Credit Suisse (GLDI) 20-F 26 Mar 10 2009 FY Annual report (foreign) Financial data

Consolidated statements of oper

Consolidated statements of operations (CHF )
In Millions, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated statements of operations (CHF million)
Interest and dividend income	$25,288	$47,939	$62,550
Interest expense	(18,397)	(39,403)	(54,108)
Net interest income	6,891	8,536	8,442
Commissions and fees	13,750	14,812	18,929
Trading revenues	12,151	(9,880)	6,146
Other revenues	502	(4,200)	5,804
Net revenues	33,294	9,268	39,321
Provision for credit losses	506	813	240
Compensation and benefits	15,013	13,254	16,098
General and administrative expenses	7,701	7,809	6,833
Commission expenses	1,997	2,294	2,410
Total other operating expenses	9,698	10,103	9,243
Total operating expenses	24,711	23,357	25,341
lncome/(loss) from continuing operations before taxes	8,077	(14,902)	13,740
Income tax expense/(benefit)	1,835	(4,596)	1,248
Income/(loss) from continuing operations	6,242	(10,306)	12,492
Income/(loss) from discontinued operations, net of tax	169	(531)	6
Net income/(loss)	6,411	(10,837)	12,498
Less net income/(loss) attributable to noncontrolling interests	(313)	(2,619)	4,738
Net income/(loss) attributable to shareholders	6,724	(8,218)	7,760
of which from continuing operations	6,555	(7,687)	7,754
of which from discontinued operations	$169	($531)	$6
Basic earnings per share (CHF)
Basic earnings/(loss) per share from continuing operations (in CHF per share)	5.14	-7.51	7.06
Basic earnings/(loss) per share from discontinued operations (in CHF per share)	0.14	-0.5	0.01
Basic earnings/(loss) per share (in CHF per share)	5.28	-8.01	7.07
Diluted earnings per share (CHF)
Diluted earnings/(loss) per share from continuing operations (in CHF per share)	5.01	-7.51	6.77
Diluted earnings/(loss) per share from discontinued operations (in CHF per share)	0.13	-0.5	0.01
Diluted earnings/(loss) per share (in CHF per share)	5.14	-8.01	6.78

Consolidated balance sheets

Consolidated balance sheets (CHF )
In Millions, except Per Share data	Dec. 31, 2009	Dec. 31, 2008
Assets (CHF million)
Cash and due from banks	$51,857	$90,035
Interest-bearing deposits with banks	1,177	2,012
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	209,499	269,028
of which reported at fair value	128,303	164,743
Securities received as collateral, at fair value	37,516	29,454
of which encumbered	27,816	16,665
Trading assets, at fair value	332,238	342,778
of which encumbered	112,843	69,921
Investment securities	11,232	13,823
of which reported at fair value	10,793	13,019
Other investments	23,993	27,002
of which reported at fair value	21,126	24,866
Net loans	237,180	235,797
of which reported at fair value	36,246	32,314
allowance for loan losses	(1,395)	(1,639)
Premises and equipment	6,436	6,350
Goodwill	9,267	9,330
Other intangible assets	328	423
of which reported at fair value	30	113
Brokerage receivables	41,960	57,498
Other assets	68,744	85,797
of which reported at fair value	29,125	34,086
of which encumbered	975	3,329
Assets of discontinued operations held-for-sale	0	1,023
Total assets	1,031,427	1,170,350
Liabilities and equity (CHF million)
Due to banks	36,214	58,183
of which reported at fair value	4,695	3,364
Customer deposits	286,694	296,986
of which reported at fair value	2,676	2,538
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	191,687	243,370
of which reported at fair value	122,136	174,975
Obligation to return securities received as collateral, at fair value	37,516	29,454
Trading liabilities, at fair value	133,481	154,465
Short-term borrowings	7,645	10,964
of which reported at fair value	3,383	2,545
Long-term debt	159,365	150,714
of which reported at fair value	74,513	79,456
Brokerage payables	58,965	93,323
Other liabilities	71,532	84,798
of which reported at fair value	30,389	24,362
Liabilities of discontinued operations held-for-sale	0	872
Total liabilities	983,099	1,123,129
Common shares	47	47
Additional paid-in capital	24,706	25,166
Retained earnings	25,258	18,780
Treasury shares, at cost	(856)	(752)
Accumulated other comprehensive income/(loss)	(11,638)	(10,939)
Total shareholders' equity	37,517	32,302
Noncontrolling interests	10,811	14,919
Total equity	48,328	47,221
Total liabilities and equity	$1,031,427	$1,170,350
Additional share information
Par value (in CHF per share)	0.04	0.04
Authorized shares (million) (in shares)	1469.4	1309.5
Issued shares (million) (in shares)	1185.4	1184.6
Repurchased shares (million) (in shares)	-16.2	-20.7
Shares outstanding (million) (in shares)	1169.2	1163.9

Consolidated statements of chan

Consolidated statements of changes in shareholders' equity (CHF )
In Millions	Total shareholders equity		Common stock		Additional paid-in capital		Retained earnings	Treasury stock, at cost	Accumulated other comprehensive income	Non-controlling interests		Total
Balance at Dec. 31, 2006	$43,586		$607		$24,817		$32,306	($9,111)	($5,033)	$15,318		$58,904
Balance (in shares) at Dec. 31, 2006			1,062,467,061
Increase (Decrease) in Stockholders' Equity
Purchase of subsidiary shares from noncontrolling interests, changing ownership										(21)		(21)
Purchase of subsidiary shares from noncontrolling interests, not changing ownership										(5,741)		(5,741)
Sale of subsidiary shares to noncontrolling interests, changing ownership										2		2
Sale of subsidiary shares to noncontrolling interests, not changing ownership										2,324		2,324
Net income/(loss)	7,760						7,760			4,738		12,498
Cumulative effect of accounting changes, net of tax	(819)						(829)		10			(819)
Gains/(losses) on cash flow hedges	(38)								(38)			(38)
Foreign currency translation	(1,783)								(1,783)	(1,254)		(3,037)
Unrealized gains/(losses) on securities	(2)								(2)			(2)
Actuarial gains/(losses)	1,168								1,168			1,168
Net prior service cost	(14)								(14)			(14)
Total other comprehensive income/(loss), net of tax	(669)								(669)	(1,254)		(1,923)	[1]
Issuance of common shares	60		1		59							60
Issuance of common shares (in shares)			1,389,127
Cancellation of repurchased shares			(27)		(945)		(3,087)	4,059
Sale of treasury shares	36,278				4			36,274				36,278
Sale of treasury shares (in shares)			441,949,359
Repurchase of treasury shares	(41,879)							(41,879)				(41,879)
Repurchase of treasury shares (in shares)			(507,256,244)
Share-based compensation, net of tax	2,140				861			1,279				2,140
Share-based compensation, net of tax (in shares)			22,078,552
Financial instruments indexed to own shares	(279)				(279)							(279)
Repayment out of share capital	(499)		(535)		36							(499)
Cash dividends paid	(2,480)						(2,480)			(76)		(2,556)
Change in scope of consolidation										930		930
Other										420		420
Balance at Dec. 31, 2007	43,199		46		24,553		33,670	(9,378)	(5,692)	16,640		59,839
Balance (in shares) at Dec. 31, 2007			1,020,627,855
Increase (Decrease) in Stockholders' Equity
Purchase of subsidiary shares from noncontrolling interests, changing ownership										(90)		(90)
Purchase of subsidiary shares from noncontrolling interests, not changing ownership										(1,574)		(1,574)
Sale of subsidiary shares to noncontrolling interests, not changing ownership										1,721		1,721
Net income/(loss)	(8,218)						(8,218)			(2,619)		(10,837)
Cumulative effect of accounting changes, net of tax	(18)						(33)		15			(18)
Gains/(losses) on cash flow hedges	(71)								(71)			(71)
Foreign currency translation	(3,550)								(3,550)	(1,088)		(4,638)
Unrealized gains/(losses) on securities	(53)								(53)			(53)
Actuarial gains/(losses)	(1,609)								(1,609)			(1,609)
Net prior service cost	21								21			21
Total other comprehensive income/(loss), net of tax	(5,262)								(5,262)	(1,088)		(6,350)	[1]
Issuance of common shares	2,547		3		2,544							2,547
Issuance of common shares (in shares)			71,873,513
Cancellation of repurchased shares			(2)		(884)		(3,237)	4,123
Sale of treasury shares	26,564				(2,188)		(581)	29,333				26,564
Sale of treasury shares (in shares)			582,994,041
Repurchase of treasury shares	(25,032)							(25,032)				(25,032)
Repurchase of treasury shares (in shares)			(514,956,523)
Share-based compensation, net of tax	1,493				1,291			202				1,493
Share-based compensation, net of tax (in shares)			3,353,147
Financial instruments indexed to own shares	(150)				(150)							(150)
Cash dividends paid	(2,821)						(2,821)			(125)		(2,946)
Change in scope of consolidation										2,059		2,059
Other										(5)		(5)
Balance at Dec. 31, 2008	32,302		47		25,166		18,780	(752)	(10,939)	14,919		47,221
Balance (in shares) at Dec. 31, 2008			1,163,892,033	[2]
Increase (Decrease) in Stockholders' Equity
Purchase of subsidiary shares from noncontrolling interests, changing ownership										(7)		(7)
Purchase of subsidiary shares from noncontrolling interests, not changing ownership										(379)	[3],[4]	(379)	[3],[4]
Sale of subsidiary shares to noncontrolling interests, changing ownership	(1)				(1)					5		4
Sale of subsidiary shares to noncontrolling interests, not changing ownership										1,124	[4]	1,124	[4]
Net income/(loss)	6,724						6,724			(313)		6,411
Gains/(losses) on cash flow hedges	104								104			104
Foreign currency translation	(559)								(559)	(209)		(768)
Unrealized gains/(losses) on securities	47								47			47
Actuarial gains/(losses)	(348)								(348)			(348)
Net prior service cost	57								57			57
Total other comprehensive income/(loss), net of tax	(699)								(699)	(209)		(908)	[1]
Issuance of common shares	17				17							17
Issuance of common shares (in shares)			734,529
Sale of treasury shares	17,657				223			17,434				17,657
Sale of treasury shares (in shares)			387,910,385
Repurchase of treasury shares	(19,019)							(19,019)				(19,019)
Repurchase of treasury shares (in shares)			(421,658,017)
Share-based compensation, net of tax	930				(551)			1,481				930
Share-based compensation, net of tax (in shares)			38,331,965
Financial instruments indexed to own shares	(188)	[5]			(188)	[5]						(188)	[5]
Cash dividends paid	(246)						(246)			(129)		(375)
Change in scope of consolidation										(4,258)		(4,258)
Other	40				40					58		98
Balance at Dec. 31, 2009	$37,517		$47		$24,706		$25,258	($856)	($11,638)	$10,811		$48,328
Balance (in shares) at Dec. 31, 2009			1,169,210,895	[6]
[1]For details on the components of other comprehensive income, refer to Note 24 - Accumulated other comprehensive income.
[2]At par value CHF 0.04 each, fully paid, net of 20,743,620 treasury shares. In addition to the treasury shares, a maximum of 124,843,275 unissued shares (conditional and authorized capital) were available for issuance without further approval of the shareholders.
[3]Distributions to owners in funds include the return of original capital invested and any related dividends.
[4]Includes transactions with and without ownership changes related to fund activity.
[5]The Group has purchased certain call options on its own shares to economically hedge all or a portion of the leverage element of the Incentive Share Units granted to the employees during 2009. In accordance with US GAAP, these call options are designated as equity instruments and. as such, are initially recognized in shareholders' equity at their fair values and not subsequently remeasured.
[6]At par value CHF 0.04 each, fully paid, net of 16,159,287 treasury shares. In addition to the treasury shares, a maximum of 284,076,649 unissued shares (conditional and authorized capital) were available for issuance without further approval of the shareholders.

1_Consolidated statements of ch

Consolidated statements of changes in shareholders' equity (Parenthetical) (CHF )
	Dec. 31, 2009	Dec. 31, 2008
Consolidated statements of changes in shareholders' equity
Par value (in CHF per share)	0.04	0.04
Treasury shares	16,159,287	20,743,620
Unissued shares	284,076,649	124,843,275

Comprehensive income

Comprehensive income (CHF )
In Millions	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
Comprehensive income (CHF million)
Net income/(loss)	$6,411		($10,837)		$12,498
Other comprehensive income/(loss), net of tax	(908)	[1]	(6,350)	[1]	(1,923)	[1]
Comprehensive income/(loss)	5,503		(17,187)		10,575
Comprehensive income/(loss) attributable to noncontrolllng Interests	(522)		(3,707)		3,484
Comprehensive income/(loss) attributable to shareholders	$6,025		($13,480)		$7,091
[1]For details on the components of other comprehensive income, refer to Note 24 - Accumulated other comprehensive income.

Consolidated statements of cash

Consolidated statements of cash flows (CHF )
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating activities of continuing operations (CHF million)
Net income/(loss)	$6,411	($10,837)	$12,498
Less net income/(loss) attributable to noncontrolling interests	(313)	(2,619)	4,738
Net income/(loss) attributable to shareholders	6,724	(8,218)	7,760
(lncome)/loss from discontinued operations attributable to shareholders, net of tax	(169)	531	(6)
Income/(loss) from continuing operations attributable to shareholders	6,555	(7,687)	7,754
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million)
Impairment, depreciation and amortization	1,114	1,174	893
Provision for credit losses	506	813	240
Deferred tax provision/(benefit)	875	(4,935)	(1,076)
Share of net income from equity method investments	(29)	17	(101)
Trading assets and liabilities, net	(11,471)	113,153	(65,739)
(Increase)/decrease in other assets	27,189	1,203	(64,540)
lncrease/(decrease) in other liabilities	(40,993)	28,217	61,191
Other, net	2,068	(2,084)	3,503
Total adjustments	(20,741)	137,558	(65,629)
Net cash provided by/(used in) operating activities of continuing operations	(14,186)	129,871	(57,875)
Investing activities of continuing operations (CHF million)
(Increase)/decrease in interest-bearing deposits with banks	726	981	4,059
(lncrease)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions	54,403	12,635	3,436
Purchase of investment securities	(2,189)	(1,727)	(928)
Proceeds from sale of investment securities	891	55	2,905
Maturities of investment securities	4,458	2,668	3,768
Investments in subsidiaries and other investments	(1,907)	(3,859)	(7,626)
Proceeds from sale of other investments	1,710	2,674	2,288
(Increase)/decrease in loans	4,166	(6,921)	(35,472)
Proceeds from sales of loans	992	596	339
Capital expenditures for premises and equipment and other intangible assets	(1,387)	(1,473)	(1,550)
Proceeds from sale of premises and equipment and other intangible assets	3	41	250
Other, net	205	155	47
Net cash provided by/(used in) investing activities of continuing operations	62,071	5,825	(28,484)
Financing activities of continuing operations (CHF million)
Increase/(decrease) in due to banks and customer deposits	(29,090)	(55,288)	52,510
Increase/(decrease) in short-term borrowings	4,098	(11,407)	(517)
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions	(46,654)	(41,480)	30,493
Issuances of long-term debt	62,829	107,638	81,151
Repayments of long-term debt	(72,472)	(86,567)	(65,306)
Repayments of trust preferred securities	0	(2)	0
Issuances of common shares	17	2,547	60
Sale of treasury shares	17,657	26,564	36,278
Repurchase of treasury shares	(19,019)	(25,032)	(41,879)
Dividends paid/capital repayments	(375)	(2,946)	(2,581)
Other, net	(1,900)	3,943	6,857
Net cash provided by/(used in) financing activities of continuing operations	(84,909)	(82,030)	97,066
Effect of exchange rate changes on cash and due from banks (CHF million)
Effect of exchange rate changes on cash and due from banks	(1,154)	(2,072)	(1,340)
Net cash provided by/(used in) discontinued operations (CHF million)
Net cash provided by/(used in) operating activities of discontinued operations	0	(18)	52
Net increase/(decrease) in cash and due from banks (CHF million)
Net lncrease/(decrease) in cash and due from banks	(38,178)	51,576	9,419
Cash and due from banks at beginning of period	90,035	38,459	29,040
Cash and due from banks at end of period	51,857	90,035	38,459
Cash paid for income taxes and interest (CHF million)
Cash paid for income taxes	1,232	2,078	2,673
Cash paid for interest	19,459	41,154	53,756
Assets acquired and liabilities assumed in business acquisitions (CHF million)
Fair value of assets acquired	0	383	335
Fair value of liabilities assumed	0	23	300
Assets and liabilities sold in business divestitures (CHF million)
Assets sold	869	0	0
Liabilities sold	$799	$0	$0

Summary of significant accounti

Summary of significant accounting policies
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Summary of significant accounting policies	1 Summary of significant accounting policies The accompanying consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Group ends on December 31. Certain reclassifications have been made to the prior years consolidated financial statements to conform to the current years presentation and had no impact on net income/(loss) or total shareholders equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax asset, tax uncertainties, pension liabilities, as well as various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from managements estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. Principles of consolidation The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Groups subsidiaries are entities in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. The Group consolidates limited partnerships in cases where it is the general partner or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and to participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs where the Group is the primary beneficiary in accordance with Accounting Standards Codification (ASC) Topic 810 Consolidation. The effects of material intercompany transactions and balances have been eliminated. Where a Group subsidiary is a separate legal entity and determined to be an investment company as defined by ASC Topic 946 Financial Services Investment Companies, interests in other entities held by this Group subsidiary are not consolidated and are carried at fair value. Group entities that qualify as broker-dealer entities as defined by ASC Topic 940 Financial Services Broker and Dealers do not consolidate investments in voting interest entities that would otherwise qualify for consolidation when the investment is held on a temporary basis for trading purposes. In addition, subsidiaries that are strategic components of a broker-dealers operations are consolidated regardless of holding intent. Foreign currency translation Transactions denominated in currencies other than the functional currency of the related entity are recorded by

Recently issued accounting stan

Recently issued accounting standards
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Recently issued accounting standards	2 Recently issued accounting standards FASB establishes Accounting Standards Codification In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification (Codification) as the single authoritative source of US GAAP. The Codification became effective July 1, 2009 and supersedes all existing non-SEC accounting and reporting standards. Under the Codification, the FASB will not issue new accounting standards in the form of Standards, FASB Staff Positions or Emerging Issues Task Force Abstracts. The FASB will instead issue Accounting Standards Updates (ASU) which will serve to update the Codification, provide background information about the guidance and provide the basis for conclusions on changes to the Codification. United States (US) Securities and Exchange Commission (SEC) rules and interpretive releases remain in force for SEC registrants. The Codification is not intended to change US GAAP, but it will change the manner in which authoritative accounting guidance is organized, presented and referenced. These financial statements include references only to the Codification topics. Recently adopted accounting standards ASC Topic 260 Earnings Per Share In June 2008, the FASB provided guidance for when certain instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in computing earnings per share under the two class method. The Group adopted the guidance as of January 1, 2009. All prior-period earnings per share data presented has been adjusted retrospectively to conform with the guidance. ASC Topic 320 Investments Debt and Equity Securities In April 2009, the FASB updated accounting guidance regarding recognition and presentation of other-than-temporary impairments. The update amends the other-than-temporary impairment guidance in US GAAP for debt securities to make the guidance more operational and to improve the presentation and disclosure of other-than-temporary impairments on debt and equity securities in the financial statements. The guidance was effective for interim and annual reporting periods ending after June 15, 2009. The adoption of the guidance did not have a material impact on the Groups financial condition, results of operations or cash flows. For further information, refer to Note 15 Investment securities. In April 2009, the SEC issued Staff Accounting Bulletin (SAB) No. 111, Miscellaneous Accounting Other Than Temporary Impairment of Certain Investments in Equity Securities (SAB 111). SAB 111 addresses the guidance provided in the ASU regarding other-than-temporary impairments and retains the SEC staffs views as to whether an impairment of an equity security is other-than-temporary. SAB 111 was effective for interim and annual reporting periods ending after June 15, 2009. The adoption of SAB 111 did not have a material impact on the Groups financial condition, results of operations or cash flows. ASC Topic 325 Investments Other In January 2009, the FASB amended guidance regarding impairments to achieve a more

Business developments

Business developments
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Business developments	3 Business developments The Groups significant divestitures and acquisitions for the years ended December 31, 2009, 2008 and 2007, respectively, as well as the Groups significant shareholders are discussed below. Divestitures In 2009, the Group completed the sale of part of its traditional investment strategies business in Asset Management to Aberdeen Asset Management (Aberdeen) announced on December 31, 2008. For further information refer to Note 4 Discontinued operations. Acquisitions There were no significant acquisitions in 2009. In 2008, the Group acquired over 80% of Asset Management Finance LLC (AMF) for USD 384 million (CHF 423 million) in newly issued Credit Suisse Group AG shares (Group shares). AMF provides capital to asset managers in exchange for a passive non-voting, limited-term interest in a managers future revenues. In 2007, the Group completed its acquisition of a majority interest in Hedging-Griffo, a leading asset management and private banking company in Brazil, for CHF 421 million. The Group expects to acquire the remaining interests over a period of five years. In addition, the Group acquired Lime Financial Services, a wholesale nonprime residential lender based in Lake Oswego, Oregon. Significant shareholders In connection with the Groups raising of tier 1 capital from a small group of investors announced on October 16, 2008, Qatar Holding LLC, a company controlled by the Qatar Investment Authority, reported on October 22, 2008 that it holds 99.8 million shares, or 8.9%, of the registered shares in Credit Suisse Group AG. No further notification from Qatar Holding LLC has been received in 2009. Through disclosure notification on September 30, 2009, Crescent Holding GmbH, a company controlled by the Olayan Group, reported that it increased its holdings to 78.4 million shares, or 6.6%, of the registered shares in Credit Suisse Group AG on September 25, 2009.

Discontinued operations

Discontinued operations
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Discontinued operations	4 Discontinued operations On December 31, 2008 the Group signed an agreement to sell part of its traditional investment strategies business in Asset Management to Aberdeen. The transaction was completed in stages with the final closing on July 1, 2009. The gain on disposal in 2009 represented gains from the deconsolidation of subsidiaries and primarily included valuation gains of CHF 228 million on the Aberdeen shares received and the effect of a decrease in net assets transferred to Aberdeen. The loss on disposal in 2008 included a charge on allocated goodwill of CHF 577 million. In return for the sale of these businesses, the Group acquired 240 million shares in Aberdeen, representing a total interest of 23.9%. Prior to this transaction, Aberdeen was an unrelated party to the Group. The results of operations of the business sold have been reflected in income/(loss) from discontinued operations in the consolidated statements of operations for all periods presented. The assets and liabilities of the business sold have been presented as assets of discontinued operations held-for-sale and liabilities of discontinued operations held-for-sale, respectively, in the consolidated balance sheet beginning in the fourth quarter of 2008. Assets and liabilities are reclassified as held-for-sale in the period in which the disposal determination is made, and prior periods are not reclassified. Income/(loss) from discontinued operations in 2009 2008 2007 Income/(loss) from discontinued operations (CHF million) Net revenues 56 346 413 Total expenses (167) (393) (405) Income/(loss) from discontinued operations before taxes (111) (47) 8 Gain/(loss) on disposal 261 1 (463) 0 Income tax expense/(benefit) (19) 21 2 Income/(loss) from discontinued operations, net of tax 169 (531) 6 1Represents net gains/(losses) from the deconsolidation of subsidiaries. The Group did not retain any investment in the former subsidiaries.

Segment information

Segment information
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Segment information	5 Segment information The Group is a global financial services company domiciled in Switzerland. The Groups business consists of three segments: Private Banking, Investment Banking and Asset Management. The three segments are complemented by Shared Services, which provides support in the areas of finance, operations, human resources, legal and compliance, risk management and IT. The segment information reflects the Groups reportable segments as follows: Private Banking offers comprehensive advice and a broad range of wealth management solutions, including pension planning, life insurance products, tax planning and wealth and inheritance advice, which are tailored to the needs of high-net-worth and ultra-high-net-worth individuals worldwide. In Switzerland, it supplies banking products and services to individual clients, including affluent, high-net-worth and ultra-high-net-worth clients, and corporates and institutions. Investment Banking offers investment banking and securities products and services to corporate, institutional and government clients around the world. Its products and services include debt and equity underwriting, sales and trading, MA advice, divestitures, corporate sales, restructuring and investment research. Asset Management offers integrated investment solutions and services to institutions, governments and private clients. It provides access to a wide range of investment classes, building on its global strengths in alternative investments and traditional investment strategies. Corporate Center includes parent company operations such as Group financing, expenses for projects sponsored by the Group and certain expenses that have not been allocated to the segments. In addition, Corporate Center includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses. Noncontrolling interest-related revenues and expenses resulting from the consolidation of certain private equity funds and other entities in which the Group does not have a significant economic interest (SEI) in such revenues and expenses are reported as noncontrolling interests without SEI. The consolidation of these entities does not affect net income as the amounts recorded in net revenues and total operating expenses are offset by corresponding amounts reported as noncontrolling interests. In addition, our tax expense is not affected by these revenues and expenses. Revenue sharing and cost allocation Responsibility for each product is allocated to a segment, which records all related revenues and expenses. Revenue-sharing and service level agreements govern the compensation received by one segment for generating revenue or providing services on behalf of another. These agreements are negotiated periodically by the relevant segments on a product-by-product basis. The aim of revenue-sharing and cost allocation agreements is to reflect the pricing structure of unrelated third-party transactions. Corporate services and business support in finance, operations, including human resources, legal and compliance, risk management and IT are provided by the Shar

Net interest income

Net interest income
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Net interest income	6 Net interest income in 2009 2008 2007 Net interest income (CHF million) Loans 6,275 8,989 9,007 Investment securities 243 639 743 Trading assets 13,333 18,213 22,974 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 3,079 13,533 22,471 Other 2,358 6,565 7,355 Interest and dividend income 25,288 47,939 62,550 Deposits (2,970) (10,365) (15,931) Short-term borrowings (248) (498) (971) Trading liabilities (7,362) (8,516) (8,665) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (2,261) (12,521) (21,132) Long-term debt (5,031) (4,920) (4,736) Other (525) (2,583) (2,673) Interest expense (18,397) (39,403) (54,108) Net interest income 6,891 8,536 8,442

Commissions and fees

Commissions and fees
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Commissions and fees	7 Commissions and fees in 2009 2008 2007 Commissions and fees (CHF million) Lending business 1,048 815 2,054 Investment and portfolio management 4,289 5,263 5,821 Other securities business 136 215 231 Fiduciary business 4,425 5,478 6,052 Underwriting 2,375 1,049 1,810 Brokerage 4,102 4,925 5,848 Underwriting and brokerage 6,477 5,974 7,658 Other services 1,800 2,545 3,165 Commissions and fees 13,750 14,812 18,929

Other revenues

Other revenues
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Other revenues	8 Other revenues in 2009 2008 2007 Other revenues (CHF million) Noncontrolling interests without significant economic interest (523) (2,750) 4,674 Loans held-for-sale (287) (269) (638) Long-lived assets held-for-sale 24 56 59 Equity method investments 120 (82) 196 Other investments 549 (1,540) 1,049 Other 619 385 464 Other revenues 502 (4,200) 5,804

Provision for credit losses

Provision for credit losses
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Provision for credit losses	9 Provision for credit losses in 2009 2008 2007 Provision for credit losses (CHF million) Provision for loan losses 315 585 40 Provision for lending-related and other exposures 191 228 200 Provision for credit losses 506 813 240

Compensation and benefits

Compensation and benefits
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Compensation and benefits	10 Compensation and benefits in 2009 2008 2007 Compensation and benefits (CHF million) Salaries and variable compensation 13,412 11,683 14,400 Social security 1,015 771 859 Other 586 800 839 Compensation and benefits 15,013 13,254 16,098

General and administrative expe

General and administrative expenses
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
General and administrative expenses	11 General and administrative expenses in 2009 2008 2007 General and administrative expenses (CHF million) Occupancy expenses 1,190 1,156 1,156 IT, machinery, etc. 1,230 1,215 1,117 Provisions and losses 1,457 955 113 Travel and entertainment 448 583 618 Professional services 1,835 2,140 2,348 Goodwill impairment 0 82 0 Amortization and impairment of other intangible assets 49 121 36 Other 1,492 1,557 1,445 General and administrative expenses 7,701 7,809 6,833

Earnings per share

Earnings per share
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Earnings per share	12 Earnings per share in 2009 2008 2007 Net income/(loss) attributable to shareholders (CHF million) Income/(loss) from continuing operations 6,555 (7,687) 7,754 Income/(loss) from discontinued operations, net of tax 169 (531) 6 Net income/(loss) attributable to shareholders 6,724 (8,218) 7,760 Preferred securities dividends (131) (60) 0 Net income/(loss) attributable to shareholders for basic earnings per share 6,593 (8,278) 7,760 Available for common shares 6,204 (8,459) 7,388 Available for unvested share-based payment awards1 389 181 372 Net income/(loss) attributable to shareholders for diluted earnings per share 6,593 (8,278) 7,760 Available for common shares 6,214 (8,459) 7,399 Available for unvested share-based payment awards1 379 181 361 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 1,174.2 1,056.6 1,044.6 Dilutive share options and warrants 6.3 0.0 10.4 Dilutive share awards 29.5 0.0 35.9 Weighted-average shares outstanding for diluted earnings per share available for common shares2 1,210.0 1,056.6 3 1,090.9 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 73.9 75.7 53.7 Basic earnings per share available for common shares (CHF) Basic earnings/(loss) per share from continuing operations 5.14 (7.51) 7.06 Basic earnings/(loss) per share from discontinued operations 0.14 (0.50) 0.01 Basic earnings/(loss) per share available for common shares 5.28 (8.01) 7.07 Diluted earnings per share available for common shares (CHF) Diluted earnings/(loss) per share from continuing operations 5.01 (7.51) 6.77 Diluted earnings/(loss) per share from discontinued operations 0.13 (0.50) 0.01 Diluted earnings/(loss) per share available for common shares 5.14 (8.01) 6.78 1Losses are not allocated to unvested share-based payment awards.2Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 57.3 million, 66.8 million and 31.2 million for 2009, 2008 and 2007, respectively.3Due to the net loss in 2008, 6.9 million weighted-average share options and warrants outstanding and 22.1 million weighted-average share awards outstanding, were excluded from the diluted earnings per share calculation, as the effect would be antidilutive.

Securities borrowed, lent and s

Securities borrowed, lent and subject to repurchase agreements
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Securities borrowed, lent and subject to repurchase agreements	13 Securities borrowed, lent and subject to repurchase agreements end of 2009 2008 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 120,951 158,873 Deposits paid for securities borrowed 88,548 110,155 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 209,499 269,028 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 163,615 211,196 Deposits received for securities lent 28,072 32,174 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 191,687 243,370 Repurchase and reverse repurchase agreements represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activity. These instruments are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. In the Groups normal course of business, substantially all of the collateral received that may be sold or repledged has been sold or repledged as of December 31, 2009 and 2008.

Trading assets and liabilities

Trading assets and liabilities
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Trading assets and liabilities	14 Trading assets and liabilities end of 2009 2008 Trading assets (CHF million) Debt securities 159,415 153,259 Equity securities1 100,531 73,145 Derivative instruments2 55,131 105,275 Other 17,161 11,099 Trading assets 332,238 342,778 Trading liabilities (CHF million) Short positions 76,946 60,016 Derivative instruments2 56,535 94,449 Trading liabilities 133,481 154,465 1Including convertible bonds.2Amounts shown net of cash collateral receivables and payables. Cash collateral receivables and payables end of 2009 2008 Cash collateral receivables (CHF million) Receivables netted against derivative positions 32,231 51,737 Receivables not netted1 16,025 16,994 Total 48,256 68,731 Cash collateral payables (CHF million) Payables netted against derivative positions 28,808 36,176 Payables not netted1 18,905 27,699 Total 47,713 63,875 1Recorded as cash collateral on derivative instruments in Note 21 - Other assets and other liabilities.

Investment securities

Investment securities
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Investment securities	15 Investment securities end of 2009 2008 Investment securities (CHF million) Debt securities held-to-maturity 439 804 Securities available-for-sale 10,793 13,019 Total investment securities 11,232 13,823 Investment securities by type end of Amortized cost Gross unrealized gains Gross unrealized losses Fair value 2009 (CHF million) Debt securities issued by foreign governments 410 0 0 410 Other debt securities 29 0 0 29 Debt securities held-to-maturity 439 0 0 439 Debt securities issued by the Swiss federal, cantonal or local governmental entities 291 14 0 305 Debt securities issued by foreign governments 8,718 277 2 8,993 Corporate debt securities 975 21 7 989 Collateralized debt obligations 321 19 0 340 Other debt securities 59 0 0 59 Debt securities available-for-sale 10,364 331 9 10,686 Banks, trust and insurance companies 84 9 0 93 Industry and all other 13 1 0 14 Equity securities available-for-sale 97 10 0 107 Securities available-for-sale 10,461 341 9 10,793 2008 (CHF million) Debt securities issued by foreign governments 775 0 0 775 Other 29 0 1 28 Debt securities held-to-maturity 804 0 1 803 Debt securities issued by the Swiss federal, cantonal or local governmental entities 331 13 0 344 Debt securities issued by foreign governments 10,839 103 40 10,902 Corporate debt securities 1,398 7 30 1,375 Other 288 9 0 297 Debt securities available-for-sale 12,856 132 70 12,918 Equity securities available-for-sale 98 3 0 101 Securities available-for-sale 12,954 135 70 13,019 Gross unrealized losses on investment securities and the related fair value Less than 12 months 12 months or more Total end of Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses 2009 (CHF million) Debt securities issued by foreign governments 203 1 29 1 232 2 Corporate debt securities 0 0 138 7 138 7 Debt securities available-for-sale 203 1 167 8 370 9 2008 (CHF million) Debt securities held-to-maturity 28 1 0 0 28 1 Debt securities issued by foreign governments 0 0 5,090 40 5,090 40 Corporate debt securities 145 6 215 24 360 30 Debt securities available-for-sale 145 6 5,305 64 5,450 70 Management determined that the unrealized losses on debt securities are primarily attributable to general market interest rate, credit spread or exchange rate movements. No significant impairment charges were recorded as the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity.

Other investments

Other investments
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Other investments	16 Other investments end of 2009 2008 Other investments (CHF million) Equity method investments 3,679 2,787 Non-marketable equity securities1 17,795 21,778 Real estate held for investment 420 445 Life finance instruments2 2,099 1,992 Total other investments 23,993 27,002 1Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee.2Includes life settlement contracts at investment method and SPIA contracts. Non-marketable equity securities held by subsidiaries that are considered investment companies are held by separate legal entities that are within the scope of ASC Topic 946 Financial Services Investment Companies. In addition, non-marketable equity securities held by subsidiaries that are considered broker-dealer entities are held by separate legal entities that are within the scope of ASC Topic 940 Financial Services Broker and Dealers. Non-marketable equity securities include investments in entities that regularly calculate NAV per share or its equivalent. For further information on such investments, refer to Note 32 Financial instruments. Substantially all non-marketable equity securities are carried at fair value. There were no non-marketable equity securities not carried at fair value that have been in a continuous unrealized loss position. The Group performs a regular impairment analysis of real estate portfolios. The carrying values of the impaired properties were written down to their respective fair values, establishing new cost bases. For these properties, the fair values were measured based on either discounted cash flow analyses or external market appraisals. In 2009 and 2007, no impairment charges were recorded. Impairment charges of CHF 22 million were recorded in 2008. The accumulated depreciation related to real estate held for investment amounted to CHF 375 million, CHF 368 million and CHF 367 million for 2009, 2008 and 2007, respectively.

Loans

Loans
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Loans	17 Loans end of 2009 2008 Loans (CHF million) Banks 95 1 Commercial 43,893 44,370 Consumer 89,045 86,911 Public authorities 1,036 1,092 Lease financings 2,620 2,532 Switzerland 136,689 134,906 Banks 7,836 8,440 Commercial 69,036 70,384 Consumer 19,765 20,116 Public authorities 4,161 2,319 Lease financings 1,113 1,298 Foreign 101,911 102,557 Gross loans 238,600 237,463 Net (unearned income)/deferred expenses (25) (27) Allowance for loan losses (1,395) (1,639) Net loans 237,180 235,797 Impaired loan portfolio (CHF million) Gross impaired loans 2,297 2,725 of which loans with a specific allowance 1,946 2,533 of which loans without a specific allowance 351 192 Allowance for loan losses in 2009 2008 2007 Allowance for loan losses (CHF million) Balance at beginning of period 1,639 1,234 1,484 Change in accounting 0 0 (61) 1 Net movements recognized in statements of operations 315 585 40 Gross write-offs (674) (230) (295) Recoveries 63 89 93 Net write-offs (611) (141) (202) Provisions for interest 43 19 1 Foreign currency translation impact and other adjustments, net 9 (58) (28) Balance at end of period 1,395 1,639 1,234 of which a specific loan loss allowance 984 1,167 850 of which an inherent loan loss allowance 411 472 384 1Related to the adoption of the fair value option. As of December 31, 2009 and 2008, the Group did not have any material commitments to lend additional funds to debtors whose loan terms have been modified in troubled debt restructurings. Additional loan information in / end of 2009 2008 2007 Additional loan information (CHF million) Average balance of impaired loans 2,319 2,467 1,909 Interest income recognized 32 12 29 Interest income recognized on a cash basis 32 12 29 Net gains/(losses) on the sale of loans (287) (269) (638) Total non-performing and non-interest-earning loans 1,633 1,912 1,350

Premises and equipment

Premises and equipment
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Premises and equipment	18 Premises and equipment end of 2009 2008 Premises and equipment (CHF million) Buildings and improvements 3,766 3,830 Land 867 860 Leasehold improvements 1,920 1,874 Software 3,233 2,592 Equipment 3,216 3,056 Premises and equipment 13,002 12,212 Accumulated depreciation (6,566) (5,862) Total premises and equipment, net 6,436 6,350 The depreciation expenses for 2009, 2008 and 2007 were CHF 1,019 million, CHF 871 million and CHF 856 million, respectively. The carrying value of the Groups premises and equipment is tested for impairment on a regular basis. This revaluation process identifies premises and equipment to be written down to their fair values, establishing a new cost base. In 2009 and 2008, impairment charges of CHF 45 million and CHF 100 million, respectively, were recorded. The impairment charges in 2008 included CHF 92 million on software and were primarily in connection with the accelerated implementation of the Groups strategic plan. No significant impairment charges were recorded in 2007.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets
	12 Months Ended Dec. 31, 2009 CHF
Goodwill and intangible assets
Goodwill and other intangible assets	19 Goodwill and other intangible assets Goodwill end of 2009 Private Banking Investment Banking Asset Manage- ment Credit Suisse Group Gross amount of goodwill (CHF million) Balance at beginning of period 765 7,054 1,593 9,412 Foreign currency translation impact 24 (129) (10) (115) Other 0 0 52 1 52 Balance at end of period 789 6,925 1,635 9,349 Accumulated impairment losses (CHF million) Balance at beginning of period 0 82 0 82 Balance at end of period 0 82 0 82 Net book value (CHF million) Net book value 789 6,843 1,635 9,267 1Final purchase price adjustment in connection with the acquisition of AMF in 2008. end of 2008 Private Banking Investment Banking Asset Manage- ment Credit Suisse Group Gross amount of goodwill (CHF million) Balance at beginning of period 975 7,465 2,442 10,882 Goodwill acquired during the year 1 15 76 92 Discontinued operations 0 0 (577) (577) Foreign currency translation impact (126) (391) (258) (775) Other (85) (35) (90) (210) Balance at end of period 765 7,054 1,593 9,412 Accumulated impairment losses (CHF million) Balance at beginning of period 0 0 0 0 Impairment losses 0 82 0 82 Balance at end of period 0 82 0 82 Net book value (CHF million) Net book value 765 6,972 1,593 9,330 In accordance with US GAAP, the Group continually assesses whether or not there has been a triggering event. As of December 31, 2009 and 2008, the Groups market capitalization was above book value. In estimating the fair value of its reporting units the Group applied a market approach where consideration is given to price to projected earning multiples for similarly traded companies and prices paid in recent transactions that have occurred in its industry or in related industries. In determining the estimated fair value, the Group relied upon its three-year strategic business plan which included significant management assumptions and estimates based on its view of current and future economic conditions. The Group determined that the fair value of its reporting units substantially exceeded their carrying values, and concluded that no impairment of its remaining goodwill was necessary as of December 31, 2009 and 2008. As a result of acquisitions, the Group has recorded goodwill as an asset in its consolidated balance sheets, the most significant component of which arose from the acquisition of Donaldson, Lufkin Jenrette Inc. in 2000. During 2009, there were no acquisitions that generated goodwill upon consolidation. During 2008, the Group completed several acquisitions that generated goodwill upon consolidation. The most significant was the acquisition of over 80% of AMF for USD 384 million (CHF 423 million) of newly issued Group shares. In 2008, the Group recorded CHF 82 million of goodwill impairment charges, which are recorded in Corporate Center. The impairment charges were in connection wit

Life settlement contracts

Life settlement contracts
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Life settlement contracts	20 Life settlement contracts 2009 within 1 year within 1-2 years within 2-3 years within 3-4 years within 4-5 years Thereafter Total Fair value method1 Number of contracts 493 909 451 933 1,720 4,312 8,818 Carrying value (CHF million) 49 33 25 37 106 581 831 Face value (CHF million) 23 41 39 55 263 3,813 4,234 Investment method Number of contracts 8 8 Carrying value (CHF million) 51 51 Face value (CHF million) 75 75 2008 Fair value method1 Number of contracts 350 322 898 386 762 5,725 8,443 Carrying value (CHF million) 18 16 38 20 44 998 1,134 Face value (CHF million) 19 16 43 25 65 5,102 5,270 Investment method Number of contracts 8 8 Carrying value (CHF million) 50 50 Face value (CHF million) 76 76 1Time bands reflect life expectancy. On life settlement contracts accounted for under the fair value method in 2009, 2008 and 2007, a realized loss of CHF 39 million and realized gains of CHF 47 million and CHF 241 million, respectively, were recognized. On contracts that were held as of December 31, 2009 and 2008, unrealized losses of CHF 8 million and CHF 130 million, respectively, were recognized. No life insurance premiums are anticipated to be paid for those contracts accounted for under the investment method as of December 31, 2009, for each of the next five years. Central to the calculation of fair value for life settlement contracts is the estimate of mortality rates. Individual mortality rates are typically obtained by multiplying a base mortality curve for the general insured population provided by a professional actuarial organization together with an individual-specific multiplier. Individual-specific multipliers are determined based on data obtained from third-party life expectancy data providers, which examine insured individuals medical conditions, family history and other factors to arrive at a life expectancy estimate.

Other assets and other liabilit

Other assets and other liabilities
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Other assets and other liabilities	21 Other assets and other liabilities end of 2009 2008 Other assets (CHF million) Cash collateral on derivative instruments 16,025 16,994 Cash collateral on non-derivative transactions 1,827 3,152 Derivative instruments used for hedging 2,022 3,345 Assets held-for-sale 14,570 23,330 of which loans 14,287 23,166 of which real estate 270 164 Interest and fees receivable 5,755 7,515 Deferred tax assets 9,137 10,627 Prepaid expenses 970 533 Failed purchases 172 2,045 Other 18,266 18,256 Other assets 68,744 85,797 Other liabilities (CHF million) Cash collateral on derivative instruments 18,905 27,699 Cash collateral on non-derivative transactions 29 1,333 Derivative instruments used for hedging 1,198 359 Provisions1 1,770 1,802 of which off-balance sheet risk 603 484 Interest and fees payable 7,028 9,629 Current tax liabilities 1,519 1,902 Deferred tax liabilities 318 857 Failed sales 9,258 9,251 Other 31,507 31,966 Other liabilities 71,532 84,798 1Includes provisions for bridge commitments. As of December 31, 2009, the Group held CHF 14.3 billion of loans held-for-sale, including CHF 8.8 billion in restricted loans, which represented collateral on secured borrowings, and CHF 0.7 billion in loans held in trusts, which are consolidated as a result of failed sales under US GAAP.

Deposits

Deposits
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Deposits	22 Deposits 2009 2008 end of Switzer- land Foreign Total Switzer- land Foreign Total Deposits (CHF million) Non-interest-bearing demand deposits 9,035 2,541 11,576 7,464 1,657 9,121 Interest-bearing demand deposits 89,862 19,965 109,827 55,990 21,282 77,272 Savings deposits 50,011 37 50,048 41,584 38 41,622 Time deposits 26,407 125,050 151,457 46,095 181,059 227,154 Total deposits 175,315 147,593 322,908 151,133 204,036 355,169 of which due to banks 36,214 58,183 of which customer deposits 286,694 296,986 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. As of December 31, 2009 and 2008, CHF 21 million and CHF 174 million, respectively, of overdrawn deposits were reclassified as loans. As of December 31, 2009 and 2008, the Group had CHF 150.9 billion and CHF 224.2 billion, respectively, of individual time deposits issued in Switzerland and in foreign offices in the Swiss franc equivalent amounts of USD 100,000 or more.

Long-term debt

Long-term debt
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Long-term debt	23 Long-term debt end of 2009 2008 Long-term debt (CHF million) Senior 134,806 125,081 Subordinated 24,559 25,633 Long-term debt 159,365 150,714 of which reported at fair value 74,513 79,456 Total long-term debt is comprised of debt issuances managed by Treasury which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Groups structured product activities. Long-term debt includes both Swiss franc and foreign exchange denominated fixed and variable rate bonds. The interest rate ranges presented in the table below are based on the contractual terms of the Groups vanilla debt. Interest rate ranges for future coupon payments on structured products for which fair value has been elected are not included in the table below as these coupons are dependent upon the embedded derivative and prevailing market conditions at the time each coupon is paid. In addition, the effects of derivatives used for hedging are not included in the interest rate ranges on the associated debt. Long-term debt by maturities end of 2010 2011 2012 2013 2014 Thereafter Total Parent company (CHF million) Senior debt Fixed rate 1,289 424 1,713 Variable rate Interest rates (range in %)1 3.1 7.3 Subordinated debt Fixed rate 1,295 594 158 2,698 4,745 Interest rates (range in %)1 6.6-8.3 6.3 3.2 3.6-8.5 Subtotal - Parent company 1,295 594 1,447 3,122 6,458 Subsidiaries (CHF million) Senior debt Fixed rate 8,496 11,363 10,217 14,421 8,146 17,946 70,589 Variable rate 16,419 11,917 11,138 8,006 4,191 10,833 62,504 Interest rates (range in %)1 0.5-6.4 0.5-7.0 0.8-11.5 0.5-8.5 1.4-6.1 0.4-8.8 Subordinated debt Fixed rate 1,070 611 124 1,234 158 15,773 18,970 Variable rate 844 844 Interest rates (range in %)1 2.2-8.3 4.3-6.9 6.9-7.1 6.6 5.1 1.0-11.0 Subtotal - Subsidiaries 25,985 23,891 21,479 23,661 12,495 45,396 152,907 Total long-term debt 27,280 24,485 22,926 23,661 12,495 48,518 159,365 of which structured notes 9,710 8,382 7,500 3,597 3,287 8,472 40,948 1Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. The Group maintains a shelf registration statement with the SEC, which allows it to issue, from time to time, senior and subordinated debt securities, trust preferred securities and warrants to purchase equity, debt or other securities. The shelf registration statement also allows the Group to guarantee securities issued by certain subsidiaries, on a senior and subordinated basis. The Group amended its shelf regi

Accumulated other comprehensive

Accumulated other comprehensive income
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Accumulated other comprehensive income	24 Accumulated other comprehensive income Gains/ (losses) on cash flow hedges Cumulative translation adjustments Unrealized gains/ (losses) on securities Actuarial gains/ (losses) Net prior service credit/ (cost) Accumu- lated other compre- hensive income 2009 (CHF million) Balance at beginning of period (145) (8,211) 63 (2,543) (103) (10,939) Increase/(decrease) 30 (609) 62 (368) 30 (855) Increase due to equity method investments 87 0 0 0 0 87 Reclassification adjustments, included in net income (13) 50 (15) 20 27 69 Balance at end of period (41) (8,770) 110 (2,891) (46) (11,638) 2008 (CHF million) Balance at beginning of period (74) (4,661) 116 (942) (131) (5,692) Increase/(decrease) (14) (3,550) (62) (1,643) (7) (5,276) Decrease due to equity method investments (57) 0 0 0 0 (57) Reclassification adjustments, included in net income 0 0 9 34 28 71 Cumulative effect of accounting changes, net of tax 0 0 0 8 7 15 Balance at end of period (145) (8,211) 63 (2,543) (103) (10,939) 2007 (CHF million) Balance at beginning of period (42) (2,878) 114 (2,110) (117) (5,033) Increase/(decrease) 8 (1,783) 9 1,075 (39) (730) Decrease due to equity method investments (41) 0 0 0 0 (41) Reclassification adjustments, included in net income (5) 0 (11) 93 25 102 Cumulative effect of accounting changes, net of tax 6 0 4 0 0 10 Balance at end of period (74) (4,661) 116 (942) (131) (5,692) For income tax expense/(benefit) on the movements of accumulated other comprehensive income, refer to Note 25 - Tax and Note 28 - Pension and other post-retirement benefits.

Tax

Tax
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Tax	25 Tax Income/(loss) from continuing operations before taxes in Switzerland and foreign countries in 2009 2008 2007 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 2,383 5,387 4,166 Foreign 5,694 (20,289) 9,574 Income/(loss) from continuing operations before taxes 8,077 (14,902) 13,740 Details of current and deferred taxes in 2009 2008 2007 Current and deferred taxes (CHF million) Switzerland 203 113 795 Foreign 757 226 1,529 Current income tax expense/(benefit) 960 339 2,324 Switzerland 87 (220) 204 Foreign 788 (4,715) (1,280) Deferred income tax expense/(benefit) 875 (4,935) (1,076) Income tax expense/(benefit) 1,835 (4,596) 1,248 Income tax expense/(benefit) on discontinued operations (19) 21 2 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges 0 1 1 Cumulative translation adjustment (164) (132) (97) Unrealized gains/(losses) on securities 16 (41) 4 Actuarial gains/(losses) (116) (461) 358 Net prior service credit/(cost) 15 7 (3) Dividends 0 0 1 Cumulative effect of accounting changes 0 0 (288) Share-based compensation and treasury shares (176) 158 (42) Reconciliation of taxes computed at the Swiss statutory rate in 2009 2008 2007 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 1,777 (3,278) 3,023 Increase/(decrease) in income taxes resulting from Foreign tax rate differential 882 (2,697) (294) Non-deductible amortization of other intangible assets and goodwill impairment 3 29 8 Other non-deductible expenses 540 273 375 Additional taxable income 71 226 296 Lower taxed income1 (694) (1,770) (1,130) Income taxable to noncontrolling interests 313 1,000 (1,050) Changes in tax law and rates 3 3 31 Changes in deferred tax valuation allowance2 (123) 1,756 690 Other3, 4 (937) (138) (701) Income tax expense/(benefit) 1,835 (4,596) 1,248 1Included in 2008 was a tax benefit of CHF 588 million in respect of the Swiss tax effect of the valuation reduction in the investment in subsidiaries. 2008 also included a tax benefit of CHF 290 million in respect of the reversal of the deferred tax liability recorded to cover estimated recapture of loss deductions arising from foreign branches of the Bank.2Included in 2009 was a tax benefit of CHF 567 million resulting from the release of valuation allowances on deferred tax assets for one of the Group's operating entities in the US. This benefit was partially offset by a net increase to the valuation allowance on deferred tax assets on net tax loss carry-forwards of CHF 433 million. In 2008 and 2007 there was a tax benefit of CHF 125 million and CHF 39 million, respectively, r

Employee share-based compensati

Employee share-based compensation and other compensation benefits
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Employee share-based compensation and other compensation benefits	26 Employee share-based compensation and other compensation benefits Payment of share-based compensation and other compensation benefits is determined by the nature of the business, role, location and performance of the employee. Unless there is a contractual obligation, granting share-based compensation and other compensation benefits is solely at the discretion of senior management. Variable compensation granted as part of a contractual obligation is typically used to compensate new senior employees in a single year for forfeited awards from previous employers upon joining the Group. It is the Groups policy not to make multi-year guarantees. Compensation and benefits for a given year include salaries, benefits and variable compensation. Variable compensation reflects the performance-based and retention compensation for the current year, the expense from share-based and other deferred compensation from prior-year awards and mark-to-market adjustments on certain fully vested awards. The portion of the variable compensation for the current year deferred through share-based and other awards is expensed in future periods and subject to restrictive features such as continued employment with the Group, vesting, forfeiture and blocking rules. Compensation expense in any year includes expenses for share-based and other awards granted in prior years (including grants in 2009 for performance in 2008), which are recognized over the terms of the awards. Recognition of expense in the consolidated statements of operations relating to awards granted in prior years is dependent primarily upon the vesting period, which is determined by the plan, retirement eligibility of employees, moratorium periods and certain other terms. Total compensation expense for share-based compensation and other awards granted in 2009 and prior years recognized in compensation and benefits in the consolidated statements of operations was CHF 3,356 million (including CHF 629 million of Partner Asset Facility (PAF)), CHF 3,539 million (including CHF 457 million of PAF) and CHF 2,669 million for 2009, 2008 and 2007, respectively. As of December 31, 2009, the total estimated unrecognized compensation expense of CHF 1,875 million related to non-vested share-based compensation and other compensation benefits relating to awards granted in 2009 and prior years will be recognized over the remaining weighted-average requisite service period of 1.4 years. The Group generally repurchases its own shares in the open market to satisfy obligations in connection with share-based compensation but it can also issue new shares out of available conditional capital. For 2009, 2008 and 2007, the Group delivered 39.1 million, 17.2 million and 22.1 million Group shares, respectively, to employees. Share-based compensation Fair value assumptions for share-based compensation In estimating the fair value for shared-based compensation, where an observable independent quoted market price is not available, the fair value is calculated on the grant date based on valuation techniques and/or option-pricing models that most accurately reflect the substantive charac

Related parties

Related parties
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Related parties	27 Related parties Board and Executive Board Compensation For information on compensation to members of the Board of Directors (Board) and the Executive Board, refer to Note 3 Compensation to members of the Board of Directors and the Executive Board in VI Parent company financial statements Credit Suisse Group. Loans to members of the Board of Directors and the Executive Board in 2009 2008 2007 Loans to members of the Board (CHF million) Balance at beginning of period 24 25 32 Additions 11 1 0 Reductions (10) (2) (7) Balance at end of period 25 24 25 Loans to members of the Executive Board (CHF million) Balance at beginning of period 24 22 17 Additions 4 11 6 Reductions (9) (9) (1) Balance at end of period 19 24 22 A large majority of loans outstanding to members of the Board and the Executive Board are mortgages or loans against securities. Such loans are made to Board and Executive Board members on the same terms available to third-party customers or, in case of loans to members of the Executive Board, pursuant to widely available employee benefit plans. Members of the Board are not granted employee conditions on any loans extended to them, but such loans are subject to conditions applied to customers with a comparable credit standing. Members of the Board who were previously employees of the Group may still have outstanding loans, which were extended to them at the time at employee conditions. In addition to the loans listed above, the Group or any of its banking subsidiaries have entered into financing and other banking agreements with companies in which current members of the Board have a significant influence as defined by the SEC. As of December 31, 2009, 2008 and 2007, the total exposure to such related parties amounted to CHF 50,000, CHF 6 million and CHF 8 million, respectively, including all advances and contingent liabilities, and was in the ordinary course of business and granted at arms length. The highest exposure to such related parties for any of the years in the three-year period ended December 31, 2009 did not exceed in aggregate CHF 10 million. All mortgage loans to members of the Executive Board are granted either with variable or fixed interest rates over a certain period. Typically, fixed-rate mortgages are granted for periods of up to ten years. Interest rates applied are based on refinancing costs plus a margin and interest rates and other terms are consistent with those applicable to other employees. Loans against securities are granted at interest rates and on terms applicable to such loans granted to other employees. Interest rates applied are based on refinancing costs plus a margin. When granting a loan to these individuals, the same credit approval and risk assessment procedures apply as for loans to other employees. The number of individuals with outstanding loans at the beginning and at the end of the year was seven. The Group, together with its subsidiaries, is a global financial services provider and has major corporate banking operations in Swi

Pension and other post-retireme

Pension and other post-retirement benefits
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Pension and other post-retirement benefits	28 Pension and other post-retirement benefits Pension plans The Group has defined benefit pension plans, defined contribution pension plans and other post-retirement defined benefit plans. The Groups principal plans are located in Switzerland, the US and the UK. In 2008, the Group changed the measurement date used to perform the actuarial valuation from September 30 to December 31. Defined benefit pension plans are pension plans that define specific benefits for an employee upon that employee's retirement. These benefits are determined by taking into account the employees pay, years of service and age of retirement. A defined benefit pension plan does not provide participants with an individual account and generally pay the benefits as an annuity. Retirees neither bear the actuarial risk (that is, the risk that the PBO will be higher than expected and/or that the retiree may outlive their retirement income), or bear the investment risk (that is, that assets invested and associated returns will be insufficient to meet the expected benefits due to low or negative returns on contributions). Defined contribution plans provide each participant with an individual account. The benefits to be provided to a participant are solely based on the contributions made to that employees account and are affected by income, expenses and gains and losses allocated to the account. As such, there are no stipulations of a defined annuity benefit at retirement and the participants bear the full actuarial as well as investment risk. Swiss pension plans The Groups Swiss pension plans cover its employees in Switzerland and are defined benefit plans set up as trusts domiciled in Zurich. The plans provide benefits in the event of retirement, death and disability and meet or exceed the minimum benefits required under Swiss law. The defined benefit plans in Switzerland comprise 84% of all the Groups employees participating in defined benefit plans and 86% of the fair value of plan assets and 85% of the pension benefit obligation of the Groups defined benefit plans. Employee contributions are calculated as a percentage of the employees salary level and age, varying between 7.5% and 12.5%. The Groups contributions are 167% of the employees contributions for the Groups main pension plan. In 2009, the Group announced a partial changeover from defined benefit to defined contribution for the Swiss pension plan, effective January 1, 2010. International pension plans Various pension plans, including both defined benefit and defined contribution pension plans, cover the Groups employees in non-Swiss locations. These plans provide benefits in the event of retirement, death, disability or employment termination. Retirement benefits under the plans depend on age, contributions and salary. The Groups funding policy with respect to these plans is consistent with local government and tax requirements. The assumptions used are based on local economic conditions. Other post-retirement defined benefit plans In the US, the Groups plans provide post-retirement benefits other than pension benefits primarily focus on healt

Derivatives and hedging activit

Derivatives and hedging activities
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Derivatives and hedging activities	29 Derivatives and hedging activities Derivatives are generally either privately negotiated OTC contracts or standard contracts transacted through regulated exchanges. The Groups most frequently used freestanding derivative products, entered into for trading and risk management purposes, include interest rate, cross-currency and credit default swaps (CDS), interest rate and foreign exchange options, foreign exchange forward contracts and foreign exchange and interest rate futures. The Group also enters into contracts that are not considered derivatives in their entirety but include embedded derivative features. Such transactions primarily include issued and purchased structured debt instruments where the return may be calculated by reference to an equity security, index or third-party credit risk, or that have non-standard interest or foreign exchange terms. On the date the derivative contract is entered into, the Group designates it as belonging to one of the following categories: trading activities; a risk management transaction that does not qualify as a hedge under accounting standards (referred to as an economic hedge); a hedge of the fair value of a recognized asset or liability; a hedge of the variability of cash flows to be received or paid relating to a recognized asset or liability or a forecasted transaction; or a hedge of a net investment in a foreign operation. Trading activities The Group is active in most of the principal trading markets and transacts in many popular trading and hedging products. As noted above, this includes the use of swaps, futures, options and structured products, such as custom transactions using combinations of derivatives, in connection with its sales and trading activities. Trading activities include market making, positioning and arbitrage activities. The majority of the Groups derivatives held as of December 31, 2009 and 2008, respectively, were used for trading activities. Economic hedges Economic hedges arise when the Group enters into derivative contracts for its own risk management purposes, but the contracts entered into do not qualify for hedge accounting under US GAAP. These economic hedges include the following types: interest rate derivatives to manage net interest rate risk on certain core banking business assets and liabilities; foreign exchange derivatives to manage foreign exchange risk on certain core banking business revenue and expense items, as well as on core banking business assets and liabilities; credit derivatives to manage credit risk on certain loan portfolios; and futures to manage risk on equity positions including convertible bonds. Derivatives used in economic hedges are included as trading assets or trading liabilities in the consolidated balance sheets. Hedge accounting Fair value hedges The Group designates fair value hedges as part of an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize fluctuations in earnings that are caused by interest rate volatility. In addition to hedging

Guarantees and commitments

Guarantees and commitments
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Guarantees and commitments	30 Guarantees and commitments Guarantees In the ordinary course of business, guarantees are provided that contingently obligate Credit Suisse to make payments to third parties if the counterparty fails to fulfill its obligation under a borrowing or other contractual arrangement. The total gross amount disclosed within the Guarantees table reflects the maximum potential payment under the guarantees. The carrying value represents the Groups current best estimate of payments that will be required under existing guarantee arrangements. Guarantees end of Maturity less than 1 year Maturity between 1 to 3 years Maturity between 3 to 5 years Maturity greater than 5 years Total gross amount Total net amount 1 Carrying value Collateral received 2009 (CHF million) Credit guarantees and similar instruments 3,290 1,589 1,533 1,655 8,067 7,309 543 4,521 Performance guarantees and similar instruments 6,342 4,004 1,008 806 12,160 10,707 96 3,995 Securities lending indemnifications 22,644 0 0 0 22,644 22,644 0 22,644 Derivatives 129,868 49,784 18,853 15,225 213,730 213,730 6,388 2 Other guarantees 3,836 564 200 275 4,875 4,807 10 2,181 Total guarantees 165,980 55,941 21,594 17,961 261,476 259,197 7,037 33,341 2008 (CHF million) Credit guarantees and similar instruments 3,397 1,598 1,307 1,191 7,493 6,311 464 4,245 Performance guarantees and similar instruments 6,058 4,083 1,324 1,063 12,528 10,785 99 3,834 Securities lending indemnifications 28,541 0 0 0 28,541 28,541 0 28,541 Derivatives 142,377 47,275 13,988 10,696 214,336 214,336 16,404 2 Other guarantees 3,902 463 226 240 4,831 4,751 7 2,232 Total guarantees 184,275 53,419 16,845 13,190 267,729 264,724 16,974 38,852 1Total net amount is computed as the gross amount less any participations.2Collateral for derivatives accounted for as guarantees is not considered significant. Credit guarantees and similar instruments Credit guarantees and similar instruments are contracts that require the Group to make payments should a third party fail to do so under a specified existing credit obligation. The total net amount of CHF 7.3 billion included the following products: standby letters of credit, commercial and residential mortgage guarantees and other guarantees associated with VIEs. Standby letters of credit are made in connection with the corporate lending business and other corporate activities, where the Group provides guarantees to counterparties in the form of standby letters of credit, which represent obligations to make payments to third parties if the counterparties fail to fulfill their obligations under a borrowing arrangement or other contractual obligation. Commercial and residential mortgage guarantees are made in connection with the Groups commercial mortgage activities in the US, where the Group sells certain commercial and residential mortgages

Transfers of financial assets a

Transfers of financial assets and variable interest entities
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Transfers of financial assets and variable interest entities	31 Transfers of financial assets and variable interest entities In the normal course of business, the Group enters into transactions with, and makes use of, SPEs. An SPE is an entity in the form of a trust or other legal structure designed to fulfill a specific limited need of the company that organized it. The principal uses of SPEs are to assist the Group and its clients in securitizing financial assets and creating investment products. The Group also uses SPEs for other client-driven activity and Group tax or regulatory purposes. SPEs typically qualify either as QSPEs or VIEs. QSPEs have significant limitations on the types of assets and derivative instruments they may own and the types and extent of activities and decision-making in which they may engage. At each balance sheet date, QSPEs and VIEs are reviewed for events that may trigger reassessment of the entities classification. Transfers of financial assets Securitizations The majority of the Groups securitization activities involve mortgages and mortgage-related securities and are predominantly transacted using QSPEs. In order to qualify as a QSPE, the permitted activities of the entity must be limited to passively holding financial assets and distributing cash flows to investors based on pre-set terms. QSPEs may not actively manage their assets through discretionary sales and are generally limited to making decisions inherent in servicing activities and issuance of liabilities. Entities that qualify as QSPEs are not consolidated at inception and the risk of subsequent consolidation is minimal under US GAAP as of December 31, 2009. The Group originates and/or purchases commercial and residential mortgages for the purpose of securitization and sells these mortgage loans to QSPEs. These QSPEs issue commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and ABS that are collateralized by the assets transferred to the QSPE and that pay a return based on the returns on those assets. Investors in these mortgage-backed securities or ABS typically have recourse to the assets in the QSPEs. The investors and the QSPEs have no recourse to the Groups assets. The Group is typically an underwriter of, and makes a market in, these securities. In 2009, the Group began transacting in re-securitizations of previously issued RMBS securities. Typically, certificates are reissued out of an existing securitization vehicle into a newly created and separate securitization vehicle. Often, these re-securitizations are initiated in order to repackage an existing security to give the investor a higher rated tranche. The Group also purchases loans and other debt obligations from clients for the purpose of securitization that are sold by the Group directly or indirectly through affiliates to QSPEs that issue CDOs. The Group structures, underwrites and may make a market in these CDOs. CDOs are collateralized by the assets transferred to the CDO vehicle and pay a return based on the returns on those assets. Investors typically only have recourse to the collateral of the CDO and do not have recourse to the Groups assets. Securiti

Financial instruments

Financial instruments
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Financial instruments	32 Financial instruments Concentrations of credit risk Credit risk concentrations arise when a number of counterparties are engaged in similar business activities, are located in the same geographic region or when there are similar economic features that would cause their ability to meet contractual obligations to be similarly impacted by changes in economic conditions. The Group regularly monitors the credit risk portfolio by counterparties, industry, country and products to ensure that such potential concentrations are identified, using a comprehensive range of quantitative tools and metrics. Credit limits relating to counterparties and products are managed through counterparty limits which set the maximum credit exposures the Group is willing to assume to specific counterparties over specified periods. Country limits are established to avoid any undue country risk concentration. From an industry point of view, the combined credit exposure of the Group is diversified. A large portion of the credit exposure is with individual clients, particularly through residential mortgages in Switzerland, or relates to transactions with financial institutions. In both cases, the customer base is extensive and the number and variety of transactions are broad. For transactions with financial institutions, the business is also geographically diverse, with operations focused in the Americas, Europe and, to a lesser extent, Asia Pacific. Fair value of financial instruments The fair value of the majority of the Groups financial instruments is based on quoted prices in active markets or observable inputs. These instruments include government and agency securities, certain CP, most investment grade corporate debt, certain high yield debt securities, exchange-traded and certain OTC derivative instruments and most listed equity securities. In addition, the Group holds financial instruments for which no prices are available and which have little or no observable inputs. Further deterioration of financial markets could significantly impact the value of these financial instruments and the results of operations. For these instruments, the determination of fair value requires subjective assessment and varying degrees of judgment, depending on liquidity, concentration, pricing assumptions, the current economic and competitive environment and the risks affecting the specific instrument. In such circumstances, valuation is determined based on managements own judgments about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These instruments include certain OTC derivatives, most mortgage-related and CDO securities, certain equity derivatives and equity-linked securities, private equity investments, certain loans and credit products, including leveraged finance, certain syndicated loans and certain high-grade bonds, and life insurance instruments. The fair value of financial assets and liabilities is impacted by factors such as benchmark interest rates, prices of financial instruments issued by third parties, commodity prices, foreign exchange rates and

Assets pledged or assigned

Assets pledged or assigned
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Assets pledged or assigned	33 Assets pledged or assigned end of 2009 2008 Assets pledged or assigned (CHF million) Book value of assets pledged or assigned as collateral 222,050 165,406 of which assets provided with the right to sell or repledge 141,634 89,915 Fair value of collateral received with the right to sell or repledge 337,448 515,655 of which sold or repledged 300,665 452,875 Other information (CHF million) Cash and securities restricted under foreign banking regulations 13,501 40,870 Swiss National Bank required minimum liquidity reserves 1,829 2,070 The Group received collateral in connection with resale agreements, securities lending and loans, derivative transactions and margined broker loans. A substantial portion of the collateral received by the Group was sold or repledged in connection with repurchase agreements, securities sold not yet purchased, securities borrowings and loans, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans.

Capital adequacy

Capital adequacy
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Capital adequacy	34 Capital adequacy The Group is subject to regulation by FINMA. Since January 1, 2008, the Group has operated under the international capital adequacy standards set forth by the Basel Committee on Banking Supervision, known as Basel II, as implemented by FINMA. These standards affect the measurement of both risk-weighted assets and eligible capital. The Group has based its capital adequacy calculations on US GAAP, as permitted by the FINMA Circular 2008/34. FINMA has advised the Group that it may continue to include as tier 1 capital CHF 1.7 billion of equity from SPEs which are deconsolidated under US GAAP as of December 31, 2009. According to the FINMA and Bank for International Settlements (BIS) capital requirements, total regulatory capital is comprised of two categories. Tier 1 capital comprises shareholders equity according to US GAAP, qualifying noncontrolling interests and hybrid instruments. Deductions from tier 1 capital include, among other items, goodwill and intangible assets, participations in insurance entities, investments in certain bank and finance entities and other adjustments, including cumulative fair value adjustments on Credit Suisse debt, net of tax, anticipated but not yet declared dividends, the net long position in own treasury shares in the trading book and an adjustment for the accounting treatment of pension plans. Tier 1 capital is supplemented for capital adequacy purposes by tier 2 capital, which consists primarily of perpetual and dated subordinated debt instruments. The sum of these two capital tiers equals total eligible capital. The ratios measure capital adequacy by comparing eligible capital with risk-weighted assets positions, which include consolidated balance sheet assets, net positions in securities not held in the trading portfolio, off-balance sheet transactions converted into credit equivalents and market positions in the trading portfolio. As of December 31, 2009 and 2008, the Group was adequately capitalized under the regulatory provisions outlined under both FINMA and BIS guidelines. BIS data (risk-weighted assets, eligible capital and ratios) end of 2009 2008 Risk-weighted assets (CHF million) Credit risk 164,997 180,425 Non-counterparty risk 7,141 6,994 Market risk 17,458 39,911 Operational risk 32,013 30,137 Risk-weighted assets 221,609 257,467 Eligible capital (CHF million) Tier 1 capital 36,207 34,208 Tier 2 capital 9,521 11,882 Total eligible capital 45,728 46,090 Capital ratios (%) Tier 1 ratio 16.3 13.3 Total capital ratio 20.6 17.9 Broker-dealer operations Certain Group broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2009, the Group and its subsidiaries complied with all applicable regulatory capital adequacy requirements. Dividend restrictions Certain of the Groups subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). As of December

Assets under management

Assets under management
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Assets under management	35 Assets under management The following disclosure provides information regarding assets under management and net new assets as regulated by FINMA. Assets under management include assets from clients for which the Group provides investment advisory or discretionary asset management services. Assets that are held solely for transaction-related or safekeeping/custody purposes are not considered assets under management. Assets of corporate clients and public institutions that are used primarily for cash management or transaction-related purposes are also not considered assets under management. The classification of assets under management is individually assessed on the basis of each clients intentions and objectives and the banking services provided to the client. Reclassifications between assets under management and assets held for transaction-related or safekeeping purposes result in corresponding net new assets inflows or outflows. Net new assets measure the degree of success in acquiring assets under management. The calculation is based on the direct method, taking into account individual cash payments, security deliveries and cash flows resulting from loan increases or repayments. Interest and dividend income credited to clients and commissions, interest and fees charged for banking services are not taken into account when calculating net new assets, as such charges are not directly related to the Groups success in acquiring assets under management. Similarly, changes in assets under management due to currency and market volatility as well as asset inflows and outflows due to the acquisition or divestiture of businesses are not part of net new assets. A portion of the Groups assets under management result from double counting. Double counting arises when assets under management are subject to more than one level of asset management services. Each such separate advisory or discretionary service provides additional benefits to the client and represents additional income for the Group. Specifically, double counting primarily results from the investment of assets under management in collective investment instruments managed by Credit Suisse. The extent of double counting is disclosed in the following table. in / end of 2009 2008 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 199.4 216.7 Assets with discretionary mandates 222.9 267.3 Other assets under management 806.7 690.0 Assets under management (including double counting) 1,229.0 1,174.0 1 of which double counting 124.0 131.7 Net new assets/(asset outflows) (CHF billion) Total net new assets/(asset outflows), including double counting 38.3 2 (9.2) 2 1Includes CHF 67.9 billion assets under management from discontinued operations relating to the sale of part of our traditional investment strategies business in Asset Management.2Includes CHF 5.9 billion and CHF 6.2 billion in 2009 and 2008, respectively, net asset outflows from discontinued operations relating to the sale of part of our traditional investment strategies

Litigation

Litigation
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Litigation	36 Litigation The Group is involved in a number of other judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its businesses. Some of these actions have been brought on behalf of various classes of claimants and seek damages of material and/or indeterminate amounts. The Group believes, based on currently available information and advice of counsel, that the results of such proceedings, in the aggregate, will not have a material adverse effect on its financial condition but might be material to operating results for any particular period, depending, in part, upon the operating results for such period. The Group believes that the reasonably possible losses relating to such claims in excess of its provisions are either not material or not estimable. The Group accrues for legal costs (including fees and expenses of external lawyers and other service providers) in connection withcertain judicial, regulatory and arbitration proceedings when such costs are probable and reasonably estimable. It is inherently difficult to predict the outcome of many of these matters. In presenting the consolidated financial statements, management makes estimates regarding the outcome of these matters, records a reserve and takes a charge to income when losses with respect to such matters are probable and can be reasonably estimated. Estimates, by their nature, are based on judgment and currently available information and involve a variety of factors, including, but not limited to, the type and nature of the litigation, claim or proceeding, the progress of the matter, the advice of legal counsel, the Groups defenses and its experience in similar cases or proceedings, as well as its assessment of matters, including settlements, involving other defendants in similar or related cases or proceedings. Further charges or releases of litigation reserves may be necessary in the future as developments in such litigation, claims or proceedings warrant.

Significant subsidiaries and eq

Significant subsidiaries and equity method investments
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Significant subsidiaries and equity method investments	37 Significant subsidiaries and equity method investments Significant subsidiaries Equity interest in % Company name Domicile Currency Nominal capital in million as of December 31, 2009 100 Credit Suisse AG Zurich, Switzerland CHF 4,399.7 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 600.0 100 Credit Suisse LP Holding AG Zug, Switzerland CHF 0.1 100 Credit Suisse Trust AG Zurich, Switzerland CHF 5.0 100 Credit Suisse Trust Holdings Limited St. Peter Port, Guernsey GBP 2.0 100 Inreska Limited St. Peter Port, Guernsey GBP 3.0 100 Wincasa Winterthur, Switzerland CHF 1.5 99 Neue Aargauer Bank Aarau, Switzerland CHF 134.1 89 Clariden Leu Holding AG Zurich, Switzerland CHF 8.1 89 Clariden Leu AG Zurich, Switzerland CHF 50.0 89 Clariden Leu Financial Products (Guernsey) Ltd. St. Peter Port, Guernsey GBP 0.0 89 Clariden Leu Immobilien AG Zurich, Switzerland CHF 1.0 88 Savoy Hotel Baur en Ville AG Zurich, Switzerland CHF 7.5 Credit Suisse AG 100 AJP Cayman Ltd. George Town, Cayman Islands JPY 8,025.6 100 Banco Credit Suisse (Brasil) S.A. So Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (Mxico), S.A. Mexico City, Mexico MXN 1,016.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. So Paulo, Brazil BRL 164.8 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Casa de Bolsa Credit Suisse (Mxico), S.A. de C.V. Mexico City, Mexico MXN 274.1 100 CJSC Bank Credit Suisse (Moscow) Moscow, Russia USD 37.8 100 Column Financial, Inc. Salt Lake City, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobilirios S.A. So Paulo, Brazil BRL 5.0 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobilirios So Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (France) Paris, France EUR 52.9 100 Credit Suisse (Gibraltar) Limited Gibraltar, Gibraltar GBP 5.0 100 Credit Suisse (Guernsey) Limited St. Peter Port, Guernsey USD 6.1 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 3,809.9 100 Credit Suisse (International) Holding AG Zug, Switzerland CHF 42.1 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 74.6 100 1 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 43.0 100 Credit Suisse (Monaco) S.A.M. Monte Carlo, Monaco EUR 12.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 621.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 102.3 100 2 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 Significant subsidia

Supplementary subsidiary guaran

Supplementary subsidiary guarantee information
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Supplementary subsidiary guarantee information	38 Supplementary subsidiary guarantee information On March 26, 2007, the Group and the Bank issued full, unconditional and several guarantees of Credit Suisse (USA), Inc.s outstanding SEC-registered debt securities. In accordance with the guarantees, if Credit Suisse (USA), Inc. fails to make any timely payment under the agreements governing such debt securities, the holders of the debt securities may demand payment from either the Group or the Bank, without first proceeding against Credit Suisse (USA), Inc. The guarantee from the Group is subordinated to senior liabilities. Credit Suisse (USA), Inc. is an indirect, wholly-owned subsidiary of the Group. The following tables set forth the condensed consolidating financial information regarding Credit Suisse (USA), Inc., the Bank and the Group. Condensed consolidating statements of operations in 2009 Credit Suisse (USA), Inc. Bank parent company and other subsidiaries 1 Bank Group parent company Other Group subsidiaries 1 Credit Suisse Group Condensed consolidating statements of operations (CHF million) Interest and dividend income 8,947 15,575 24,522 256 510 25,288 Interest expense (4,949) (13,204) (18,153) (250) 6 (18,397) Net interest income 3,998 2,371 6,369 6 516 6,891 Commissions and fees 3,548 9,222 12,770 10 970 13,750 Trading revenues 2,956 9,208 12,164 0 (13) 12,151 Other revenues (836) 1,526 690 6,707 (6,895) 502 Net revenues 9,666 22,327 31,993 6,723 (5,422) 33,294 Provision for credit losses 24 436 460 0 46 506 Compensation and benefits 4,613 10,093 14,706 31 276 15,013 General and administrative expenses 1,981 5,641 7,622 (19) 98 7,701 Commission expenses 356 1,492 1,848 0 149 1,997 Total other operating expenses 2,337 7,133 9,470 (19) 247 9,698 Total operating expenses 6,950 17,226 24,176 12 523 24,711 Income/(loss) from continuing operations before taxes 2,692 4,665 7,357 6,711 (5,991) 8,077 Income tax expense/(benefit) 1,403 391 1,794 (13) 54 1,835 Income/(loss) from continuing operations 1,289 4,274 5,563 6,724 (6,045) 6,242 Income/(loss) from discontinued operations, net of tax 0 169 169 0 0 169 Net income/(loss) 1,289 4,443 5,732 6,724 (6,045) 6,411 Less net income/(loss) attributable to noncontrolling interests (858) 161 (697) 0 384 (313) Net income/(loss) attributable to shareholders 2,147 4,282 6,429 6,724 (6,429) 6,724 of which from continuing operations 2,147 4,113 6,260 6,724 (6,429) 6,555 of which from discontinued operations 0 169 169 0 0 169 1Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) in 2008 Credit Suisse (USA), Inc. Bank parent company and other subsidiaries 1 Bank Group parent company Other Group su

Credit Suisse Group Parent comp

Credit Suisse Group Parent company
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Credit Suisse Group Parent company	39 Credit Suisse Group Parent company For the condensed Credit Suisse Group Parent company financial information, refer to Note 38 Supplementary subsidiary guarantee information.

Significant valuation and incom

Significant valuation and income recognition differences between US GAAP and Swiss GAAP (true and fair view)
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Significant valuation and income recognition differences between US GAAP and Swiss GAAP (true and fair view)	40 Significant valuation and income recognition differences between US GAAP and Swiss GAAP (true and fair view) The Groups consolidated financial statements have been prepared in accordance with US GAAP. For a detailed description of the Groups accounting policies, refer to Note 1 Summary of significant accounting policies. FINMA requires Swiss-domiciled banks which present their financial statements under either US GAAP or International Financial Reporting Standards (IFRS) to provide a narrative explanation of the major differences between Swiss GAAP and its primary accounting standard. The principal provisions of the Banking Ordinance and the FINMA Circular 2008/2, Accounting banks, governing financial reporting for banks (Swiss GAAP) differ in certain aspects from US GAAP. The following are the major differences: Scope of consolidation Under US GAAP, the Group is not consolidating certain entities that issue redeemable preferred securities. Under Swiss GAAP, these entities would continue to be consolidated as the Group holds 100% of the voting rights. Under Swiss GAAP, majority-owned subsidiaries that are not considered long-term investments or do not operate in the core business of the Group are either accounted for as financial investments or as equity method investments. US GAAP has no such exception relating to the consolidation of majority-owned subsidiaries. Discontinued operations Under US GAAP, the assets and liabilities of an entity held-for-sale are separated from the ordinary balance sheet captions into a separate discontinued operations item and are measured at the lower of the carrying value or fair value less cost to sell. Under Swiss GAAP, these positions remain in their initial balance sheet captions until disposed of and are valued according to the respective captions. Fair value option Unlike US GAAP, Swiss GAAP does not allow the fair value option concept that creates an optional alternative measurement treatment for certain non-trading financial assets and liabilities, guarantees and commitments. The fair value option permits the use of fair value for initial and subsequent measurement with changes in fair value recorded in the consolidated statements of operations. Issued hybrid financial instruments for which fair value accounting is elected continue to be bifurcated for Swiss GAAP purposes which means that the embedded derivative is carried at fair value, whereas the host contract is accounted for on an accrual basis. Real estate held for investment Under US GAAP, real estate held for investment is valued at cost less accumulated depreciation and any impairments. Under Swiss GAAP, real estate held for investment that the Group intends to hold permanently is also valued at cost less accumulated depreciation, however, if the Group does not intend to hold it permanently, real estate is carried at LOCOM. Investments in securities Available-for-sale securities Under US GAAP, available-for-sale securities are valued at fair value. Unrealized gains and losses due to fluctuations in fair value (including foreign exchange)

Risk assessment

Risk assessment
	12 Months Ended Dec. 31, 2009 CHF
Notes to the consolidated financial statements
Risk assessment	41 Risk assessment In accordance with the Swiss Code of Obligations the following disclosure provides information regarding the risk assessment process, which was in place for the reporting period and followed by the Board. The primary objectives of risk management are to protect the financial strength and reputation of the Group, while ensuring that capital is well deployed to support business activities and grow shareholder value. The risk management organization reflects the specific nature of the various risks in order to ensure that risks are managed within set limits in a transparent and timely manner. The Board is responsible for the strategic direction, supervision and control of the Group and for defining our overall tolerance for risk. The Board has delegated certain responsibilities regarding risk management and oversight to the Risk Committee, the Audit Committee and to the Executive Board. The Boards Risk Committee is responsible for assisting the Board in fulfilling their oversight responsibilities by providing guidance regarding risk governance and the development of the risk profile and capital structure, including the regular assessment and review of major risk exposures and the approval of risk limits. The Audit Committee, in addition to other responsibilities, reviews managements report on internal control over financial reporting (SOX 404), the annual report on the internal control system (ICS) and the annual compliance report. Within the Executive Board of the Group, the Chief Risk Officer (CRO) is responsible for providing risk management oversight and for establishing an organizational basis to manage and report on all risk management matters. The Capital Allocation and Risk Management Committee (CARMC), the Risk Processes and Standards Committee and the Reputation Risk and Sustainability Committee have been established to assist the Executive Board, and certain responsibilities regarding risk management and oversight have been delegated to these committees. The CARMC is comprised of at least five members of the Executive Board and senior management appointed by the Chief Executive Officer and operates in the position risk cycle for setting position risk standards and monitoring related limits, the finance and capital cycle for asset/liability management, funding, liquidity and capital matters, and the ICS cycle for operational risks, legal and compliance issues and internal control matters. The CARMC may delegate its authority to set and approve certain limits for position risk, funding, liquidity and capital to the CRO or divisional risk management committees. The divisional risk management committees regularly review and discuss division-specific market and credit risk matters, operational risks, legal and compliance issues and internal control matters. During the reporting period, the Board received the quarterly risk reports from the CRO and the annual ICS and compliance reports from the office of the General Counsel, which formed the basis of the Boards risk reviews. Additional risk information was provided at each meeting of the Boards Risk Committee and at most Board meeti

Document and Entity Information

Document and Entity Information
	12 Months Ended Dec. 31, 2009 CHF
Document and Entity Information
Entity Registrant Name	CREDIT SUISSE GROUP AG
Entity Central Index Key	0001159510
Document Type	20-F
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	1,169,210,895