Kian Abouhossein – JP Morgan Jernej Omahen – Goldman Sachs Matthew Clark – KBW Matt Spick – Deutsche Bank Dirk Hoffmann-Becking – Sanford C. Bernstein Jeremy Sigee – Barclays Capital Jon Peace – Nomura PresentationBrady Dougan
Welcome everybody to our second quarter results. I’m joined by Renato Fassbind, our CFO. I’m going to make some very brief introductory remarks. Renato will take you through the details. I will make a few more comments, and then we will obviously open it up for Q&A. We also have as is our custom at the end of the second quarter, our divisional CEOs with us. So, we have Walter Berchtold, Eric Varvel, and Rob Shafir here. They will obviously be available also to help answer questions. Second-quarter environment was obviously a difficult one, but nonetheless, I think our performance was resilient with a reported return on equity of 18%, overall revenues at CHF 8.4 billion were only slightly down on the same period last year. We had positive pretax results across all our divisions with pre-tax income at 1.8 billion, slightly higher than the second quarter of 2009. So we think this consistent pattern of lower volatility results reflects our client focused capital efficient strategy.