video transcript

I'm here with CBS's CS I don't -- there's -- -- here to discuss fourth quarter results. Hi thanks for speaking with us take -- I'm just took -- to him a few of the bigger factors that -- to -- the fourth quarter net loss. Sure that when we look at our that our fourth quarters of the primary. Primary component of the loss was the litigation provisions that we took in the fourth quarter primarily as a result of those -- -- there. In addition we also that's restructuring charges in the quarter. Which participated in part of the plan we had to accelerate. The strategy of the group in particular by. Focusing. Certain business lines investment. Didn't seem to -- I'll bet you're buying that five billion Swiss francs in testing that debt securities were you able to do that. They're actually -- it great progress in in the fourth quarter risk weighted asset reduction as well. Production there and now she's. And that certainly puts us. -- -- -- power plants. In a position where we actually do some more work liabilities structurally the -- Cancer specifically word -- attention to call whoever hybrid tier one restaurants and night but. Million Euro. Deal that's -- quality in April in addition to announcing the -- weapons was right. Tender offer that we -- that we announced this morning. So what are the advantages of making better progress. Or place gas reduction. His ability for us take so long term debt reduced our net interest expenses. -- taking ten. That future needs. But to have a positive effect most certainly a better future earnings. It's also you know one of the things that we're focused on this part of the acceleration the strategy was clearly the advantages that we care. From running a smaller now -- It also knicks general liability structure that's actually more deposit rich. Structurally previously. We've heard a lot about some of the Texas he's an excellent hang with -- -- it's especially here PE users hasn't been any effect of that on your -- things. Many many years business overall and fourth quarter. So if you look at -- and your money flows in four Q we continue to see great growth in a -- the emerging markets and the ultra high net worth the clippings globally. We did see. Outflows in Europe in particular an officer or Europe during four Q. And we certainly say that as a result a lot of the discussions. In the press certainly around the number of tax treaties. And their progress. We did see clients you know begin to think more about. Regular rise and arrests on the road with their with the country. It's the idea -- any cause for concern -- natural consequence of the debate that's going out in public. It's -- natural consequence of that debate it's also something that we factored into our plans. We still think there's about twelve to thirty billion -- see from the countries neighboring Switzerland. And now we've built them into our projections for the business going forward.