Credit Suisse Group: Walter Berchtold to Lead Consolidated Management of Credit Suisse Group's Private and Corporate & Retail Banking

Friday, 26. March 2004 07:30

Zurich, March 26, 2004 - Credit Suisse Group today announced that it
will bring together its Private Banking and Corporate & Retail
Banking businesses under a joint management structure headed by
Walter Berchtold. In addition, the Group said that Urs Rohner will
become Group General Counsel, Head of the Group Corporate Center and
a Member of the Group Executive Board. These changes are aimed at
strengthening the Group's management and structure and at promoting
future growth. Further, at the Annual General Meeting on April 30,
2004, the Board of Directors will propose to the shareholders that
Noreen Doyle, David W. Syz and Peter F. Weibel be newly elected to
the Board.

Effective April 1, 2004, Credit Suisse Group will bring the Private
Banking and Corporate & Retail Banking divisions of its business unit
Credit Suisse Financial Services under joint management in order to
strengthen distribution and increase client focus. Credit Suisse
Financial Services' segment reporting (Private Banking, Corporate &
Retail Banking, Life & Pensions, Insurance) will not be affected, and
no reduction in headcount is planned.

The new Banking division will be headed by Walter Berchtold, Member
of the Group Executive Board and currently Head of Trading & Sales at
Credit Suisse Financial Services. Alex W. Widmer, who had managed the
private banking business since 2002 and contributed significantly to
its leading position, will work closely with Walter Berchtold in the
coming months to ensure a smooth transition and will stay with the
Company as a Senior Advisor. The Market Area Heads of Private Banking
and the Head of Corporate & Retail Banking, as well as the Heads of
the Independent Private Banks that form part of Credit Suisse, will
henceforth report directly to Walter Berchtold. His successor as Head
of Trading & Sales at Credit Suisse Financial Services will be
announced in due course.

The Board of Directors has also appointed Urs Rohner as Group General
Counsel, Head of the Group Corporate Center and a Member of the Group
Executive Board, effective June 1, 2004. Urs Rohner is Chief
Executive Officer of ProSiebenSat.1 Media AG until end-April 2004 and
was formerly a partner at the Zurich law firm Lenz & Staehelin. David
Frick will remain Head of Group Legal & Compliance.

Oswald J. Grübel and John J. Mack, Co-CEOs of Credit Suisse Group,
said: "Following our return to solid profitability last year and a
good start in 2004, our focus is now on strengthening the company's
management and improving the effectiveness of its organizational
structures. We are very pleased that with Walter Berchtold, we have
found an experienced manager from within the company to take over the
helm of Credit Suisse Financial Services' banking business, and that
with Urs Rohner we have added another proven manager as Group General
Counsel and Head of our Corporate Center."

New Board Members Nominated

At the Annual General Meeting of Shareholders on April 30, 2004, the
Board of Directors of Credit Suisse Group will propose that Noreen
Doyle, David W. Syz and Peter F. Weibel be newly elected to the Board
of Directors.

Noreen Doyle, a US and Irish citizen, has been at the European Bank
for Reconstruction and Development since 1992 and has been First Vice
President and Head of Banking at the London-based institution since
September 1, 2001.

David W. Syz, a Swiss citizen, is currently Head of the Swiss State
Secretariat for Economic Affairs (seco) in Berne and will step down
from that position on March 31, 2004. He will become Vice-Chairman of
the Board of Directors of Huber & Suhner AG, a Swiss firm
specializing in electrical and optical connectivity, subject to his
election to that position on April 21, 2004.

Peter F. Weibel, a Swiss citizen, has been a Member of the Boards of
Directors of the Group's subsidiaries Credit Suisse First Boston,
Credit Suisse and Winterthur since July 2003.

Walter B. Kielholz, Chairman of the Board of Directors of Credit
Suisse Group, said: "We are delighted that we are able to propose to
our shareholders three highly qualified candidates - Noreen Doyle,
David W. Syz and Peter F. Weibel - who possess a wide range of
competencies and different areas of experience, for election to the
Board of Directors."

Marc-Henri Chaudet, a Member of the Board of Directors since 1997,
will step down as of the Annual General Meeting 2004. The Board of
Directors wishes to thank him for his valuable contribution to the
company.

The Board of Directors will also propose to the shareholders that the
current Members of the Board Thomas D. Bell and Aziz R. D. Syriani be
re-elected for a period of three years. While their terms run until
the Annual General Meeting in 2005, the Board of Directors aims,
through these early re-elections, to stagger the terms of its Members
as effectively as possible and thus ensure continuity.

In addition, the Board of Directors will propose a reduction in par
value of CHF 0.50 per share in lieu of a dividend to the Annual
General Meeting. Subject to approval by the shareholders, this par
value reduction will be paid out on July 12, 2004.

Further proposals by the Board of Directors relate to the
proportional amendment of the right to request the inclusion of an
item on the agenda - in line with the reduction in share value - as
well as the deletion of provisions concerning contributions in kind.
No proposals from shareholders in accordance with Article 7 section 4
of the Articles of Association have been received. Credit Suisse
Group's Annual Report will be published on March 31, 2004.

Further information / publication of the Annual Report 2003
The following documents can be found at www.credit-suisse.com:
* CVs and photos of Walter Berchtold and Urs Rohner
* CVs of Noreen Doyle, David W. Syz and Peter F. Weibel
* Invitation to the Annual General Meeting of Shareholders
* Annual Report 2003 (March 31, 2004, from approximately 8.00 a.m.)

Enquiries
Credit Suisse Group, Media Relations Telephone +41 1 333 8844
Credit Suisse Group, Investor Relations Telephone +41 1 333 4570

Credit Suisse Group
Credit Suisse Group is a leading global financial services company
headquartered in Zurich. The business unit Credit Suisse Financial
Services provides private clients and small and medium-sized
companies with private banking and financial advisory services,
banking products, and pension and insurance solutions from
Winterthur. The business unit Credit Suisse First Boston, an
investment bank, serves global institutional, corporate, government
and individual clients in its role as a financial intermediary.
Credit Suisse Group's registered shares (CSGN) are listed in
Switzerland and in the form of American Depositary Shares (CSR) in
New York. The Group employs around 60,800 staff worldwide. As of
December 31, 2003, it reported assets under management of CHF 1,199.0
billion.

Cautionary statement regarding forward-looking information
This press release contains statements that constitute
forward-looking statements. In addition, in the future we, and
others on our behalf, may make statements that constitute
forward-looking statements. Such forward-looking statements may
include, without limitation, statements relating to our plans,
objectives or goals; our future economic performance or prospects;
the potential effect on our future performance of certain
contingencies; and assumptions underlying any such statements.

Words such as "believes," "anticipates," "expects," "intends" and
"plans" and similar expressions are intended to identify
forward-looking statements but are not the exclusive means of
identifying such statements. We do not intend to update these
forward-looking statements except as may be required by applicable
laws.

By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and risks exist
that predictions, forecasts, projections and other outcomes described
or implied in forward-looking statements will not be achieved. We
caution you that a number of important factors could cause results to
differ materially from the plans, objectives, expectations, estimates
and intentions expressed in such forward-looking statements. These
factors include (i) market and interest rate fluctuations; (ii) the
strength of the global economy in general and the strength of the
economies of the countries in which we conduct our operations in
particular; (iii) the ability of counterparties to meet their
obligations to us; (iv) the effects of, and changes in, fiscal,
monetary, trade and tax policies, and currency fluctuations; (v)
political and social developments, including war, civil unrest or
terrorist activity; (vi) the possibility of foreign exchange
controls, expropriation, nationalization or confiscation of assets in
countries in which we conduct our operations; (vii) the ability to
maintain sufficient liquidity and access capital markets; (viii)
operational factors such as systems failure, human error, or the
failure to properly implement procedures; (ix) actions taken by
regulators with respect to our business and practices in one or more
of the countries in which we conduct our operations; (x) the effects
of changes in laws, regulations or accounting policies or practices;
(xi) competition in geographic and business areas in which we conduct
our operations; (xii) the ability to retain and recruit qualified
personnel; (xiii) the ability to maintain our reputation and promote
our brands; (xiv) the ability to increase market share and control
expenses; (xv) technological changes; (xvi) the timely development
and acceptance of our new products and services and the perceived
overall value of these products and services by users; (xvii)
acquisitions, including the ability to integrate successfully
acquired businesses; (xviii) the adverse resolution of litigation and
other contingencies; and (xix) our success at managing the risks
involved in the foregoing.

We caution you that the foregoing list of important factors is not
exclusive; when evaluating forward-looking statements, you should
carefully consider the foregoing factors and other uncertainties and
events, as well as the risks identified in our most recently filed
Form 20-F and reports on Form 6-K furnished to the US Securities and
Exchange Commission.


--------------------------------


Credit Suisse Group Corrects its Fourth Quarter and Full-Year 2003
Results

Zurich, March 26, 2004 - Credit Suisse Group today announced that it
has corrected its fourth quarter and full-year 2003 net profit
reported under Swiss GAAP from CHF 1.2 billion to CHF 1.0 billion,
and from CHF 5.2 billion to CHF 5.0 billion, respectively. The
correction is a result of an error in the input data used for the
fourth quarter 2003 accounts of DBV-Winterthur in Germany. Credit
Suisse Group's Annual Report 2003, reflecting the corrected full-year
results, will be available as of March 31, 2004, as planned.

In connection with the preparation for its first quarter 2004
closing, DBV-Winterthur - a German subsidiary of Winterthur Group
which forms part of Credit Suisse Financial Services - identified,
through its internal processes, an error in the input data used for
the fourth quarter 2003 accounts in its life and health insurance
businesses. The error occurred when DBV-Winterthur, in the fourth
quarter of 2003, adopted a refinement in the methodology for
calculating future dividends to policyholders (the 'deferred bonus
reserve' component) and inadvertently included an item in the input
data which should not have been considered under the refined method.
Credit Suisse Group said that the error would not affect
DBV-Winterthur's local statutory results nor its current or future
obligations to policyholders.

As a result of correcting the error, the segment profit before
minority interests for the Life & Pensions and Insurance segments was
reduced from CHF 369 million to CHF 124 million, and from CHF 153
million to CHF 105 million, respectively, for the fourth quarter of
2003. For the full year 2003, the segment profit before minority
interests for the Life & Pensions and Insurance segments was reduced
from CHF 723 million to CHF 478 million, and from CHF 1,338 million
to CHF 1,290 million, respectively.

Credit Suisse Group's net profit reported under Swiss GAAP for the
fourth quarter and the full year 2003 was reduced from CHF 1,166
million to CHF 956 million, and from CHF 5,209 million to CHF 4,999
million, respectively.

Corrected key profit numbers for the fourth quarter and the full year
2003 can be found in the tables below, and the corrected business
unit and segment income statements for the fourth quarter of 2003 are
available at www.credit-suisse.com/results. Credit Suisse Group's
Annual Report including its 2003 audited consolidated financial
statements - as well as a corrected Financial Report for the fourth
quarter of 2003 - will be available on the Internet as of March 31,
2004.

Enquiries
Credit Suisse Group, Media Relations Telephone +41 1 333 8844
Credit Suisse Group, Investor Relations Telephone +41 1 333 4570

Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that constitute
forward-looking statements. In addition, in the future we, and
others on our behalf, may make statements that constitute
forward-looking statements. Such forward-looking statements may
include, without limitation, statements relating to our plans,
objectives or goals; our future economic performance or prospects;
the potential effect on our future performance of certain
contingencies; and assumptions underlying any such statements. Words
such as "believes," "anticipates," "expects," "intends" and "plans"
and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. We do not intend to update these forward-looking
statements except as may be required by applicable laws. By their
very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that
predictions, forecasts, projections and other outcomes described or
implied in forward-looking statements will not be achieved. We
caution you that a number of important factors could cause results to
differ materially from the plans, objectives, expectations, estimates
and intentions expressed in such forward-looking statements. These
factors include (i) market and interest rate fluctuations; (ii) the
strength of the global economy in general and the strength of the
economies of the countries in which we conduct our operations in
particular; (iii) the ability of counterparties to meet their
obligations to us; (iv) the effects of, and changes in, fiscal,
monetary, trade and tax policies, and currency fluctuations; (v)
political and social developments, including war, civil unrest or
terrorist activity; (vi) the possibility of foreign exchange
controls, expropriation, nationalization or confiscation of assets in
countries in which we conduct our operations; (vii) the ability to
maintain sufficient liquidity and access capital markets; (viii)
operational factors such as systems failure, human error, or the
failure to properly implement procedures; (ix) actions taken by
regulators with respect to our business and practices in one or more
of the countries in which we conduct our operations; (x) the effects
of changes in laws, regulations or accounting policies or practices;
(xi) competition in geographic and business areas in which we conduct
our operations; (xii) the ability to retain and recruit qualified
personnel; (xiii) the ability to maintain our reputation and promote
our brands; (xiv) the ability to increase market share and control
expenses; (xv) technological changes; (xvi) the timely development
and acceptance of our new products and services and the perceived
overall value of these products and services by users; (xvii)
acquisitions, including the ability to integrate successfully
acquired businesses; (xviii) the adverse resolution of litigation and
other contingencies; and (xix) our success at managing the risks
involved in the foregoing. We caution you that the foregoing list of
important factors is not exclusive; when evaluating forward-looking
statements, you should carefully consider the foregoing factors and
other uncertainties and events, as well as the risks identified in
our most recently filed Form 20-F and reports on Form 6-K furnished
to the US Securities and Exchange Commission.

Cautionary Statement Regarding Non-GAAP Financial Information
This press release contains non-GAAP financial information. A
reconciliation of such non-GAAP financial information to the most
directly comparable measures under generally accepted accounting
principles will be available on the Internet at
http://www.credit-suisse.com/sec.html as soon as practicable.

Corrected Profit Numbers for the Fourth Quarter of 2003

+-------------------------------------------------------------------+
| | As Previously | Corrected by | As Corrected |
| | Reported | | |
|---------------------+---------------+--------------+--------------|
| Life & Pensions: | | | |
| Segment Profit [1] | CHF 369 | - CHF 245 | CHF 124 |
| | million | million | million |
|---------------------+---------------+--------------+--------------|
| Insurance: | | | |
| Segment Profit [1] | CHF 153 | - CHF 48 | CHF 105 |
| | million | million | million |
|---------------------+---------------+--------------+--------------|
| Credit Suisse | | | |
| Financial Services: | CHF 977 | - CHF 210 | CHF 767 |
| Net Profit | million | million | million |
|---------------------+---------------+--------------+--------------|
| Credit Suisse | | | |
| Group: | CHF 1,166 | - CHF 210 | CHF 956 |
| Net Profit | million | million | million |
+-------------------------------------------------------------------+



Corrected Profit Numbers for the Full Year 2003

+-------------------------------------------------------------------+
| | As Previously | Corrected by | As Corrected |
| | Reported | | |
|---------------------+---------------+--------------+--------------|
| Life & Pensions: | | | |
| Segment Profit [1] | CHF 723 | - CHF 245 | CHF 478 |
| | million | million | million |
|---------------------+---------------+--------------+--------------|
| Insurance: | | | |
| Segment Profit [1] | CHF 1,338 | - CHF 48 | CHF 1,290 |
| | million | million | million |
|---------------------+---------------+--------------+--------------|
| Credit Suisse | | | |
| Financial Services: | CHF 4,310 | - CHF 210 | CHF 4,100 |
| Net Profit | million | million | million |
|---------------------+---------------+--------------+--------------|
| Credit Suisse | | | |
| Group: | CHF 5,209 | - CHF 210 | CHF 4,999 |
| Net Profit | million | million | million |
+-------------------------------------------------------------------+


[1] Represents net operating profit before cumulative effect of
change in accounting principle and minority interests


Both press releases can be downloaded from the following link:
View document
Media Relations

CREDIT SUISSE GROUP
P.O. Box 1
CH-8070 Zurich

Telephone +41-1-333 8844
Fax +41-1-333 8877
e-mail media.relations@credit-suisse.com
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Author:
Hugin
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