Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE GROUP AG |
Entity Central Index Key | 1,159,510 |
Trading Symbol | CS |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,550,254,054 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Bank | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE AG |
Entity Central Index Key | 1,053,092 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 4,399,680,200 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Consolidated statements of oper
Consolidated statements of operations - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income | SFr 17,057 | SFr 17,374 | SFr 19,341 |
Interest expense | (10,500) | (9,812) | (10,042) |
Net interest income | 6,557 | 7,562 | 9,299 |
Commissions and fees | 11,817 | 11,092 | 12,044 |
Trading revenues | 1,317 | 313 | 1,340 |
Other revenues | 1,209 | 1,356 | 1,114 |
Net revenues | 20,900 | 20,323 | 23,797 |
Provision for credit losses | 210 | 252 | 324 |
Compensation and benefits | 10,177 | 10,572 | 11,546 |
General and administrative expenses | 6,835 | 9,770 | 8,574 |
Commission expenses | 1,430 | 1,455 | 1,623 |
Goodwill impairment | 0 | 0 | 3,797 |
Restructuring expenses | 455 | 540 | 355 |
Total other operating expenses | 8,720 | 11,765 | 14,349 |
Total operating expenses | 18,897 | 22,337 | 25,895 |
Income/(loss) before taxes | 1,793 | (2,266) | (2,422) |
Income tax expense/(benefit) | 2,741 | 441 | 523 |
Net income/(loss) | (948) | (2,707) | (2,945) |
Net income/(loss) attributable to noncontrolling interests | 35 | 3 | (1) |
Net income/(loss) attributable to shareholders | SFr (983) | SFr (2,710) | SFr (2,944) |
Basic earnings per share (CHF) | |||
Basic earnings/(loss) per share (in CHF per share) | SFr (0.41) | SFr (1.27) | SFr (1.65) |
Diluted earnings per share (CHF) | |||
Diluted earnings/(loss) per share (in CHF per share) | SFr (0.41) | SFr (1.27) | SFr (1.65) |
Bank | |||
Interest and dividend income | SFr 17,061 | SFr 17,375 | SFr 19,342 |
Interest expense | (10,369) | (9,781) | (10,043) |
Net interest income | 6,692 | 7,594 | 9,299 |
Commissions and fees | 11,672 | 10,938 | 11,966 |
Trading revenues | 1,300 | 371 | 1,309 |
Other revenues | 1,301 | 1,490 | 1,237 |
Net revenues | 20,965 | 20,393 | 23,811 |
Provision for credit losses | 210 | 252 | 324 |
Compensation and benefits | 9,964 | 10,777 | 11,656 |
General and administrative expenses | 7,413 | 9,885 | 8,735 |
Commission expenses | 1,429 | 1,455 | 1,623 |
Goodwill impairment | 0 | 0 | 3,797 |
Restructuring expenses | 396 | 513 | 325 |
Total other operating expenses | 9,238 | 11,853 | 14,480 |
Total operating expenses | 19,202 | 22,630 | 26,136 |
Income/(loss) before taxes | 1,553 | (2,489) | (2,649) |
Income tax expense/(benefit) | 2,781 | 400 | 488 |
Net income/(loss) | (1,228) | (2,889) | (3,137) |
Net income/(loss) attributable to noncontrolling interests | 27 | (6) | (7) |
Net income/(loss) attributable to shareholders | SFr (1,255) | SFr (2,883) | SFr (3,130) |
Consolidated statements of comp
Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Comprehensive income | |||
Net income/(loss) | SFr (948) | SFr (2,707) | SFr (2,945) |
Gains/(losses) on cash flow hedges | (27) | (20) | 16 |
Foreign currency translation | (1,031) | 515 | (1,156) |
Unrealized gains/(losses) on securities | (13) | 1 | (4) |
Actuarial gains/(losses) | 695 | 394 | (661) |
Net prior service cost | (121) | 36 | 155 |
Gains/(losses) on liabilities related to credit risk | (1,976) | (1,043) | |
Other comprehensive income/(loss), net of tax | (2,473) | (117) | (1,650) |
Comprehensive income/(loss) | (3,421) | (2,824) | (4,595) |
Comprehensive income/(loss) attributable to noncontrolling interests | 28 | (2) | (19) |
Comprehensive income/(loss) attributable to shareholders | (3,449) | (2,822) | (4,576) |
Bank | |||
Comprehensive income | |||
Net income/(loss) | (1,228) | (2,889) | (3,137) |
Gains/(losses) on cash flow hedges | (35) | (22) | 24 |
Foreign currency translation | (1,015) | 498 | (1,149) |
Unrealized gains/(losses) on securities | (13) | 1 | (4) |
Actuarial gains/(losses) | 21 | 210 | 45 |
Net prior service cost | 0 | 0 | (14) |
Gains/(losses) on liabilities related to credit risk | (1,684) | (1,082) | |
Other comprehensive income/(loss), net of tax | (2,726) | (395) | (1,098) |
Comprehensive income/(loss) | (3,954) | (3,284) | (4,235) |
Comprehensive income/(loss) attributable to noncontrolling interests | (9) | 11 | (26) |
Comprehensive income/(loss) attributable to shareholders | SFr (3,945) | SFr (3,295) | SFr (4,209) |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and due from banks | SFr 109,815 | SFr 121,161 | |
of which reported at fair value | 212 | 200 | |
Interest-bearing deposits with banks | 726 | 772 | |
of which reported at fair value | 0 | 26 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 115,346 | 134,839 | |
of which reported at fair value | 77,498 | 87,331 | |
Securities received as collateral, at fair value | 38,074 | 32,564 | |
of which encumbered | 23,632 | 30,762 | |
Trading assets, at fair value | 156,334 | 165,150 | |
of which encumbered | 49,237 | 52,322 | |
Investment securities | 2,191 | 2,489 | |
of which reported at fair value | 2,191 | 2,489 | |
Other investments | 5,964 | 6,777 | |
of which reported at fair value | 3,506 | 4,096 | |
Net loans | 279,149 | 275,976 | |
of which reported at fair value | 15,307 | 19,528 | |
of which encumbered | 186 | 132 | |
Allowance for loan losses | (882) | (938) | |
Premises and equipment | 4,686 | 4,711 | |
Goodwill | 4,742 | 4,913 | |
Other intangible assets | 223 | 213 | |
of which reported at fair value | 158 | 138 | |
Brokerage receivables | 46,968 | 33,431 | |
Other assets | 32,071 | 36,865 | |
of which reported at fair value | 9,018 | 9,383 | |
of which encumbered | 134 | 257 | |
Total assets | 796,289 | 819,861 | |
Liabilities and equity | |||
Due to banks | 15,413 | 22,800 | |
of which reported at fair value | 197 | 437 | |
Customer deposits | 361,162 | 355,833 | |
of which reported at fair value | 3,511 | 3,576 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 26,496 | 33,016 | |
of which reported at fair value | 15,262 | 19,634 | |
Obligation to return securities received as collateral, at fair value | 38,074 | 32,564 | |
Trading liabilities, at fair value | 39,119 | 44,930 | |
Short-term borrowings | 25,889 | 15,385 | |
of which reported at fair value | 11,019 | 4,061 | |
Long-term debt | 173,032 | 193,315 | |
of which reported at fair value | 63,628 | 72,868 | |
Brokerage payables | 43,303 | 39,852 | |
Other liabilities | 31,612 | 39,855 | |
of which reported at fair value | 8,624 | 9,493 | |
Total liabilities | 754,100 | 777,550 | |
Common shares | 102 | 84 | |
Additional paid-in capital | 35,668 | 32,131 | |
Retained earnings | 24,973 | 25,954 | |
Treasury shares, at cost | (103) | 0 | |
Accumulated other comprehensive income/(loss) | (18,738) | (16,272) | |
Total shareholders' equity | 41,902 | 41,897 | |
Noncontrolling interests | 287 | 414 | |
Total equity | 42,189 | 42,311 | |
Total liabilities and equity | SFr 796,289 | SFr 819,861 | |
Additional share information | |||
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | |
Authorized shares (in shares) | [1] | 3,271,129,950 | 2,797,379,244 |
Issued shares (in shares) | 2,556,011,720 | 2,089,897,378 | |
Treasury shares (in shares) | 5,757,666 | 0 | |
Common shares outstanding (in shares) | 2,550,254,054 | 2,089,897,378 | |
Consolidated VIEs | |||
Assets | |||
Cash and due from banks | SFr 232 | SFr 369 | |
Trading assets, at fair value | 1,348 | 2,744 | |
Investment securities | 381 | 511 | |
Other investments | 1,833 | 2,006 | |
Net loans | 267 | 284 | |
Premises and equipment | 151 | 199 | |
Other assets | 2,398 | 2,617 | |
Liabilities and equity | |||
Trading liabilities, at fair value | 3 | 18 | |
Short-term borrowings | 0 | 1 | |
Long-term debt | 863 | 1,759 | |
Other liabilities | 204 | 244 | |
Bank | |||
Assets | |||
Cash and due from banks | 109,510 | 121,066 | |
of which reported at fair value | 212 | 208 | |
Interest-bearing deposits with banks | 721 | 767 | |
of which reported at fair value | 0 | 26 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 115,346 | 134,839 | |
of which reported at fair value | 77,498 | 87,331 | |
Securities received as collateral, at fair value | 38,074 | 32,564 | |
of which encumbered | 23,632 | 30,768 | |
Trading assets, at fair value | 156,774 | 165,392 | |
of which encumbered | 49,237 | 52,322 | |
Investment securities | 2,189 | 2,486 | |
of which reported at fair value | 2,189 | 2,486 | |
Other investments | 5,893 | 6,717 | |
of which reported at fair value | 3,497 | 4,088 | |
Net loans | 283,237 | 278,960 | |
of which reported at fair value | 15,307 | 19,528 | |
of which encumbered | 186 | 132 | |
Allowance for loan losses | (881) | (937) | |
Premises and equipment | 4,445 | 4,666 | |
Goodwill | 4,036 | 4,189 | |
Other intangible assets | 223 | 213 | |
of which reported at fair value | 158 | 138 | |
Brokerage receivables | 46,968 | 33,431 | |
Other assets | 30,956 | 36,775 | |
of which reported at fair value | 9,018 | 9,420 | |
of which encumbered | 134 | 256 | |
Total assets | 798,372 | 822,065 | |
Liabilities and equity | |||
Due to banks | 15,411 | 22,800 | |
of which reported at fair value | 197 | 445 | |
Customer deposits | 362,303 | 357,224 | |
of which reported at fair value | 3,511 | 3,576 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 26,496 | 33,016 | |
of which reported at fair value | 15,262 | 19,634 | |
Obligation to return securities received as collateral, at fair value | 38,074 | 32,564 | |
Trading liabilities, at fair value | 39,132 | 44,952 | |
Short-term borrowings | 26,378 | 15,385 | |
of which reported at fair value | 11,019 | 4,061 | |
Long-term debt | 172,042 | 192,495 | |
of which reported at fair value | 62,622 | 71,970 | |
Brokerage payables | 43,303 | 39,852 | |
Other liabilities | 31,683 | 39,919 | |
of which reported at fair value | 8,590 | 9,557 | |
Total liabilities | 754,822 | 778,207 | |
Common shares | 4,400 | 4,400 | |
Additional paid-in capital | 45,718 | 41,817 | |
Retained earnings | 8,484 | 9,814 | |
Accumulated other comprehensive income/(loss) | (15,932) | (13,242) | |
Total shareholders' equity | 42,670 | 42,789 | |
Noncontrolling interests | 880 | 1,069 | |
Total equity | 43,550 | 43,858 | |
Total liabilities and equity | SFr 798,372 | SFr 822,065 | |
Additional share information | |||
Par value (in CHF per share) | [2] | SFr 1 | SFr 1 |
Issued shares (in shares) | [2] | 4,399,680,200 | 4,399,680,200 |
Common shares outstanding (in shares) | [2] | 4,399,680,200 | 4,399,680,200 |
Bank | Consolidated VIEs | |||
Assets | |||
Cash and due from banks | SFr 232 | SFr 369 | |
Trading assets, at fair value | 1,348 | 2,744 | |
Investment securities | 381 | 511 | |
Other investments | 1,833 | 2,006 | |
Net loans | 267 | 284 | |
Premises and equipment | 128 | 173 | |
Other assets | 2,396 | 2,616 | |
Liabilities and equity | |||
Trading liabilities, at fair value | 3 | 18 | |
Short-term borrowings | 0 | 1 | |
Long-term debt | 863 | 1,759 | |
Other liabilities | SFr 204 | SFr 243 | |
[1] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | ||
[2] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2017. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Consolidated statements of chan
Consolidated statements of changes in equity - CHF (SFr) SFr in Millions | Total | Total shareholders' equity | Common shares | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | Bank | BankTotal shareholders' equity | BankCommon shares | BankAdditional paid-in capital | BankRetained earnings | BankTreasury shares, at cost | BankAccumulated other comprehensive income | BankNoncontrolling interests | |||||||
Balance at Dec. 31, 2014 | SFr 45,001 | SFr 43,959 | SFr 64 | SFr 27,007 | SFr 32,083 | SFr (192) | SFr (15,003) | SFr 1,042 | SFr 46,477 | SFr 44,731 | SFr 4,400 | SFr 35,888 | SFr 16,658 | SFr 0 | SFr (12,215) | SFr 1,746 | |||||||
Increase (decrease) in shareholders' equity | |||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (381) | (381) | (434) | (434) | |||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 55 | 55 | 57 | 57 | |||||||||||||||||||
Net income/(loss) | (2,945) | (2,944) | (2,944) | (1) | (3,137) | (3,130) | (3,130) | (7) | |||||||||||||||
Total other comprehensive income/(loss), net of tax | (1,650) | (1,632) | (1,632) | (18) | (1,098) | (1,079) | (1,079) | (19) | |||||||||||||||
Issuance of common shares | 6,745 | 6,745 | 14 | 6,731 | |||||||||||||||||||
Sale of treasury shares | 18,752 | 18,752 | (37) | 18,789 | |||||||||||||||||||
Repurchase of treasury shares | (19,761) | (19,761) | (19,761) | ||||||||||||||||||||
Share-based compensation, net of tax | 718 | 718 | (321) | 1,039 | (437) | (437) | (437) | ||||||||||||||||
Financial instruments indexed to own shares | (106) | (106) | (106) | ||||||||||||||||||||
Dividends on share-based compensation, net of tax | (12) | (12) | (12) | ||||||||||||||||||||
Dividends paid | (1,137) | (1,137) | (221) | (221) | (221) | ||||||||||||||||||
Dividends paid out of reserves from capital contributions | (1,137) | ||||||||||||||||||||||
Change in scope of consolidation, net | (58) | (58) | (57) | (57) | |||||||||||||||||||
Other | (215) | (212) | (212) | (3) | 5,558 | 5,560 | 5,560 | (2) | |||||||||||||||
Balance at Dec. 31, 2015 | 45,018 | 44,382 | 78 | 31,925 | 29,139 | (125) | (16,635) | 636 | 46,696 | 45,412 | 4,400 | 40,999 | 13,307 | 0 | (13,294) | 1,284 | |||||||
Increase (decrease) in shareholders' equity | |||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | (19) | (13) | (13) | (6) | (19) | (13) | (13) | (6) | |||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (103) | (103) | (118) | (118) | |||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 112 | 112 | 120 | 120 | |||||||||||||||||||
Net income/(loss) | (2,707) | (2,710) | (2,710) | 3 | (2,889) | (2,883) | (2,883) | (6) | |||||||||||||||
Total other comprehensive income/(loss), net of tax | (117) | (112) | (112) | (5) | (395) | (412) | (412) | 17 | |||||||||||||||
Issuance of common shares | 1,667 | 1,667 | 6 | 1,661 | |||||||||||||||||||
Sale of treasury shares | 16,167 | 16,167 | 7 | 16,160 | |||||||||||||||||||
Repurchase of treasury shares | (16,197) | (16,197) | (16,197) | ||||||||||||||||||||
Share-based compensation, net of tax | 340 | 340 | 178 | 162 | 168 | 168 | 168 | ||||||||||||||||
Financial instruments indexed to own shares | (164) | (164) | (164) | ||||||||||||||||||||
Dividends on share-based compensation, net of tax | (41) | (41) | (41) | ||||||||||||||||||||
Dividends paid | (1,435) | (1,435) | (146) | (146) | (146) | ||||||||||||||||||
Dividends paid out of reserves from capital contributions | (1,435) | ||||||||||||||||||||||
Change in scope of consolidation, net | (194) | (194) | (192) | 2 | 2 | (194) | |||||||||||||||||
Other | (57) | (28) | (28) | (29) | 674 | 702 | 702 | (28) | |||||||||||||||
Balance at Dec. 31, 2016 | 42,311 | 41,897 | 84 | 32,131 | 25,954 | 0 | (16,272) | 414 | 43,858 | 42,789 | 4,400 | 41,817 | 9,814 | 0 | [1] | (13,242) | 1,069 | ||||||
Increase (decrease) in shareholders' equity | |||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | (475) | 475 | (464) | 464 | |||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (163) | [2],[3] | (163) | [2],[3] | (189) | [4],[5] | (189) | [4],[5] | |||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 65 | [3] | 65 | [3] | 65 | [5] | 65 | [5] | |||||||||||||||
Net income/(loss) | (948) | (983) | (983) | 35 | (1,228) | (1,255) | (1,255) | 27 | |||||||||||||||
Total other comprehensive income/(loss), net of tax | (2,473) | (2,466) | (2,466) | (7) | (2,726) | (2,690) | (2,690) | (36) | |||||||||||||||
Issuance of common shares | 5,213 | 5,213 | 18 | 5,195 | |||||||||||||||||||
Sale of treasury shares | 12,034 | 12,034 | 1 | 12,033 | |||||||||||||||||||
Repurchase of treasury shares | (12,757) | (12,757) | (12,757) | ||||||||||||||||||||
Share-based compensation, net of tax | 657 | 657 | 36 | 621 | 6 | 6 | 6 | ||||||||||||||||
Financial instruments indexed to own shares | [6] | 19 | 19 | 19 | |||||||||||||||||||
Dividends on share-based compensation, net of tax | (79) | (79) | (79) | ||||||||||||||||||||
Dividends paid | (1,550) | (1,546) | (13) | (10) | (10) | ||||||||||||||||||
Dividends paid out of reserves from capital contributions | [7] | (1,546) | |||||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | (4) | (3) | |||||||||||||||||||||
Change in scope of consolidation, net | (41) | (41) | (41) | (41) | |||||||||||||||||||
Other | (180) | (168) | (168) | (12) | 3,922 | 3,934 | 3,974 | [8] | (40) | (12) | |||||||||||||
Balance at Dec. 31, 2017 | 42,189 | 41,902 | SFr 102 | SFr 35,668 | 24,973 | SFr (103) | SFr (18,738) | SFr 287 | 43,550 | 42,670 | SFr 4,400 | SFr 45,718 | 8,484 | SFr 0 | [1] | SFr (15,932) | SFr 880 | ||||||
Increase (decrease) in shareholders' equity | |||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | SFr 2 | SFr 2 | SFr 2 | SFr (25) | SFr (25) | SFr (25) | |||||||||||||||||
[1] | Reflects Credit Suisse Group shares which are reported as treasury shares. Those shares are held to economically hedge share award obligations. | ||||||||||||||||||||||
[2] | Distributions to owners in funds include the return of original capital invested and any related dividends. | ||||||||||||||||||||||
[3] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | ||||||||||||||||||||||
[4] | Distributions to owners in funds include the return of original capital invested and any related dividends. | ||||||||||||||||||||||
[5] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | ||||||||||||||||||||||
[6] | Includes certain call options the Group purchased on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured. | ||||||||||||||||||||||
[7] | Paid out of capital contribution reserves. | ||||||||||||||||||||||
[8] | Includes a capital contribution of CHF 4'100 million from Credit Suisse Group AG to Credit Suisse AG following the capital increase in June 2017 by the Group. |
Consolidated statements of cha6
Consolidated statements of changes in equity (Parenthetical) SFr in Millions | 12 Months Ended |
Dec. 31, 2017CHF (SFr) | |
Bank | |
Additional paid-in capital increase, capital contribution | SFr 4,100 |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities of continuing operations | |||
Net income/(loss) | SFr (948) | SFr (2,707) | SFr (2,945) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||
Impairment, depreciation and amortization | 894 | 937 | 4,889 |
Provision for credit losses | 210 | 252 | 324 |
Deferred tax provision/(benefit) | 2,238 | (193) | 32 |
Share of net income/(loss) from equity method investments | (153) | (65) | (134) |
Trading assets and liabilities, net | 4,652 | 21,100 | 26,245 |
(Increase)/decrease in other assets | (15,597) | 9,611 | 11,395 |
Increase/(decrease) in other liabilities | (1,931) | (1,255) | (22,805) |
Other, net | 2,093 | (905) | (1,933) |
Total adjustments | (7,594) | 29,482 | 18,013 |
Net cash provided by/(used in) operating activities of continuing operations | (8,542) | 26,775 | 15,068 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 40 | 117 | 349 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 14,286 | (7,056) | 36,964 |
Purchase of investment securities | (86) | (88) | (376) |
Proceeds from sale of investment securities | 14 | 14 | 19 |
Maturities of investment securities | 422 | 363 | 908 |
Investments in subsidiaries and other investments | (1,094) | (1,403) | (594) |
Proceeds from sale of other investments | 1,970 | 1,737 | 1,938 |
(Increase)/decrease in loans | (13,674) | (3,745) | (5,446) |
Proceeds from sale of loans | 9,938 | 2,468 | 1,579 |
Capital expenditures for premises and equipment and other intangible assets | (1,068) | (1,164) | (1,102) |
Proceeds from sale of premises and equipment and other intangible assets | 1 | 55 | 13 |
Other, net | 65 | 749 | 409 |
Net cash provided by/(used in) investing activities of continuing operations | 10,814 | (7,953) | 34,661 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 3,423 | 10,267 | (29,149) |
Increase/(decrease) in short-term borrowings | 5,018 | 6,594 | (18,148) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (5,251) | (14,525) | (22,149) |
Issuances of long-term debt | 43,556 | 52,984 | 77,858 |
Repayments of long-term debt | (62,554) | (47,132) | (49,365) |
Issuances of common shares | 4,253 | 725 | 6,035 |
Sale of treasury shares | 12,034 | 16,167 | 18,752 |
Repurchase of treasury shares | (12,757) | (16,197) | (19,761) |
Dividends paid/capital repayments | (590) | (493) | (427) |
Other, net | 77 | 377 | 186 |
Net cash provided by/(used in) financing activities of continuing operations | (12,791) | 8,767 | (36,168) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (827) | 1,244 | (582) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (11,346) | 28,833 | 12,979 |
Cash and due from banks at beginning of period | 121,161 | 92,328 | 79,349 |
Cash and due from banks at end of period | 109,815 | 121,161 | 92,328 |
Cash paid for income taxes and interest | |||
Cash paid for income taxes | 540 | 662 | 1,010 |
Cash paid for interest | 9,961 | 9,136 | 10,208 |
Assets and liabilities sold in business divestitures | |||
Assets sold | 1,777 | 425 | 35 |
Liabilities sold | 1,658 | 383 | 7 |
Assets acquired and liabilities assumed in business acquisitions | |||
Fair value of assets acquired | 0 | 0 | 3 |
Bank | |||
Operating activities of continuing operations | |||
Net income/(loss) | (1,228) | (2,889) | (3,137) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||
Impairment, depreciation and amortization | 837 | 934 | 4,885 |
Provision for credit losses | 210 | 252 | 324 |
Deferred tax provision/(benefit) | 2,285 | (234) | 1 |
Share of net income/(loss) from equity method investments | (150) | (62) | (132) |
Trading assets and liabilities, net | 3,441 | 21,214 | 26,133 |
(Increase)/decrease in other assets | (15,435) | 9,731 | 11,346 |
Increase/(decrease) in other liabilities | (1,443) | (1,021) | (22,312) |
Other, net | 2,993 | (917) | (1,929) |
Total adjustments | (7,262) | 29,897 | 18,316 |
Net cash provided by/(used in) operating activities of continuing operations | (8,490) | 27,008 | 15,179 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 40 | 117 | 300 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 14,286 | (7,056) | 36,964 |
Purchase of investment securities | (86) | (88) | (376) |
Proceeds from sale of investment securities | 14 | 14 | 19 |
Maturities of investment securities | 422 | 363 | 908 |
Investments in subsidiaries and other investments | (1,094) | (1,357) | (555) |
Proceeds from sale of other investments | 1,967 | 1,693 | 1,896 |
(Increase)/decrease in loans | (14,779) | (4,221) | (5,277) |
Proceeds from sale of loans | 9,938 | 2,468 | 1,579 |
Capital expenditures for premises and equipment and other intangible assets | (950) | (1,164) | (1,101) |
Proceeds from sale of premises and equipment and other intangible assets | 60 | 55 | 13 |
Other, net | 65 | 750 | 409 |
Net cash provided by/(used in) investing activities of continuing operations | 9,883 | (8,426) | 34,779 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 3,187 | 10,237 | (29,074) |
Increase/(decrease) in short-term borrowings | 5,507 | 6,594 | (18,148) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (5,251) | (14,525) | (22,149) |
Issuances of long-term debt | 43,567 | 52,944 | 77,884 |
Repayments of long-term debt | (62,644) | (47,132) | (49,545) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (13) | (145) | (150) |
Other, net | 3,535 | 1,044 | 4,787 |
Net cash provided by/(used in) financing activities of continuing operations | (12,112) | 9,017 | (36,395) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (837) | 1,213 | (580) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (11,556) | 28,812 | 12,983 |
Cash and due from banks at beginning of period | 121,066 | 92,254 | 79,271 |
Cash and due from banks at end of period | 109,510 | 121,066 | 92,254 |
Cash paid for income taxes and interest | |||
Cash paid for income taxes | 531 | 659 | 1,000 |
Cash paid for interest | 9,688 | 9,105 | 10,196 |
Assets and liabilities sold in business divestitures | |||
Assets sold | 1,777 | 425 | 35 |
Liabilities sold | 1,658 | 383 | 7 |
Assets acquired and liabilities assumed in business acquisitions | |||
Fair value of assets acquired | SFr 0 | SFr 0 | SFr 3 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
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 year’s consolidated financial statements to conform to the current presentation which 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 assets, tax uncertainties, pension liabilities and 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 management’s 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 Group’s 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 and the limited partners do not have either substantive kick out rights and/or substantive participating rights or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs if 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 – Brokers 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-dealer’s 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 remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than the Swiss franc are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated at weighted average foreign exchange rates for the period. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. Fair value measurement and option The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial recognition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. > Refer to “Fair value option” in Note 34 – Financial instruments for further information. Cash and due from banks Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. Reverse repurchase and repurchase agreements Purchases of securities under resale agreements (>>>reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (>>>repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on selected agreements. Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same enforceable master netting agreement. Securities lending and borrowing transactions Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. If the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. Transfers of financial assets The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. > Refer to “Note 33 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. Trading assets and liabilities Trading assets and liabilities include debt and equity securities, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. Derivatives Freestanding >>>derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for >>>over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: (i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or (iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. Investment securities Investment securities include debt securities classified as held-to-maturity and debt and marketable equity securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. Debt and equity securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent 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. Recognition of an impairment on equity securities is recorded in the consolidated statements of operations if a decline in fair value below the cost basis of an investment is considered other-than-temporary. The Group generally considers unrealized losses on equity securities to be other-than-temporary if the fair value has been below cost for more than six months or has decreased by more than 20% below cost. Recognition of an impairment for debt or equity securities establishes a new cost basis, which is not adjusted for subsequent recoveries. Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. Other investments Other investments include equity method investments and non-marketable equity securities such as private equity, hedge funds, and restricted stock investments, certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, real estate held for investment and the life finance business. Equity method investments are investments where the Group has the ability to significantly influence the operating and financial policies of an investee. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s share of the profit or loss, and any impairment on the investee, if applicable, is reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. The Group’s other non-marketable equity securities are carried at cost less other-than-temporary impairment or at fair value if elected under the fair value option. Non-marketable equity securities held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. Equity method investments and non-marketable equity securities held by broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. Real estate held for investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. These assets are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. In connection with the life finance business, the Group invests in single premium immediate annuities (SPIA), which are carried at fair value with the related fair value changes reported in trading revenues. The life finance business also invests in life settlement contracts. Loans Loans held-to-maturity Loans, which the Group intends to hold until maturity, are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Note 18 – Loans, allowance for loan losses and credit quality” for further information. Allowance for loan losses on loans held-to-maturity The allowance for loan losses is composed of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectability and a provision is established as necessary. A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectability and additional provisions are established as required. Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other assets received. > Refer to “Impaired loans” in Note 18 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. Loans held-for-sale Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Revaluation losses incurred at the transfer into the held-for-sale category are generally recorded as credit losses. Gains and losses on loans held-for-sale subsequent to the transfer into the held-for-sale category are recorded in other revenues. Purchased impaired loans Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. Loans held at fair value under the fair value option Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. Premises and equipment Premises and equipment (including equipment under operating leases where the Group is the lessor), with the exception of land, are carried at cost less accumulated depreciation. Buildings are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years, and building improvements are depreciated on a straight-line basis over their estimated useful lives, generally not exceeding five to ten years. Land is carried at historical cost and is not depreciated. Leasehold improvements, such as alterations and improvements to rented premises, are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which generally does not exceed ten years. Equipment, such as computers, machinery, furnishings, vehicles and other tangible non-financial assets, is depreciated using the straight-line method over its estimated useful lives, generally three to ten years. Certain leasehold improvements and equipment, such as data center power generators, may have estimated useful lives greater than ten years. The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliab |
Bank | |
Summary of significant accounting policies | 1 Summary of significant accounting policies The accompanying consolidated financial statements of Credit Suisse AG (the Bank), the direct bank subsidiary 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 Bank ends on December 31. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation which 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 assets, tax uncertainties, pension liabilities and 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 management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. In order to align the corporate structure of Credit Suisse (Schweiz) AG with that of the Swiss Universal Bank division, during 2017, the equity stakes in Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH held by the Group were transferred to the Bank and subsequently to Credit Suisse (Schweiz) AG, a wholly owned subsidiary of the Bank. Prior periods have been restated to conform to the current presentation to reflect the impact of these transfers. > Refer to “Note 1 – Summary of significant accounting policies” in VI – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. Pension and other post-retirement benefits Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. > Refer to “Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group – Note 1 – Summary of significant accounting policies for further information. Own shares, own bonds and financial instruments on Group shares The Bank’s shares are wholly owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares) and Group bonds, own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Recently issued accounting stan
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2017 | |
Recently issued accounting standards | 2 Recently issued accounting standards Recently adopted accounting standards ASC Topic 350 – Intangibles - Goodwill and Other In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-04, “Simplifying the Test for Goodwill Impairment” (ASU 2017-04), an update to Accounting Standards Codification (ASC) Topic 805 – Business Combinations. ASU 2017-04 simplified the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. ASU 2017-04 was effective for annual and any interim impairment tests performed for periods beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. ASU 2017-04 was to be applied on a prospective basis. The Group elected to early adopt ASU 2017-04 on January 1, 2017, which did not have a material impact on the Group’s financial position, results of operations or cash flows. ASC Topic 718 – Compensation – Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), an update to ASC Topic 718 – Compensation—Stock Compensation. The amendments in ASU 2016-09 provided simplification updates for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The adoption of ASU 2016-09 on January 1, 2017 resulted in the recognition of previously unrecorded deferred tax asset net operating loss balances which arose due to prior tax windfalls that did not immediately result in cash tax savings. The adjustment resulted in an increase in retained earnings of CHF 85 million upon adoption. ASC Topic 740 – Income Taxes In October 2016, the FASB issued ASU 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory” (ASU 2016-16), an update to ASC Topic 740 – Income Taxes. The amendments in ASU 2016-16 eliminated the exception for an intra-entity transfer of an asset other than inventory. ASU 2016-16 was required to be applied on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 was effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption was permitted. The Group elected to early adopt ASU 2016-16 on January 1, 2017, which resulted in a reclassification from other assets to deferred tax assets. The net impact upon adoption was a reduction in retained earnings of CHF 81 million. ASC Topic 825 – Financial Instruments – Overall In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01), an update to ASC Topic 825 – Financial Instruments – Overall. The amendments in ASU 2016-01 addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The amendments primarily affected the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. Early adoption of the full standard was not permitted; however, certain sections of ASU 2016-01 relating to fair value option-elected financial liabilities could be early adopted in isolation. The amendments to ASU 2016-01 required the changes in fair value relating to instrument-specific credit risk of fair value option elected financial liabilities to be presented separately in AOCI. The Group early adopted these sections of the update on January 1, 2016. As a result of the adoption, the Group reclassified CHF 475 million, net of tax, from retained earnings to AOCI. The adoption of the remaining amendments to ASU 2016-01 on January 1, 2018 resulted in a reclassification of unrealized gains and losses previously reported in AOCI for available-for-sale equity securities to retained earnings of CHF 21 million, net of tax. ASU 2016-01 also required that certain equity instruments without readily determinable fair value be measured at fair value, excluding instances in which measurement alternative is applied; however, this requirement did not have a material impact on the Group’s financial position, results of operations or cash flows. Standards to be adopted in future periods ASC Topic 220 – Income Statements – Reporting Comprehensive Income In January 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (ASU 2018-02), an update to ASC Topic 220 – Income Statement – Reporting Comprehensive Income. The amendments in ASU 2018-02 allow a reclassification from AOCI to retained earnings for the stranded tax effects resulting from the US Tax Cuts and Jobs Act. ASU 2018-02 is effective for annual reporting periods and interim periods within those periods beginning after December 15, 2018. Early adoption is permitted in any period for which financial statements have not yet been issued. The Group may elect to apply the amendments to ASU 2018-02 to the beginning of the period (annual or interim) of adoption or retrospectively for each period in which the tax effects of the US Tax Cuts and Jobs Act related to items remaining in AOCI are recognized. The Group is currently evaluating the impact of the adoption of ASU 2018-02 on the Group’s financial position, results of operations and cash flows. ASC Topic 230 – Statement of Cash Flows In November 2016, the FASB issued ASU 2016-18, “Restricted Cash (a consensus of the FASB Emerging Issues Task Force)” (ASU 2016-18), an update to ASC Topic 230 – Statement of Cash Flows. ASU 2016-18 required that cash amounts described as restricted cash and cash equivalents be included in cash and cash equivalents when reconciling total amounts in the statements of cash flows. ASU 2016-18 was required to be applied retrospectively to all periods presented beginning in the year of adoption. The adoption of ASU 2016-18 on January 1, 2018 did not have an impact on the Group’s financial position, results of operations and cash flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)” (ASU 2016-15), an update to ASC Topic 230 – Statement of Cash Flows. The amendments in ASU 2016-15 provided guidance regarding classification of certain cash receipts and payments where diversity in practice was observed. ASU 2016-15 was required to be applied retrospectively to all periods presented beginning in the year of adoption. The adoption of ASU 2016-15 on January 1, 2018 did not have an impact on the Group’s financial position, results of operations and cash flows and, as such, prior periods were not restated. ASC Topic 326 – Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU 2016-13), creating ASC Topic 326 – Financial Instruments – Credit Losses. ASU 2016-13 is intended to improve financial reporting by requiring timelier recording of credit losses on financial assets measured at amortized cost basis (including, but not limited to loans), net investments in leases recognized as lessor and off-balance sheet credit exposures. ASU 2016-13 eliminates the probable initial recognition threshold under the current incurred loss methodology for recognizing credit losses. Instead, ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The Group will incorporate forward-looking information and macroeconomic factors into its credit loss estimates. ASU 2016-13 requires enhanced disclosures to help investors and other financial statement users to better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. As the Group is a US Securities and Exchange Commission (SEC) filer, ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. Early adoption will be permitted for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2018; however, the Group does not intend to early adopt ASU 2016-13. The Group has established a cross-functional implementation team and governance structure for the project. The Group has decided on a current expected credit loss (CECL) methodology while it is adjusting for key interpretive issues. Furthermore, the Group will continue to monitor the initial scope assessment, as a basis to determine the requirements and data sourcing of the CECL models, and to design, build and test the models until the effective date. The Group expects that the new CECL methodology would generally result in increased and more volatile allowance for loan losses. The main impact drivers include: – – – Upon adoption of the standard, the Group expects an adjustment to be posted to retained earnings for any changes in loan losses. As the implementation progresses, the Group will continue to evaluate the extent of the impact of the adoption of ASU 2016-13 on the Group’s financial position, results of operations and cash flows. ASC Topic 606 – Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), creating ASC Topic 606 – Revenue from Contracts with Customers and superseding ASC Topic 605 – Revenue Recognition. The core principle of the guidance was that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflected the consideration to which the entity expected to be entitled in exchange for those goods or services. ASU 2014-09 outlined key steps that an entity should follow to achieve the core principle. ASU 2014-09 also included disclosure requirements that enabled users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 and its subsequent amendments were effective for the annual reporting period beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption was permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group established a cross-functional implementation team and governance structure for the project. The Group’s implementation efforts included the identification of revenue and costs within the scope of the guidance, as well as the evaluation of revenue contracts under the new guidance and related accounting policies. The guidance did not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other US GAAP guidance. The Group adopted ASU 2014-09 on January 1, 2018 using the modified retrospective approach with a transition adjustment recognized in retained earnings without restating comparatives. As a result of adoption, there was a decrease in retained earnings, net of tax, of CHF 44 million due to a change in timing of the recognition of certain fees in investment banking and private banking. Additionally, the new revenue recognition criteria required the Group to present underwriting revenue, reimbursed expenses in fund management and in investment banking advisory, gross of offsetting expenses in contrast to prior periods in which the financial statements presented these amounts net of offsetting expenses; this change in presentation from net to gross would have increased the revenues and expenses in 2017 by approximately CHF 0.2 billion, which was not included in the previously stated transition amount. Furthermore, with the adoption of ASU 2014-09, the brokerage, clearing and exchange expenses, which are incurred when acting as an agent on behalf of clients buying or selling exchange traded cash securities, exchange traded derivatives or centrally cleared OTC derivatives, are offset against the commission income. The change in presentation of brokerage, clearing and exchange expenses would have decreased the revenues and expenses in 2017 by approximately CHF 0.1 billion, which was not included in the previously stated transition amount. ASC Topic 715 – Compensation – Retirement Benefits In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (ASU 2017-07), an update to ASC Topic 715 – Compensation – Retirement Benefits. The amendments in ASU 2017-07 required that the service cost component of the net periodic benefit cost be presented in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Other components of the net periodic benefit cost should be reported separately from the line item(s) that included the service cost and outside of any subtotal of operating income. ASU 2017-07 was required to be applied retrospectively to all periods presented beginning in the year of adoption. The adoption of ASU 2017-07 on January 1, 2018 resulted in a restatement that, upon adoption, increased compensation and benefits and reduced general and administrative expenses by CHF 153 million and CHF 37 million as of December 31, 2017 and 2016, respectively. ASC Topic 815 – Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting Hedging Activities” (ASU 2017-12), an update to ASC Topic 815 – Derivatives and Hedging. ASU 2017-12 makes changes to the hedge accounting model intended to facilitate financial reporting that more closely reflects an entity’s risk management activities and to simplify application of hedge accounting. The amendments in ASU 2017-12 provide more hedging strategies that will be eligible for hedge accounting, ease the documentation and effectiveness assessment requirements and result in changes to the presentation and disclosure requirements of hedge accounting activities. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018, and for the interim periods within those annual reporting periods. Early adoption, including adoption in an interim period, is permitted. The Group is currently evaluating the impact of the adoption of ASU 2017-12 on the Group’s financial position, results of operations and cash flows. ASC Topic 842 – Leases In February 2016, the FASB issued ASU 2016-02, “Leases” (ASU 2016-02), creating ASC Topic 842 – Leases and superseding ASC Topic 840 – Leases. ASU 2016-02 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 also includes disclosure requirements to provide more information about the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting is substantially unchanged compared to the current accounting guidance. Under the current lessee accounting model the Group is required to distinguish between finance leases, which are recognized on the balance sheet, and operating leases, which are not. ASU 2016-02 will require lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet for all leases with a lease term of greater than twelve months. ASU 2016-02, as amended by ASU 2018-01 ”Land Easement Practical Expedient for Transition to Topic 842”, is effective for annual reporting periods beginning after December 15, 2018, and for the interim periods within those annual reporting periods. Early adoption is permitted; however the Group does not intend to early adopt ASU 2016-02. The Group has established a cross-functional implementation team and governance structure for the project. The Group is currently reviewing its existing contracts to determine the impact of the adoption of ASU 2016-02. The Group expects an increase in total assets and total liabilities as a result of recognizing right-of-use assets and lease liabilities for all leases under the new guidance. The Group does not expect a material change to the timing of expense recognition and is currently evaluating the impact of the adoption of ASU 2016-02 on the Group’s financial position, results of operations and cash flows. |
Bank | |
Recently issued accounting standards | 2 Recently issued accounting standards > Refer to “Note 2 – Recently issued accounting standards” in VI – Consolidated financial statements – Credit Suisse Group for recently adopted accounting standards and standards to be adopted in future periods. The impact on the Bank’s and Group’s financial position, results of operations or cash flows was or is expected to be identical. |
Business developments
Business developments | 12 Months Ended |
Dec. 31, 2017 | |
Business developments | 3 Business developments, significant shareholders and subsequent events The Group’s significant business developments for 2017 as well as the Group’s significant shareholders are discussed below. Business developments Capital increase On May 18, 2017, the Group held an Extraordinary General Meeting at which shareholders approved a capital increase by way of a rights offering. By the end of the rights exercise period on June 7, 2017, 99.2% of the rights had been exercised and 390,206,406 newly issued shares were subscribed. The remaining 3,026,166 newly issued shares that were not subscribed were sold in the market. The capital increase resulted in 393,232,572 newly issued shares and net proceeds for the Group of CHF 4.1 billion. Legal entity structure In order to align the corporate structure of Credit Suisse (Schweiz) AG with that of the Swiss Universal Bank division, the following equity stakes held by the Group were transferred to Credit Suisse (Schweiz) AG: (i) 100% equity stake in Neue Aargauer Bank AG, (ii) 100% equity stake in BANK-now AG, and (iii) 50% equity stake in Swisscard AECS GmbH. The transfer of these equity stakes took place by way of an a-fonds-perdu contribution from the Group to Credit Suisse AG and immediately thereafter via a subsequent sale of those equity stakes from Credit Suisse AG to Credit Suisse (Schweiz) AG. The a-fonds-perdu contribution and the subsequent sale took place at the respective equity stakes’ aggregate Swiss GAAP carrying value as recorded by the Group. The transfer was completed on March 31, 2017. Significant shareholders Significant shareholders registered in the share register The following table includes significant shareholders (including nominees) with holdings in Group shares of at least 5% of the voting rights, which were registered in the share register as of December 31, 2017 and 2016, respectively. Significant shareholders registered in the share register end of 2017 2016 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 329 13 12.88 335 13 16.03 Nortrust Nominees Ltd. 2 140 6 5.49 113 5 5.39 The Bank of New York Mellon 2 – – – 3 107 4 5.14 Crescent Holding GmbH – – – 3 107 4 5.10 1 As registered in the share register of the Group on December 31 of the reporting period; includes shareholders registered as nominees or ADS depositary bank. 2 Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. 3 Participation was lower than the disclosure threshold of 5%. Information received from shareholders not registered in the share register In addition to the shareholdings registered in the share register of the Group, the Group has obtained and reported to the >>>SIX Swiss Exchange (SIX) the following information from its shareholders in accordance with the notification requirements of the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading. These shareholders may hold their shareholdings in Group shares through a nominee. In a disclosure notification that the Group published on November 9, 2013, the Group was notified that as of November 4, 2013, Harris Associates L.P. held 81.5 million shares, or 5.17% of the voting rights, of the registered Group shares issued as of the date of the notified transaction. No further disclosure notification has been received from Harris Associates L.P. relating to holdings of registered Group shares since 2013. This position includes the reportable position of Harris Associates Investment Trust (4.97% of the voting rights), as published by the SIX on November 28, 2017. In a disclosure notification that the Group published on May 12, 2017, the Group was notified that as of May 8, 2017, Norges Bank held 106.1 million shares, or 5.08% of the voting rights, of the registered Group shares issued as of the date of the notified transaction. In a disclosure notification that the Group published on February 15, 2018, the Group was notified that Norges Bank’s shareholdings and voting rights of Group shares had fallen below the 5% threshold as of February 13, 2018. In 2017, the Group received disclosure notifications from The Olayan Group and The Capital Group Companies, Inc. that their holdings of registered Group shares and voting rights had fallen below the 5% threshold. BlackRock, Inc.’s as well as Qatar Holding LLC’s holdings of registered Group shares and voting rights remained below the 5% threshold both as of December 31, 2017 and as of December 31, 2016. Subsequent events There were no subsequent events. |
Bank | |
Business developments | 3 Business developments, significant shareholders and subsequent events > Refer to “Note 3 – Business developments, significant shareholders and subsequent events” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2017 | |
Segment information | 4 Segment information The Group is a global financial services company domiciled in Switzerland and serves its clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specialized in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with the strategic direction. The segment information reflects the Group’s six reportable segments, which are managed and reported on a pre-tax basis, as follows: – Swiss Universal Bank – International Wealth Management – Asia Pacific – Global Markets – Investment Banking & Capital Markets – Strategic Resolution Unit 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, the Corporate Center includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses. For the operations discontinued in prior years, the revenues, expenses and gains from disposals were included in the results of the segments. The reclassification of these revenues and expenses from the segment results to discontinued operations for Group reporting was effected through the Corporate Center. Revenue sharing and cost allocation Responsibility for each product is allocated to a specific 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 service level agreements is to reflect the pricing structure of unrelated third-party transactions. Corporate services and business support in finance, operations, human resources, legal, compliance, risk management and IT are provided by corporate functions, and the related costs are allocated to the segments and Corporate Center based on their requirements and other relevant measures. Funding The Group centrally manages its funding activities. New securities for funding and capital purposes are issued primarily by Credit Suisse AG, the direct bank subsidiary of the Group (the Bank). The Bank lends funds to its operating subsidiaries and affiliates on both a senior and subordinated basis, as needed, the latter typically to meet capital requirements, or as desired by management to capitalize on opportunities. Capital is distributed to the segments considering factors such as regulatory capital requirements, utilized economic capital and the historic and future potential return on capital. Transfer pricing, using market rates, is used to record net revenues and expenses in each of the segments for this capital and funding. The Group’s funds transfer pricing system is designed to allocate funding costs to its businesses in a way that incentivizes their efficient use of funding. The Group’s funds transfer pricing system is an essential tool that allocates to the businesses the short-term and long-term costs of funding their balance sheet usages and off-balance sheet contingencies. The funds transfer pricing framework ensures the full funding costs allocation under normal business conditions, but it is of even greater importance in a stressed capital markets environment where raising funds is more challenging and expensive. Under this framework, the Group’s businesses are also credited to the extent they provide long-term stable funding. Net revenues and income/(loss) before taxes in 2017 2016 2015 Net revenues (CHF million) Swiss Universal Bank 5,396 5,759 5,721 International Wealth Management 5,111 4,698 4,552 Asia Pacific 3,504 3,597 3,839 Global Markets 5,551 5,497 6,826 Investment Banking & Capital Markets 2,139 1,972 1,787 Strategic Resolution Unit (886) (1,271) 511 Corporate Center 85 71 561 Net revenues 20,900 20,323 23,797 Income/(loss) before taxes (CHF million) Swiss Universal Bank 1,765 2,025 1,675 International Wealth Management 1,351 1,121 723 Asia Pacific 729 725 377 Global Markets 450 48 (1,931) Investment Banking & Capital Markets 369 261 (314) Strategic Resolution Unit (2,135) (5,759) (2,652) Corporate Center (736) (687) (300) Income/(loss) before taxes 1,793 (2,266) (2,422) Total assets end of 2017 2016 Total assets (CHF million) Swiss Universal Bank 228,857 228,363 International Wealth Management 94,753 91,083 Asia Pacific 96,497 97,221 Global Markets 242,159 239,700 Investment Banking & Capital Markets 20,803 20,784 Strategic Resolution Unit 45,629 80,297 Corporate Center 67,591 62,413 Total assets 796,289 819,861 Net revenues and income/(loss) before taxes by geographic location in 2017 2016 2015 Net revenues (CHF million) Switzerland 7,775 8,426 8,548 EMEA 1,231 2,064 3,846 Americas 8,928 7,217 8,470 Asia Pacific 2,966 2,616 2,933 Net revenues 20,900 20,323 23,797 Income/(loss) before taxes (CHF million) Switzerland 1,736 2,111 1,746 EMEA (2,769) (2,460) (1,464) Americas 2,746 (1,573) (2,877) Asia Pacific 80 (344) 173 Income/(loss) before taxes 1,793 (2,266) (2,422) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. Total assets by geographic location end of 2017 2016 Total assets (CHF million) Switzerland 241,757 248,496 EMEA 154,023 156,494 Americas 318,405 333,185 Asia Pacific 82,104 81,686 Total assets 796,289 819,861 The designation of total assets by region is based upon customer domicile. |
Bank | |
Segment information | 4 Segment information For the purposes of the presentation of reportable segments, the Bank has included accounts of affiliate entities wholly owned by the same parent which are managed together with the operating segments of the Bank. > Refer to “Note 4 – Segment information” in VI – Consolidated financial statements – Credit Suisse Group for further information. Net revenues and income/(loss) before taxes in 2017 2016 2015 Net revenues (CHF million) Swiss Universal Bank 5,396 5,759 5,721 International Wealth Management 5,111 4,698 4,552 Asia Pacific 3,504 3,597 3,839 Global Markets 5,551 5,497 6,826 Investment Banking & Capital Markets 2,139 1,972 1,787 Strategic Resolution Unit (886) (1,271) 511 Adjustments 1 150 141 575 Net revenues 20,965 20,393 23,811 Income/(loss) before taxes (CHF million) Swiss Universal Bank 1,765 2,025 1,675 International Wealth Management 1,351 1,121 723 Asia Pacific 729 725 377 Global Markets 450 48 (1,931) Investment Banking & Capital Markets 369 261 (314) Strategic Resolution Unit (2,135) (5,759) (2,652) Adjustments 1 (976) (910) (527) Income/(loss) before taxes 1,553 (2,489) (2,649) 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Total assets end of 2017 2016 Total assets (CHF million) Swiss Universal Bank 228,857 228,363 International Wealth Management 94,753 91,083 Asia Pacific 96,497 97,221 Global Markets 242,159 239,700 Investment Banking & Capital Markets 20,803 20,784 Strategic Resolution Unit 45,629 80,297 Adjustments 1 69,674 64,617 Total assets 798,372 822,065 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Net revenues and income/(loss) before taxes by geographic location in 2017 2016 2015 Net revenues (CHF million) Switzerland 8,015 8,484 8,567 EMEA 1,042 2,036 3,819 Americas 8,952 7,267 8,514 Asia Pacific 2,956 2,606 2,911 Net revenues 20,965 20,393 23,811 Income/(loss) before taxes (CHF million) Switzerland 1,648 1,955 1,604 EMEA (2,825) (2,487) (1,493) Americas 2,660 (1,602) (2,910) Asia Pacific 70 (355) 150 Income/(loss) before taxes 1,553 (2,489) (2,649) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. Total assets by geographic location end of 2017 2016 Total assets (CHF million) Switzerland 243,767 250,559 EMEA 154,179 156,669 Americas 318,358 333,147 Asia Pacific 82,068 81,690 Total assets 798,372 822,065 The designation of total assets by region is based upon customer domicile. |
Net interest income
Net interest income | 12 Months Ended |
Dec. 31, 2017 | |
Net interest income | 5 Net interest income in 2017 2016 2015 Net interest income (CHF million) Loans 5,979 5,628 5,413 Investment securities 47 60 65 Trading assets 6,697 7,483 9,046 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,515 2,767 2,625 Other 1,819 1,436 2,192 Interest and dividend income 17,057 17,374 19,341 Deposits (1,354) (1,043) (884) Short-term borrowings (166) (84) (105) Trading liabilities (3,542) (3,602) (3,854) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,284) (1,387) (1,264) Long-term debt (3,722) (3,494) (3,728) Other (432) (202) (207) Interest expense (10,500) (9,812) (10,042) Net interest income 6,557 7,562 9,299 |
Bank | |
Net interest income | 5 Net interest income in 2017 2016 2015 Net interest income (CHF million) Loans 5,981 5,627 5,411 Investment securities 47 60 65 Trading assets 6,698 7,483 9,045 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,515 2,767 2,625 Other 1,820 1,438 2,196 Interest and dividend income 17,061 17,375 19,342 Deposits (1,360) (1,047) (887) Short-term borrowings (168) (84) (105) Trading liabilities (3,546) (3,602) (3,855) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,284) (1,387) (1,264) Long-term debt (3,580) (3,460) (3,726) Other (431) (201) (206) Interest expense (10,369) (9,781) (10,043) Net interest income 6,692 7,594 9,299 |
Commissions and fees
Commissions and fees | 12 Months Ended |
Dec. 31, 2017 | |
Commissions and fees | 6 Commissions and fees in 2017 2016 2015 Commissions and fees (CHF million) Lending business 1,839 1,818 1,578 Investment and portfolio management 3,494 3,209 3,436 Other securities business 46 46 65 Fiduciary business 3,540 3,255 3,501 Underwriting 1,806 1,364 1,644 Brokerage 3,004 3,028 3,648 Underwriting and brokerage 4,810 4,392 5,292 Other services 1,628 1,627 1,673 Commissions and fees 11,817 11,092 12,044 |
Bank | |
Commissions and fees | 6 Commissions and fees in 2017 2016 2015 Commissions and fees (CHF million) Lending business 1,809 1,790 1,560 Investment and portfolio management 3,320 3,043 3,346 Other securities business 82 72 73 Fiduciary business 3,402 3,115 3,419 Underwriting 1,817 1,364 1,659 Brokerage 3,006 3,029 3,648 Underwriting and brokerage 4,823 4,393 5,307 Other services 1,638 1,640 1,680 Commissions and fees 11,672 10,938 11,966 |
Trading revenues
Trading revenues | 12 Months Ended |
Dec. 31, 2017 | |
Trading revenues | 7 Trading revenues in 2017 2016 2015 Trading revenues (CHF million) Interest rate products 3,228 6,231 2,965 Foreign exchange products 1,989 (2,529) (1,121) Equity/index-related products (2,888) (1,796) (259) Credit products (1,096) (2,124) 1 Commodity and energy products 86 177 (46) Other products (2) 354 (200) Trading revenues 1,317 313 1,340 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. Trading revenues include revenues from trading financial assets and liabilities as follows: – – – – – – – – – – Trading revenues also include changes in the >>>fair value of financial assets and liabilities elected to fair value under US GAAP. The main components include certain instruments from the following categories: – – – – – Managing the risks As a result of the Group’s broad involvement in financial products and markets, its trading strategies are correspondingly diverse and exposures are generally spread across a diversified range of risk factors and locations. The Group uses an economic capital limit structure to limit overall risk taking. The level of risk incurred by its divisions is further restricted by a variety of specific limits, including consolidated controls over trading exposures. Also, as part of its overall risk management, the Group holds a portfolio of economic hedges. Hedges are impacted by market movements, similar to trading securities, and may result in gains or losses on the hedges which offset losses or gains on the portfolios they were designed to economically hedge. The Group manages its trading risk with regard to both market and credit risk. For market risk, it uses tools capable of calculating comparable exposures across its many activities, as well as focused tools that can specifically model unique characteristics of certain instruments or portfolios. The principal measurement methodology for trading assets, as well as most instruments for which the fair value option was elected, is >>>value-at-risk. The Group holds securities as collateral and enters into >>>credit default swaps (CDS) to mitigate the credit risk on these products. |
Bank | |
Trading revenues | 7 Trading revenues in 2017 2016 2015 Trading revenues (CHF million) Interest rate products 3,218 7,163 2,953 Foreign exchange products 1,991 (3,461) (1,124) Equity/index-related products (2,895) (1,738) (275) Credit products (1,096) (2,124) 1 Commodity and energy products 86 177 (46) Other products (4) 354 (200) Total 1,300 371 1,309 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. > Refer to “Note 7 – Trading revenues” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Other revenues
Other revenues | 12 Months Ended |
Dec. 31, 2017 | |
Other revenues | 8 Other revenues in 2017 2016 2015 Other revenues (CHF million) Noncontrolling interests without SEI 3 4 9 Loans held-for-sale 3 (51) (19) Long-lived assets held-for-sale (18) 437 36 Equity method investments 233 208 243 Other investments 80 0 144 Other 908 758 701 Other revenues 1,209 1,356 1,114 |
Bank | |
Other revenues | 8 Other revenues in 2017 2016 2015 Other revenues (CHF million) Noncontrolling interests without SEI 0 0 3 Loans held-for-sale 3 (51) (19) Long-lived assets held-for-sale (18) 437 36 Equity method investments 229 205 241 Other investments 81 7 147 Other 1,006 892 829 Other revenues 1,301 1,490 1,237 |
Provision for credit losses
Provision for credit losses | 12 Months Ended |
Dec. 31, 2017 | |
Provision for credit losses | 9 Provision for credit losses in 2017 2016 2015 Provision for credit losses (CHF million) Provision for loan losses 190 249 295 Provision for lending-related and other exposures 20 3 29 Provision for credit losses 210 252 324 |
Bank | |
Provision for credit losses | 9 Provision for credit losses in 2017 2016 2015 Provision for credit losses (CHF million) Provision for loan losses 190 249 295 Provision for lending-related and other exposures 20 3 29 Provision for credit losses 210 252 324 |
Compensation and benefits
Compensation and benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and benefits | 10 Compensation and benefits in 2017 2016 2015 Compensation and benefits (CHF million) Salaries and variable compensation 8,906 9,165 10,051 Social security 671 697 788 Other 1 600 710 707 Compensation and benefits 10,177 10,572 11,546 1 Includes pension and other post-retirement expense of CHF 242 million, CHF 384 million and CHF 359 million in 2017, 2016 and 2015, respectively. |
Bank | |
Compensation and benefits | 10 Compensation and benefits in 2017 2016 2015 Compensation and benefits (CHF million) Salaries and variable compensation 8,421 9,058 9,935 Social security 620 691 780 Other 1 923 1,028 941 Compensation and benefits 9,964 10,777 11,656 1 Includes pension and other post-retirement expense of CHF 581 million, CHF 704 million and CHF 594 million in 2017, 2016 and 2015, respectively. |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2017 | |
General and administrative expenses | 11 General and administrative expenses in 2017 2016 2015 General and administrative expenses (CHF million) Occupancy expenses 1,000 1,004 1,022 IT, machinery, etc. 1,156 1,166 1,268 Provisions and losses 698 3,009 1,158 Travel and entertainment 321 328 381 Professional services 2,446 2,984 3,241 Amortization and impairment of other intangible assets 9 8 19 Other 1,205 1,271 1,485 General and administrative expenses 6,835 9,770 8,574 |
Bank | |
General and administrative expenses | 11 General and administrative expenses in 2017 2016 2015 General and administrative expenses (CHF million) Occupancy expenses 935 999 1,018 IT, machinery, etc. 1,005 1,160 1,259 Provisions and losses 697 3,009 1,158 Travel and entertainment 299 316 369 Professional services 3,019 2,966 3,217 Amortization and impairment of other intangible assets 9 8 19 Other 1,449 1,427 1,695 General and administrative expenses 7,413 9,885 8,735 |
Restructuring expenses
Restructuring expenses | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 12 Restructuring expenses In connection with the ongoing implementation of the revised Group strategy, restructuring expenses of CHF 455 million, CHF 540 million and CHF 355 million were recognized in 2017, 2016 and 2015, respectively. Restructuring expenses primarily include termination costs, expenses in connection with the acceleration of certain deferred compensation awards and real estate contract termination costs. Restructuring expenses by segment in 2017 2016 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 59 60 42 International Wealth Management 70 54 36 Asia Pacific 63 53 3 Global Markets 150 217 96 Investment Banking & Capital Markets 42 28 22 Strategic Resolution Unit 57 121 156 Corporate Center 14 7 0 Total restructuring expenses 455 540 355 Restructuring expenses by type in 2017 2016 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 343 385 309 of which severance expenses 192 218 191 of which accelerated deferred compensation 102 140 87 of which pension expenses 49 27 31 General and administrative-related expenses 112 155 46 Total restructuring expenses 455 540 355 Restructuring provision in 2017 2016 2015 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 217 94 311 187 12 199 0 0 0 Net additional charges 1 192 88 280 218 137 355 191 46 237 Utilization (213) (72) (285) (188) (55) (243) (4) (34) (38) Balance at end of period 196 110 306 217 94 311 187 12 199 1 The following items for which expense accretion was accelerated in 2017, 2016 and 2015 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF 71 million, CHF 34 million and CHF 23 million, respectively; unsettled pension obligations of CHF 49 million, CHF 27 million and CHF 31 million, respectively, which remain classified as a component of total shareholders’ equity; unsettled cash-based deferred compensation of CHF 31 million, CHF 106 million and CHF 64 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 24 million, CHF 18 million and CHF 0 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Bank | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 12 Restructuring expenses > Refer to “Note 12 – Restructuring expenses” in VI – Consolidated financial statements – Credit Suisse Group for further information. In connection with the ongoing implementation of the revised Bank strategy, restructuring expenses of CHF 396 million, CHF 513 million and CHF 325 million were recognized in 2017, 2016 and 2015, respectively. Restructuring expenses by segment in 2017 2016 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 59 60 42 International Wealth Management 70 54 36 Asia Pacific 63 53 3 Global Markets 150 217 96 Investment Banking & Capital Markets 42 28 22 Strategic Resolution Unit 57 121 156 Corporate Center 14 7 0 Adjustments 1 (59) (27) (30) Total restructuring expenses 396 513 325 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa. Restructuring expenses by type in 2017 2016 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 286 358 279 of which severance expenses 188 218 191 of which accelerated deferred compensation 98 140 87 of which pension expenses 0 0 1 General and administrative-related expenses 110 155 46 Total restructuring expenses 396 513 325 Restructuring provision in 2017 2016 2015 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 217 94 311 187 12 199 0 0 0 Net additional charges 1 188 86 274 218 137 355 191 46 237 Utilization (214) (70) (284) (188) (55) (243) (4) (34) (38) Balance at end of period 191 110 301 217 94 311 187 12 199 1 The following items for which expense accretion was accelerated in 2017, 2016 and 2015 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 67 million, CHF 34 million and CHF 23 million, respectively; unsettled pension obligations of CHF 0 million, CHF 0 million and CHF 1 million, respectively, which remain classified as a component of total shareholders’ equity; unsettled cash-based deferred compensation of CHF 31 million, CHF 106 million and CHF 64 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 24 million, CHF 18 million and CHF 0 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share | 13 Earnings per share in 2017 2016 2015 Basic net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for basic earnings per share (983) (2,710) (2,944) Available for common shares (983) (2,713) (2,958) Available for unvested share-based payment awards 0 3 14 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share (983) (2,710) (2,944) Available for common shares (983) (2,713) (2,958) Available for unvested share-based payment awards 0 3 14 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 2,413.8 2,136.8 1,794.7 Dilutive share options and warrants 0.0 0.0 0.0 Dilutive share awards 0.0 0.0 0.0 Weighted-average shares outstanding for diluted earnings per share available for common shares 1, 2 2,413.8 2,136.8 1,794.7 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 0.1 3.0 25.7 Basic earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share available for common shares (0.41) (1.27) (1.65) Diluted earnings/(loss) per share available for common shares (0.41) (1.27) (1.65) Prior periods have been adjusted to reflect the increase in the number of shares outstanding as a result of the discount element in the 2017 rights issue and scrip dividend, as required under US GAAP. 1 Weighted-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 9.8 million, 11.3 million and 7.6 million for 2017, 2016 and 2015, respectively. 2 Due to the net losses in 2017, 2016 and 2015, 2.9 million, 3.2 million and 0.9 million, respectively, of weighted-average share options and warrants outstanding and 57.7 million, 54.6 million and 47.8 million, respectively, of 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, 2017 | |
Securities borrowed, lent and subject to repurchase agreements | 14 Securities borrowed, lent and subject to repurchase agreements end of 2017 2016 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 70,009 81,513 Deposits paid for securities borrowed 45,337 53,326 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 115,346 134,839 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,606 26,106 Deposits received for securities lent 5,890 6,910 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 26,496 33,016 >>>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 reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. In the Group’s normal course of business, a significant portion of the collateral received that may be sold or repledged has been sold or repledged as of December 31, 2017 and 2016. |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | 13 Securities borrowed, lent and subject to repurchase agreements end of 2017 2016 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 70,009 81,513 Deposits paid for securities borrowed 45,337 53,326 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 115,346 134,839 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,606 26,106 Deposits received for securities lent 5,890 6,910 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 26,496 33,016 > Refer to “Note 14 – Securities borrowed, lent and subject to repurchase agreements” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Trading assets and liabilities
Trading assets and liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Trading assets and liabilities | 15 Trading assets and liabilities end of 2017 2016 Trading assets (CHF million) Debt securities 72,765 65,668 Equity securities 55,722 63,871 Derivative instruments 1 19,621 26,782 Other 8,226 8,829 Trading assets 156,334 165,150 Trading liabilities (CHF million) Short positions 24,465 24,565 Derivative instruments 1 14,654 20,365 Trading liabilities 39,119 44,930 1 Amounts shown after counterparty and cash collateral netting. Cash collateral on derivative instruments end of 2017 2016 Cash collateral – netted (CHF million) 1 Cash collateral paid 23,288 33,429 Cash collateral received 14,996 22,948 Cash collateral – not netted (CHF million) 2 Cash collateral paid 5,141 5,705 Cash collateral received 8,644 11,497 1 Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. |
Bank | |
Trading assets and liabilities | 14 Trading assets and liabilities end of 2017 2016 Trading assets (CHF million) Debt securities 72,826 65,675 Equity securities 55,822 63,874 Derivative instruments 1 19,900 27,013 Other 8,226 8,830 Trading assets 156,774 165,392 Trading liabilities (CHF million) Short positions 24,478 24,583 Derivative instruments 1 14,654 20,369 Trading liabilities 39,132 44,952 1 Amounts shown after counterparty and cash collateral netting. Cash collateral on derivative instruments end of 2017 2016 Cash collateral – netted (CHF million) 1 Cash collateral paid 23,587 33,688 Cash collateral received 14,996 22,951 Cash collateral – not netted (CHF million) 2 Cash collateral paid 5,142 5,706 Cash collateral received 8,644 11,497 1 Recorded as cash collateral netting on derivative instruments in Note 25 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 21 – Other assets and other liabilities. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2017 | |
Investment securities | 16 Investment securities end of 2017 2016 Investment securities (CHF million) Securities available-for-sale 2,191 2,489 Total investment securities 2,191 2,489 Investment securities by type end of 2017 2016 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 199 13 0 212 241 18 0 259 Debt securities issued by foreign governments 1,215 21 0 1,236 1,309 34 0 1,343 Corporate debt securities 238 0 0 238 287 0 0 287 Residential mortgage-backed securities 1 207 0 0 207 497 0 0 497 Commercial mortgage-backed securities 173 0 0 173 14 0 0 14 Debt securities available-for-sale 2,032 34 0 2,066 2,348 52 0 2,400 Banks, trust and insurance companies 95 30 0 125 66 23 0 89 Equity securities available-for-sale 95 30 0 125 66 23 0 89 Securities available-for-sale 2,127 64 0 2,191 2,414 75 0 2,489 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. Proceeds from sales, realized gains and realized losses from available-for-sale securities in 2017 2016 2015 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 7 7 9 4 1 17 Realized gains 0 0 0 0 0 2 Amortized cost, fair value and average yield of debt securities Debt securities Average 2017 (CHF million, except where indicated) Due within 1 year 728 731 0.91 Due from 1 to 5 years 838 861 0.89 Due from 5 to 10 years 252 259 0.52 Due after 10 years 214 215 4.28 Total debt securities 2,032 2,066 1.21 |
Bank | |
Investment securities | 15 Investment securities end of 2017 2016 Investment securities (CHF million) Securities available-for-sale 2,189 2,486 Total investment securities 2,189 2,486 Investment securities by type end of 2017 2016 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by the Swiss federal, cantonal or local governmental entities 197 13 0 210 239 18 0 257 Debt securities issued by foreign governments 1,215 21 0 1,236 1,309 34 0 1,343 Corporate debt securities 238 0 0 238 287 0 0 287 Residential mortgage-backed securities 1 207 0 0 207 497 0 0 497 Commercial mortgage-backed securities 173 0 0 173 14 0 0 14 Debt securities available-for-sale 2,030 34 0 2,064 2,346 52 0 2,398 Banks, trust and insurance companies 95 30 0 125 65 23 0 88 Equity securities available-for-sale 95 30 0 125 65 23 0 88 Securities available-for-sale 2,125 64 0 2,189 2,411 75 0 2,486 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. Proceeds from sales, realized gains and realized losses from available-for-sale securities in 2017 2016 2015 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 7 7 9 4 1 17 Realized gains 0 0 0 0 0 2 Amortized cost, fair value and average yield of debt securities Debt securities Average 2017 (CHF million) Due within 1 year 728 731 0.91 Due from 1 to 5 years 838 861 0.89 Due from 5 to 10 years 250 257 0.52 Due after 10 years 214 215 4.28 Total debt securities 2,030 2,064 1.21 |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2017 | |
Other investments | 17 Other investments end of 2017 2016 Other investments (CHF million) Equity method investments 3,066 3,121 Non-marketable equity securities 1 1,292 1,731 Real estate held for investment 2 232 268 Life finance instruments 3 1,374 1,657 Total other investments 5,964 6,777 1 Includes 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. 2 As of December 31, 2017 and 2016, real estate held for investment included foreclosed or repossessed real estate of CHF 41 million and CHF 29 million, respectively, of which CHF 21 million and CHF 27 million, respectively were related to residential real estate. 3 Includes 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 – Brokers and Dealers. Non-marketable equity securities include investments in entities that regularly calculate net asset value (NAV) per share or its equivalent. > Refer to “Note 34 – Financial instruments” for further information on such investments. 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 a new cost base. For these properties, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Impairments of CHF 16 million, CHF 31 million and CHF 21 million were recorded in 2017, 2016 and 2015, respectively. The accumulated depreciation related to real estate held for investment amounted to CHF 389 million, CHF 386 million and CHF 365 million for 2017, 2016 and 2015, respectively. |
Bank | |
Other investments | 16 Other investments end of 2017 2016 Other investments (CHF million) Equity method investments 3,027 3,095 Non-marketable equity securities 1 1,283 1,721 Real estate held for investment 2 209 244 Life finance instruments 3 1,374 1,657 Total other investments 5,893 6,717 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee. 2 As of December 31, 2017 and 2016, real estate held for investment included foreclosed or repossessed real estate of CHF 41 million and CHF 29 million, respectively, of which CHF 21 million and CHF 27 million, respectively, were related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. Non-marketable equity securities include investments in entities that regularly calculate net asset value per share or its equivalent. > Refer to “Note 33 – Financial instruments” for further information on such investments. 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 Bank 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 a new cost base. For these properties, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Impairments of CHF 16 million, CHF 31 million and CHF 21 million were recorded in 2017, 2016 and 2015, respectively. Accumulated depreciation related to real estate held for investment amounted to CHF 385 million, CHF 382 million and CHF 360 million for 2017, 2016 and 2015, respectively. > Refer to “Note 17 – Other investments” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Loans, allowance for loan losse
Loans, allowance for loan losses and credit quality | 12 Months Ended |
Dec. 31, 2017 | |
Loans, allowance for loan losses and credit quality | 18 Loans, allowance for loan losses and credit quality Loans are divided in two portfolio segments, “consumer” and “corporate & institutional”. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate and institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions, and governments and public institutions. The determination of the loan classes is primarily driven by the customer segmentation in the private banking, corporate and institutional as well as investment banking businesses across the Group’s core business divisions, all of which are engaged in lending activities. The Group assigns both counterparty and transaction ratings to its credit exposures. The counterparty rating reflects the >>>probability of default (PD) of the counterparty. For lombard loans, the PD is primarily based on the collateral. The transaction rating reflects the expected loss or the >>>loss given default (LGD), considering collateral, on a given transaction if the counterparty defaults. Credit risk is assessed and monitored on the single obligor and single obligation level as well as on the credit portfolio level as represented by the classes of loans. Credit limits are used to manage counterparty credit risk. Loans end of 2017 2016 Loans (CHF million) Mortgages 106,039 104,335 Loans collateralized by securities 42,016 37,268 Consumer finance 4,242 3,490 Consumer 152,297 145,093 Real estate 26,599 26,016 Commercial and industrial loans 81,670 83,740 Financial institutions 15,697 17,921 Governments and public institutions 3,874 4,273 Corporate & institutional 127,840 131,950 Gross loans 280,137 277,043 of which held at amortized cost 264,830 257,515 of which held at fair value 15,307 19,528 Net (unearned income)/deferred expenses (106) (129) Allowance for loan losses (882) (938) Net loans 279,149 275,976 Gross loans by location (CHF million) Switzerland 157,696 158,766 Foreign 122,441 118,277 Gross loans 280,137 277,043 Impaired loan portfolio (CHF million) Non-performing loans 1,048 1,236 Non-interest-earning loans 223 265 Non-performing and non-interest-earning loans 1,271 1,501 Restructured loans 290 358 Potential problem loans 549 613 Other impaired loans 839 971 Gross impaired loans 2,110 2,472 Allowance for loan losses 2017 2016 2015 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 216 722 938 216 650 866 251 507 758 Net movements recognized in statements of operations 54 136 190 63 186 249 66 229 295 Gross write-offs (60) (242) (302) (86) (192) (278) (118) (111) (229) Recoveries 12 41 53 13 53 66 12 16 28 Net write-offs (48) (201) (249) (73) (139) (212) (106) (95) (201) Provisions for interest (1) 14 13 10 8 18 6 12 18 Foreign currency translation impact and other adjustments, net (1) (9) (10) 0 17 17 (1) (3) (4) Balance at end of period 220 662 882 216 722 938 216 650 866 of which individually evaluated for impairment 179 475 654 172 528 700 170 480 650 of which collectively evaluated for impairment 41 187 228 44 194 238 46 170 216 Gross loans held at amortized cost (CHF million) Balance at end of period 152,277 112,553 264,830 145,070 112,445 257,515 144,855 108,331 253,186 of which individually evaluated for impairment 1 632 1,478 2,110 662 1,810 2,472 647 1,326 1,973 of which collectively evaluated for impairment 151,645 111,075 262,720 144,408 110,635 255,043 144,208 107,005 251,213 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2017 2016 2015 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 3,381 3,381 30 3,405 3,435 389 4,294 4,683 Reclassifications from loans held-for-sale 2 0 63 63 0 125 125 0 355 355 Reclassifications to loans held-for-sale 3 0 7,407 7,407 1,632 2,768 4,400 1,641 735 2,376 Sales 3 0 7,051 7,051 72 2,087 2,159 0 373 373 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. Credit quality of loans held at amortized cost Management monitors the credit quality of loans through its credit risk management processes, which are structured to assess, measure, monitor and manage risk on a consistent basis. This process requires careful consideration of proposed extensions of credit, the setting of specific limits, monitoring during the life of the exposure, active use of credit mitigation tools and a disciplined approach to recognizing credit impairment. Management evaluates many factors when assessing the credit quality of loans. These factors include the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. For the purpose of credit quality disclosures, the Group uses detailed internal risk ratings which are aggregated to the credit quality indicators investment grade and non-investment grade. The Group employs a set of credit ratings for the purpose of internally rating counterparties. Credit ratings are intended to reflect the risk of default of each counterparty. Ratings are assigned based on internally developed rating models and processes, which are subject to governance and internally independent validation procedures. Internal ratings are assigned to all loans reflecting the Group’s internal view of the credit quality of the counterparty. Internal ratings may differ from a counterparty’s external ratings, if such ratings are available. Internal ratings are regularly reviewed depending on exposure type, client segment, collateral or event-driven developments. For the calculation of internal risk estimates (e.g., an estimate of expected loss in the event of a counterparty default) and >>>risk-weighted assets, a >>>PD, >>>LGD and >>>exposure at default are assigned to each facility. These three parameters are primarily derived from internally developed statistical models that have been backtested against internal experience, validated by a function independent of the model owners on a regular basis and approved by the Group’s main regulators for application in the regulatory capital calculation in the >>>A-IRB approach under the Basel framework. For the majority of clients and counterparties, internal ratings or PDs are calculated directly by proprietary statistical rating models. These models are based on internally compiled data comprising both quantitative factors (e.g., primarily balance sheet information for corporates and loan-to-value ratio and the borrower’s income level for mortgage lending) and qualitative factors (e.g., credit histories from credit reporting bureaus) concentrating on economic trends and financial fundamentals. For statistical rating models calculating a PD, an equivalent rating based on the Standard & Poor’s rating scale is assigned based on the PD band associated with each rating, which is used for disclosure purposes. For the remaining facilities where statistical rating models are not used, a PD is determined through an internal rating assigned on the basis of a structured expert approach. Credit officers make use of peer analyses, industry comparisons, external ratings and research as well as the judgment of credit experts for the purpose of their analysis. The PD for each internal rating is calibrated to historical default experience using internal data and external data from Standard & Poor’s. >>>Reverse repurchase agreements are fully collateralized and in the event of counterparty default the reverse repurchase agreement provides the Group the right to liquidate the collateral held. Group risk management manages these instruments on the basis of the value of the underlying collateral, as opposed to loans, which are risk-managed on the ability of the counterparty to repay. Therefore the underlying collateral coverage is the most appropriate credit quality indicator for reverse repurchase agreements. As such, reverse repurchase agreements have not been included in the following tables. The following tables present the Group’s recorded investment in loans held at amortized cost by aggregated internal counterparty credit ratings investment grade and non-investment grade that are used as credit quality indicators for the purpose of this disclosure, and a related aging analysis. Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,475 35,250 1,300 76,025 Financial institutions 7,258 2,022 46 9,326 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 68,135 42,986 1,432 112,553 Gross loans held at amortized cost 202,876 59,971 1,983 264,830 Value of collateral 1 189,048 49,271 1,422 239,741 2016 (CHF million) Mortgages 92,533 11,613 189 104,335 Loans collateralized by securities 34,136 2,916 216 37,268 Consumer finance 1,164 2,119 184 3,467 Consumer 127,833 16,648 589 145,070 Real estate 19,594 5,878 84 25,556 Commercial and industrial loans 36,469 35,945 1,459 73,873 Financial institutions 9,695 1,887 107 11,689 Governments and public institutions 1,253 60 14 1,327 Corporate & institutional 67,011 43,770 1,664 112,445 Gross loans held at amortized cost 194,844 60,418 2,253 257,515 Value of collateral 1 180,276 51,344 1,480 233,100 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Group's risk management policies and directives, with maximum review periods determined by property type, market liquidity and market transparency. Value of collateral In the Group’s private banking, corporate and institutional businesses, all collateral values for loans are regularly reviewed according to the Group’s risk management policies and directives, with maximum review periods determined by collateral type, market liquidity and market transparency. For example, traded securities are revalued on a daily basis and property values are appraised over a period of more than one year considering the characteristics of the property, current developments in the relevant real estate market and the current level of credit exposure to the borrower. If the credit exposure to a borrower has changed significantly, in volatile markets or in times of increasing general market risk, collateral values may be appraised more frequently. Management judgment is applied in assessing whether markets are volatile or general market risk has increased to a degree that warrants a more frequent update of collateral values. Movements in monitored risk metrics that are statistically different compared to historical experience are considered in addition to analysis of externally-provided forecasts, scenario techniques and macro-economic research. For impaired loans, the fair value of collateral is determined within 90 days of the date the impairment was identified and thereafter regularly revalued by Group credit risk management within the impairment review process. In the Group’s investment banking businesses, few loans are collateral dependent. The collateral values for these loans are appraised on at least an annual basis, or when a loan-relevant event occurs. Gross loans held at amortized cost – aging analysis Current Past due Up to 31–60 61–90 More than 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,831 429 40 201 524 1,194 76,025 Financial institutions 8,947 333 1 2 43 379 9,326 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 110,846 800 53 218 636 1,707 112,553 Gross loans held at amortized cost 262,103 1,236 119 272 1,100 2,727 264,830 2016 (CHF million) 1 Mortgages 104,013 106 34 6 176 322 104,335 Loans collateralized by securities 36,953 93 1 1 220 315 37,268 Consumer finance 2,963 276 36 40 152 504 3,467 Consumer 143,929 475 71 47 548 1,141 145,070 Real estate 25,381 93 17 2 63 175 25,556 Commercial and industrial loans 72,234 618 131 131 759 1,639 73,873 Financial institutions 11,542 43 0 0 104 147 11,689 Governments and public institutions 1,269 44 0 0 14 58 1,327 Corporate & institutional 110,426 798 148 133 940 2,019 112,445 Gross loans held at amortized cost 254,355 1,273 219 180 1,488 3,160 257,515 1 Prior period has been corrected. Impaired loans Categories of impaired loans In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Loans” in Note 1 – Summary of significant accounting policies for further information on categories of impaired loans. As of December 31, 2017 and 2016, the Group did not have any material commitments to lend additional funds to debtors whose loan terms had been modified in troubled debt restructurings. Gross impaired loans by category Non-performing and Non- 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 134 599 277 458 735 1,334 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 181 721 277 480 757 1,478 Gross impaired loans 1,048 223 1,271 290 549 839 2,110 2016 (CHF million) Mortgages 190 11 201 13 40 53 254 1 Loans collateralized by securities 193 17 210 0 13 13 223 Consumer finance 180 4 184 0 1 1 185 Consumer 563 32 595 13 54 67 662 Real estate 62 5 67 0 19 19 86 Commercial and industrial loans 539 182 721 345 513 858 1,579 Financial institutions 58 46 104 0 27 27 131 Governments and public institutions 14 0 14 0 0 0 14 Corporate & institutional 673 233 906 345 559 904 1,810 Gross impaired loans 1,236 265 1,501 358 613 971 2,472 1 As of December 31, 2017 and 2016, CHF 90 million and CHF 62 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. Write-off and recovery of loans Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the entire outstanding principal. In the Group’s investment banking businesses, a loan is written down to its net book value once the loan provision is greater than 80% of the loan notional amount, unless repayment of the loan is anticipated to occur within the next two quarters. In the Group’s private banking, corporate and institutional businesses, write-offs are made, based on an individual counterparty assessment performed by Group credit risk management, if it is certain that parts of a loan or the entire loan will not be recoverable. For collateralized loans, the collateral is assessed and the unsecured exposure is written off. Write-offs on uncollateralized loans are based on the borrower’s ability to pay back the outstanding loan out of free cash flow. The Group evaluates the recoverability of the loans granted, if a borrower is expected to default wholly or partly on its contractual payment obligations or to meet these only with third-party support. Adjustments are made to reflect the estimated realizable value of the loan or any collateral. Triggers to assess the creditworthiness of a borrower to absorb the adverse developments include i) a default on interest or principal payments by more than 90 days, ii) a waiver of interest or principal by the Group, iii) a downgrade of the loan to non-interest-earning, iv) the collection of the debt through seizure order, bankruptcy proceedings or realization of collateral, or v) the insolvency of the borrower. Based on such assessment, Group credit risk management evaluates the need for write-offs individually and on an ongoing basis. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other assets received. Gross impaired loan details end of 2017 2016 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 254 239 36 211 198 21 Loans collateralized by securities 111 97 49 209 193 54 Consumer finance 180 160 94 177 160 97 Consumer 545 496 179 597 551 172 Real estate 86 79 11 65 59 10 Commercial and industrial loans 997 959 427 1,283 1,250 472 Financial institutions 47 46 37 126 122 46 Governments and public institutions 1 1 0 14 14 0 Corporate & institutional 1,131 1,085 475 1,488 1,445 528 Gross impaired loans with a specific allowance 1,676 1,581 654 2,085 1,996 700 Mortgages 78 78 – 43 43 – Loans collateralized by securities 3 3 – 14 14 – Consumer finance 6 6 – 8 8 – Consumer 87 87 – 65 65 – Real estate 10 10 – 21 21 – Commercial and industrial loans 337 337 – 296 296 – Financial institutions 0 0 – 5 5 – Corporate & institutional 347 347 – 322 322 – Gross impaired loans without specific allowance 434 434 – 387 387 – Gross impaired loans 2,110 2,015 654 2,472 2,383 700 of which consumer 632 583 179 662 616 172 of which corporate & institutional 1,478 1,432 475 1,810 1,767 528 Gross impaired loan details (continued) in 2017 2016 2015 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 229 2 1 195 2 1 190 2 2 Loans collateralized by securities 116 1 1 153 1 1 82 0 0 Consumer finance 167 5 5 205 1 1 228 1 1 Consumer 512 8 7 553 4 3 500 3 3 Real estate 78 1 0 72 1 0 74 0 0 Commercial and industrial loans 1,163 17 5 1,039 10 4 626 7 3 Financial institutions 76 1 1 154 1 0 149 1 1 Governments and public institutions 5 0 0 5 0 0 0 0 0 Corporate & institutional 1,322 19 6 1,270 12 4 849 8 4 Gross impaired loans with a specific allowance 1,834 27 13 1,823 16 7 1,349 11 7 Mortgages 83 3 0 83 3 0 51 4 0 Loans collateralized by securities 7 0 0 24 0 0 33 0 0 Consumer finance 3 0 0 11 0 0 7 0 0 Consumer 93 3 0 118 3 0 91 4 0 Real estate 27 1 0 31 1 0 12 1 0 Commercial and industrial loans 271 11 1 307 7 1 98 3 1 Financial institutions 0 0 0 5 0 0 4 0 0 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 298 12 1 348 8 1 114 4 1 Gross impaired loans without specific allowance 391 15 1 466 11 1 205 8 1 Gross impaired loans 2,225 42 14 2,289 27 8 1,554 19 8 of which consumer 605 11 7 671 7 3 591 7 3 of which corporate & institutional 1,620 31 7 1,618 20 5 963 12 5 Allowance for specifically identified credit losses on impaired loans The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. The Group performs an in-depth review and analysis of impaired loans considering factors such as recovery and exit options as well as collateral and counterparty risk. In general, all impaired loans are individually assessed. The trigger to detect an impaired loan is non-payment of interest, principal amounts or other contractual payment obligations. In addition, loans to corporates and institutions managed on the Swiss platform are regularly reviewed depending on exposure type, client segment, collateral or event-driven developments. All other corporate and institutional loans are reviewed at least annually based on the borrower’s financial statements and any indications of difficulties they may experience. Loans that are not impaired, but which are of special concern due to changes in covenants, downgrades, negative financial news and other adverse developments, are either transferred to recovery management or included on a watch list. All loans on the watch list are reviewed at least quarterly to determine whether they should be released, remain on the watch list or be moved to recovery management. For loans in recovery management from the Swiss platform, larger positions are reviewed on a quarterly basis for any event-driven changes. Otherwise, these loans are reviewed at least annually. All other loans in recovery management are reviewed on at least a quarterly basis. If an individual loan specifically identified for evaluation is considered impaired, the allowance is determined as a reasonable estimate of credit losses existing as of the end of the reporting period. Thereafter, the allowance is revalued by credit risk management at least annually or more frequently depending on the risk profile of the borrower or credit relevant events. For non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. If the present value of estimated future cash flows is used, the impaired loan and related allowance are revalued to reflect the passage of time. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. Restructured loans held at amortized cost in 2017 2016 2015 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million, except where indicated) Mortgages 0 0 0 0 0 0 1 13 13 Loans collateralized by securities 0 0 0 0 0 0 1 0 0 Commercial and industrial loans 15 123 119 16 201 201 13 207 210 Financial institutions 0 0 0 0 0 0 1 2 2 Total 15 123 119 16 201 201 16 222 225 In 2017, the loan modifications of the Group included extended loan repayment terms, including the suspension of quarterly and annual loan amortizations, modifications of covenants, a waiver of a loan termination and waivers of claims. In 2017 and 2015, the Group reported the default of one loan within commercial and industrial loans with a recorded investment amount of CHF 48 million and CHF 65 million, respectively, which had been restructured within the previous 12 months. In 2016, the Group did not experience a default of such loans. |
Bank | |
Loans, allowance for loan losses and credit quality | 17 Loans, allowance for loan losses and credit quality end of 2017 2016 Loans (CHF million) Mortgages 106,039 104,335 Loans collateralized by securities 42,016 37,268 Consumer finance 4,242 3,490 Consumer 152,297 145,093 Real estate 26,599 26,016 Commercial and industrial loans 81,792 83,760 Financial institutions 19,662 20,884 Governments and public institutions 3,874 4,273 Corporate & institutional 131,927 134,933 Gross loans 284,224 280,026 of which held at amortized cost 268,917 260,498 of which held at fair value 15,307 19,528 Net (unearned income)/deferred expenses (106) (129) Allowance for loan losses (881) (937) Net loans 283,237 278,960 Gross loans by location (CHF million) Switzerland 161,645 161,756 Foreign 122,579 118,270 Gross loans 284,224 280,026 Impaired loan portfolio (CHF million) Non-performing loans 1,048 1,236 Non-interest-earning loans 210 253 Total non-performing and non-interest-earning loans 1,258 1,489 Restructured loans 290 358 Potential problem loans 549 613 Total other impaired loans 839 971 Gross impaired loans 2,097 2,460 Allowance for loan losses 2017 2016 2015 Corporate Corporate Corporate Allowance for loan losses (CHF million) Balance at beginning of period 216 721 937 216 649 865 251 506 757 Net movements recognized in statements of operations 54 136 190 63 186 249 66 229 295 Gross write-offs (60) (242) (302) (86) (192) (278) (118) (111) (229) Recoveries 12 41 53 13 53 66 12 16 28 Net write-offs (48) (201) (249) (73) (139) (212) (106) (95) (201) Provisions for interest (1) 14 13 10 8 18 6 12 18 Foreign currency translation impact and other adjustments, net (1) (9) (10) 0 17 17 (1) (3) (4) Balance at end of period 220 661 881 216 721 937 216 649 865 of which individually evaluated for impairment 179 474 653 172 527 699 170 479 649 of which collectively evaluated for impairment 41 187 228 44 194 238 46 170 216 Gross loans held at amortized cost (CHF million) Balance at end of period 152,277 116,640 268,917 145,070 115,428 260,498 144,855 110,838 255,693 of which individually evaluated for impairment 1 632 1,465 2,097 662 1,798 2,460 647 1,314 1,961 of which collectively evaluated for impairment 151,645 115,175 266,820 144,408 113,630 258,038 144,208 109,524 253,732 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2017 2016 2015 Corporate Corporate Corporate Loans held at amortized cost (CHF million) Purchases 1 0 3,381 3,381 30 3,405 3,435 389 4,294 4,683 Reclassifications from loans held-for-sale 2 0 63 63 0 125 125 0 355 355 Reclassifications to loans held-for-sale 3 0 7,407 7,407 1,632 2,768 4,400 1,641 735 2,376 Sales 3 0 7,051 7,051 72 2,087 2,159 0 373 373 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,610 35,250 1,287 76,147 Financial institutions 11,223 2,022 46 13,291 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 72,235 42,986 1,419 116,640 Gross loans held at amortized cost 206,976 59,971 1,970 268,917 Value of collateral 1 189,092 49,271 1,409 239,772 2016 (CHF million) Mortgages 92,533 11,613 189 104,335 Loans collateralized by securities 34,136 2,916 216 37,268 Consumer finance 1,164 2,119 184 3,467 Consumer 127,833 16,648 589 145,070 Real estate 19,594 5,878 84 25,556 Commercial and industrial loans 36,501 35,945 1,447 73,893 Financial institutions 12,658 1,887 107 14,652 Governments and public institutions 1,253 60 14 1,327 Corporate & institutional 70,006 43,770 1,652 115,428 Gross loans held at amortized cost 197,839 60,418 2,241 260,498 Value of collateral 1 180,323 51,344 1,468 233,135 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Bank's risk management policies and directives, with maximum review periods determined by property type, market liquidity and market transparency. Gross loans held at amortized cost – aging analysis Current Past due More 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,966 429 40 201 511 1,181 76,147 Financial institutions 12,912 333 1 2 43 379 13,291 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 114,946 800 53 218 623 1,694 116,640 Gross loans held at amortized cost 266,203 1,236 119 272 1,087 2,714 268,917 2016 (CHF million) 1 Mortgages 104,013 106 34 6 176 322 104,335 Loans collateralized by securities 36,953 93 1 1 220 315 37,268 Consumer finance 2,963 276 36 40 152 504 3,467 Consumer 143,929 475 71 47 548 1,141 145,070 Real estate 25,381 93 17 2 63 175 25,556 Commercial and industrial loans 72,266 618 131 131 747 1,627 73,893 Financial institutions 14,505 43 0 0 104 147 14,652 Governments and public institutions 1,269 44 0 0 14 58 1,327 Corporate & institutional 113,421 798 148 133 928 2,007 115,428 Gross loans held at amortized cost 257,350 1,273 219 180 1,476 3,148 260,498 1 Prior period has been corrected. Gross impaired loans by category Non-performing and Non- 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 121 586 277 458 735 1,321 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 168 708 277 480 757 1,465 Gross impaired loans 1,048 210 1,258 290 549 839 2,097 2016 (CHF million) Mortgages 190 11 201 13 40 53 254 1 Loans collateralized by securities 193 17 210 0 13 13 223 Consumer finance 180 4 184 0 1 1 185 Consumer 563 32 595 13 54 67 662 Real estate 62 5 67 0 19 19 86 Commercial and industrial loans 539 170 709 345 513 858 1,567 Financial institutions 58 46 104 0 27 27 131 Governments and public institutions 14 0 14 0 0 0 14 Corporate & institutional 673 221 894 345 559 904 1,798 Gross impaired loans 1,236 253 1,489 358 613 971 2,460 1 As of December 31, 2017 and 2016, CHF 90 million and CHF 62 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. As of December 31, 2017 and 2016, the Bank did not have any material commitments to lend additional funds to debtors whose loan terms had been modified in troubled debt restructurings. Gross impaired loan details end of 2017 2016 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 254 239 36 211 198 21 Loans collateralized by securities 111 97 49 209 193 54 Consumer finance 180 160 94 177 160 97 Consumer 545 496 179 597 551 172 Real estate 86 79 11 65 59 10 Commercial and industrial loans 984 947 426 1,271 1,239 471 Financial institutions 47 46 37 126 122 46 Governments and public institutions 1 1 0 14 14 0 Corporate & institutional 1,118 1,073 474 1,476 1,434 527 Gross impaired loans with a specific allowance 1,663 1,569 653 2,073 1,985 699 Mortgages 78 78 – 43 43 – Loans collateralized by securities 3 3 – 14 14 – Consumer finance 6 6 – 8 8 – Consumer 87 87 – 65 65 – Real estate 10 10 – 21 21 – Commercial and industrial loans 337 337 – 296 296 – Financial institutions 0 0 – 5 5 – Corporate & institutional 347 347 – 322 322 – Gross impaired loans without specific allowance 434 434 – 387 387 – Gross impaired loans 2,097 2,003 653 2,460 2,372 699 of which consumer 632 583 179 662 616 172 of which corporate & institutional 1,465 1,420 474 1,798 1,756 527 Gross impaired loan details (continued) in 2017 2016 2015 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 229 2 1 195 2 1 190 2 2 Loans collateralized by securities 116 1 1 153 1 1 82 0 0 Consumer finance 167 5 5 205 1 1 228 1 1 Consumer 512 8 7 553 4 3 500 3 3 Real estate 78 1 0 72 1 0 74 0 0 Commercial and industrial loans 1,151 17 5 1,029 10 4 616 7 3 Financial institutions 76 1 1 154 1 0 149 1 1 Governments and public institutions 5 0 0 5 0 0 0 0 0 Corporate & institutional 1,310 19 6 1,260 12 4 839 8 4 Gross impaired loans with a specific allowance 1,822 27 13 1,813 16 7 1,339 11 7 Mortgages 83 3 0 83 3 0 51 4 0 Loans collateralized by securities 7 0 0 24 0 0 33 0 0 Consumer finance 3 0 0 11 0 0 7 0 0 Consumer 93 3 0 118 3 0 91 4 0 Real estate 27 1 0 31 1 0 12 1 0 Commercial and industrial loans 271 11 1 307 7 1 98 3 1 Financial institutions 0 0 0 5 0 0 4 0 0 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 298 12 1 348 8 1 114 4 1 Gross impaired loans without specific allowance 391 15 1 466 11 1 205 8 1 Gross impaired loans 2,213 42 14 2,279 27 8 1,544 19 8 of which consumer 605 11 7 671 7 3 591 7 3 of which corporate & institutional 1,608 31 7 1,608 20 5 953 12 5 Restructured loans held at amortized cost in 2017 2016 2015 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million, except where indicated) Mortgages 0 0 0 0 0 0 1 13 13 Loans collateralized by securities 0 0 0 0 0 0 1 0 0 Commercial and industrial loans 15 123 119 16 201 201 13 207 210 Financial institutions 0 0 0 0 0 0 1 2 2 Total 15 123 119 16 201 201 16 222 225 In 2017, the loan modifications of the Bank included extended loan repayment terms, including the suspension of quarterly and annual loan amortizations, modifications of covenants, a waiver of a loan termination and waivers of claims. In 2017 and 2015, the Bank reported the default of one loan within commercial and industrial loans with a recorded investment amount of CHF 48 million and CHF 65 million, respectively, which had been restructured within the previous 12 months. In 2016, the Bank did not experience a default of such loans. > Refer to “Note 18 – Loans, allowance for loan losses and credit quality” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Premises and equipment
Premises and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Premises and equipment | 19 Premises and equipment end of 2017 2016 Premises and equipment (CHF million) Buildings and improvements 2,163 2,197 Land 346 328 Leasehold improvements 2,102 2,164 Software 5,727 6,676 Equipment 2,149 2,119 Premises and equipment 12,487 13,484 Accumulated depreciation (7,801) (8,773) Total premises and equipment, net 4,686 4,711 Depreciation and impairment in 2017 2016 2015 CHF million Depreciation 826 887 1,012 Impairment 33 25 24 |
Bank | |
Premises and equipment | 18 Premises and equipment end of 2017 2016 Premises and equipment (CHF million) Buildings and improvements 2,139 2,179 Land 346 323 Leasehold improvements 2,041 2,162 Software 5,601 6,675 Equipment 1,547 2,051 Premises and equipment 11,674 13,390 Accumulated depreciation (7,229) (8,724) Total premises and equipment, net 4,445 4,666 Depreciation and impairment in 2017 2016 2015 CHF million Depreciation 770 882 1,009 Impairment 33 25 24 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill | 20 Goodwill Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 623 1,612 2,318 3,195 1,044 12 8,804 Foreign currency translation impact (13) (55) (50) (17) (23) 0 (158) Other 0 (13) 0 0 0 0 (13) Balance at end of period 610 1,544 2,268 3,178 1,021 12 8,633 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 610 1,544 1,496 459 633 0 4,742 2016 Gross amount of goodwill (CHF million) Balance at beginning of period 610 1,573 2,294 3,183 1,027 12 8,699 Goodwill acquired during the year 5 0 0 0 0 0 5 Foreign currency translation impact 9 32 37 12 17 0 107 Other (1) 7 (13) 0 0 0 (7) Balance at end of period 623 1,612 2,318 3,195 1,044 12 8,804 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 623 1,612 1,546 476 656 0 4,913 In accordance with US GAAP, the Group continually assesses whether or not there has been a triggering event requiring a review of goodwill. As of December 31, 2017 and 2016, the Group’s market capitalization was below book value. On December 7, 2016, and on February 14, 2017, the Group announced a reorganization and change to financial reporting affecting its Swiss Universal Bank and Asia Pacific segments. During the first quarter of 2017, these measures were implemented. The Group determined that these changes constituted triggering events. The Group’s reporting units as a result of these measures are defined as follows: Swiss Universal Bank – Private Clients (formerly Private Banking), Swiss Universal Bank – Corporate & Institutional Clients (formerly Corporate & Institutional Banking), International Wealth Management – Private Banking, International Wealth Management – Asset Management, Asia Pacific – Wealth Management & Connected (formerly Private Banking), Asia Pacific – Markets (formerly Investment Banking), Global Markets, Investment Banking & Capital Markets and the Strategic Resolution Unit. The carrying value of each reporting unit for the purpose of the goodwill impairment test is determined by considering the reporting units’ >>>risk-weighted assets usage, leverage ratio exposure, deferred tax assets, goodwill and intangible assets. Any residual equity, after considering the total of these elements, is allocated to the reporting units on a pro-rata basis. In estimating the >>>fair value of its reporting units, the Group applied a combination of the market approach and the income approach. Under the market approach, consideration was given to price to projected earnings multiples or price to book value multiples for similarly traded companies and prices paid in recent transactions that have occurred in its industry or in related industries. Under the income approach, a discount rate was applied that reflects the risk and uncertainty related to the reporting unit’s projected cash flows, which were determined from the Group’s financial plan. In determining the estimated fair value, the Group relied upon its updated five-year strategic business plan which included significant management assumptions and estimates based on its view of current and future economic conditions and regulatory changes. Goodwill is tested for impairment before and immediately after a reorganization or restructuring of reporting units. As a result, the goodwill impairment test was performed during the first quarter of 2017 under the old business structure and then again under the modified structure according to the measures implemented in connection with the announcements on December 7, 2016 and February 14, 2017. Based on its goodwill impairment analysis performed during the first quarter of 2017, the Group concluded that the estimated fair value for all of its reporting units with goodwill impacted by the measures implemented in connection with the December 7, 2016 and February 14, 2017 announcements substantially exceeded their related carrying values and that no impairment was necessary. Based on its goodwill impairment analysis performed as of December 31, 2017, the Group concluded that the estimated fair value for all of the reporting units with goodwill substantially exceeded their related carrying values and no impairment was necessary as of December 31, 2017. The Group engaged the services of an independent valuation specialist to assist in the valuation of the Global Markets reporting unit and the Asia Pacific – Markets reporting unit as of December 31, 2017. The valuations were also performed using a combination of the market approach and income approach. The results of the impairment evaluation of each reporting unit’s goodwill would be significantly impacted by adverse changes in the underlying parameters used in the valuation process. If actual outcomes adversely differ by a significant margin from its best estimates of the key economic assumptions and associated cash flows applied in the valuation of the reporting unit, the Group could potentially incur material impairment charges in the future. 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. |
Bank | |
Goodwill | 19 Goodwill Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 605 1,598 2,090 2,842 933 12 8,080 Foreign currency translation impact (13) (54) (46) (5) (22) 0 (140) Other 0 (13) 0 0 0 0 (13) Balance at end of period 592 1,531 2,044 2,837 911 12 7,927 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 592 1,531 1,272 118 523 0 4,036 2016 Gross amount of goodwill (CHF million) Balance at beginning of period 591 1,559 2,069 2,838 917 12 7,986 Goodwill acquired during the year 5 0 0 0 0 0 5 Foreign currency translation impact 9 32 34 4 16 0 95 Other 0 7 (13) 0 0 0 (6) Balance at end of period 605 1,598 2,090 2,842 933 12 8,080 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 605 1,598 1,318 123 545 0 4,189 > Refer to “Note 20 – Goodwill” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2017 | |
Other intangible assets | 21 Other intangible assets end of 2017 2016 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 28 (26) 2 Client relationships 47 (18) 29 50 (14) 36 Other 5 (3) 2 6 (3) 3 Total amortizing other intangible assets 79 (47) 32 84 (43) 41 Non-amortizing other intangible assets 191 – 191 172 – 172 of which mortgage servicing rights, at fair value 158 – 158 138 – 138 Total other intangible assets 270 (47) 223 256 (43) 213 Additional information in 2017 2016 2015 Aggregate amortization and impairment (CHF million) Aggregate amortization 7 8 18 Impairment 2 0 16 of which related to restructuring expenses 0 0 15 Estimated amortization Estimated amortization (CHF million) 2018 8 2019 4 2020 3 2021 2 2022 2 |
Bank | |
Other intangible assets | 20 Other intangible assets end of 2017 2016 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 28 (26) 2 Client relationships 47 (18) 29 50 (14) 36 Other 5 (3) 2 6 (3) 3 Total amortizing other intangible assets 79 (47) 32 84 (43) 41 Non-amortizing other intangible assets 191 – 191 172 – 172 of which mortgage servicing rights, at fair value 158 – 158 138 – 138 Total other intangible assets 270 (47) 223 256 (43) 213 Additional information in 2017 2016 2015 Aggregate amortization and impairment (CHF million) Aggregate amortization 7 8 18 Impairment 2 0 16 of which related to restructuring expenses 0 0 15 Estimated amortization Estimated amortization (CHF million) 2018 8 2019 4 2020 3 2021 2 2022 2 |
Other assets and other liabilit
Other assets and other liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other assets and other liabilities | 22 Other assets and other liabilities end of 2017 2016 Other assets (CHF million) Cash collateral on derivative instruments 5,141 5,705 Cash collateral on non-derivative transactions 490 1,237 Derivative instruments used for hedging 50 148 Assets held-for-sale 8,300 8,214 of which loans 1 8,130 8,062 of which real estate 2 141 122 of which long-lived assets 29 30 Assets held for separate accounts 190 431 Interest and fees receivable 4,669 4,787 Deferred tax assets 3 5,522 5,828 Prepaid expenses 379 394 Failed purchases 1,327 2,423 Defined benefit pension and post-retirement plan assets 2,170 1,061 Other 3 3,833 6,637 Other assets 32,071 36,865 1 Included as of December 31, 2017 and 2016 were CHF 534 million and CHF 681 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2017 and 2016, real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 16 million, respectively, of which CHF 5 million and CHF 13 million, respectively were related to residential real estate. 3 Includes a reclassification from other assets to deferred tax assets in the first quarter of 2017 as a result of the early adoption of ASU 2016-16. Refer to "Note 2 - Recently issued accounting standards" for further information. end of 2017 2016 Other liabilities (CHF million) Cash collateral on derivative instruments 8,644 11,497 Cash collateral on non-derivative transactions 473 369 Derivative instruments used for hedging 99 2 Deposits held-for-sale 0 1,577 Provisions 1,007 4,077 of which off-balance sheet risk 106 88 Restructuring liabilities 306 311 Liabilities held for separate accounts 190 431 Interest and fees payable 5,591 6,039 Current tax liabilities 700 636 Deferred tax liabilities 394 129 Failed sales 720 737 Defined benefit pension and post-retirement plan liabilities 541 516 Other 12,947 13,534 Other liabilities 31,612 39,855 |
Bank | |
Other assets and other liabilities | 21 Other assets and other liabilities end of 2017 2016 Other assets (CHF million) Cash collateral on derivative instruments 5,142 5,706 Cash collateral on non-derivative transactions 490 1,237 Derivative instruments used for hedging 50 148 Assets held-for-sale 8,300 8,214 of which loans 1 8,130 8,062 of which real estate 2 141 122 of which long-lived assets 29 30 Assets held for separate accounts 190 431 Interest and fees receivable 4,819 4,801 Deferred tax assets 3 5,457 5,815 Prepaid expenses 330 395 Failed purchases 1,327 2,423 Defined benefit pension and post-retirement plan assets 1,058 995 Other 3 3,793 6,610 Other assets 30,956 36,775 1 Included as of December 31, 2017 and 2016 were CHF 534 million and CHF 681 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2017 and 2016 real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 16 million, respectively, of which CHF 5 million and CHF 13 million, respectively, were related to residential real estate. 3 Includes a reclassification from other assets to deferred tax assets in the first quarter of 2017 as a result of the early adoption of ASU 2016-16. Refer to “Note 2 – Recently issued accounting standards” for further information. end of 2017 2016 Other liabilities (CHF million) Cash collateral on derivative instruments 8,644 11,497 Cash collateral on non-derivative transactions 473 369 Derivative instruments used for hedging 99 2 Deposits held-for-sale 0 1,577 Provisions 998 4,068 of which off-balance sheet risk 106 88 Restructuring liabilities 301 311 Liabilities held for separate accounts 190 431 Interest and fees payable 5,804 6,012 Current tax liabilities 687 624 Deferred tax liabilities 152 99 Failed sales 720 737 Defined benefit pension and post-retirement plan liabilities 541 521 Other 13,074 13,671 Other liabilities 31,683 39,919 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Deposits | 23 Deposits end of 2017 2016 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,593 2,058 4,651 2,963 1,645 4,608 Interest-bearing demand deposits 125,323 32,732 158,055 122,053 33,440 155,493 Savings deposits 64,068 18 64,086 63,005 2 63,007 Time deposits 32,531 117,252 149,783 1 35,718 119,807 155,525 1 Total deposits 224,515 152,060 376,575 2 223,739 154,894 378,633 2 of which due to banks – – 15,413 – – 22,800 of which customer deposits – – 361,162 – – 355,833 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 149,659 million and CHF 155,458 million as of December 31, 2017 and 2016, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2017 and 2016 were CHF 135 million and CHF 132 million, respectively, of overdrawn deposits reclassified as loans. Prior period has been corrected. |
Bank | |
Deposits | 22 Deposits end of 2017 2016 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,594 2,058 4,652 2,972 1,646 4,618 Interest-bearing demand deposits 125,685 32,965 158,650 122,531 33,765 156,296 Savings deposits 64,068 18 64,086 63,005 2 63,007 Time deposits 33,051 117,275 150,326 1 43,562 112,541 156,103 1 Total deposits 225,398 152,316 377,714 2 232,070 147,954 380,024 2 of which due to banks – – 15,411 – – 22,800 of which customer deposits – – 362,303 – – 357,224 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 150,203 million and CHF 163,322 million as of December 31, 2017 and 2016, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2017 and 2016 were CHF 135 million and CHF 132 million, respectively, of overdrawn deposits reclassified as loans. Prior period has been corrected. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2017 | |
Long-term debt | 24 Long-term debt end of 2017 2016 Long-term debt (CHF million) Senior 148,542 168,601 Subordinated 23,627 22,955 Non-recourse liabilities from consolidated VIEs 863 1,759 Long-term debt 173,032 193,315 of which reported at fair value 63,628 72,868 of which structured notes 51,465 59,544 Structured notes by product end of 2017 2016 Structured notes (CHF million) Equity 32,059 35,980 Fixed income 14,471 16,395 Credit 4,678 5,713 Other 257 1,456 Total structured notes 51,465 59,544 Total long-term debt includes debt issuances managed by Treasury that do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded >>>derivatives, which are issued as part of the Group’s 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 Group’s 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 2018 2019 2020 2021 2022 Thereafter Total Group parent company (CHF million) Senior debt Fixed rate 0 0 0 0 0 7,587 7,587 Variable rate 0 2,700 0 0 970 979 4,649 Interest rate (range in %) 1 – 0.2 – – 1.9 0.6 – 4.3 – Subordinated debt Fixed rate 290 0 0 0 1,576 5,255 7,121 Interest rates (range in %) 1 6.0 – – – 7.1 3.9 – 7.5 – Subtotal – Group parent company 290 2,700 0 0 2,546 13,821 19,357 Subsidiaries (CHF million) Senior debt Fixed rate 9,752 16,272 9,210 7,669 8,264 26,378 77,545 Variable rate 13,362 6,522 7,107 6,434 4,525 20,811 58,761 Interest rates (range in %) 1 0.1 – 8.5 0.1 – 7.5 0.1 – 7.2 0.1 – 7.2 0.1 – 8.2 0.1 – 7.1 – Subordinated debt Fixed rate 10,038 0 1,837 0 111 4,316 16,302 Variable rate 0 201 0 0 3 0 204 Interest rates (range in %) 1 4.9 – 13.3 1.6 3.4 – 7.0 – 7.6 5.7 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 244 344 0 27 5 0 620 Variable rate 71 0 0 1 0 171 243 Interest rates (range in %) 1 2.8 2.9 – 3.0 – 9.3 – 10.3 0.0 0.6 – 10.7 – Subtotal – Subsidiaries 33,467 23,339 18,154 14,131 12,908 51,676 153,675 Total long-term debt 33,757 26,039 18,154 14,131 15,454 65,497 173,032 of which structured notes 9,992 7,339 6,385 3,863 3,956 19,930 51,465 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 3.1 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes 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 and the Bank maintain a shelf registration statement with the SEC, which allows each entity to issue, from time to time, senior and subordinated debt securities, warrants and guarantees. > Refer to “Note 40 – Subsidiary guarantee information” for further information on subsidiary guarantees. The Group maintains a euro medium-term note program that allows the Bank to issue senior debt securities and that allows Credit Suisse Group AG to issue securities, which contain certain features that are designed to allow for statutory bail-in by the >>>Swiss Financial Market Supervisory Authority FINMA (FINMA) under Swiss banking laws and regulations. The Group maintains a senior debt program that allows the Group to issue senior debt securities with certain features that are designed to allow for statutory bail-in by FINMA. The Bank maintains a JPY 500 billion Samurai shelf registration statement that allows it to issue, from time to time, senior and subordinated debt securities. |
Bank | |
Long-term debt | 23 Long-term debt end of 2017 2016 Long-term debt (CHF million) Senior 148,568 168,601 Subordinated 22,611 22,135 Non-recourse liabilities from consolidated VIEs 863 1,759 Long-term debt 172,042 192,495 of which reported at fair value 62,622 71,970 of which structured notes 51,465 59,544 Structured notes by product end of 2017 2016 Structured notes (CHF million) Equity 32,059 35,980 Fixed income 14,471 16,395 Credit 4,678 5,713 Other 257 1,456 Total structured notes 51,465 59,544 Long-term debt by maturities end of 2018 2019 2020 2021 2022 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 9,752 16,277 9,210 7,691 8,265 34,455 85,650 Variable rate 13,362 9,222 7,107 6,434 5,500 21,293 62,918 Interest rates (range in %) 1 0.1 – 8.5 0.1 – 7.5 0.1 – 7.2 0.1 – 7.2 0.1 – 8.2 0.1 – 7.1 – Subordinated debt Fixed rate 10,328 0 1,837 0 1,687 8,555 22,407 Variable rate 0 201 0 0 3 0 204 Interest rates (range in %) 1 4.9 – 13.3 1.6 3.4 – 7.0 0.0 7.1 – 7.6 3.9 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 244 344 0 27 5 0 620 Variable rate 71 0 0 1 0 171 243 Interest rates (range in %) 1 2.8 2.9 – 3.0 – 9.3 – 10.3 0.0 0.6 – 10.7 – Total long-term debt 33,757 26,044 18,154 14,153 15,460 64,474 172,042 of which structured notes 9,992 7,339 6,385 3,863 3,956 19,930 51,465 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 3.1 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes 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. > Refer to “Note 24 – Long-term debt” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated other comprehensive income | 25 Accumulated other comprehensive income and additional share information Accumulated other comprehensive income Gains/ Accumu- 2017 (CHF million) Balance at beginning of period (35) (12,095) 61 (4,278) 643 (568) (16,272) Increase/(decrease) (61) (1,054) (13) 337 0 (2,008) (2,799) Increase/(decrease) due to equity method investments 1 0 0 0 0 0 1 Reclassification adjustments, included in net income/(loss) 33 30 0 358 (121) 32 332 Total increase/(decrease) (27) (1,024) (13) 695 (121) (1,976) (2,466) Balance at end of period (62) (13,119) 48 (3,583) 522 (2,544) (18,738) 2016 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) (6) 441 1 7 142 (1,043) (458) Increase/(decrease) due to equity method investments (6) 0 0 0 0 0 (6) Reclassification adjustments, included in net income/(loss) (8) 79 0 387 (106) 0 352 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) (20) 520 1 394 36 (568) 363 Balance at end of period (35) (12,095) 61 (4,278) 643 (568) (16,272) 2015 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 – (15,003) Increase/(decrease) 0 (1,142) (3) (1,031) 238 – (1,938) Increase/(decrease) due to equity method investments (15) (1) 0 0 0 – (16) Reclassification adjustments, included in net income/(loss) 31 6 (1) 369 (83) – 322 Total increase/(decrease) 16 (1,137) (4) (662) 155 – (1,632) Balance at end of period (15) (12,615) 60 (4,672) 607 – (16,635) Refer to "Note 27 – Tax" and "Note 30 – Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). Details of significant reclassification adjustments in 2017 2016 2015 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 30 79 6 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 444 513 472 Tax expense/(benefit) (86) (126) (103) Net of tax 358 387 369 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (153) (134) (110) Tax expense/(benefit) 32 28 27 Net of tax (121) (106) (83) 1 Includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and net releases of CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. In addition, it includes net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 2 These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. Additional share information 2017 2016 2015 Common shares issued Balance at beginning of period 2,089,897,378 1,957,379,244 1,607,168,947 Issuance of common shares 466,114,342 132,518,134 350,210,297 of which share-based compensation 0 30,000,000 0 Balance at end of period 2,556,011,720 2,089,897,378 1,957,379,244 Treasury shares Balance at beginning of period 0 (5,910,224) (7,666,658) Sale of treasury shares 809,307,879 1,218,245,936 766,096,105 Repurchase of treasury shares (857,049,873) (1,224,501,214) (808,768,832) Share-based compensation 41,984,328 12,165,502 44,429,161 Balance at end of period (5,757,666) 0 (5,910,224) Common shares outstanding Balance at end of period 2,550,254,054 1 2,089,897,378 2 1,951,469,020 1 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 505,062,294 of these shares were reserved for capital instruments. 2 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 415,099,918 of these shares were reserved for capital instruments. |
Bank | |
Accumulated other comprehensive income | 24 Accumulated other comprehensive income Gains/ Accumu- 2017 (CHF million) Balance at beginning of period (16) (12,269) 61 (402) 2 (618) (13,242) Increase/(decrease) (61) (1,009) (13) (40) 0 (1,716) (2,839) Reclassification adjustments, included in net income/(loss) 26 30 0 61 0 32 149 Total increase/(decrease) (35) (979) (13) 21 0 (1,684) (2,690) Balance at end of period (51) (13,248) 48 (381) 2 (2,302) (15,932) 2016 (CHF million) Balance at beginning of period 6 (12,750) 60 (612) 2 – (13,294) Increase/(decrease) (6) 409 1 131 0 (1,082) (547) Reclassification adjustments, included in net income/(loss) (16) 72 0 79 0 0 135 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 464 464 Total increase/(decrease) (22) 481 1 210 0 (618) 52 Balance at end of period (16) (12,269) 61 (402) 2 (618) (13,242) 2015 (CHF million) Balance at beginning of period (18) (11,621) 64 (656) 16 – (12,215) Increase/(decrease) 0 (1,134) (3) (30) (1) – (1,168) Decrease due to equity method investments 0 (1) 0 0 0 – (1) Reclassification adjustments, included in net income/(loss) 24 6 (1) 74 (13) – 90 Total increase/(decrease) 24 (1,129) (4) 44 (14) – (1,079) Balance at end of period 6 (12,750) 60 (612) 2 – (13,294) Refer to "Note 26 - Tax" and "Note 29 - Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). Details of significant reclassification adjustments in 2017 2016 2015 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 30 72 6 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 68 123 98 Tax expense/(benefit) (7) (44) (24) Net of tax 61 79 74 1 Includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. In addition, it includes net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 2 These components are included in the computation of total benefit costs. Refer to "Note 29 – Pension and other post-retirement benefits" for further information. |
Offsetting of financial assets
Offsetting of financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Offsetting of financial assets and financial liabilities | 26 Offsetting of financial assets and financial liabilities The disclosures set out in the tables below include >>>derivatives, >>>reverse repurchase and >>>repurchase agreements, and securities lending and borrowing transactions that: – – Similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities lending agreements. Derivatives The Group transacts bilateral >>>OTC derivatives (OTC derivatives) mainly under International Swaps and Derivatives Association (ISDA) Master Agreements and Swiss Master Agreements for OTC derivative instruments. These agreements provide for the net settlement of all transactions under the agreement through a single payment in the event of default or termination under the agreement. They allow the Group to offset balances from derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives is received and provided in the form of cash and marketable securities. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. The terms of an ISDA Credit Support Annex provide that securities received or provided as collateral may be pledged or sold during the term of the transactions and must be returned upon maturity of the transaction. These terms also give each counterparty the right to terminate the related transactions upon the other counterparty’s failure to post collateral. Financial collateral received or pledged for OTC derivatives may also be subject to collateral agreements which restrict the use of financial collateral. For derivatives transacted with exchanges (exchange-traded derivatives) and central clearing counterparties (OTC-cleared derivatives), positive and negative replacement values (NRV) and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. Where no such agreements exist, fair values are recorded on a gross basis. Exchange-traded derivatives or OTC-cleared derivatives, which are fully margined and for which the daily margin payments constitute settlement of the outstanding exposure, are not included in the offsetting disclosures because they are not subject to offsetting due to the daily settlement. The daily margin payments, which are not settled until the next settlement cycle is conducted, are presented in brokerage receivables or brokerage payables. The notional amount for these daily settled derivatives is included in the fair value of derivative instruments table in “Note 31 – Derivatives and hedging activities”. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. There is an exception for certain bifurcatable hybrid debt instruments which the Group did not elect to account for at fair value. However, these bifurcated embedded derivatives are generally not subject to enforceable master netting agreements and are not recorded as derivative instruments under trading assets and liabilities or other assets and other liabilities. Information on bifurcated embedded derivatives has therefore not been included in the offsetting disclosures. The following table presents the gross amount of derivatives subject to enforceable master netting agreements by contract and transaction type, the amount of offsetting, the amount of derivatives not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of derivatives end of 2017 2016 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 2.5 1.8 8.2 7.5 OTC 83.3 79.0 129.1 121.7 Exchange-traded 0.1 0.2 0.1 0.1 Interest rate products 85.9 81.0 137.4 129.3 OTC-cleared 0.2 0.2 0.0 0.0 OTC 29.1 34.6 59.3 69.2 Exchange-traded 0.0 0.0 0.0 0.1 Foreign exchange products 29.3 34.8 59.3 69.3 OTC 11.7 11.7 11.2 11.5 Exchange-traded 9.2 9.8 11.5 13.0 Equity/index-related products 20.9 21.5 22.7 24.5 OTC-cleared 3.6 3.8 2.1 2.3 OTC 3.9 4.7 5.8 6.2 Credit derivatives 7.5 8.5 7.9 8.5 OTC 1.4 0.9 2.2 1.1 Exchange-traded 0.0 0.0 0.0 0.1 Other products 1 1.4 0.9 2.2 1.2 OTC-cleared 6.3 5.8 10.3 9.8 OTC 129.4 130.9 207.6 209.7 Exchange-traded 9.3 10.0 11.6 13.3 Total gross derivatives subject to enforceable master netting agreements 145.0 146.7 229.5 232.8 Offsetting (CHF billion) OTC-cleared (5.7) (5.4) (8.5) (7.8) OTC (114.5) (122.1) (188.6) (199.1) Exchange-traded (8.6) (9.6) (11.1) (11.9) Offsetting (128.8) (137.1) (208.2) (218.8) of which counterparty netting (113.8) (113.8) (184.7) (184.7) of which cash collateral netting (15.0) (23.3) (23.5) (34.1) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.6 0.4 1.8 2.0 OTC 14.9 8.8 19.0 10.6 Exchange-traded 0.7 0.4 0.5 1.4 Total net derivatives subject to enforceable master netting agreements 16.2 9.6 21.3 14.0 Total derivatives not subject to enforceable master netting agreements 2 3.4 5.2 5.6 6.4 Total net derivatives presented in the consolidated balance sheets 19.6 14.8 26.9 20.4 of which recorded in trading assets and trading liabilities 19.6 14.7 26.8 20.4 of which recorded in other assets and other liabilities 0.0 0.1 0.1 0.0 1 Primarily precious metals, commodity and energy products. 2 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Reverse repurchase and repurchase agreements and securities lending and borrowing transactions Reverse repurchase and repurchase agreements are generally covered by global master repurchase agreements. In certain situations, for example, in the event of default, all contracts under the agreements are terminated and are settled net in one single payment. Global master repurchase agreements also include payment or settlement netting provisions in the normal course of business that state that all amounts in the same currency payable by each party to the other under any transaction or otherwise under the global master repurchase agreement on the same date shall be set off. Transactions under such agreements are netted in the consolidated balance sheets if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. The amounts offset are measured on the same basis as the underlying transaction (i.e., on an accrual basis or fair value basis). Securities lending and borrowing transactions are generally executed under global master securities lending agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreement are terminated and are settled net in one single payment. Transactions under these agreements are netted in the consolidated balance sheets if they meet the same right of offset criteria as for reverse repurchase and repurchase agreements. In general, most securities lending and borrowing transactions do not meet the criterion of having the same settlement date specified at inception of the transaction, and therefore they are not eligible for netting in the consolidated balance sheets. However, securities lending and borrowing transactions with explicit maturity dates may be eligible for netting in the consolidated balance sheets. Reverse repurchase and repurchase agreements 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 reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. As is the case in the Group’s normal course of business, a significant portion of the collateral received that may be sold or repledged was sold or repledged as of December 31, 2017 and December 31, 2016. In certain circumstances, financial collateral received may be restricted during the term of the agreement (e.g., in tri-party arrangements). The following table presents the gross amount of securities purchased under resale agreements and securities borrowing transactions subject to enforceable master netting agreements, the amount of offsetting, the amount of securities purchased under resale agreements and securities borrowing transactions not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of securities purchased under resale agreements and securities borrowing transactions end of 2017 2016 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 89.4 (28.8) 60.6 99.9 (26.9) 73.0 Securities borrowing transactions 18.7 (5.0) 13.7 24.0 (4.5) 19.5 Total subject to enforceable master netting agreements 108.1 (33.8) 74.3 123.9 (31.4) 92.5 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 42.2 – 42.2 Total 149.1 (33.8) 115.3 2 166.1 (31.4) 134.7 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 77,498 million and CHF 87,331 million of the total net amount as of the end of 2017 and 2016, respectively, are reported at fair value. The following table presents the gross amount of securities sold under repurchase agreements and securities lending transactions subject to enforceable master netting agreements, the amount of offsetting, the amount of securities sold under repurchase agreements and securities lending transactions not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of securities sold under repurchase agreements and securities lending transactions end of 2017 2016 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 49.4 (31.5) 17.9 51.3 (29.0) 22.3 Securities lending transactions 7.1 (2.3) 4.8 8.3 (2.4) 5.9 Obligation to return securities received as collateral, at fair value 37.0 0.0 37.0 31.9 0.0 31.9 Total subject to enforceable master netting agreements 93.5 (33.8) 59.7 91.5 (31.4) 60.1 Total not subject to enforceable master netting agreements 1 4.9 – 4.9 5.5 – 5.5 Total 98.4 (33.8) 64.6 97.0 (31.4) 65.6 of which securities sold under repurchase agreements and securities lending transactions 60.3 (33.8) 26.5 2 64.4 (31.4) 33.0 2 of which obligation to return securities received as collateral, at fair value 38.1 0.0 38.1 32.6 0.0 32.6 1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 15,262 million and CHF 19,634 million of the total net amount as of the end of 2017 and 2016, respectively, are reported at fair value. The following table presents the net amount presented in the consolidated balance sheets of financial assets and liabilities subject to enforceable master netting agreements and the gross amount of financial instruments and cash collateral not offset in the consolidated balance sheets. The table excludes derivatives, reverse repurchase and repurchase agreements and securities lending and borrowing transactions not subject to enforceable master netting agreements where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Net exposure reflects risk mitigation in the form of collateral. Amounts not offset in the consolidated balance sheets end of 2017 2016 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 16.2 5.2 0.0 11.0 21.3 6.3 0.0 15.0 Securities purchased under resale agreements 60.6 60.6 0.0 0.0 73.0 73.0 0.0 0.0 Securities borrowing transactions 13.7 13.2 0.0 0.5 19.5 18.6 0.0 0.9 Total financial assets subject to enforceable master netting agreements 90.5 79.0 0.0 11.5 113.8 97.9 0.0 15.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 9.6 2.1 0.0 7.5 14.0 3.3 0.0 10.7 Securities sold under repurchase agreements 17.9 17.9 0.0 0.0 22.3 22.3 0.0 0.0 Securities lending transactions 4.8 4.4 0.0 0.4 5.9 5.7 0.0 0.2 Obligation to return securities received as collateral, at fair value 37.0 32.7 0.0 4.3 31.9 30.4 0.0 1.5 Total financial liabilities subject to enforceable master netting agreements 69.3 57.1 0.0 12.2 74.1 61.7 0.0 12.4 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. Net exposure is subject to further credit mitigation through the transfer of the exposure to other market counterparties by the use of >>>CDS and credit insurance contracts. Therefore the net exposure presented in the table above is not representative of the Group’s counterparty exposure. |
Bank | |
Offsetting of financial assets and financial liabilities | 25 Offsetting of financial assets and financial liabilities > Refer to “Note 26 – Offsetting of financial assets and financial liabilities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Offsetting of derivatives end of 2017 2016 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 2.5 1.8 8.2 7.5 OTC 83.3 79.0 129.1 121.7 Exchange-traded 0.1 0.2 0.1 0.1 Interest rate products 85.9 81.0 137.4 129.3 OTC-cleared 0.2 0.2 0.0 0.0 OTC 29.1 34.6 59.3 69.2 Exchange-traded 0.0 0.0 0.0 0.1 Foreign exchange products 29.3 34.8 59.3 69.3 OTC 11.7 12.0 11.2 11.7 Exchange-traded 9.2 9.8 11.5 13.0 Equity/index-related products 20.9 21.8 22.7 24.7 OTC-cleared 3.6 3.8 2.1 2.3 OTC 3.9 4.7 5.8 6.2 Credit derivatives 7.5 8.5 7.9 8.5 OTC 1.4 0.9 2.2 1.1 Exchange-traded 0.0 0.0 0.0 0.1 Other products 1 1.4 0.9 2.2 1.2 OTC-cleared 6.3 5.8 10.3 9.8 OTC 129.4 131.2 207.6 209.9 Exchange-traded 9.3 10.0 11.6 13.3 Total gross derivatives subject to enforceable master netting agreements 145.0 147.0 229.5 233.0 Offsetting (CHF billion) OTC-cleared (5.7) (5.4) (8.5) (7.8) OTC (114.5) (122.4) (188.6) (199.3) Exchange-traded (8.6) (9.6) (11.1) (11.9) Offsetting (128.8) (137.4) (208.2) (219.0) of which counterparty netting (113.8) (113.8) (184.7) (184.7) of which cash collateral netting (15.0) (23.6) (23.5) (34.3) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.6 0.4 1.8 2.0 OTC 14.9 8.8 19.0 10.6 Exchange-traded 0.7 0.4 0.5 1.4 Total net derivatives subject to enforceable master netting agreements 16.2 9.6 21.3 14.0 Total derivatives not subject to enforceable master netting agreements 2 3.7 5.2 5.8 6.4 Total net derivatives presented in the consolidated balance sheets 19.9 14.8 27.1 20.4 of which recorded in trading assets and trading liabilities 19.9 14.7 27.0 20.4 of which recorded in other assets and other liabilities 0.0 0.1 0.1 0.0 1 Primarily precious metals, commodity and energy products. 2 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Offsetting of securities purchased under resale agreements and securities borrowing transactions end of 2017 2016 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 89.4 (28.8) 60.6 100.2 (26.9) 73.3 Securities borrowing transactions 18.7 (5.0) 13.7 24.0 (4.5) 19.5 Total subject to enforceable master netting agreements 108.1 (33.8) 74.3 124.2 (31.4) 92.8 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 42.3 – 42.3 Total 149.1 (33.8) 115.3 2 166.5 (31.4) 135.1 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 77,498 million and CHF 87,331 million of the total net amount as of 2017 and 2016, respectively, are reported at fair value. Offsetting of securities sold under repurchase agreements and securities lending transactions end of 2017 2016 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 49.4 (31.5) 17.9 51.6 (29.0) 22.6 Securities lending transactions 7.1 (2.3) 4.8 8.3 (2.4) 5.9 Obligation to return securities received as collateral, at fair value 37.0 0.0 37.0 31.9 0.0 31.9 Total subject to enforceable master netting agreements 93.5 (33.8) 59.7 91.8 (31.4) 60.4 Total not subject to enforceable master netting agreements 1 4.9 – 4.9 5.4 – 5.4 Total 98.4 (33.8) 64.6 97.2 (31.4) 65.8 of which securities sold under repurchase agreements and securities lending transactions 60.3 (33.8) 26.5 2 64.7 (31.4) 33.3 2 of which obligation to return securities received as collateral, at fair value 38.1 0.0 38.1 32.5 0.0 32.5 1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 15,262 million and CHF 19,634 million of the total net amount as of 2017 and 2016, respectively, are reported at fair value. Amounts not offset in the consolidated balance sheets end of 2017 2016 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 16.2 5.2 0.0 11.0 21.3 6.3 0.0 15.0 Securities purchased under resale agreements 60.6 60.6 0.0 0.0 73.3 73.3 0.0 0.0 Securities borrowing transactions 13.7 13.2 0.0 0.5 19.5 18.6 0.0 0.9 Total financial assets subject to enforceable master netting agreements 90.5 79.0 0.0 11.5 114.1 98.2 0.0 15.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 9.6 2.1 0.0 7.5 14.0 3.3 0.0 10.7 Securities sold under repurchase agreements 17.9 17.9 0.0 0.0 22.6 22.6 0.0 0.0 Securities lending transactions 4.8 4.4 0.0 0.4 5.9 5.7 0.0 0.2 Obligation to return securities received as collateral, at fair value 37.0 32.7 0.0 4.3 31.9 30.4 0.0 1.5 Total financial liabilities subject to enforceable master netting agreements 69.3 57.1 0.0 12.2 74.4 62.0 0.0 12.4 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Tax
Tax | 12 Months Ended |
Dec. 31, 2017 | |
Tax | Refer to “Note 2 – Recently issued accounting standards” for further information on the early adoption of ASU 2016-16. The most significant net deferred tax assets arise in the US and Switzerland and these decreased from CHF 5,105 million, net of a valuation allowance of CHF 829 million as of the end of 2016, to CHF 4,809 million, net of a valuation allowance of CHF 541 million as of the end of 2017. Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Group recorded a valuation allowance against deferred tax assets in the amount of CHF 4.3 billion as of December 31, 2017 compared to CHF 4.2 billion as of December 31, 2016. Amounts and expiration dates of net operating loss carry-forwards end of 2017 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 1,403 Due to expire within 2 to 5 years 4,714 Due to expire within 6 to 10 years 5,157 Due to expire within 11 to 20 years 8,659 Amount due to expire 19,933 Amount not due to expire 19,263 Total net operating loss carry-forwards 39,196 Movements in the valuation allowance in 2017 2016 2015 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,188 3,905 4,107 Net changes 91 283 (202) Balance at end of period 4,279 4,188 3,905 As part of its normal practice, the Group has conducted a detailed evaluation of its expected future results. This evaluation is dependent on management estimates and assumptions in developing the expected future results, which are based on a strategic business planning process influenced by current economic conditions and assumptions of future economic conditions that are subject to change. This evaluation took into account both positive and negative evidence related to expected future taxable income and also considered stress scenarios. This evaluation has indicated the expected future results that are likely to be earned in jurisdictions where the Group has significant gross deferred tax assets, primarily in the US, Switzerland and UK. The Group then compared those expected future results with the applicable law governing utilization of deferred tax assets. US tax law allowed for a 20-year carry-forward period for existing net operating losses as of the end of 2017 and any new net operating losses will have an unlimited carry-forward period, Swiss tax law allows for a seven-year carry-forward period for net operating losses and UK tax law allows for an unlimited carry-forward period for net operating losses. Tax benefits associated with share-based compensation in 2017 2016 2015 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 314 391 448 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital – 2 (110) (28) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in additional paid-in capital. Refer to "Note 2 - Recently issued accounting standards" for further information. > Refer to “Note 28 – Employee deferred compensation” for further information on share-based compensation. If, upon settlement of share-based compensation, the tax deduction exceeds the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the utilized tax benefit associated with any excess deduction is considered a “windfall” and recognized in the consolidated statements of operations and reflected as an operating cash inflow in the consolidated statements of cash flows. If, upon settlement, the tax deduction is lower than the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the tax charge associated with the lower deduction is considered a “shortfall”. Tax charges arising on shortfalls are recognized in the consolidated statements of operations. > Refer to “Note 2 – Recently issued accounting standards” for further information on the adoption of ASU 2016-09. Uncertain tax positions US GAAP requires a two-step process in evaluating uncertain income tax positions. In the first step, an enterprise determines whether it is more likely than not that an income tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions meeting the more-likely-than-not recognition threshold are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each income tax position is measured at the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. Reconciliation of the beginning and ending amount of gross unrecognized tax benefits 2017 2016 2015 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 410 369 389 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 131 52 44 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (104) (43) (3) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 117 17 15 Decreases in unrecognized tax benefits relating to settlements with tax authorities (73) (2) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (3) (7) (22) Other (including foreign currency translation) 3 24 (54) Balance at end of period 481 410 369 of which, if recognized, would affect the effective tax rate 481 410 369 Interest and penalties in 2017 2016 2015 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 29 2 13 Interest and penalties recognized in the consolidated balance sheets 115 86 86 Interest and penalties are reported as tax expense. The Group is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 5 million in unrecognized tax benefits within 12 months of the reporting date. The Group remains open to examination from federal, state, provincial or similar local jurisdictions from the following years onward in these major countries: Brazil – 2013; Switzerland – 2011; the US – 2010; the UK – 2009; and the Netherlands – 2006. " id="sjs-B3" xml:space="preserve"> 27 Tax Details of current and deferred taxes in 2017 2016 2015 Current and deferred taxes (CHF million) Switzerland 82 133 28 Foreign 421 501 463 Current income tax expense 503 634 491 Switzerland 244 (125) 196 Foreign 1,994 (68) (164) Deferred income tax expense/(benefit) 2,238 (193) 32 Income tax expense 2,741 441 523 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges (24) (6) (4) Cumulative translation adjustment 1 (4) (14) Unrealized gains/(losses) on securities 1 1 (2) Actuarial gains/(losses) 172 136 (174) Net prior service credit/(cost) (32) 10 37 Share-based compensation and treasury shares 3 104 25 Reconciliation of taxes computed at the Swiss statutory rate in 2017 2016 2015 Income/(loss) before taxes (CHF million) Switzerland 1,736 2,111 1,746 Foreign 57 (4,377) (4,168) Income/(loss) before taxes 1,793 (2,266) (2,422) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 394 (499) (533) Increase/(decrease) in income taxes resulting from Foreign tax rate differential (110) (498) (715) Non-deductible amortization of other intangible assets and goodwill impairment 0 1 1,432 Other non-deductible expenses 354 1,540 391 Additional taxable income 0 87 16 Lower taxed income (276) (219) (276) (Income)/loss taxable to noncontrolling interests 7 (11) 6 Changes in tax law and rates 2,095 145 347 Changes in deferred tax valuation allowance 123 76 (103) Change in recognition of outside basis difference (19) 218 262 Tax deductible impairments of Swiss subsidiary investments 88 (68) (258) (Windfall tax benefits) /shortfall tax charges on share-based compensation 1 91 – – Other (6) (331) (46) Income tax expense 2,741 441 523 1 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in shareholders' equity. Refer to "Note 2 - Recently issued accounting standards" for further information. 2017 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Other 2016 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other 2015 Foreign tax rate differential Non-deductible amortization of other intangible assets and goodwill impairment Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other As of December 31, 2017, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 5.1 billion. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. Deferred tax assets and liabilities end of 2017 2016 Deferred tax assets and liabilities (CHF million) Compensation and benefits 1,103 1,992 Loans 330 326 Investment securities 1,039 469 Provisions 441 1,341 Derivatives 97 105 Real estate 337 347 Net operating loss carry-forwards 6,829 6,548 Goodwill and intangible assets 696 44 Other 135 75 Gross deferred tax assets before valuation allowance 11,007 11,247 Less valuation allowance (4,279) (4,188) Gross deferred tax assets net of valuation allowance 6,728 7,059 Compensation and benefits (512) (252) Loans (36) (29) Investment securities (197) (267) Provisions (520) (360) Business combinations (1) (1) Derivatives (154) (238) Leasing 0 (8) Real estate (54) (51) Other (126) (154) Gross deferred tax liabilities (1,600) (1,360) Net deferred tax assets 5,128 5,699 of which deferred tax assets 5,522 5,828 of which net operating losses 2,213 2,178 of which deductible temporary differences 3,309 3,650 of which deferred tax liabilities (394) (129) The decrease in net deferred tax assets from 2016 to 2017 of CHF 571 million was primarily due to the impact of CHF 2,097 million in connection with the re-assessment of deferred tax assets following the US tax reform, CHF 330 million related to current year earnings, foreign exchange translation gains of CHF 221 million, which are included within the currency translation adjustments recorded in AOCI, and the tax impacts directly recorded in equity and other comprehensive income, mainly related to the pension plan re-measurement and other tax recorded directly in equity of CHF 125 million. These decreases were partially offset by an increase of deferred tax assets of CHF 2,070 million from the adoption of new accounting standards relating to intra-entity asset transfers rules and share-based payment, and CHF 132 million from the re-measurement of deferred tax balances in the US relating to the tax deductibility on previously taken litigation accruals and in Switzerland. > Refer to “Note 2 – Recently issued accounting standards” for further information on the early adoption of ASU 2016-16. The most significant net deferred tax assets arise in the US and Switzerland and these decreased from CHF 5,105 million, net of a valuation allowance of CHF 829 million as of the end of 2016, to CHF 4,809 million, net of a valuation allowance of CHF 541 million as of the end of 2017. Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Group recorded a valuation allowance against deferred tax assets in the amount of CHF 4.3 billion as of December 31, 2017 compared to CHF 4.2 billion as of December 31, 2016. Amounts and expiration dates of net operating loss carry-forwards end of 2017 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 1,403 Due to expire within 2 to 5 years 4,714 Due to expire within 6 to 10 years 5,157 Due to expire within 11 to 20 years 8,659 Amount due to expire 19,933 Amount not due to expire 19,263 Total net operating loss carry-forwards 39,196 Movements in the valuation allowance in 2017 2016 2015 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,188 3,905 4,107 Net changes 91 283 (202) Balance at end of period 4,279 4,188 3,905 As part of its normal practice, the Group has conducted a detailed evaluation of its expected future results. This evaluation is dependent on management estimates and assumptions in developing the expected future results, which are based on a strategic business planning process influenced by current economic conditions and assumptions of future economic conditions that are subject to change. This evaluation took into account both positive and negative evidence related to expected future taxable income and also considered stress scenarios. This evaluation has indicated the expected future results that are likely to be earned in jurisdictions where the Group has significant gross deferred tax assets, primarily in the US, Switzerland and UK. The Group then compared those expected future results with the applicable law governing utilization of deferred tax assets. US tax law allowed for a 20-year carry-forward period for existing net operating losses as of the end of 2017 and any new net operating losses will have an unlimited carry-forward period, Swiss tax law allows for a seven-year carry-forward period for net operating losses and UK tax law allows for an unlimited carry-forward period for net operating losses. Tax benefits associated with share-based compensation in 2017 2016 2015 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 314 391 448 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital – 2 (110) (28) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in additional paid-in capital. Refer to "Note 2 - Recently issued accounting standards" for further information. > Refer to “Note 28 – Employee deferred compensation” for further information on share-based compensation. If, upon settlement of share-based compensation, the tax deduction exceeds the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the utilized tax benefit associated with any excess deduction is considered a “windfall” and recognized in the consolidated statements of operations and reflected as an operating cash inflow in the consolidated statements of cash flows. If, upon settlement, the tax deduction is lower than the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the tax charge associated with the lower deduction is considered a “shortfall”. Tax charges arising on shortfalls are recognized in the consolidated statements of operations. > Refer to “Note 2 – Recently issued accounting standards” for further information on the adoption of ASU 2016-09. Uncertain tax positions US GAAP requires a two-step process in evaluating uncertain income tax positions. In the first step, an enterprise determines whether it is more likely than not that an income tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions meeting the more-likely-than-not recognition threshold are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each income tax position is measured at the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. Reconciliation of the beginning and ending amount of gross unrecognized tax benefits 2017 2016 2015 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 410 369 389 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 131 52 44 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (104) (43) (3) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 117 17 15 Decreases in unrecognized tax benefits relating to settlements with tax authorities (73) (2) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (3) (7) (22) Other (including foreign currency translation) 3 24 (54) Balance at end of period 481 410 369 of which, if recognized, would affect the effective tax rate 481 410 369 Interest and penalties in 2017 2016 2015 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 29 2 13 Interest and penalties recognized in the consolidated balance sheets 115 86 86 Interest and penalties are reported as tax expense. The Group is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 5 million in unrecognized tax benefits within 12 months of the reporting date. The Group remains open to examination from federal, state, provincial or similar local jurisdictions from the following years onward in these major countries: Brazil – 2013; Switzerland – 2011; the US – 2010; the UK – 2009; and the Netherlands – 2006. |
Bank | |
Tax | Refer to “Note 2 – Recently issued accounting standards” for further information on the early adoption of ASU 2016-16. Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Bank recorded a valuation allowance against deferred tax assets in the amount of CHF 4.2 billion as of December 31, 2017, unchanged from December 31, 2016. Amounts and expiration dates of net operating loss carry-forwards end of 2017 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 1,403 Due to expire within 2 to 5 years 4,708 Due to expire within 6 to 10 years 4,577 Due to expire within 11 to 20 years 8,659 Amount due to expire 19,347 Amount not due to expire 19,262 Total net operating loss carry-forwards 38,609 Movements in the valuation allowance in 2017 2016 2015 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,168 3,898 4,107 Net changes 56 270 (209) Balance at end of period 4,224 4,168 3,898 Tax benefits associated with share-based compensation in 2017 2016 2015 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 310 390 447 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital – 2 (110) (28) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in additional paid-in capital. Refer to "Note 2 - Recently issued accounting standards" for further information. > Refer to “Note 27 – Employee deferred compensation” for further information on share-based compensation. Uncertain tax positions Reconciliation of the beginning and ending amount of gross unrecognized tax benefits in 2017 2016 2015 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 401 360 382 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 131 52 44 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (95) (43) (3) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 117 17 15 Decreases in unrecognized tax benefits relating to settlements with tax authorities (73) (2) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (3) (7) (22) Other (including foreign currency translation) 3 24 (56) Balance at end of period 481 401 360 of which, if recognized, would affect the effective tax rate 481 401 360 Interest and penalties in 2017 2016 2015 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 30 2 13 Interest and penalties recognized in the consolidated balance sheets 115 85 85 Interest and penalties are reported as tax expense. The Bank is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 5 million in unrecognized tax benefits within 12 months of the reporting date. The Bank remains open to examination from federal, state, provincial or similar local jurisdictions from the following years onward in these major countries: Brazil – 2013; Switzerland – 2011; the US – 2010; the UK – 2009; and the Netherlands – 2006. > Refer to “Note 27 – Tax” in VI – Consolidated financial statements – Credit Suisse Group for further information." id="sjs-B5" xml:space="preserve"> 26 Tax Details of current and deferred taxes in 2017 2016 2015 Current and deferred taxes (CHF million) Switzerland 76 135 25 Foreign 420 499 462 Current income tax expense 496 634 487 Switzerland 285 (167) 165 Foreign 2,000 (67) (164) Deferred income tax expense/(benefit) 2,285 (234) 1 Income tax expense 2,781 400 488 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges (24) (6) (4) Cumulative translation adjustment 1 (4) (14) Unrealized gains/(losses) on securities 1 1 (2) Actuarial gains/(losses) (7) 87 14 Net prior service cost 0 0 (9) Share-based compensation and treasury shares 0 106 28 Reconciliation of taxes computed at the Swiss statutory rate in 2017 2016 2015 Income/(loss) before taxes (CHF million) Switzerland 1,648 1,955 1,604 Foreign (95) (4,444) (4,253) Income/(loss) before taxes 1,553 (2,489) (2,649) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 342 (548) (583) Increase/(decrease) in income taxes resulting from Foreign tax rate differential (92) (559) (744) Non-deductible amortization of other intangible assets and goodwill impairment 0 1 1,432 Other non-deductible expenses 354 1,533 389 Additional taxable income 0 87 15 Lower taxed income (272) (216) (273) (Income)/loss taxable to noncontrolling interests 7 (10) 7 Changes in tax law and rates 2,095 145 347 Changes in deferred tax valuation allowance 88 76 (108) Change in recognition of outside basis difference (12) 211 262 Tax deductible impairments of Swiss subsidiary investments 88 (68) (258) (Windfall tax benefits)/shortfall tax charges on share-based compensation 1 91 – – Other 92 (252) 2 Income tax expense 2,781 400 488 1 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in shareholders' equity. Refer to "Note 2 - Recently issued accounting standards" for further information. 2017 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Other 2016 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other 2015 Foreign tax rate differential Non-deductible amortization of other intangible assets and goodwill impairment Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other As of December 31, 2017, the Bank had accumulated undistributed earnings from foreign subsidiaries of CHF 4.6 billion. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. Deferred tax assets and liabilities end of 2017 2016 Deferred tax assets and liabilities (CHF million) Compensation and benefits 1,095 1,990 Loans 330 326 Investment securities 1,039 469 Provisions 441 1,341 Derivatives 96 102 Real estate 333 347 Net operating loss carry-forwards 6,762 6,523 Goodwill and intangible assets 664 44 Other 127 72 Gross deferred tax assets before valuation allowance 10,887 11,214 Less valuation allowance (4,224) (4,168) Gross deferred tax assets net of valuation allowance 6,663 7,046 Compensation and benefits (278) (238) Loans (36) (29) Investment securities (197) (260) Provisions (519) (359) Business combinations (1) (1) Derivatives (154) (238) Leasing 0 (8) Real estate (54) (51) Other (119) (146) Gross deferred tax liabilities (1,358) (1,330) Net deferred tax assets 5,305 5,716 of which deferred tax assets 5,457 5,815 of which net operating losses 2,200 2,172 of which deductible temporary differences 3,257 3,643 of which deferred tax liabilities (152) (99) The decrease in net deferred tax assets from 2016 to 2017 of CHF 411 million was primarily due to the impact of CHF 2,097 million in connection with the re-assessment of deferred tax assets following the US tax reform, CHF 374 million related to current year earnings and foreign exchange translation gains of CHF 221 million, which are included within the currency translation adjustments recorded in accumulated other comprehensive income/(loss) (AOCI). These decreases were partially offset by an increase of deferred tax assets of CHF 2,022 million from the adoption of new accounting standards relating to intra-entity asset transfers rules and share-based payment, CHF 132 million from the re-measurement of deferred tax balances in the US relating to the tax deductibility on previously taken litigation accruals and in Switzerland, and the tax impacts directly recorded in equity and other comprehensive income, mainly related to other tax recorded directly in equity of CHF 127 million. > Refer to “Note 2 – Recently issued accounting standards” for further information on the early adoption of ASU 2016-16. Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Bank recorded a valuation allowance against deferred tax assets in the amount of CHF 4.2 billion as of December 31, 2017, unchanged from December 31, 2016. Amounts and expiration dates of net operating loss carry-forwards end of 2017 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 1,403 Due to expire within 2 to 5 years 4,708 Due to expire within 6 to 10 years 4,577 Due to expire within 11 to 20 years 8,659 Amount due to expire 19,347 Amount not due to expire 19,262 Total net operating loss carry-forwards 38,609 Movements in the valuation allowance in 2017 2016 2015 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,168 3,898 4,107 Net changes 56 270 (209) Balance at end of period 4,224 4,168 3,898 Tax benefits associated with share-based compensation in 2017 2016 2015 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 310 390 447 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital – 2 (110) (28) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in additional paid-in capital. Refer to "Note 2 - Recently issued accounting standards" for further information. > Refer to “Note 27 – Employee deferred compensation” for further information on share-based compensation. Uncertain tax positions Reconciliation of the beginning and ending amount of gross unrecognized tax benefits in 2017 2016 2015 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 401 360 382 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 131 52 44 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (95) (43) (3) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 117 17 15 Decreases in unrecognized tax benefits relating to settlements with tax authorities (73) (2) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (3) (7) (22) Other (including foreign currency translation) 3 24 (56) Balance at end of period 481 401 360 of which, if recognized, would affect the effective tax rate 481 401 360 Interest and penalties in 2017 2016 2015 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 30 2 13 Interest and penalties recognized in the consolidated balance sheets 115 85 85 Interest and penalties are reported as tax expense. The Bank is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 5 million in unrecognized tax benefits within 12 months of the reporting date. The Bank remains open to examination from federal, state, provincial or similar local jurisdictions from the following years onward in these major countries: Brazil – 2013; Switzerland – 2011; the US – 2010; the UK – 2009; and the Netherlands – 2006. > Refer to “Note 27 – Tax” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Employee deferred compensation
Employee deferred compensation | 12 Months Ended |
Dec. 31, 2017 | |
Employee deferred compensation | 28 Employee deferred compensation Payment of deferred compensation to employees is determined by the nature of the business, role, location and performance of the employee. Unless there is a contractual obligation, granting deferred compensation is solely at the discretion of senior management. Special deferred 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 Group’s policy not to make multi-year guarantees. Compensation expense recognized in the consolidated statement of operations for share-based and other awards that were granted as deferred compensation is recognized in accordance with the specific terms and conditions of each respective award and is primarily recognized over the future requisite service and vesting period, which is determined by the plan, retirement eligibility of employees, two-year moratorium periods on early retirement and certain other terms. All deferred compensation plans are subject to restrictive covenants, which generally include non-compete and non-solicit provisions. Compensation expense for share-based and other awards that were granted as deferred compensation also includes the current estimated outcome of applicable performance criteria, estimated future forfeitures and mark-to-market adjustments for certain cash awards that are still outstanding. The following tables show the compensation expense for deferred compensation awards granted in 2017 and prior years that was recognized in the consolidated statements of operations during 2017, 2016 and 2015, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2017 and prior years outstanding as of December 31, 2017 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. The estimated unrecognized compensation expense was based on the >>>fair value of each award on the grant date and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments. The recognition of compensation expense for the deferred compensation awards granted in February 2018 began in 2018 and thus had no impact on the 2017 consolidated financial statements. Deferred compensation awards for 2017 In February 2018, the Group granted share awards, performance share awards and Contingent Capital Awards (CCA) as deferred compensation. Deferred compensation was awarded to employees with total compensation of CHF/USD 250,000 or the local currency equivalent or higher. Deferred compensation expense in 2017 2016 2015 Deferred compensation expense (CHF million) Share awards 529 628 852 Performance share awards 348 370 563 Contingent Capital Awards 280 235 430 Contingent Capital share awards 18 30 – Capital Opportunity Facility awards 14 13 16 Plus Bond awards 1 – 5 22 2011 Partner Asset Facility awards 2 – – 2 Restricted Cash Awards – – 39 2008 Partner Asset Facility awards 3 7 13 34 Other cash awards 440 335 414 Total deferred compensation expense 1,636 1,629 2,372 Total shares delivered (million) Total shares delivered 42.0 42.1 44.4 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the Contingent Capital Awards conversion. 3 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2017 Estimated unrecognized compensation expense (CHF million) Share awards 472 Performance share awards 158 Contingent Capital Awards 119 Contingent Capital share awards 3 Other cash awards 194 Total 946 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.4 Does not include the estimated unrecognized compensation expense relating to grants made in 2018 for 2017. Share awards Share awards granted in February 2018 are similar to those granted in February 2017. Each share award granted entitles the holder of the award to receive one Group share, subject to service conditions. Share awards vest over three years with one third of the share awards vesting on each of the three anniversaries of the grant date (ratable vesting), with the exception of awards granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code. Share awards granted to risk managers vest over five years with one fifth of the award vesting on each of the five anniversaries of the grant date, while share awards granted to senior managers vest over five years commencing on the third anniversary of the grant date, with one fifth of the award vesting on each of the third to seventh anniversaries of the grant date. Share awards are expensed over the service period of the awards. The value of the share awards is solely dependent on the Group share price at the time of delivery. The Group’s share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share and are generally subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. On February 15, 2018, the Group granted 34.1 million share awards with a total value of CHF 613 million. The number of share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2018. The fair value of each share award was CHF 17.22, the Group share price on the grant date. The majority of share awards granted include the right to receive dividend equivalents on vested shares. The estimated unrecognized compensation expense of CHF 569 million was determined based on the fair value of the awards on the grant date, includes the current estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. Share awards granted for previous years For compensation year 2017 2016 2015 Share awards granted for previous years Shares awarded (million) 34.1 37.8 28.8 Value of shares awarded (CHF million) 613 566 549 Fair value of each share awarded (CHF) 1 17.22 15.42 18.62 1 Based on the Group’s share price on the grant date. In order to comply with Capital Requirements Directive IV requirements, employees who hold key roles in respect of certain Group subsidiaries receive shares that are subject to transfer restrictions for 50% of the amount that would have been paid to them in cash. These shares are vested at the time of grant but remain blocked, that is, subject to transfer restrictions, for six months to three years from the date of grant, depending on the location. On February 15, 2018, the Group granted 2.1 million blocked shares with a total value of CHF 38 million that vested immediately upon grant, have no future service requirements and were attributed to services performed in 2017. Blocked share awards granted for previous years For compensation year 2017 2016 2015 Blocked share awards granted for previous years Shares awarded (million) 2.1 2.5 0.6 Value of shares awarded (CHF million) 38 37 12 Share award activities 2017 2016 2015 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 73.2 18.77 80.3 21.58 77.1 28.64 Granted 54.3 1 14.53 39.7 17.47 47.5 2 16.67 Settled (38.2) 19.74 (37.7) 22.64 (40.3) 29.00 Forfeited (4.4) 16.47 (9.1) 21.87 (4.0) 24.29 Balance at end of period 84.9 15.73 73.2 18.77 80.3 21.58 of which vested 8.5 – 8.1 – 4.7 – of which unvested 76.4 – 65.1 – 75.6 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 2 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. Performance share awards Managing directors and all >>>material risk takers and controllers (employees whose activities are considered to have a potentially material impact on the Group’s risk profile) received a portion of their deferred variable compensation in the form of performance share awards. Performance share awards are similar to share awards, except that the full balance of outstanding performance share awards, including those awarded in prior years, are subject to performance-based malus provisions. Performance share awards granted in 2015 were subject to a negative adjustment in the event of a negative strategic ROE of the Group, which was calculated based on Core Results, adjusted for the goodwill impairment charge related to the re-organization of the former Investment Banking division. However, following the change in the Group’s financial reporting structure in 2015, the strategic ROE is no longer calculated, and consequently, any negative adjustment to performance share awards is subject to the discretion of the Compensation Committee. Starting in 2016, the ROE calculation is based on adjusted results, which the Compensation Committee considered as the most accurate reflection of the operating performance of the businesses. Performance share awards granted from 2016 and onward are subject to a negative adjustment in the event of a divisional loss by the division in which the employees worked as of December 31, 2017, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Strategic Resolution Unit, the negative adjustment only applies in the event of a negative ROE of the Group and is not linked to the performance of the divisions. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee’s determination for the year in which the performance shares are granted. On February 15, 2018, the Group granted 26.5 million performance share awards with a total value of CHF 478 million. The number of performance share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as performance share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2018. The fair value of each performance share award was CHF 17.22, the Group share price on the grant date. The majority of performance share awards granted include the right to receive dividend equivalents on vested shares. The estimated unrecognized compensation expense of CHF 445 million was determined based on the fair value of the awards on the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. There was no negative adjustment applied to performance share awards granted in 2017 or in previous years as the 2017 divisional adjusted results and the adjusted ROE of the Group were both positive. Performance share awards granted for previous years For compensation year 2017 2016 2015 Performance share awards granted for previous years Performance shares awarded (million) 26.5 29.7 21.3 Value of performance shares awarded (CHF million) 478 451 429 Fair value of each performance share awarded (CHF) 1 17.22 15.42 18.62 1 Based on the Group’s share price on the grant date. Performance share award activities 2017 2016 2015 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 48.4 19.11 55.9 21.01 48.2 26.89 Granted 31.8 1 14.41 21.4 18.62 32.5 2 16.11 Settled (23.9) 20.41 (26.5) 22.67 (23.4) 26.24 Forfeited (2.1) 16.38 (2.4) 19.64 (1.4) 21.75 Balance at end of period 54.2 15.88 48.4 19.11 55.9 21.01 of which vested 6.7 – 6.8 – 3.3 – of which unvested 47.5 – 41.6 – 52.6 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 2 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. Contingent Capital Awards CCA were granted in February 2018, February 2017 and January 2016 to managing directors and directors as part of the 2017, 2016 and 2015 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA are scheduled to vest on the third anniversary of the grant date, other than those granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code, where CCA vest on the fifth and seventh anniversaries of the grant date, respectively, and will be expensed over the vesting period. CCA provide a conditional right to receive semi-annual cash payments of interest equivalents until settled, with rates being dependent upon the vesting period and currency of denomination: – – – – The rates were set in line with market conditions at the time of grant and existing high-trigger and low-trigger contingent capital instruments that the Group has issued. For CCA granted in February 2018, employees who received compensation in Swiss francs received CCA denominated in Swiss francs and all other employees received CCA denominated in US dollars. As CCA qualify as going concern loss-absorbing capital of the Group, the timing and form of distribution upon settlement is subject to approval by >>>FINMA. At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The fair value will be determined by the Group. In the case of a cash settlement, the CCA award will be converted into the local currency of each respective employee. CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero and forfeited if any of the following trigger events were to occur: – – On February 15, 2018, the Group awarded CHF 241 million of CCA that will be expensed over the vesting period. The estimated unrecognized compensation expense of CHF 229 million was determined based on the fair value of the awards on the grant date and includes the current estimated outcome of the relevant performance criteria, the estimated future forfeitures and the expected semi-annual cash payments of interest equivalents and will be recognized over the vesting period. Contingent Capital Awards granted for previous years For compensation year 2017 2016 2015 Contingent Capital Awards granted for previous years CCA awarded (CHF million) 241 229 226 Contingent Capital share awards In March 2016, the Group executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 226 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. Contingent Capital share award activities 2017 2016 Contingent Capital share awards (million) Balance at beginning of period 13.5 – Granted 0.3 1 16.4 Settled (5.0) (2.6) Forfeited (0.4) (0.3) Balance at end of period 8.4 13.5 of which vested 1.3 1.0 of which unvested 7.1 12.5 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. Other deferred compensation During 2017, the Group granted deferred cash retention awards of CHF 65 million relating to the reorganization of the Asia Pacific business. These awards will be expensed over a two-year period from the grant date. Amortization of these awards totaled CHF 28 million in 2017 and was recognized in the Corporate Center. The Group granted deferred fixed cash awards of CHF 90 million to certain employees in the US. These awards will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year period from the grant date. Amortization of these awards totaled CHF 48 million in 2017. In 2016, the Group granted deferred share and cash retention awards of CHF 249 million relating to the reorganization of the Global Markets and Investment Banking & Capital Markets businesses. These awards will be expensed over a period of up to seven years from the grant date. Amortization of these awards in 2016 of CHF 118 million was recognized in the Corporate Center. Plus Bond awards Managing directors and directors in the former Investment Banking division received a portion of 2012 deferred variable compensation in the form of Plus Bond awards. The Plus Bond award was essentially a fixed income instrument, denominated in US dollars, which provided a coupon payment that was commensurate with market-based pricing. Plus Bond award holders were entitled to receive semi-annual cash payments on their adjusted award amounts at the rate of LIBOR plus 7.875% per annum until settlement. The Plus Bond settled in July 2016 based on the amount of the initial award less any portfolio losses in excess of a first loss portion retained by the Group of USD 600 million. The value of the Plus Bond awards was based on the performance of a portfolio of unrated and sub-investment-grade asset-backed securities (ABS) that were held in inventory by various trading desks. The Plus Bond award plan contributed to a reduction of the Group’s >>>risk-weighted assets and constituted a risk transfer from the Group to the Plus Bond award holders. Final payout upon settlement of these awards was 100% of the amount awarded. 2011 Partner Asset Facility As part of the 2011 annual compensation process, the Group awarded a portion of deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units are essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group’s >>>derivative activities, including both current and possible future swaps and other derivative transactions. The value of the award (for both the interest accrual and the final redemption) will be reduced if the amount of realized credit losses from a specific reference portfolio exceeds a pre-defined threshold. The Group will bear the first USD 500 million of such losses and the PAF2 holders will bear any losses in excess of USD 500 million, up to the full amount of the deferred compensation awarded. As a result, the PAF2 plan is a transfer of risk from the Group to employees. Employees at the managing director and director levels, including certain members of the Executive Board, received PAF2 awards. The PAF2 awards vested in the first quarter of 2012. PAF2 awards were linked to a portfolio of the Group’s credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards in March 2014, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: i) Capital Opportunity Facility (COF): participants elected for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; and ii) CCA: participants elected to receive CCA, with similar terms to the instruments granted as part of the 2013 compensation awards. Settlement of the PAF2 CCA occurred in the first half of 2016, following regulatory approvals. Final payout upon settlement of these awards was 94% of the amount awarded. 2008 Partner Asset Facility As part of the 2008 annual compensation process, the Group granted employees in the former Investment Banking division with the corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards are indexed to, and represent a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in the former Investment Banking division. The notional value of the Asset Pool was based on the fair market value of the assets within the Asset Pool on December 31, 2008, and those assets will remain static throughout the contractual term of the award or until liquidated. The PAF holders will participate in the potential gains on the Asset Pool if the assets within the pool are liquidated at prices above the initial fair market value. If the assets within the Asset Pool are liquidated at prices below the initial fair market value, the PAF holders will bear the first loss on the Asset Pool. As a result, a significant portion of risk positions associated with the Asset Pool has been transferred to the employees and removed from the Group’s risk-weighted assets, resulting in a reduction in capital usage. The PAF awards, which had a contractual term of eight years, are fully vested. Each PAF holder received a semi-annual cash interest payment of LIBOR plus 250 basis points applied to the notional value of the PAF award granted throughout the contractual term of the award. Beginning in the fifth year after the grant date, the PAF holders received an annual cash payment equal to 20% of the notional value of the PAF awards if the fair market value of the Asset Pool in that year has not declined below the initial fair market value of the Asset Pool. In the final year of the contractual term, the PAF holders received a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. During 2017, the final settlement of the outstanding PAF awards of CHF 789 million was made. Other cash awards Other cash awards consist of voluntary deferred compensation plans and employee investment plans. The compensation expense related to these awards was primarily driven by mark to market and performance adjustments, as the majority of the awards are fully vested. Delivered shares In 2015, the Group delivered all of its shares through market purchases. In 2016, the Group’s share delivery obligations were covered mainly through the issuance of shares from conditional capital, with a portion covered by shares purchased in the market. In 2017, the Group returned to fully cover its share delivery obligations through market purchases. |
Bank | |
Employee deferred compensation | 27 Employee deferred compensation Deferred compensation for employees > Refer to “Note 28 – Employee deferred compensation” in VI – Consolidated financial statements – Credit Suisse Group for further information. The following tables show the compensation expense for deferred compensation awards granted in 2017 and prior years that was recognized in the consolidated statements of operations during 2017, 2016 and 2015, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2017 and prior years outstanding as of December 31, 2017 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. The recognition of compensation expense for the deferred compensation awards granted in February 2018 began in 2018 and thus had no impact on the 2017 consolidated financial statements. Deferred compensation expense in 2017 2016 2015 Deferred compensation expense (CHF million) Share awards 519 624 850 Performance share awards 342 370 562 Contingent Capital Awards 277 234 430 Contingent Capital share awards 17 30 – Capital Opportunity Facility awards 14 13 16 Plus Bond awards 1 – 5 22 2011 Partner Asset Facility awards 2 – – 2 Restricted Cash Awards – – 39 2008 Partner Asset Facility awards 3 7 13 34 Other cash awards 417 331 398 Total deferred compensation expense 1,593 1,620 2,353 Total shares delivered (million) Total shares delivered 41.2 41.5 43.8 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the Contingent Capital Awards conversion. 3 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2017 Estimated unrecognized compensation expense (CHF million) Share awards 462 Performance share awards 153 Contingent Capital Awards 116 Contingent Capital share awards 3 Other cash awards 178 Total 912 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.4 Does not include the estimated unrecognized compensation expense relating to grants made in 2018 for 2017. Share awards On February 15, 2018, the Bank granted 33.1 million share awards with a total value of CHF 596 million. The estimated unrecognized compensation expense of CHF 553 million was determined based on the >>>fair value of the awards on the grant date, includes the current estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. Share awards granted for previous years For compensation year 2017 2016 2015 Share awards granted for previous years Shares awarded (million) 33.1 37.6 28.8 Value of shares awarded (CHF million) 596 563 548 On February 15, 2018, the Bank granted 1.9 million blocked shares with a total value of CHF 35 million that vested immediately upon grant, have no future service requirements and were attributed to services performed in 2017. Blocked share awards granted for previous years For compensation year 2017 2016 2015 Blocked share awards granted for previous years Shares awarded (million) 1.9 2.4 0.6 Value of shares awarded (CHF million) 35 37 12 Share award activities 2017 2016 2015 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 70.8 18.78 79.0 21.56 76.6 28.63 Granted 51.5 1 14.54 38.1 17.59 46.2 2 16.49 Settled (36.8) 19.75 (37.2) 22.68 (39.9) 29.02 Forfeited (5.6) 3 16.47 (9.1) 21.88 (3.9) 24.03 Balance at end of period 79.9 15.77 70.8 18.78 79.0 21.56 of which vested 7.8 – 8.1 – 4.7 – of which unvested 72.1 – 62.7 – 74.3 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 2 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 3 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. Performance share awards On February 15, 2018, the Bank granted 25.6 million performance share awards with a total value of CHF 462 million. The estimated unrecognized compensation expense of CHF 430 million was determined based on the fair value of the awards on the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. Performance share awards granted for previous years For compensation year 2017 2016 2015 Performance share awards granted for previous years Performance shares awarded (million) 25.6 29.6 21.2 Value of performance shares awarded (CHF million) 462 449 427 Performance share award activities 2017 2016 2015 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 48.1 19.12 55.5 21.01 47.6 26.89 Granted 31.1 1 14.41 21.3 18.62 32.2 2 16.11 Settled (23.6) 20.41 (26.4) 22.66 (23.0) 26.25 Forfeited (2.8) 3 16.37 (2.3) 18.98 (1.3) 21.78 Balance at end of period 52.8 15.88 48.1 19.12 55.5 21.01 of which vested 6.6 – 6.8 – 3.3 – of which unvested 46.2 – 41.3 – 52.2 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 2 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 3 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. Contingent Capital Awards On February 15, 2018, the Bank awarded CHF 233 million of Contingent Capital Awards (CCA) that will be expensed over the vesting period. The estimated unrecognized compensation expense of CHF 221 million was determined based on the fair value of the awards on the grant date and includes the current estimated outcome of the relevant performance criteria, the estimated future forfeitures and the expected semi-annual cash payments of interest equivalents and will be recognized over the vesting period. Contingent Capital Awards granted for previous years For compensation year 2017 2016 2015 Contingent Capital Awards granted for previous years CCA awarded (CHF million) 233 228 217 Contingent Capital share awards In March 2016, the Bank executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 213 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. Contingent Capital share award activities 2017 2016 Contingent Capital share awards Balance at beginning of period 12.8 – Granted 0.3 1 15.6 Settled (4.9) (2.5) Forfeited (0.7) 2 (0.3) Balance at end of period 7.5 12.8 of which vested 1.3 1.0 of which unvested 6.2 11.8 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. Other deferred compensation During 2017, the Bank granted deferred cash retention awards of CHF 65 million relating to the reorganization of the Asia Pacific business. These awards will be expensed over a two-year period from the grant date. Amortization of these awards totaled CHF 28 million in 2017 and was recognized in the Corporate Center. The Bank granted fixed deferred cash awards of CHF 90 million to certain employees in the US. These awards will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year period from the grant date. Amortization of these awards totaled CHF 48 million in 2017. In 2016, the Bank granted deferred share and cash retention awards of CHF 249 million relating to the reorganization of the Global Markets and Investment Banking & Capital Markets businesses. These awards will be expensed over a period of up to seven years from the grant date. Amortization of these awards in 2016 of CHF 118 million was recognized in the Corporate Center. 2008 Partner Asset Facility During 2017, the final settlement of the outstanding PAF awards of CHF 789 million was made. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2017 | |
Related parties | 29 Related parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if another party controls both. The Group’s related parties include key management personnel, close family members of key management personnel and entities that are controlled, significantly influenced, or for which significant voting power is held, by key management personnel or their close family members. Key management personnel are those individuals having authority and responsibility for planning, directing and controlling the activities of the Group, that is, members of the Executive Board and the Board of Directors. Banking relationships The Group is a global financial services provider. Many of the members of the Executive Board and the Board of Directors, their close family members or companies associated with them maintain banking relationships with the Group. The Group or any of its banking subsidiaries may from time to time enter into financing and other banking agreements with companies in which current members of the Executive Board or the Board of Directors have a significant influence as defined by the SEC, such as holding executive and/or board level roles in these companies. With the exception of the transactions described below, relationships with members of the Executive Board or the Board of Directors and such companies are in the ordinary course of business and are entered into on an arm’s length basis. Also, unless otherwise noted, all loans to members of the Executive Board, members of the Board of Directors, their close family members or companies associated with them were made in the ordinary course of business, were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and did not involve more than the normal risk of collectability or present other unfavorable features. As of December 31, 2017, 2016 and 2015, there were no loan exposures to such related parties that were not made in the ordinary course of business and at prevailing market conditions. Related party loans Executive Board and Board of Directors loans The majority of loans outstanding to members of the Executive Board and the Board of Directors are mortgages or loans against securities. All mortgage loans to members of the Executive Board are granted either with variable or fixed interest rates over a certain period. Typically, 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. The same credit approval and risk assessment procedures apply to members of the Executive Board as for other employees. Unless otherwise noted, all loans to members of the Executive Board were made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and in consideration of the terms which apply to all Group employees. These loans did not involve more than the normal risk of collectability or present other unfavorable features. The highest loan outstanding to an Executive Board member was CHF 7 million to Thomas Gottstein as of December 31, 2017. Members of the Board of Directors with loans, including the Chairman of the Board of Directors, do not benefit from employee conditions, but are subject to conditions applied to clients with a comparable credit standing. Unless otherwise noted, all loans to members of the Board of Directors were made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons. Such loans did not involve more than the normal risk of collectability or present other unfavorable features. Executive Board and Board of Directors loans in 2017 2016 2015 Loans to members of the Executive Board (CHF million) Balance at beginning of period 25 1 26 5 Additions 3 6 21 Reductions (2) (7) 0 Balance at end of period 26 1 25 26 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 10 2 8 16 Additions 1 3 1 Reductions 0 (1) (9) Balance at end of period 11 2 10 8 1 The number of individuals with outstanding loans at the beginning and the end of the year was eight. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. Equity method investees loans The Group or its subsidiaries grant loans to equity method investees in the normal course of business. > Refer to “Note 39 – Significant subsidiaries and equity method investments” for a list of equity method investments. Loans made by the Group or any subsidiaries to equity method investees in 2017 2016 2015 Loans to equity method investees (CHF million) Balance at beginning of period 173 135 13 Net borrowings/(repayments) 0 38 122 Balance at end of period 173 173 135 Other related party transactions Tier 1 capital instruments Beginning in February 2011, the Group entered into agreements with entities affiliated with Qatar Investment Authority (QIA) and The Olayan Group, each of which has significant holdings of Group shares and other Group financial products. The agreements were amended in 2012 and 2013 and, as a result, QIA and The Olayan Group agreed to purchase new tier 1 high-trigger capital instruments (new Tier 1 Capital Notes) in exchange for their holdings of previously issued notes. The following new Tier 1 Capital Notes were outstanding as of December 31, 2017: – – – Under their terms, the new Tier 1 Capital Notes will be converted into Group ordinary shares if the Group’s reported CET1 ratio, as determined under >>>Basel Committee on Banking Supervision regulations as of the end of any calendar quarter, falls below 7% (or any lower applicable minimum threshold), unless >>>FINMA, at the Group’s request, has agreed on or prior to the publication of the Group’s quarterly results that actions, circumstances or events have restored, or will imminently restore, the ratio to above the applicable threshold. The new Tier 1 Capital Notes will also be converted if FINMA determines that conversion is necessary, or that the Group requires public sector capital support, to prevent the Group from becoming insolvent, bankrupt or unable to pay a material amount of the Group’s debts, or other similar circumstances. In addition, conversion of the new Tier 1 Capital Notes issued to the entities affiliated with The Olayan Group will be triggered if, in the event of a request by FINMA for an interim report prior to the end of any calendar quarter, the Group’s reported CET1 ratio, as of the end of any such interim period, falls below 5%. The conversion price will be the higher of a given floor price per share (subject to customary adjustments) or the daily volume weighted average sales price of the Group’s ordinary shares over a five-day period preceding the notice of conversion. The new Tier 1 Capital Notes are deeply subordinated, perpetual and callable by the Group no earlier than 2018 and in certain other circumstances with FINMA approval. Interest, which is payable on the USD 1.725 billion and the USD 1.72 billion new Tier 1 Capital Notes at a fixed rate of 9.5% and on the CHF 2.5 billion new Tier 1 Capital Notes at a fixed rate of 9.0%, will reset after the first call date. Interest payments will generally be discretionary (unless triggered), subject to suspension in certain circumstances and non-cumulative. At the time of the original transaction, the Group determined that this was a material transaction and deemed QIA and The Olayan Group to be related parties of the Group’s then Board of Directors members Jassim Bin Hamad J.J. Al Thani and Aziz R.D. Syriani for purposes of evaluating the terms and corporate governance of the original transaction. At that time, the Board of Directors (except for Mr. Bin Hamad J.J. Al Thani and Mr. Syriani, who abstained from participating in the determination process) determined that the terms of the original transaction, given its size, the nature of the contingent capital instrument, for which there was no established market, and the terms of the notes issued and held by QIA and The Olayan Group, were fair. As of April 26, 2013 and April 28, 2017, respectively, Mr. Syriani and Mr. Bin Hamad J.J. Al Thani retired from the Board of Directors and no other person affiliated with The Olayan Group or with QIA has been elected as a member of the Board of Directors. Liabilities due to own pension plans Liabilities due to the Group’s own defined benefit pension plans as of December 31, 2017 and 2016 of CHF 336 million and CHF 521 million, respectively, were reflected in various liability accounts in the Group’s consolidated balance sheets. Certain unconsolidated SPEs wholly owned by the Group had liabilities to the pension plans of the Group with a notional value of CHF 53 million as of December 31, 2016. |
Bank | |
Related parties | 28 Related parties The Group owns all of the Bank’s outstanding voting registered shares. The Bank is involved in significant financing and other transactions with subsidiaries of the Group. The Bank generally enters into these transactions in the ordinary course of business and believes that these transactions are generally on market terms that could be obtained from unrelated third parties. > Refer to “Note 29 – Related parties” in VI – Consolidated financial statements – Credit Suisse Group for further information. Related party assets and liabilities end of 2017 2016 Assets (CHF million) Net loans 4,100 2,995 Other assets 208 44 Total assets 4,308 3,039 Liabilities (CHF million) Due to banks/customer deposits 1,141 1,391 Short-term borrowings 489 0 Long-term debt 15,612 4,263 Other liabilities 851 244 Total liabilities 18,093 5,898 Related party revenues and expenses in 2017 2016 2015 Revenues (CHF million) Interest and dividend income 2 (2) 0 Interest expense (574) (280) (276) Net interest income (572) (282) (276) Commissions and fees 46 41 0 Other revenues 67 119 121 Net revenues (459) (122) (155) Expenses (CHF million) Total operating expenses 320 152 201 Related party guarantees end of 2017 2016 Guarantees (CHF million) Credit guarantees and similar instruments 4 1 Other guarantees 0 34 Total guarantees 4 35 Executive Board and Board of Directors loans 2017 2016 2015 Loans to members of the Executive Board (CHF million) Balance at beginning of period 25 1 26 5 Additions 3 6 21 Reductions (2) (7) 0 Balance at end of period 26 1 25 26 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 10 2 8 16 Additions 1 3 1 Reductions 0 (1) (9) Balance at end of period 11 2 10 8 1 The number of individuals with outstanding loans at the beginning and the end of the year was seven. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. Liabilities due to own pension plans Liabilities due to the Bank’s own defined benefit pension plans as of December 31, 2017 and 2016 of CHF 336 million and CHF 521 million, respectively, were reflected in various liability accounts in the Bank’s consolidated balance sheets. |
Pension and other post-retireme
Pension and other post-retirement benefits | 12 Months Ended |
Dec. 31, 2017 | |
Pension and other post-retirement benefits | 30 Pension and other post-retirement benefits The Group sponsors defined contribution pension plans, defined benefit pension plans and other post-retirement defined benefit plans such as post-retirement health care. Defined contribution pension plans 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 employee’s 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. The Group contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2017, 2016 and 2015, the Group contributed to these plans and recognized as expense CHF 165 million, CHF 161 million and CHF 157 million, respectively. Defined benefit pension and other Post-Retirement benefit plans Defined benefit pension plans Defined benefit pension plans are pension plans that define specific benefits for an employee upon that employee’s retirement. These benefits are usually determined by taking into account the employee’s salary, years of service and age of retirement. Retirees bear neither the actuarial risk (for example, the risk that the retirees of the plan live longer than expected), nor the investment risk (that is, that plan assets invested and associated returns will be insufficient to meet the expected benefits due to low or negative returns on contributions). The Group’s funding policy for these plans is in accordance with local laws and tax requirements. Swiss pension plan The Group’s most significant defined benefit pension plan, the Credit Suisse Swiss Pension Plan (Swiss pension plan), is located and covers its employees in Switzerland and is set up as a trust domiciled in Zurich. The Swiss pension plan provides benefits in the event of retirement, death and disability and meets or exceeds the minimum benefits required under the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans (BVG). Benefits in the Swiss pension plan are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. Although the Swiss pension plan is largely defined contribution in nature, it is treated as a defined benefit plan under US GAAP, mainly due to a guaranteed minimum return on contributions and guaranteed payment of lifetime pensions. As of December 31, 2017 and 2016, the Swiss pension plan comprised 73% and 73%, respectively, of all the Group’s employees participating in defined benefit plans, 81% and 80%, respectively, of the >>>fair value of plan assets, and 82% and 82%, respectively, of the pension benefit obligation of the Group’s defined benefit plans. Employee contributions in the savings section depend on their age and are determined as a percentage of the pensionable salary. The employees can select between three different levels of contributions which vary between 5% and 14% depending on their age. The Group’s contribution varies between 7.5% and 25% of the pensionable salary depending on the employee’s age. The Swiss Federal council sets the minimum statutory interest rate on savings balances on an annual basis that applies to the BVG minimum pensionable salary (1.0% as of January 1, 2018 and 2017). The statutory interest rate on savings balances does not apply to extra mandatory benefits. The Board of Trustees of the Swiss pension fund sets the interest rate to be applied on the accumulated savings balance on an annual basis. When employees retire, their savings balance is converted into an annuity and the conversion rate is the percentage used to convert the assets accrued in the Swiss pension plan to an annual lifetime retirement pension. The level of the conversion rate depends on the life expectancy of future retirees and on the long-term potential for returns in the capital markets. The Board of Trustees of the Swiss pension plan has the responsibility to set the conversion rates for the plan. In December 2016, the Board of Trustees of the Swiss pension plan decided in favor of further decreases in conversion rates. In the future, decisions on conversion rates will be set for a planning horizon of at least eight years. International pension plans Various defined benefit pension plans cover the Group’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the international pension plans depend on age, contributions and salary. The Group’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both of these plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. Other post-retirement defined benefit plans In the US, the Group’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Group promises to provide health and welfare benefits after the employee retires. The Group’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. Components of net periodic benefit costs Defined benefit Other post-retirement Switzerland International International in 2017 2016 2015 2017 2016 2015 2017 2016 2015 Net periodic benefit costs (CHF million) Service costs on benefit obligation 243 288 298 22 20 21 0 0 0 Interest costs on benefit obligation 57 141 189 91 124 129 6 8 7 Expected return on plan assets (473) (536) (592) (133) (175) (195) 0 0 0 Amortization of recognized prior service cost/(credit) (131) (116) (85) 0 0 0 0 0 (23) Amortization of recognized actuarial losses/(gains) 340 366 351 60 41 84 7 10 14 Settlement losses/(gains) 37 24 24 0 72 (1) 0 0 0 Curtailment losses/(gains) (23) (18) (2) (10) 0 0 0 0 0 Special termination benefits 19 22 9 0 0 0 0 0 0 Net periodic benefit costs/(credits) 69 171 192 30 82 38 13 18 (2) Net periodic benefit costs of defined benefit plans The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. Net periodic benefit costs reflected in compensation and benefits – other for 2017, 2016 and 2015 were CHF 112 million, CHF 271 million and CHF 228 million, respectively. Since the second quarter of 2011, as part of its strategic plan, the Group has launched a number of cost efficiency measures, including headcount reduction. This resulted in curtailment gains of CHF 23 million, CHF 18 million and CHF 2 million in 2017, 2016 and 2015, respectively, reflecting the immediate recognition of a credit relating to the years of service no longer expected to be rendered. Additional costs of CHF 37 million, CHF 24 million and CHF 24 million in 2017, 2016 and 2015, respectively, related to the settlement of the pension obligation for employees in Switzerland whose employment has effectively been terminated or who have left the Group due to a sale of their business. Special termination benefit costs of CHF 19 million, CHF 22 million and CHF 9 million have been recognized in 2017, 2016 and 2015, respectively, relating to early retirements in Switzerland in the context of the cost efficiency measures. During the second half of 2016, lump-sum settlement offers were made to terminated vested members of the pension fund in the US. As a result of members accepting this offer, there was an additional cost of CHF 72 million relating to the settlement of pension obligations for these members. Benefit obligation The benefit obligation is expressed as either accumulated benefit obligation (ABO) or PBO. While the ABO refers to the actuarial present value based on employee services rendered prior to that date and takes into account current and past compensation levels, the PBO also applies an assumption as to future compensation levels. The table “Obligations and funded status of the plans” shows the changes in the PBO, the ABO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the defined benefit pension and other post-retirement defined benefit plans. US GAAP requires an employer to recognize the funded status of the defined benefit pension and other post-retirement defined benefit plans on the balance sheet. The funded status of these plans is determined as the difference between the fair value of plan assets and the PBO. The funded status may vary from year to year due to changes in the fair value of plan assets and variations of the PBO following changes in the underlying assumptions and census data used to determine the PBO. In 2017 and 2016, the curtailments, settlements and special termination benefits in Switzerland, which impacted the PBO, related to the headcount reduction in the context of the cost efficiency measures. In 2015, the Board of Trustees of the Swiss pension plan changed a number of retirement benefits, reflecting the plan’s ability to finance benefits on an ongoing long-term basis, which became effective as of January 1, 2017. These changes reflect the prospective higher costs of providing retirement benefits due to lower expected asset returns, lower interest rates and increased life expectancy. These considerations have resulted in incremental reductions of conversion rates, the introduction of the reference age 65 for all insured persons, changes to the bridging pension related to the Swiss Old-Age and Survivors Insurance, enhanced lump-sum withdrawal options on retirement and the reduction of the maximum retirement pension. Furthermore, the Board of Trustees of the Swiss pension plan also agreed to improve death and disability benefits and to introduce a cohabiting partner’s pension. In 2016, the Board of Trustees of the Swiss pension plan made additional amendments to plan conditions leading to further decreases in future conversion rates. These changes resulted in a CHF 179 million reduction in the PBO for the Swiss pension plan in December 2016. Obligations and funded status of the plans Defined benefit Other post-retirement Switzerland International International in / end of 2017 2016 2017 2016 2017 2016 PBO (CHF million) 1 Beginning of the measurement period 15,885 16,088 3,337 3,366 184 180 Plan participant contributions 205 202 0 0 0 0 Service cost 243 288 22 20 0 0 Interest cost 57 141 91 124 6 8 Plan amendments 0 (179) 0 0 0 0 Settlements (144) (70) 0 (278) 0 0 Curtailments (22) (4) (11) 0 0 0 Special termination benefits 19 22 1 1 0 0 Actuarial losses/(gains) 471 134 171 476 2 1 Benefit payments (829) (737) (287) (150) (11) (11) Exchange rate losses/(gains) 0 0 66 (222) (8) 6 End of the measurement period 15,885 15,885 3,390 3,337 173 184 Fair value of plan assets (CHF million) Beginning of the measurement period 15,951 15,602 4,000 3,712 0 0 Actual return on plan assets 1,398 510 256 824 0 0 Employer contributions 415 444 22 232 11 11 Plan participant contributions 205 202 0 0 0 0 Settlements (144) (70) 0 (278) 0 0 Benefit payments (829) (737) (287) (150) (11) (11) Exchange rate gains/(losses) 0 0 97 (340) 0 0 End of the measurement period 16,996 15,951 4,088 4,000 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) 1,111 66 698 663 (173) (184) Funded status recognized in the consolidated balance sheet as of December 31 1,111 66 698 663 (173) (184) Total amount recognized (CHF million) Noncurrent assets 1,111 66 1,058 995 0 0 Current liabilities 0 0 (11) (11) (11) (12) Noncurrent liabilities 0 0 (349) (321) (162) (172) Net amount recognized in the consolidated balance sheet as of December 31 1,111 66 698 663 (173) (184) ABO (CHF million) 2 End of the measurement period 14,841 14,962 3,351 3,281 173 184 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. The net amount recognized in the consolidated balance sheets as of December 31, 2017 and 2016 for the defined benefit pension plans was an overfunding of CHF 1,809 million and CHF 729 million, respectively. In 2018, the Group expects to contribute CHF 396 million to the Swiss and international defined benefit pension plans and CHF 11 million to other post-retirement defined benefit plans. PBO or ABO in excess of plan assets The following table shows the aggregate PBO and ABO, as well as the aggregate fair value of plan assets for those plans with PBO in excess of plan assets and those plans with ABO in excess of plan assets as of December 31, 2017 and 2016, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value of plan assets 1 ABO exceeds fair value of plan assets 1 Switzerland International Switzerland International December 31 2017 2016 2017 2016 2017 2016 2017 2016 CHF million PBO 0 0 1,464 1,426 0 0 1,447 1,407 ABO 0 0 1,433 1,391 0 0 1,420 1,378 Fair value of plan assets 0 0 1,104 1,095 0 0 1,088 1,079 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. Amount recognized in AOCI and other comprehensive income The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. Amounts recognized in AOCI, net of tax Defined benefit Other post-retirement end of 2017 2016 2017 2016 2017 2016 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (3,547) (4,239) (36) (39) (3,583) (4,278) Prior service credit/(cost) 519 640 3 3 522 643 Total (3,028) (3,599) (33) (36) (3,061) (3,635) The following tables show the changes in other comprehensive income due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2017 and 2016 and the amortization of the aforementioned items as components of net periodic benefit costs for these periods as well as the amounts expected to be amortized in 2018. Amounts recognized in other comprehensive income Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2017 (CHF million) Actuarial gains/(losses) 406 (82) 324 (2) 1 (1) 323 Amortization of actuarial losses/(gains) 400 (76) 324 7 (3) 4 328 Amortization of prior service cost/(credit) (131) 26 (105) 0 0 0 (105) Immediate recognition due to curtailment/settlement 36 (8) 28 0 0 0 28 Total 711 (140) 571 5 (2) 3 574 2016 (CHF million) Actuarial gains/(losses) 13 (9) 4 (1) 0 (1) 3 Prior service credit/(cost) 180 (38) 142 0 0 0 142 Amortization of actuarial losses/(gains) 408 (91) 317 10 (4) 6 323 Amortization of prior service cost/(credit) (116) 24 (92) 0 0 0 (92) Immediate recognition due to curtailment/settlement 82 (28) 54 0 0 0 54 Total 567 (142) 425 9 (4) 5 430 Amounts in AOCI, net of tax, expected to be amortized in 2018 Defined benefit Other post-retirement CHF million Amortization of actuarial losses/(gains) 282 6 Amortization of prior service cost/(credit) (100) 0 Total 182 6 Assumptions The measurement of both the net periodic benefit costs and the benefit obligation is determined using explicit assumptions, each of which individually represents the best estimate of a particular future event. Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation Defined benefit Other post-retirement Switzerland International International December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Net periodic benefit cost (%) Discount rate - service costs 1.01 0.90 1.25 2.92 4.05 3.82 4.03 4.50 4.20 Discount rate - interest costs 0.37 0.90 1.25 2.79 4.05 3.82 3.48 4.50 4.20 Salary increases 0.50 0.80 1.00 3.55 3.56 4.19 – – – Interest rate on savings balances 0.85 1.25 1.25 – – – – – – Expected long-term rate of return on plan assets 3.00 3.50 4.00 3.88 5.07 6.00 – – – Benefit obligation (%) Discount rate 0.86 0.85 0.90 2.83 3.10 4.05 3.70 4.21 4.50 Salary increases 0.50 0.50 0.80 2.97 3.55 3.56 – – – Interest rate on savings balances 0.86 0.85 1.25 – – – – – – Net periodic benefit cost and benefit obligation assumptions The assumptions used to determine the benefit obligation as of the measurement date are also used to calculate the net periodic benefit costs for the 12-month period following this date. The discount rates are determined based on yield curves, constructed from high-quality corporate bonds currently available and observable in the market and are expected to be available during the period to maturity of the pension benefits. In countries where there is no deep market in high-quality corporate bonds with longer durations, the best available market information, including governmental bond yields and risk premiums, is used to construct the yield curve. Credit Suisse adopted the spot rate approach for the valuation as at December 31, 2016, whereby individual spot rates on the yield curve are applied to each year’s cash flow in measuring the plan’s benefit obligation as well as future service costs and interest costs. The assumption pertaining to salary increases is used to calculate the PBO, which is measured using an assumption as to future compensation levels. When Credit Suisse estimates the interest rate on savings balances, expected future changes in the interest rate environment are taken into consideration. Specifically, Credit Suisse uses the cash flow weighted average of the yield curve used for the discount rate as the best estimate for the interest rate on savings balances for these long term projections. The expected long-term rate of return on plan assets assumption is applied to the market-related value of assets to calculate the expected return on plan assets as a component of the net periodic benefit costs. It reflects the average rate of returns expected on the funds invested or to be invested to provide for the benefits included in the PBO. In estimating that rate, appropriate consideration is given to the returns being earned by the plan assets and the rates of return expected to be available for reinvestment. The expected long-term rate of return on plan assets is based on total return forecasts, expected volatility and correlation estimates, reflecting interrelationships between and within asset classes held. Where possible, similar, if not related, approaches are followed to forecast returns for the various asset classes. The expected long-term rate of return on debt securities reflects both accruing interest and price returns. The probable long-term relationship between the total return and certain exogenous variables is used, which links the total return forecasts on debt securities to forecasts of the macroeconomic environment. The expected long-term rate of ROE securities is based on a two-stage dividend discount model which considers economic and market forecasts to compute a market-implied equity risk premium. Dividends are estimated using market consensus earnings and the historical payout ratio. A subsequent scenario analysis is used to stress test the level of the return. The expected long-term rate of return on real estate is based on economic models that reflect both the rental and the capital market side of the direct real estate market. This allows for a replicable and robust forecasting methodology for expected returns on real estate equity, fund and direct market indices. The expected long-term rate of return on private equity and hedge funds is estimated by determining the key factors in their historical performance using private equity and hedge fund benchmarks and indices. To capture these factors, multiple linear regression models with lagged returns are used. Mortality assumptions are based on standard mortality tables and standard models and methodologies for projecting future improvements to mortality as developed and published by external independent actuarial societies and actuarial organizations. Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2017 2016 2017 2016 2017 2016 2017 2016 Life expectancy (years) Switzerland BVG 2015 tables 1 21.6 21.2 23.1 22.4 23.5 23.0 25.1 24.4 UK SAPS S2 light tables 2 23.8 24.0 25.4 25.5 24.8 25.1 26.6 26.8 US RP-2014 mortality tables 3 21.5 21.4 22.7 22.6 23.3 23.3 24.4 24.4 1 The BVG 2015 tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.25% per annum. 2 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.5% per annum. 3 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. Under US GAAP, the assumptions used to value the PBO should always represent the best estimate as of the measurement date. Credit Suisse regularly reviews the actuarial assumptions used to value and measure the defined benefit obligation on a periodic basis as required by US GAAP. > Refer to “Critical accounting estimates” in II – Operating and financial review and “Note 1- Summary of significant accounting policies” for further information. Review of assumptions As part of its reviews in 2016 and 2017, Credit Suisse concluded that additional refinements to the assumptions for the Swiss pension plan were required in order to reflect the best estimate. As a result, Credit Suisse enhanced its methodology for determining the actuarial assumptions for the Swiss pension plan as follows: – – – – – Health care cost assumptions The health care cost trend is used to determine the appropriate other post-retirement defined benefit costs. In determining those costs, an annual weighted-average rate is assumed in the cost of covered health care benefits. The following table provides an overview of the assumed health care cost trend rates and the sensitivity of a one percentage point increase or decrease of the rate. Health care cost trend rates and sensitivity in / end of 2017 2016 2015 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.3 8.3 8.0 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.2 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.2) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 4 4 One percentage point decrease in health care cost trend rates (3) (4) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2026. The annual health care cost trend rate used to determine the net periodic benefit costs for 2018 is 8.2%. Plan assets and investment strategy Plan assets, which are assets that have been segregated and restricted to provide for plan benefits, are measured at their fair value as of the measurement date. The Group’s defined benefit pension plans employ a total return investment approach, whereby a diversified mix of debt and equity securities and alternative investments, specifically hedge funds and private equity, are used to maximize the long-term return of plan assets while incurring a prudent level of risk. The intent of this strategy is to meet or outperform plan liabilities over the long term. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. Furthermore, equity securities are diversified across different geographic regions as well as across growth, value and small and large capitalization stocks. Real estate and alternative investments, such as private equity and hedge funds, are used to enhance long-term returns while improving portfolio diversification. >>>Derivatives may be used to hedge or increase market exposure, but are not used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis through periodic asset/liability studies and quarterly investment portfolio reviews. To limit investment risk, the Group pension plans follow defined strategic asset allocation guidelines. At times of major market uncertainties and stress, these guidelines may be further restricted. As of December 31, 2016, the total fair value of Group debt securities included in plan assets of the Group’s defined benefit pension plans was CHF 54 million. As of December 31, 2017 and 2016, the total fair value of Group equity securities and options was CHF 118 million and CHF 90 million, respectively. Fair value hierarchy of plan assets > Refer to “Fair value measurement” in Note 34 – Financial instruments for discussion of the fair value hierarchy. Fair value of plan assets The following tables present the plan assets measured at fair value on a recurring basis as of December 31, 2017 and 2016 for the Group’s defined benefit pension plans. Plan assets measured at fair value on a recurring basis end of 2017 2016 1 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 384 0 0 0 384 440 0 0 0 440 Debt securities 3,144 325 37 742 4,248 3,186 438 0 748 4,372 of which corporates 3,144 325 37 742 4,248 3,186 438 0 748 4,372 Equity securities 6,780 10 0 0 6,790 6,011 0 0 0 6,011 Real estate 727 0 1,257 0 1,984 729 0 1,204 0 1,933 of which direct 0 0 1,244 0 1,244 0 0 1,204 0 1,204 of which indirect 727 0 13 0 740 729 0 0 0 729 Alternative investments 513 14 0 3,063 3,590 329 (35) 0 2,901 3,195 of which private equity 0 0 0 1,313 1,313 0 0 0 1,107 1,107 of which hedge funds 153 0 0 1,292 1,445 0 0 0 1,293 1,293 of which other 360 14 0 458 832 329 (35) 0 501 795 Switzerland 11,548 349 1,294 3,805 16,996 10,695 403 1,204 3,649 15,951 Cash and cash equivalents 70 133 0 0 203 49 170 0 0 219 Debt securities 1,991 1,080 0 370 3,441 1,380 865 7 274 2,526 of which governments 1,622 9 0 0 1,631 1,009 7 0 0 1,016 of which corporates 369 1,071 0 370 1,810 371 858 7 274 1,510 Equity securities 55 14 0 147 216 240 143 0 226 609 Real estate – indirect 0 0 0 27 27 0 0 0 58 58 Alternative investments 0 33 0 76 109 0 321 0 177 498 of which hedge funds 0 0 0 76 76 0 0 0 177 177 of which other 0 33 2 0 0 33 0 321 2 0 0 321 Other investments 0 92 0 0 92 0 90 0 0 90 International 2,116 1,352 0 620 4,088 1,669 1,589 7 735 4,000 Total plan assets at fair value 13,664 1,701 1,294 4,425 21,084 12,364 1,992 1,211 4,384 19,951 The Swiss pension fund uses exchange-traded futures to manage the economic exposure of the portfolio. Under US GAAP, these futures are not carried at fair value as they are settled on a daily basis and are considered brokerage receivables and payables. Consequently, they are excluded from this table. These futures increased the economic exposure to cash and cash equivalents by CHF 1,405 million and CHF 194 million in 2017 and 2016, respectively, decreased the economic exposure to debt securities – corporate bonds by CHF 76 million in 2017 and decreased the economic exposure to equity securities by CHF 1,329 million and CHF 194 million in 2017 and 2016, respectively. 1 Prior period has been corrected to reclassify the leveling of certain plan assets. 2 Primarily related to derivative instruments. Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2017 (CHF million) Debt securities – corporates 7 35 0 1 0 (6) 0 37 Real estate 1,204 13 0 42 1 (3) 0 1,257 of which direct 1,204 0 0 42 1 (3) 0 1,244 of which indirect 0 13 0 0 0 0 0 13 Total plan assets at fair value 1,211 48 0 43 1 (9) 0 1,294 of which Switzerland 1,204 48 0 43 1 (2) 0 1,294 of which International 7 0 0 0 0 (7) 0 0 2016 (CHF million) 1 Debt securities – corporates 1 6 0 0 0 0 0 7 Real estate 1,156 0 0 48 0 0 0 1,204 of which direct 1,156 0 0 48 0 0 0 1,204 Total plan assets at fair value 1,157 6 0 48 0 0 0 1,211 of which Switzerland 1,156 0 0 48 0 0 0 1,204 of which International 1 6 0 0 0 0 0 7 1 Prior period has been corrected to reclassify the leveling of certain plan assets. Qualitative disclosures of valuation techniques used to measure fair value Cash and cash equivalents Cash and cash equivalents includes money market instruments such as bankers’ acceptances, certificates of deposit, >>>CP, book claims, treasury bills, other rights and commingled funds. Valuations of money market instruments and commingled funds are generally based on observable inputs. Debt securities Debt securities include government and corporate bonds which are generally quoted in active markets or as units in mutual funds. Debt securities for which market prices are not available, are valued based on yields reflecting the perceived risk of the issuer and the maturity of the security, recent disposals in the market or other modeling techniques, which may involve judgment. Units in mutual funds which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable are measured at fair value using NAV. Equity securities Equity securities held include common equity shares, convertible bonds and shares in investment companies and units in mutual funds. The common equity shares are generally traded on public stock exchanges for which quoted prices are regularly available. Convertible bonds are generally valued using observable pricing sources. Shares in investment companies and units in mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. Real estate Real estate includes direct real estate as well as investments in real estate investment companies, trusts or mutual funds. Direct real estate is initially measured at its transaction price, which is the best estimate of fair value. Thereafter, direct real estate is individually measured at fair value based on a number of factors that include any recent rounds of financing involving third-party investors, comparable company transactions, multiple analyses of cash flows or book values, or discounted cash flow analyses. The availability of information used in these modeling techniques is often limited and involves significant judgment in evaluating these different factors over time. Real estate investment companies, trusts and mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. Alternative investments Private equity includes direct investments, investments in partnerships that make private equity and related investments in various portfolio companies and funds and fund of funds partnerships. Private equity consists of both publicly traded securities and private securities. Publicly traded investments that are restricted or that are not quoted in active markets are valued based on publicly available quotes with appropriate adjustments for liquidity or trading restrictions. Private equity is valued taking into account a number of factors, such as the most recent round of financing involving unrelated new investors, earnings multiple analyses using comparable companies or discounted cash flow analyses. Private equity for which a fair value is not readily determinable is measured at fair value using NAV provided by the general partner. Hedge funds that are not directly quoted on a public stock exchange, and/or for which a fair value is not readily determinable, are measured at fair value using NAV provided by the fund administrator. Derivatives Derivatives include both >>>OTC and exchange-traded derivatives. The fair value of OTC derivatives is determined on the basis of inputs that include those characteristics of the derivative that have a bearing on |
Bank | |
Pension and other post-retirement benefits | 29 Pension and other post-retirement benefits The Bank participates in a defined benefit pension plan sponsored by the Group and has defined contribution pension plans, single-employer defined benefit pension plans and other post-retirement defined benefit plans. The Bank’s principal plans are located in Switzerland, the US and the UK. Defined contribution pension plans The Bank contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2017, 2016 and 2015, the Bank contributed to these plans and recognized as expense CHF 156 million, CHF 160 million and CHF 156 million, respectively. > Refer to “Note 30 – Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group for further information on defined contribution pension plans. Defined benefit Pension and other Post-Retirement benefit plans Defined benefit pension plans > Refer to “Note 30 – Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group for further information on defined benefit pension plans. Group pension plan The Bank covers pension requirements for its employees in Switzerland by participating in a defined benefit pension plan sponsored by the Group (Group plan), the Group’s most significant defined benefit pension plan. The Group plan provides benefits in the event of retirement, death and disability. Various legal entities within the Group participate in the Group plan, which is set up as an independent trust domiciled in Zurich. Benefits in the Group plan are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. In accordance with US GAAP, the Group accounts for the Group plan as a single-employer defined benefit pension plan and uses the projected unit credit actuarial method to determine the net periodic benefit costs, the PBO and the accumulated benefit obligation (ABO). The Bank accounts for the defined benefit pension plan sponsored by the Group as a multi-employer pension plan because other legal entities within the Group also participate in the Group plan and the assets contributed by the Bank are not segregated into a separate account or restricted to provide benefits only to employees of the Bank. The assets contributed by the Bank are commingled with the assets contributed by the other legal entities of the Group and can be used to provide benefits to any employee of any participating legal entity. The Bank’s contributions to the Group plan comprise 87% of the total assets contributed to the Group plan by all participating legal entities on an annual basis. The Bank accounts for the Group plan on a defined contribution basis whereby it only recognizes the amounts required to be contributed to the Group plan during the period as net periodic pension expense and only recognizes a liability for any contributions due and unpaid. No other expenses or balance sheet amounts related to the Group plan were recognized by the Bank. In the savings section of the Group plan, the Bank’s contribution varies between 7.5% and 25.0% of the pensionable salary depending on the employees’ age. During 2017, 2016 and 2015, the Bank contributed and recognized as expense CHF 379 million, CHF 438 million and CHF 404 million to the Group plan, respectively. The Bank expects to contribute CHF 331 million to the Group plan during 2018. > Refer to “Note 30 – Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group for information on assumptions made by the Group for Switzerland. International pension plans Various defined benefit pension plans cover the Bank’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the plans depend on age, contributions and salary. The Bank’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. Other post-retirement defined benefit plans In the US, the Bank’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Bank promises to provide health and welfare benefits after the employee retires. The Bank’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. Net periodic benefit costs of defined benefit plans The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. Components of net periodic benefit costs International single-employer Other post-retirement in 2017 2016 2015 2017 2016 2015 Net periodic benefit costs (CHF million) Service costs on benefit obligation 22 20 21 0 0 0 Interest costs on benefit obligation 91 124 129 6 8 7 Expected return on plan assets (133) (175) (195) 0 0 0 Amortization of recognized prior service cost/(credit) 0 0 0 0 0 (23) Amortization of recognized actuarial losses/(gains) 60 41 84 7 10 14 Settlement losses/(gains) 0 72 (1) 0 0 0 Curtailment losses/(gains) (10) 0 0 0 0 0 Net periodic benefit costs/(credits) 30 82 38 13 18 (2) Net periodic benefit costs reflected in compensation and benefits – other for 2017, 2016 and 2015 were CHF 43 million, CHF 100 million and CHF 36 million, respectively. During the second half of 2016, lump-sum settlement offers were made to terminated vested members of the pension fund in the US. As a result of members accepting this offer, there was an additional cost of CHF 72 million relating to the settlement of pension obligations for these members. Benefit obligation The following table shows the changes in the PBO, the ABO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the international single-employer defined benefit pension plans and other post-retirement defined benefit plans. Obligations and funded status of the plans International in / end of 2017 2016 2017 2016 PBO (CHF million) 1 Beginning of the measurement period 3,337 3,366 184 180 Service cost 22 20 0 0 Interest cost 91 124 6 8 Settlements 0 (278) 0 0 Curtailments (11) 0 0 0 Special termination benefits 1 1 0 0 Actuarial losses/(gains) 171 476 2 1 Benefit payments (287) (150) (11) (11) Exchange rate losses/(gains) 66 (222) (8) 6 End of the measurement period 3,390 3,337 173 184 Fair value of plan assets (CHF million) Beginning of the measurement period 4,000 3,712 0 0 Actual return on plan assets 256 824 0 0 Employer contributions 22 232 11 11 Settlements 0 (278) 0 0 Benefit payments (287) (150) (11) (11) Exchange rate gains/(losses) 97 (340) 0 0 End of the measurement period 4,088 4,000 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 698 663 (173) (184) Funded status recognized in the consolidated balance sheet as of December 31 698 663 (173) (184) Total amount recognized (CHF million) Noncurrent assets 1,058 995 0 0 Current liabilities (11) (11) (11) (12) Noncurrent liabilities (349) (321) (162) (172) Net amount recognized in the consolidated balance sheet as of December 31 698 663 (173) (184) ABO (CHF million) 2 End of the measurement period 3,351 3,281 173 184 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. The net amount recognized in the consolidated balance sheets as of December 31, 2017 and 2016 was an overfunding of CHF 525 million and CHF 479 million, respectively. In 2017 and 2016, the Bank made contributions of CHF 22 million and CHF 232 million, respectively, to the international single-employer defined benefit pension plans and CHF 11 million and CHF 11 million, respectively, to the other post-retirement defined benefit plans. In 2018 the Bank expects to contribute CHF 16 million to the international single-employer defined benefit pension plans and CHF 11 million to other post-retirement defined benefit plans. PBO or ABO in excess of plan assets The following table shows the aggregate PBO and ABO, as well as the aggregate fair value of plan assets for those plans with PBO in excess of plan assets and those plans with ABO in excess of plan assets as of December 31, 2017 and 2016, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value 1 ABO exceeds fair value 1 December 31 2017 2016 2017 2016 CHF million PBO 1,464 1,426 1,447 1,407 ABO 1,433 1,391 1,420 1,378 Fair value of plan assets 1,104 1,095 1,088 1,079 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. Amount recognized in AOCI and other comprehensive income The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. Amounts recognized in AOCI, net of tax International end of 2017 2016 2017 2016 2017 2016 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (345) (363) (36) (39) (381) (402) Prior service credit/(cost) (1) (1) 3 3 2 2 Total (346) (364) (33) (36) (379) (400) The following tables show the changes in other comprehensive income due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2017 and 2016 and the amortization of the aforementioned items as components of net periodic benefit costs for these periods, as well as the amounts expected to be amortized in 2018. Amounts recognized in other comprehensive income International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2017 (CHF million) Actuarial gains/(losses) (48) 14 (34) (2) 1 (1) (35) Amortization of actuarial losses/(gains) 60 (7) 53 7 (3) 4 57 Total 12 7 19 5 (2) 3 22 2016 (CHF million) Actuarial gains/(losses) 174 (44) 130 (1) 0 (1) 129 Amortization of actuarial losses/(gains) 41 (12) 29 10 (4) 6 35 Immediate recognition due to curtailment/settlement 72 (27) 45 0 0 0 45 Total 287 (83) 204 9 (4) 5 209 Amounts in AOCI, net of tax, expected to be amortized in 2018 International CHF million Amortization of actuarial losses/(gains) 40 6 Total 40 6 Assumptions The measurement of both the net periodic benefit costs and the benefit obligation is determined using explicit assumptions, each of which individually represents the best estimate of a particular future event. > Refer to “Note 30 – Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group for information on assumptions made by the Group for Switzerland. Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation International single-employer Other post-retirement December 31 2017 2016 2015 2017 2016 2015 Net periodic benefit cost (%) Discount rate - service cost 2.92 4.05 3.82 4.03 4.50 4.20 Discount rate - interest cost 2.79 4.05 3.82 3.48 4.50 4.20 Salary increases 3.55 3.56 4.19 – – – Expected long-term rate of return on plan assets 3.88 5.07 6.00 – – – Benefit obligation (%) Discount rate 2.83 3.10 4.05 3.70 4.21 4.50 Salary increases 2.97 3.55 3.56 – – – Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2017 2016 2017 2016 2017 2016 2017 2016 Life expectancy (years) UK SAPS S2 light tables 1 23.8 24.0 25.4 25.5 24.8 25.1 26.6 26.8 US RP-2014 mortality tables 2 21.5 21.4 22.7 22.6 23.3 23.3 24.4 24.4 1 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.5% per annum. 2 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. Health care cost assumptions The health care cost trend is used to determine the appropriate other post-retirement defined benefit costs. In determining those costs, an annual weighted-average rate is assumed in the cost of covered health care benefits. The following table provides an overview of assumed health care cost trend rates and the sensitivity of a one percentage point increase or decrease of the rate. Health care cost trend rates and sensitivity in / end of 2017 2016 2015 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.3 8.3 8.0 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.2 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.2) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 4 4 One percentage point decrease in health care cost trend rates (3) (4) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5.0% by 2026. The annual health care cost trend rate used to determine the defined benefit cost for 2018 is 8.2%. Plan assets and investment strategy > Refer to “Note 30 – Pension and other post-retirement benefits” in VI –Consolidated financial statements – Credit Suisse Group for further information. As of December 31, 2017 and 2016, no Group debt or equity securities were included in plan assets for the international single-employer defined benefit pension plans. Fair value of plan assets The following tables present the plan assets measured at fair value on a recurring basis as of December 31, 2017 and 2016, for the Bank’s defined benefits plans. Plan assets measured at fair value on a recurring basis end of 2017 2016 1 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 70 133 0 0 203 49 170 0 0 219 Debt securities 1,991 1,080 0 370 3,441 1,380 865 7 274 2,526 of which governments 1,622 9 0 0 1,631 1,009 7 0 0 1,016 of which corporates 369 1,071 0 370 1,810 371 858 7 274 1,510 Equity securities 55 14 0 147 216 240 143 0 226 609 Real estate – indirect 0 0 0 27 27 0 0 0 58 58 Alternative investments 0 33 0 76 109 0 321 0 177 498 of which hedge funds 0 0 0 76 76 0 0 0 177 177 of which other 0 33 2 0 0 33 0 321 2 0 0 321 Other investments 0 92 0 0 92 0 90 0 0 90 Total plan assets at fair value 2,116 1,352 0 620 4,088 1,669 1,589 7 735 4,000 1 Prior period has been corrected to reclassify the leveling of certain plan assets. 2 Primarily related to derivative instruments. Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2017 (CHF million) Debt securities – corporates 7 0 0 0 0 (7) 0 0 Total plan assets at fair value 7 0 0 0 0 (7) 0 0 2016 (CHF million) 1 Debt securities – corporates 1 6 0 0 0 0 0 7 Total plan assets at fair value 1 6 0 0 0 0 0 7 1 Prior period has been corrected to reclassify the leveling of certain plan assets. Plan asset allocation The following table shows the plan asset allocation as of the measurement date calculated based on the fair value at that date including the performance of each asset class. Weighted-average plan asset allocation December 31 2017 2016 Weighted-average plan asset allocation (%) Cash and cash equivalents 5.0 5.5 Debt securities 84.0 63.2 Equity securities 5.3 15.3 Real estate 0.7 1.4 Alternative investments 2.7 12.4 Insurance 2.3 2.2 Total 100.0 100.0 The following table shows the target plan asset allocation for 2018 in accordance with the Bank’s investment strategy. The target plan asset allocation is used to determine the expected return on plan assets to be considered in the net periodic benefit costs for 2018. Weighted-average target plan asset allocation for 2018 2018 (%) Cash and cash equivalents 0.3 Debt securities 89.0 Equity securities 5.1 Real estate 0.6 Alternative investments 2.7 Insurance 2.3 Total 100.0 Estimated future benefit payments for defined benefit plans The following table shows the estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans. Estimated future benefit payments for defined benefit plans International Estimated future benefit payments (CHF million) 2018 92 11 2019 90 11 2020 102 12 2021 122 12 2022 104 12 For five years thereafter 630 55 |
Derivatives and hedging activit
Derivatives and hedging activities | 12 Months Ended |
Dec. 31, 2017 | |
Derivatives and hedging activities | 31 Derivatives and hedging activities >>>Derivatives are generally either privately negotiated >>>OTC contracts or standard contracts transacted through regulated exchanges. The Group’s most frequently used freestanding derivative products, entered into for trading and risk management purposes, include interest rate, credit default and cross-currency swaps, 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 a derivative contract is entered into, the Group designates it as belonging to one of the following categories: – – – – – Trading activities The Group is active in most of the principal trading markets and transacts in many 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 Group’s derivatives 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: – – – – – 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 changes in fair value due to interest rate risk associated with fixed rate loans, >>>repurchase agreements and long-term debt instruments, the Group uses: – – Cash flow hedges The Group designates cash flow hedges as part of its strategy to mitigate its risk to variability of cash flows on loans, deposits and other debt obligations by using interest rate swaps to convert variable rate assets or liabilities to fixed rates. The Group also uses cross-currency swaps to convert foreign-currency-denominated fixed and floating rate assets or liabilities to fixed rate assets or liabilities based on the currency profile to which the Group elects to be exposed. This includes, but is not limited to, Swiss francs and US dollars. Further, the Group uses derivatives to hedge its cash flows associated with forecasted transactions. As of the end of 2017, the maximum length of time over which the Group hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. Net investment hedges The Group designates net investment hedges as part of its strategy to hedge selected net investments in foreign operations against adverse movements in foreign exchange rates, typically using forward foreign exchange contracts. Hedge effectiveness assessment The Group assesses the effectiveness of hedging relationships both prospectively and retrospectively. The prospective assessment is made both at the inception of a hedging relationship and on an ongoing basis, and requires the Group to justify its expectation that the relationship will be highly effective over future periods. The retrospective assessment is also performed on an ongoing basis and requires the Group to determine whether or not the hedging relationship has actually been effective. If the Group concludes, through a retrospective evaluation, that hedge accounting is appropriate for the current period, then it measures the amount of hedge ineffectiveness to be recognized in earnings. Fair value of derivative instruments The tables below present gross derivative replacement values by type of contract and whether the derivative is used for trading purposes or in a qualifying hedging relationship. Notional amounts have also been provided as an indication of the volume of derivative activity within the Group. Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. > Refer to “Note 34 – Financial instruments” for further information. Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,047.8 60.4 56.6 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,898.6 87.0 82.1 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 198.7 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.3 8.3 7.9 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 826.9 21.4 23.2 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,705.3 148.2 151.5 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,767.5 billion, CHF 148.4 billion and CHF 151.9 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,321.9 3.3 3.2 0.0 0.0 0.0 Swaps 13,190.0 91.0 85.5 47.5 1.0 1.0 Options bought and sold (OTC) 2,164.4 43.1 41.1 0.0 0.0 0.0 Futures 522.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 468.0 0.2 0.2 0.0 0.0 0.0 Interest rate products 24,666.4 137.6 130.0 47.5 1.0 1.0 Forwards 1,211.6 19.2 20.8 11.0 0.1 0.0 Swaps 819.4 34.5 42.0 0.0 0.0 0.0 Options bought and sold (OTC) 416.8 8.1 8.4 4.8 0.0 0.0 Futures 17.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 4.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,469.7 61.8 71.2 15.8 0.1 0.0 Forwards 1.3 0.0 0.0 0.0 0.0 0.0 Swaps 191.0 4.7 5.3 0.0 0.0 0.0 Options bought and sold (OTC) 206.5 7.7 7.4 0.0 0.0 0.0 Futures 41.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 355.9 11.6 13.1 0.0 0.0 0.0 Equity/index-related products 796.2 24.0 25.8 0.0 0.0 0.0 Credit derivatives 2 558.7 8.1 9.2 0.0 0.0 0.0 Forwards 7.2 0.1 0.2 0.0 0.0 0.0 Swaps 20.1 2.0 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 20.2 0.4 0.3 0.0 0.0 0.0 Futures 14.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 3.4 0.0 0.1 0.0 0.0 0.0 Other products 3 65.2 2.5 2.0 0.0 0.0 0.0 Total derivative instruments 28,556.2 234.0 238.2 63.3 1.1 1.0 The notional amount, PRV and NRV (trading and hedging) was CHF 28,619.5 billion, CHF 235.1 billion and CHF 239.2 billion, respectively, as of December 31, 2016. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value hedges in 2017 2016 2015 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (285) (116) (117) Total (285) (116) (117) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 290 111 101 Total 290 111 101 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion 5 (5) (16) Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (56) (5) 21 Foreign exchange products (30) (9) (32) Total (86) (14) (11) Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (11) 29 37 Foreign exchange products (24) 2,3 (16) 2,3,4 (61) 2,3,4 Total (35) 13 (24) Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (1) (1) (12) Represents gains/(losses) on effective portion. 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 39 million. Net investment hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products (475) (536) 440 Total (475) (536) 440 Represents gains/(losses) on effective portion. The Group includes all derivative instruments not included in hedge accounting relationships in its trading activities. > Refer to “Note 7 – Trading revenues” for gains and losses on trading activities by product type. Disclosures relating to contingent credit risk Certain of the Group’s derivative instruments contain provisions that require it to maintain a specified credit rating from each of the major credit rating agencies. If the ratings fall below the level specified in the contract, the counterparties to the agreements could request payment of additional collateral on those derivative instruments that are in a net liability position. Certain of the derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Group or the counterparty. Such derivative contracts are reflected at close-out costs. The following table provides the Group’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and SPEs that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch, two-notch and a three-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the NRV and a percentage of the notional value of the derivative. Contingent credit risk end of 2017 2016 Special Special Contingent credit risk (CHF billion) Current net exposure 5.4 0.1 1.2 6.7 10.5 0.2 1.1 11.8 Collateral posted 4.4 0.1 – 4.5 9.5 0.2 – 9.7 Impact of a one-notch downgrade event 0.2 0.1 0.1 0.4 0.3 0.2 0.0 0.5 Impact of a two-notch downgrade event 0.9 0.2 0.5 1.6 1.3 0.4 0.5 2.2 Impact of a three-notch downgrade event 1.0 0.4 0.7 2.1 1.5 0.7 0.7 2.9 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. Credit derivatives Credit derivatives are contractual agreements in which the buyer generally pays a fee in exchange for a contingent payment by the seller if there is a credit event on the underlying referenced entity or asset. They are generally privately negotiated OTC contracts, with numerous settlement and payment terms, and most are structured so that they specify the occurrence of an identifiable credit event, which can include bankruptcy, insolvency, receivership, material adverse restructuring of debt or failure to meet obligations when due. The Group enters into credit derivative contracts in the normal course of business, buying and selling protection to facilitate client transactions and as a market maker. This includes providing structured credit products for its clients to enable them to hedge their credit risk. The referenced instruments of these structured credit products are both investment grade and non-investment grade and could include corporate bonds, sovereign debt, ABS and loans. These instruments can be formed as single items (single-named instruments) or combined on a portfolio basis (multi-named instruments). The Group purchases protection to economically hedge various forms of credit exposure, for example, the economic hedging of loan portfolios or other cash positions. Finally, the Group also takes proprietary positions which can take the form of either purchased or sold protection. The credit derivatives most commonly transacted by the Group are >>>CDS and credit swaptions. CDSs are contractual agreements in which the buyer of the swap pays an upfront and/or a periodic fee in return for a contingent payment by the seller of the swap following a credit event of the referenced entity or asset. Credit swaptions are options with a specified maturity to buy or sell protection under a CDS on a specific referenced credit event. In addition, to reduce its credit risk, the Group enters into legally enforceable >>>netting agreements with its derivative counterparties. Collateral on these derivative contracts is usually posted on a net counterparty basis and cannot be allocated to a particular derivative contract. > Refer to “Note 26 – Offsetting of financial assets and financial liabilities” for further information on netting. Credit protection sold Credit protection sold is the maximum potential payout, which is based on the notional value of derivatives and represents the amount of future payments that the Group would be required to make as a result of credit risk-related events. The Group believes that the maximum potential payout is not representative of the actual loss exposure based on historical experience. This amount has not been reduced by the Group’s rights to the underlying assets and the related cash flows. In accordance with most credit derivative contracts, should a credit event (or settlement trigger) occur, the Group is usually liable for the difference between the credit protection sold and the recourse it holds in the value of the underlying assets. The maximum potential amount of future payments has not been reduced for any cash collateral paid to a given counterparty as such payments would be calculated after netting all derivative exposures, including any credit derivatives with that counterparty in accordance with a related master netting agreement. Due to such netting processes, determining the amount of collateral that corresponds to credit derivative exposures only is not possible. To reflect the quality of the payment risk on credit protection sold, the Group assigns an internally generated rating to those instruments referenced in the contracts. Internal ratings are assigned by experienced credit analysts based on expert judgment that incorporates analysis and evaluation of both quantitative and qualitative factors. The specific factors analyzed, and their relative importance, are dependent on the type of counterparty. The analysis emphasizes a forward-looking approach, concentrating on economic trends and financial fundamentals, and making use of peer analysis, industry comparisons and other quantitative tools. External ratings and market information are also used in the analysis process where available. Credit protection purchased Credit protection purchased represents those instruments where the underlying reference instrument is identical to the reference instrument of the credit protection sold. The maximum potential payout amount of credit protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. The Group also considers estimated recoveries that it would receive if the specified credit event occurred, including both the anticipated value of the underlying referenced asset that would, in most instances, be transferred to the Group and the impact of any purchased protection with an identical reference instrument and product type. Other protection purchased In the normal course of business, the Group purchases protection to offset the risk of credit protection sold that may have similar, but not identical, reference instruments, and may use similar, but not identical, products, which reduces the total credit derivative exposure. Other protection purchased is based on the notional value of the instruments. The Group purchases its protection from banks and broker dealers, other financial institutions and other counterparties. Fair value of credit protection sold The fair values of the credit protection sold give an indication of the amount of payment risk, as the negative fair values increase when the potential payment under the derivative contracts becomes more probable. Credit protection sold/purchased The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. >>>Total return swaps (TRS) of CHF 6.7 billion and CHF 7.8 billion as of December 31, 2017 and 2016, respectively, were also excluded because a TRS does not expose the seller to potential loss from credit risk-related events specified in the contract. A TRS only provides protection against a loss in asset value and not against additional amounts as a result of specific credit events. Credit protection sold/purchased end of 2017 2016 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (57.6) 53.8 (3.8) 15.3 0.9 (72.4) 67.4 (5.0) 14.3 0.7 Non-investment grade (28.2) 25.5 (2.7) 14.3 0.5 (30.3) 28.1 (2.2) 18.1 (1.0) Total single-name instruments (85.8) 79.3 (6.5) 29.6 1.4 (102.7) 95.5 (7.2) 32.4 (0.3) of which sovereign (21.0) 19.2 (1.8) 6.2 0.2 (27.7) 25.6 (2.1) 6.5 (0.9) of which non-sovereign (64.8) 60.1 (4.7) 23.4 1.2 (75.0) 69.9 (5.1) 25.9 0.6 Multi-name instruments (CHF billion) Investment grade 2 (107.1) 104.7 (2.4) 59.3 0.7 (115.0) 113.9 (1.1) 41.2 0.0 Non-investment grade (21.0) 19.6 (1.4) 12.0 3 0.9 (20.9) 19.5 (1.4) 9.8 3 0.3 Total multi-name instruments (128.1) 124.3 (3.8) 71.3 1.6 (135.9) 133.4 (2.5) 51.0 0.3 of which sovereign (0.3) 0.3 0.0 0.3 0.0 (0.3) 0.2 (0.1) 0.7 0.1 of which non-sovereign (127.8) 124.0 (3.8) 71.0 1.6 (135.6) 133.2 (2.4) 50.3 0.2 Total instruments (CHF billion) Investment grade 2 (164.7) 158.5 (6.2) 74.6 1.6 (187.4) 181.3 (6.1) 55.5 0.7 Non-investment grade (49.2) 45.1 (4.1) 26.3 1.4 (51.2) 47.6 (3.6) 27.9 (0.7) Total instruments (213.9) 203.6 (10.3) 100.9 3.0 (238.6) 228.9 (9.7) 83.4 0.0 of which sovereign (21.3) 19.5 (1.8) 6.5 0.2 (28.0) 25.8 (2.2) 7.2 (0.8) of which non-sovereign (192.6) 184.1 (8.5) 94.4 2.8 (210.6) 203.1 (7.5) 76.2 0.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. The following table reconciles the notional amount of credit derivatives included in the table “Fair value of derivative instruments” to the table “Credit protection sold/purchased”. Credit derivatives end of 2017 2016 Credit derivatives (CHF billion) Credit protection sold 213.9 238.6 Credit protection purchased 203.6 228.9 Other protection purchased 100.9 83.4 Other instruments 1 6.5 7.8 Total credit derivatives 524.9 558.7 1 Consists of total return swaps and other derivative instruments. The segregation of the future payments by maturity range and underlying risk gives an indication of the current status of the potential for performance under the derivative contracts. Maturity of credit protection sold Maturity Maturity Maturity 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 2016 (CHF billion) Single-name instruments 24.2 72.7 5.8 102.7 Multi-name instruments 27.5 84.7 23.7 135.9 Total instruments 51.7 157.4 29.5 238.6 |
Bank | |
Derivatives and hedging activities | 30 Derivatives and hedging activities > Refer to “Note 31 – Derivatives and hedging activities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Hedge accounting Cash flow hedges As of the end of 2017, the maximum length of time over which the Bank hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,048.8 60.4 56.3 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,899.6 87.0 81.8 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 199.1 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.8 8.6 8.5 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 827.8 21.7 23.8 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,707.2 148.5 151.8 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,769.4 billion, CHF 148.7 billion and CHF 152.2 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,321.9 3.3 3.2 0.0 0.0 0.0 Swaps 13,191.0 91.0 85.5 47.5 1.0 1.0 Options bought and sold (OTC) 2,164.4 43.1 41.1 0.0 0.0 0.0 Futures 522.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 468.0 0.2 0.2 0.0 0.0 0.0 Interest rate products 24,667.4 137.6 130.0 47.5 1.0 1.0 Forwards 1,211.6 19.2 20.8 11.0 0.1 0.0 Swaps 819.4 34.5 42.0 0.0 0.0 0.0 Options bought and sold (OTC) 416.8 8.1 8.4 4.8 0.0 0.0 Futures 17.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 4.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,469.7 61.8 71.2 15.8 0.1 0.0 Forwards 1.3 0.0 0.0 0.0 0.0 0.0 Swaps 191.3 4.7 5.3 0.0 0.0 0.0 Options bought and sold (OTC) 206.9 7.7 7.6 0.0 0.0 0.0 Futures 41.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 355.9 11.6 13.1 0.0 0.0 0.0 Equity/index-related products 796.9 24.0 26.0 0.0 0.0 0.0 Credit derivatives 2 558.7 8.1 9.2 0.0 0.0 0.0 Forwards 7.2 0.1 0.2 0.0 0.0 0.0 Swaps 20.1 2.0 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 20.2 0.4 0.3 0.0 0.0 0.0 Futures 14.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 3.4 0.0 0.1 0.0 0.0 0.0 Other products 3 65.2 2.5 2.0 0.0 0.0 0.0 Total derivative instruments 28,557.9 234.0 238.4 63.3 1.1 1.0 The notional amount, PRV and NRV (trading and hedging) was CHF 28,621.2 billion, CHF 235.1 billion and CHF 239.4 billion, respectively, as of December 31, 2016. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value hedges in 2017 2016 2015 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (285) (116) (117) Total (285) (116) (117) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 290 111 101 Total 290 111 101 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portions 5 (5) (16) Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (56) (5) 21 Foreign exchange products (31) (3) (17) Total (87) (8) 4 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (11) 29 37 Foreign exchange products (17) 2 (7) 3 (53) 2,3 Total (28) 22 (16) Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portions 2 (1) (1) (12) Represents gains/(losses) on effective portion. 1 Included in interest and other dividend income. 2 Included in trading revenues. 3 Included in total other operating expenses. The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 32 million. Net investment hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products (475) (537) 443 Total (475) (537) 443 Represents gains/(losses) on effective portion. The Bank includes all >>>derivative instruments not included in hedge accounting relationships in its trading activities. > Refer to “Note 7 – Trading revenues” for gains and losses on trading activities by product type. Disclosures relating to contingent credit risk The following table provides the Bank’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and special purpose entities (SPEs) that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch, two-notch and a three-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate >>>fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the negative replacement value and a percentage of the notional value of the derivative. Contingent credit risk end of 2017 2016 Special Special Contingent credit risk (CHF billion) Current net exposure 5.4 0.1 1.2 6.7 10.5 0.2 1.1 11.8 Collateral posted 4.4 0.1 – 4.5 9.5 0.2 – 9.7 Impact of a one-notch downgrade event 0.2 0.1 0.1 0.4 0.3 0.2 0.0 0.5 Impact of a two-notch downgrade event 0.9 0.2 0.5 1.6 1.3 0.4 0.5 2.2 Impact of a three-notch downgrade event 1.0 0.4 0.7 2.1 1.5 0.7 0.7 2.9 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. Credit derivatives > Refer to “Note 31 – Derivatives and hedging activities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Credit protection sold/purchased The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. >>>Total return swaps (TRS) of CHF 6.7 billion and CHF 7.8 billion as of December 31, 2017 and 2016, respectively, were also excluded because a TRS does not expose the seller to potential loss from credit risk-related events specified in the contract. A TRS only provides protection against a loss in asset value and not against additional amounts as a result of specific credit events. Credit protection sold/purchased end of 2017 2016 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (57.6) 53.8 (3.8) 15.3 0.9 (72.4) 67.4 (5.0) 14.3 0.7 Non-investment grade (28.2) 25.5 (2.7) 14.3 0.5 (30.3) 28.1 (2.2) 18.1 (1.0) Total single-name instruments (85.8) 79.3 (6.5) 29.6 1.4 (102.7) 95.5 (7.2) 32.4 (0.3) of which sovereign (21.0) 19.2 (1.8) 6.2 0.2 (27.7) 25.6 (2.1) 6.5 (0.9) of which non-sovereign (64.8) 60.1 (4.7) 23.4 1.2 (75.0) 69.9 (5.1) 25.9 0.6 Multi-name instruments (CHF billion) Investment grade 2 (107.1) 104.7 (2.4) 59.3 0.7 (115.0) 113.9 (1.1) 41.2 0.0 Non-investment grade (21.0) 19.6 (1.4) 12.0 3 0.9 (20.9) 19.5 (1.4) 9.8 3 0.3 Total multi-name instruments (128.1) 124.3 (3.8) 71.3 1.6 (135.9) 133.4 (2.5) 51.0 0.3 of which sovereign (0.3) 0.3 0.0 0.3 0.0 (0.3) 0.2 (0.1) 0.7 0.1 of which non-sovereign (127.8) 124.0 (3.8) 71.0 1.6 (135.6) 133.2 (2.4) 50.3 0.2 Total instruments (CHF billion) Investment grade 2 (164.7) 158.5 (6.2) 74.6 1.6 (187.4) 181.3 (6.1) 55.5 0.7 Non-investment grade (49.2) 45.1 (4.1) 26.3 1.4 (51.2) 47.6 (3.6) 27.9 (0.7) Total instruments (213.9) 203.6 (10.3) 100.9 3.0 (238.6) 228.9 (9.7) 83.4 0.0 of which sovereign (21.3) 19.5 (1.8) 6.5 0.2 (28.0) 25.8 (2.2) 7.2 (0.8) of which non-sovereign (192.6) 184.1 (8.5) 94.4 2.8 (210.6) 203.1 (7.5) 76.2 0.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. The following table reconciles the notional amount of credit derivatives included in the table “Fair value of derivative instruments” to the table “Credit protection sold/purchased”. Credit derivatives end of 2017 2016 Credit derivatives (CHF billion) Credit protection sold 213.9 238.6 Credit protection purchased 203.6 228.9 Other protection purchased 100.9 83.4 Other instruments 1 6.5 7.8 Total credit derivatives 524.9 558.7 1 Consists of total return swaps and other derivative instruments. Maturity of credit protection sold Maturity Maturity Maturity 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 2016 (CHF billion) Single-name instruments 24.2 72.7 5.8 102.7 Multi-name instruments 27.5 84.7 23.7 135.9 Total instruments 51.7 157.4 29.5 238.6 |
Guarantees and commitments
Guarantees and commitments | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees and commitments | 32 Guarantees and commitments Guarantees In the ordinary course of business, guarantees are provided that contingently obligate the Group 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 higher of the initial fair value (generally the related fee received or receivable) less cumulative amortization and the Group’s current best estimate of payments that will be required under existing guarantee arrangements. Guarantees provided by the Group are classified as follows: credit guarantees and similar instruments, performance guarantees and similar instruments, derivatives and other guarantees. The Group no longer provides guarantees for securities lending indemnifications. Guarantees Maturity Maturity Maturity Maturity 1 2017 (CHF million) Credit guarantees and similar instruments 1,817 520 314 435 3,086 2,837 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,729 10,025 2,792 1,865 41,411 40,230 506 8,448 2016 (CHF million) Credit guarantees and similar instruments 1,962 500 262 409 3,133 2,913 13 2,043 Performance guarantees and similar instruments 5,109 1,571 194 240 7,114 6,124 76 3,090 Derivatives 2 15,864 3,377 3,590 976 23,807 23,807 684 – 3 Other guarantees 3,460 888 531 581 5,460 5,456 44 3,668 Total guarantees 26,395 6,336 4,577 2,206 39,514 38,300 817 8,801 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not 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 position includes 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 Group’s commercial mortgage activities in the US, where the Group sells certain commercial and residential mortgages to Fannie Mae and agrees to bear a percentage of the losses triggered by the borrowers failing to perform on the mortgage. The Group also issues guarantees that require it to reimburse Fannie Mae for losses on certain whole loans underlying mortgage-backed securities issued by Fannie Mae, which are triggered by borrowers failing to perform on the underlying mortgages. The Group also provides guarantees to VIEs and other counterparties under which it may be required to buy assets from such entities upon the occurrence of certain triggering events such as rating downgrades and/or substantial decreases in the >>>fair value of those assets. Performance guarantees and similar instruments Performance guarantees and similar instruments are arrangements that require contingent payments to be made when certain performance-related targets or covenants are not met. Such covenants may include a customer’s obligation to deliver certain products and services or to perform under a construction contract. Performance guarantees are frequently executed as part of project finance transactions. The position includes private equity fund guarantees and guarantees related to residential mortgage securitization activities. For private equity fund guarantees, the Group has provided investors in private equity funds sponsored by a Group entity guarantees on potential obligations of certain general partners to return amounts previously paid as carried interest to those general partners if the performance of the remaining investments declines. To manage its exposure, the Group generally withholds a portion of carried interest distributions to cover any repayment obligations. In addition, pursuant to certain contractual arrangements, the Group is obligated to make cash payments to certain investors in certain private equity funds if specified performance thresholds are not met. Further, as part of the Group’s residential mortgage securitization activities in the US, the Group may guarantee the collection by the servicer and remittance to the securitization trust of prepayment penalties. The Group will have to perform under these guarantees in the event the servicer fails to remit the prepayment penalties. Derivatives >>>Derivatives are issued in the ordinary course of business, generally in the form of written put options. Disclosures about derivative contracts are not required under US GAAP if such contracts may be cash settled and the Group has no basis to conclude it is probable that the counterparties held, at inception, the underlying instruments related to the derivative contracts. The Group has concluded that these conditions were met for certain active commercial and investment banks and certain other counterparties, and accordingly, the Group has not included such contracts as guarantees. The Group manages its exposure to these derivatives by engaging in various hedging strategies to reduce its exposure. For some contracts, such as written interest rate caps or foreign exchange options, the maximum payout is not determinable as interest rates or exchange rates could theoretically rise without limit. For these contracts, notional amounts were disclosed in the table above in order to provide an indication of the underlying exposure. In addition, the Group carries all derivatives at fair value in the consolidated balance sheets and has considered the performance triggers and probabilities of payment when determining those fair values. It is more likely than not that written put options that are in-the-money to the counterparty will be exercised, for which the Group’s exposure was limited to the carrying value reflected in the table. Other guarantees Other guarantees include bankers’ acceptances, residual value guarantees, deposit insurance, contingent considerations in business combinations, the minimum value of an investment in mutual funds or private equity funds and all other guarantees that were not allocated to one of the categories above. Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by >>>FINMA or by the compulsory liquidation of another deposit-taking bank, the Group’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Group’s banking subsidiaries in Switzerland, the Group’s share in the deposit insurance guarantee program for the period July 1, 2017 to June 30, 2018 is CHF 0.5 billion. These deposit insurance guarantees were reflected in other guarantees. Representations and warranties on residential mortgage loans sold In connection with the former Investment Banking division’s sale of US residential mortgage loans, the Group has provided certain representations and warranties relating to the loans sold. The Group has provided these representations and warranties relating to sales of loans to: the US government-sponsored enterprises Fannie Mae and Freddie Mac; institutional investors, primarily banks; and non-agency, or private label, securitizations. The loans sold are primarily loans that the Group has purchased from other parties. The scope of representations and warranties, if any, depends on the transaction, but can include: ownership of the mortgage loans and legal capacity to sell the loans; loan-to-value ratios and other characteristics of the property, the borrower and the loan; validity of the liens securing the loans and absence of delinquent taxes or related liens; conformity to underwriting standards and completeness of documentation; and origination in compliance with law. If it is determined that representations and warranties were breached, the Group may be required to repurchase the related loans or indemnify the investors to make them whole for losses. Whether the Group will incur a loss in connection with repurchases and make whole payments depends on: the extent to which claims are made; the validity of such claims made within the statute of limitations (including the likelihood and ability to enforce claims); whether the Group can successfully claim against parties that sold loans to the Group and made representations and warranties to the Group; the residential real estate market, including the number of defaults; and whether the obligations of the securitization vehicles were guaranteed or insured by third parties. During 2017, the Group received repurchase claims for residential mortgage loans that were not significant, and loans repurchased during this period and related losses were not material. The balance of outstanding repurchase claims as of the end of 2017 was not significant. Repurchase claims on residential mortgage loans sold that are subject to arbitration or litigation proceedings, or become so during the reporting period, are not included in this Guarantees and commitments disclosure but are addressed in litigation and related loss contingencies and provisions. The Group is involved in litigation relating to representations and warranties on residential mortgages sold. > Refer to “Note 38 – Litigation” for further information. Disposal-related contingencies and other indemnifications The Group has certain guarantees for which its maximum contingent liability cannot be quantified. These guarantees are not reflected in the “Guarantees” table and are discussed below. Disposal-related contingencies In connection with the sale of assets or businesses, the Group sometimes provides the acquirer with certain indemnification provisions. These indemnification provisions vary by counterparty in scope and duration and depend upon the type of assets or businesses sold. They are designed to transfer the potential risk of certain unquantifiable and unknowable loss contingencies, such as litigation, tax and intellectual property matters, from the acquirer to the seller. The Group closely monitors all such contractual agreements in order to ensure that indemnification provisions are adequately provided for in the Group’s consolidated financial statements. Other indemnifications The Group provides indemnifications to certain counterparties in connection with its normal operating activities for which it is not possible to estimate the maximum amount that it could be obligated to pay. As a normal part of issuing its own securities, the Group typically agrees to reimburse holders for additional tax withholding charges or assessments resulting from changes in applicable tax laws or the interpretation of those laws. Securities that include these agreements to pay additional amounts generally also include a related redemption or call provision if the obligation to pay the additional amounts results from a change in law or its interpretation and the obligation cannot be avoided by the issuer taking reasonable steps to avoid the payment of additional amounts. Since such potential obligations are dependent on future changes in tax laws, the related liabilities the Group may incur as a result of such changes cannot be reasonably estimated. In light of the related call provisions typically included, the Group does not expect any potential liabilities in respect of tax gross-ups to be material. The Group is a member of numerous securities exchanges and clearing houses and may, as a result of its membership arrangements, be required to perform if another member defaults and available amounts as defined in the relevant exchange’s or clearing house’s default waterfalls are not sufficient to cover losses of another member’s default. The exchange’s or clearing house’s default management procedures may provide for cash calls to non-defaulting members which may be limited to the amount (or a multiple of the amount) of the Group’s contribution to the guarantee fund. However, if these cash calls are not sufficient to cover losses, the default waterfall and default management procedures may foresee further loss allocation. Furthermore, some clearing house arrangements require members to assume a proportionate share of non-default losses, if such losses exceed the specified resources allocated for such purpose by the clearing house. Non-default losses result from the clearing house’s investment of guarantee fund contributions and initial margin or are other losses unrelated to the default of a clearing member. The Group has determined that it is not possible to reasonably estimate the maximum potential amount of future payments due under the membership arrangements. In addition, the Group believes that any potential requirement to make payments under these membership arrangements is remote. Lease commitments Lease commitments (CHF million) 2018 570 2019 541 2020 498 2021 388 2022 353 Thereafter 2,884 Future operating lease commitments 5,234 Less minimum non-cancellable sublease rentals 216 Total net future minimum lease commitments 5,018 Rental expense for operating leases in 2017 2016 2015 Rental expense for operating leases (CHF million) Minimum rental expense 575 550 558 Sublease rental income (65) (89) (92) Total net expenses for operating leases 510 461 466 Operating lease commitments The Group has contractual commitments under operating lease arrangements for certain premises and equipment. Under operating leases, the leased property is not reported on the balance sheet of the lessee. Lease payments required by the contract are generally expensed on a straight-line basis over the term of the lease. The related commitments for future rental expenses under operating leases are included in the table “Lease commitments”. From time to time, the Group may enter into sale-leaseback transactions, in which an asset is sold and immediately leased back. If specific criteria are met, such asset is derecognized from the balance sheet and an operating lease is recognized. If the present value of the lease payments is equal to or higher than 10% of the fair value of the property sold, any resulting gains up to an amount equal to the present value of the lease payments are deferred and recognized in the statement of operations over the term of the lease as a reduction of rental expense. Gains on sale-leaseback transactions for which the lease payments are lower than 10% of the fair value of the property sold or gains in excess of the present value of the lease payments are recognized in the statements of operations upon completion of the sale. Sale-leaseback transactions During 2017, we did not enter into any sale-leaseback transactions. In 2016 and 2015, the Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between one and five years and between two and eighteen years, respectively. The total contractual rental expenses were CHF 30 million for the 2016 sale-leaseback transactions and CHF 80 million for the 2015 sale-leaseback transactions. Other commitments Maturity Maturity Maturity Maturity 1 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 2 24,296 33,649 40,425 8,031 106,401 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 2016 (CHF million) Irrevocable commitments under documentary credits 4,356 0 0 0 4,356 4,281 2,748 Irrevocable loan commitments 2 30,382 34,464 44,523 7,606 116,975 113,016 46,068 Forward reverse repurchase agreements 84 0 0 0 84 84 84 Other commitments 487 24 75 51 637 637 0 Total other commitments 35,309 34,488 44,598 7,657 122,052 118,018 48,900 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments do not include a total gross amount of CHF 108,663 million and CHF 95,743 million of unused credit limits as of December 31, 2017 and 2016, respectively, which were revocable at the Group's sole discretion upon notice to the client. Other commitments Irrevocable commitments under documentary credits Irrevocable commitments under documentary credits include exposures from trade finance related to commercial letters of credit under which the Group guarantees payments to exporters against presentation of shipping and other documents. Irrevocable loan commitments Irrevocable loan commitments are irrevocable credit facilities extended to clients and include fully or partially undrawn commitments that are legally binding and cannot be unconditionally cancelled by the Group. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes and are not included in this disclosure. Such commitments are reflected as derivatives in the consolidated balance sheets. Forward reverse repurchase agreements Forward reverse repurchase agreements represent transactions in which the initial cash exchange of the >>>reverse repurchase transactions takes place on specified future dates. The Group enters into forward reverse repurchase agreements with counterparties that may have existing funded reverse repurchase agreements. Depending on the details of the counterparty contract with Credit Suisse, both a counterparty’s existing funded reverse repurchase agreement and any forward reverse repurchase agreements under contract with the same counterparty are considered. Other commitments Other commitments include private equity commitments, firm commitments in underwriting securities, commitments arising from deferred payment letters of credit and from acceptances in circulation and liabilities for call and put options on shares and other equity instruments. |
Bank | |
Guarantees and commitments | 31 Guarantees and commitments Guarantees Maturity Maturity Maturity Maturity 1 2017 (CHF million) Credit guarantees and similar instruments 1,820 520 314 435 3,089 2,840 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,732 10,025 2,792 1,865 41,414 40,233 506 8,448 2016 (CHF million) Credit guarantees and similar instruments 1,962 501 262 403 3,128 2,908 13 2,043 Performance guarantees and similar instruments 5,109 1,571 194 240 7,114 6,124 76 3,090 Derivatives 2 15,864 3,377 3,590 976 23,807 23,807 684 – 3 Other guarantees 3,460 888 565 581 5,494 5,490 44 3,668 Total guarantees 26,395 6,337 4,611 2,200 39,543 38,329 817 8,801 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. > Refer to “Note 32 – Guarantees and commitments” in VI – Consolidated financial statements – Credit Suisse Group for further information. Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by the >>>Swiss Financial Market Supervisory Authority FINMA (FINMA) or by the compulsory liquidation of another deposit-taking bank, the Bank’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Bank, the Bank’s share in the deposit insurance guarantee program for the period July 1, 2017 to June 30, 2018 is CHF 0.5 billion. These deposit insurance guarantees were reflected in other guarantees. Representations and warranties on residential mortgage loans sold In connection with the former Investment Banking division’s sale of US residential mortgage loans, the Bank has provided certain representations and warranties relating to the loans sold. Lease commitments Lease commitments (CHF million) 2018 504 2019 472 2020 429 2021 323 2022 295 Thereafter 2,139 Future operating lease commitments 4,162 Less minimum non-cancellable sublease rentals 216 Total net future minimum lease commitments 3,946 Rental expense for operating leases in 2017 2016 2015 Rental expense for operating leases (CHF million) Minimum rental expense 528 550 558 Sublease rental income (65) (89) (92) Total net expenses for operating leases 463 461 466 Operating lease commitments Sale-leaseback transactions During 2017, we did not enter into any sale-leaseback transactions. In 2016 and 2015, the Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of two years and between two and eighteen years, respectively. The total contractual rental expenses were CHF 19 million for the 2016 sale-leaseback transactions and CHF 67 million for the 2015 sale-leaseback transactions. Other commitments Maturity Maturity Maturity Maturity 1 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 24,296 33,649 40,425 8,031 106,401 2 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 2016 (CHF million) Irrevocable commitments under documentary credits 4,356 0 0 0 4,356 4,281 2,748 Irrevocable loan commitments 30,382 34,464 44,523 7,606 116,975 2 113,016 46,068 Forward reverse repurchase agreements 84 0 0 0 84 84 84 Other commitments 486 24 75 51 636 636 0 Total other commitments 35,308 34,488 44,598 7,657 122,051 118,017 48,900 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments do not include a total gross amount of CHF 108,665 million and CHF 95,745 million of unused credit limits as of December 31, 2017 and 2016, respectively, which were revocable at the Bank's sole discretion upon notice to the client. |
Transfers of financial assets a
Transfers of financial assets and variable interest entities | 12 Months Ended |
Dec. 31, 2017 | |
Transfers of financial assets and variable interest entities | 33 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 and is generally structured to isolate the SPE’s assets from creditors of other entities, including the Group. 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, such as to facilitate financings, and for Group tax or regulatory purposes. Transfers of financial assets Securitizations The majority of the Group’s securitization activities involve mortgages and mortgage-related securities and are predominantly transacted using SPEs. In a typical securitization, the SPE purchases assets financed by proceeds received from the SPE’s issuance of debt and equity instruments, certificates, >>>CP and other notes of indebtedness. These assets and liabilities are recorded on the balance sheet of the SPE and not reflected on the Group’s consolidated balance sheet, unless either the Group sold the assets to the entity and the accounting requirements for sale were not met or the Group consolidates the SPE. The Group purchases commercial and residential mortgages for the purpose of securitization and sells these mortgage loans to SPEs. These SPEs issue >>>commercial mortgage-backed securities (CMBS), >>>residential mortgage-backed securities (RMBS) and ABS that are collateralized by the assets transferred to the SPE 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 SPEs, unless a third-party guarantee has been received to further enhance the creditworthiness of the assets. The investors and the SPEs have no recourse to the Group’s assets. The Group is typically an underwriter of, and makes a market in, these securities. The Group also transacts in re-securitizations of previously issued RMBS securities. Typically, certificates issued out of an existing securitization vehicle are sold 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 uses SPEs for other asset-backed financings relating to client-driven activity and for Group tax or regulatory purposes. Types of structures included in this category include managed >>>collateralized loan obligations (CLOs), CLOs, leveraged finance, repack and other types of transactions, including life insurance structures, emerging market structures set up for financing, loan participation or loan origination purposes, and other alternative structures created for the purpose of investing in venture capital-like investments. CLOs are collateralized by loans transferred to the CLO vehicle and pay a return based on the returns on the loans. Leveraged finance structures are used to assist in the syndication of certain loans held by the Group, while repack structures are designed to give a client collateralized exposure to specific cash flows or credit risk backed by collateral purchased from the Group. In these asset-backed financing structures, investors typically only have recourse to the collateral of the SPE and do not have recourse to the Group’s assets. When the Group transfers assets into an SPE, it must assess whether that transfer is accounted for as a sale of the assets. Transfers of assets may not meet sale requirements if the assets have not been legally isolated from the Group and/or if the Group’s continuing involvement is deemed to give it effective control over the assets. If the transfer is not deemed a sale, it is instead accounted for as a secured borrowing, with the transferred assets as collateral. Gains and losses on securitization transactions depend, in part, on the carrying values of mortgages and loans involved in the transfer and are allocated between the assets sold and any beneficial interests retained according to the relative >>>fair values at the date of sale. The Group does not retain material servicing responsibilities from securitization activities. The following table provides the gains or losses and proceeds from the transfer of assets relating to 2017, 2016 and 2015 securitizations of financial assets that qualify for sale accounting and subsequent derecognition, along with the cash flows between the Group and the SPEs used in any securitizations in which the Group still has continuing involvement, regardless of when the securitization occurred. Securitizations in 2017 2016 2015 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 37 (2) 1 Proceeds from transfer of assets 6,604 3,954 9,813 Cash received on interests that continue to be held 28 69 148 RMBS Net gain/(loss) 1 0 (4) 5 Proceeds from transfer of assets 14,817 9,866 20,062 Purchases of previously transferred financial assets or its underlying collateral (2) 0 (1) Servicing fees 3 2 3 Cash received on interests that continue to be held 368 529 457 Other asset-backed financings Net gain 1 31 26 24 Proceeds from transfer of assets 7,664 2,813 1,740 Fees 2 135 137 0 Cash received on interests that continue to be held 4 2 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents management fees and performance fees earned for investment management services provided to managed CLOs. Continuing involvement in transferred financial assets The Group may have continuing involvement in the financial assets that are transferred to an SPE, which may take several forms, including, but not limited to, servicing, recourse and guarantee arrangements, agreements to purchase or redeem transferred assets, derivative instruments, pledges of collateral and beneficial interests in the transferred assets. Beneficial interests, which are valued at fair value, include rights to receive all or portions of specified cash inflows received by an SPE, including, but not limited to, senior and subordinated shares of interest, principal, or other cash inflows to be “passed through” or “paid through”, premiums due to guarantors, CP obligations, and residual interests, whether in the form of debt or equity. The Group’s exposure resulting from continuing involvement in transferred financial assets is generally limited to beneficial interests typically held by the Group in the form of instruments issued by SPEs that are senior, subordinated or residual tranches. These instruments are held by the Group typically in connection with underwriting or market-making activities and are included in trading assets in the consolidated balance sheets. Any changes in the fair value of these beneficial interests are recognized in the consolidated statements of operations. Investors usually have recourse to the assets in the SPE and often benefit from other credit enhancements, such as collateral accounts, or from liquidity facilities, such as lines of credit or liquidity put option of asset purchase agreements. The SPE may also enter into a derivative contract in order to convert the yield or currency of the underlying assets to match the needs of the SPE investors, or to limit or change the credit risk of the SPE. The Group may be the provider of certain credit enhancements as well as the counterparty to any related derivative contract. The following table provides the outstanding principal balance of assets to which the Group continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of December 31, 2017 and 2016, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2017 2016 CHF million CMBS Principal amount outstanding 19,918 28,779 Total assets of SPE 31,586 40,234 RMBS Principal amount outstanding 35,645 38,319 Total assets of SPE 36,770 39,680 Other asset-backed financings Principal amount outstanding 20,916 19,777 Total assets of SPE 39,330 36,049 Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. Fair value of beneficial interests The fair value measurement of the beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Group may utilize to hedge the inherent risks. Key economic assumptions at the time of transfer > Refer to “Fair value measurement” in Note 34 – Financial instruments for further information on the fair value hierarchy. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 2017 2016 2015 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 445 2,400 69 2,068 1,512 2,110 of which level 2 444 2,221 69 1,827 1,442 1,695 of which level 3 1 179 0 241 70 415 Weighted-average life, in years 10.0 6.0 8.4 7.2 8.2 9.0 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 22.9 – 2 5.0 – 33.0 – 2 1.1 – 30.1 Cash flow discount rate (rate per annum), in % 3 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 1.7 – 7.2 1.7 – 33.7 Expected credit losses (rate per annum), in % 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 0.7 – 5.9 0.5 – 15.9 Transfers of assets in which the Group does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of December 31, 2017 and 2016. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2017 2016 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 579 1,985 665 258 1,851 443 of which non-investment grade 100 508 50 70 523 32 Weighted-average life, in years 4.7 8.1 6.4 7.2 8.1 5.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 25.0 – – 2.0 – 26.9 – Impact on fair value from 10% adverse change – (35.0) – – (28.7) – Impact on fair value from 20% adverse change – (68.1) – – (55.9) – Cash flow discount rate (rate per annum), in % 4 2.7 – 12.3 1.9 – 30.6 1.0 – 11.7 2.3 – 28.8 1.7 – 47.2 0.8 – 21.2 Impact on fair value from 10% adverse change (8.8) (49.2) (12.4) (6.0) (48.1) (8.3) Impact on fair value from 20% adverse change (17.0) (95.3) (24.5) (11.7) (93.5) (16.4) Expected credit losses (rate per annum), in % 0.6 – 6.3 0.5 – 28.2 0.7 – 10.2 0.7 – 28.0 0.9 – 44.9 0.9 – 21.2 Impact on fair value from 10% adverse change (3.9) (23.6) (6.6) (3.5) (27.3) (5.1) Impact on fair value from 20% adverse change (7.8) (46.1) (12.9) (6.9) (53.3) (10.0) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs and CLOs within this category are generally structured to be protected from prepayment risk. 3 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. These sensitivities are hypothetical and do not reflect economic hedging activities. Changes in fair value based on a 10% or 20% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the beneficial interests is calculated without changing any other assumption. In practice, changes in one assumption may result in changes in other assumptions (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. Transfers of financial assets where sale treatment was not achieved The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of December 31, 2017 and 2016. > Refer to “Note 35 – Assets pledged and collateral” for further information. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2017 2016 CHF million Other asset-backed financings Trading assets 347 240 Other assets 48 12 Liability to SPE, included in other liabilities (395) (252) Transfers of financial assets accounted for as a sale retaining substantially all of the exposure to economic return US GAAP requires the disclosure of a transaction accounted for as a sale that comprises both of the following: a transfer of financial assets to a transferee and an agreement entered into in contemplation of the initial transfer with the transferee that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In the ordinary course of business, the Group transfers a financial asset accounted for as a sale and, in some instances, enters into an agreement in contemplation of that initial transfer with the same counterparty to retain substantially all of the economics of that transferred financial asset. As of December 31, 2016, the Group had an agreement in the form of a longevity swap on life insurance policies; this longevity swap was terminated in the fourth quarter of 2017. The following table presents information about the transfers of financial assets accounted for as sales with agreements that result in the Group retaining substantially all of the exposure to the economic return on the transferred assets at the date of sale and remained outstanding as of December 31, 2016, gross cash proceeds received for assets derecognized at the date of sale and the fair values of transferred assets and the aforementioned agreements as of December 31, 2016. There were no such transactions outstanding as of December 31, 2017. Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2016 (CHF million) Sales with longevity swaps 277 340 374 556 – Total transactions outstanding 277 340 374 556 2 – 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 As of December 31, 2016, gross derivative assets of CHF 556 million were included in other products, as disclosed in Note 31 – Derivatives and hedging activities. Securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings For securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings, US GAAP requires the disclosure of the collateral pledged and the associated risks to which a transferor continues to be exposed after the transfer. This provides an understanding of the nature and risks of short-term collateralized financing obtained through these types of transactions. Securities sold under repurchase agreements and securities lending transactions represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activities. These transactions are collateralized principally by government debt securities, corporate debt securities, asset-backed securities, equity securities and other collateral and have terms ranging from on demand to a longer period of time. In the event of the Group’s default or a decline in fair value of collateral pledged, the repurchase agreement provides the counterparty with the right to liquidate the collateral held or request additional collateral. Similarly, in the event of the Group's default, the securities lending transaction provides the counterparty the right to liquidate the securities borrowed. The following tables provide the gross obligation relating to securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral by the class of collateral pledged and by remaining contractual maturity as of December 31, 2017 and 2016. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2017 2016 CHF billion Government debt securities 31.4 29.4 Corporate debt securities 15.1 13.9 Asset-backed securities 5.0 10.3 Equity securities 0.0 1.1 Other 0.6 0.3 Securities sold under repurchase agreements 52.1 55.0 Government debt securities 2.7 2.5 Corporate debt securities 0.4 0.5 Equity securities 4.8 6.0 Other 0.3 0.4 Securities lending transactions 8.2 9.4 Government debt securities 1.8 0.7 Corporate debt securities 0.6 0.4 Equity securities 35.6 31.5 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 38.1 32.6 Total 98.4 97.0 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31–90 More than 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 2016 (CHF billion) Securities sold under repurchase agreements 6.8 31.9 8.4 7.9 55.0 Securities lending transactions 6.7 2.4 0.0 0.3 9.4 Obligation to return securities received as collateral, at fair value 32.2 0.4 0.0 0.0 32.6 Total 45.7 34.7 8.4 8.2 97.0 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 26 – Offsetting of financial assets and financial liabilities” for further information on the gross amount of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral and the net amounts disclosed in the consolidated balance sheets. Variable interest entities As a normal part of its business, the Group engages in various transactions that include entities that are considered VIEs and are grouped into three primary categories: >>>collateralized debt obligations (CDOs)/>>>CLOs, CP conduits and financial intermediation. VIEs are SPEs that typically either lack sufficient equity to finance their activities without additional subordinated financial support or are structured such that the holders of the voting rights do not substantively participate in the gains and losses of the entity. VIEs may be sponsored by the Group or third parties. Such entities are required to be assessed for consolidation, compelling the primary beneficiary to consolidate the VIE. The consolidation assessment requires an entity to determine whether it has the power to direct the activities that most significantly affect the economics of the VIE as well as whether the reporting entity has potentially significant benefits or losses in the VIE. The primary beneficiary assessment must be re-evaluated on an ongoing basis. Application of the requirements for consolidation of VIEs may require the exercise of significant management judgment. In the event consolidation of a VIE is required, the exposure to the Group is limited to that portion of the VIE’s assets attributable to any variable interest held by the Group prior to any risk management activities to hedge the Group’s net exposure. Any interests held in the VIE by third parties, even though consolidated by the Group, will not typically impact its results of operations. Transactions with VIEs are generally executed to facilitate securitization activities or to meet specific client needs, such as providing liquidity or investing opportunities, and, as part of these activities, the Group may hold interests in the VIEs. Securitization-related transactions with VIEs involve selling or purchasing assets as well as possibly entering into related >>>derivatives with those VIEs, providing liquidity, credit or other support. Other transactions with VIEs include derivative transactions in the Group’s capacity as the prime broker. The Group also enters into lending arrangements with VIEs for the purpose of financing projects or the acquisition of assets. Typically, the VIE’s assets are restricted in nature in that they are held primarily to satisfy the obligations of the entity. Further, the Group is involved with VIEs which were formed for the purpose of offering alternative investment solutions to clients. Such VIEs relate primarily to private equity investments, fund-linked vehicles or funds of funds, where the Group acts as structurer, manager, distributor, broker, market maker or liquidity provider. As a consequence of these activities, the Group holds variable interests in VIEs. Such variable interests consist of financial instruments issued by VIEs and which are held by the Group, certain derivatives with VIEs or loans to VIEs. Guarantees issued by the Group to or on behalf of VIEs may also qualify as variable interests. For such guarantees, including derivatives that act as guarantees, the notional amount of the respective guarantees is presented to represent the exposure. In general, investors in consolidated VIEs do not have recourse to the Group in the event of a default, except where a guarantee was provided to the investors or where the Group is the counterparty to a derivative transaction involving VIEs. Total assets of consolidated and non-consolidated VIEs for which the Group has involvement represent the total assets of the VIEs even though the Group’s involvement may be significantly less due to interests held by third-party investors. The asset balances for non-consolidated VIEs where the Group has significant involvement represent the most current information available to the Group regarding the remaining principal balance of assets owned. In most cases, the asset balances represent an amortized cost basis without regards to impairments in fair value, unless fair value information is readily available. The Group’s maximum exposure to loss is different from the carrying value of the assets of the VIE. This maximum exposure to loss consists of the carrying value of the Group variable interests held as trading assets, derivatives and loans and the notional amount of guarantees to VIEs, rather than the amount of total assets of the VIEs. The maximum exposure to loss does not reflect the Group’s risk management activities, including effects from financial instruments that the Group may utilize to economically hedge the risks inherent in these VIEs. The economic risks associated with VIE exposures held by the Group, together with all relevant >>>risk mitigation initiatives, are included in the Group’s risk management framework. The Group has not provided financial or other support to consolidated or non-consolidated VIEs that it was not contractually required to provide. Collateralized debt and loan obligations The Group engages in CDO/CLO transactions to meet client and investor needs, earn fees and sell financial assets and, for CLOs, loans. The Group may act as underwriter, placement agent or asset manager and may warehouse assets prior to the closing of a transaction. As part of its structured finance business, the Group purchases loans and other debt obligations from and on behalf of clients for the purpose of securitization. The loans and other debt obligations are sold to VIEs, which in turn issue CDO/CLOs to fund the purchase of assets such as investment grade and high yield corporate debt instruments. Typically, the collateral manager in a managed CDO/CLO is deemed to be the entity that has the power to direct the activities that most affect the economics of the entity. In a static CDO/CLO this “power” role is more difficult to analyze and may be the sponsor of the entity or the >>>CDS counterparty. CDO/CLOs provide credit risk exposure to a portfolio of ABS or loans (cash CDO/CLOs) or a reference portfolio of securities or loans (synthetic CDO/CLOs). Cash CDO/CLO transactions hold actual securities or loans whereas synthetic CDO/CLO transactions use CDS to exchange the underlying credit risk instead of using cash assets. The Group may also act as a derivative counterparty to the VIEs, which are typically not variable interests, and may invest in portions of the notes or equity issued by the VIEs. The CDO/CLO entities may have actively managed portfolios or static portfolios. The securities issued by these VIEs are payable solely from the cash flows of the related collateral, and third-party creditors of these VIEs do not have recourse to the Group in the event of default. The Group’s exposure in CDO/CLO transactions is typically limited to interests retained in connection with its underwriting or market-making activities. Unless the Group has been deemed to have “power” over the entity and these interests are potentially significant, the Group is not the primary beneficiary of the vehicle and does not consolidate the entity. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. Commercial paper conduit In the second quarter of 2016, the Group established Alpine Securitization Ltd (Alpine), a multi-seller asset-backed CP conduit used for client and Group financing purposes. The Group acts as the administrator and provider of liquidity and credit enhancement facilities for Alpine. Alpine discloses to CP investors certain portfolio and asset data and submits its portfolio to rating agencies for public ratings. This CP conduit purchases assets such as loans and receivables or enters into reverse repurchase agreements and finances such activities through the issuance of CP backed by these assets. The CP conduit can enter into liquidity facilities with third-party entities pursuant to which it may purchase assets from these entities to provide them with liquidity and credit support. The financing transactions are structured to provide credit support to the CP conduit in the form of over-collateralization and other asset-specific enhancements. Alpine is a separate legal entity that is wholly owned by the Group. However, its assets are available to satisfy only the claims of its creditors. In addition, the Group, as administrator and liquidity facility provider, has significant exposure to and power over the activities of Alpine. Alpine is considered a VIE for accounting purposes and the Group is deemed the primary beneficiary and consolidates this entity. The overall average maturity of the conduit’s outstanding CP was approximately 148 days as of December 31, 2017. Alpine was rated A-1(sf) by Standard & Poor’s and P-1(sf) by Moody’s and had exposures in a reverse repurchase agreement, credit card receivables, car loans, commercial paper, student loans and advance financing receivables. The Group’s commitment to this CP conduit consists of obligations under liquidity agreements. The liquidity agreements are asset-specific arrangements, which require the Group to purchase assets from the CP conduit in certain circumstances, including a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or, in some cases, a default of an underlying asset. The asset-specific credit enhancements provided by the client seller of the assets remain unchanged as a result of such a purchase. In entering into such agreements, the Group reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The Group’s economic risks associated with the CP conduit are included in the Group’s risk management framework including counterparty, economic risk capital and scenario analysis. Financial intermediation The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Group considers the likelihood of incurring a loss equal to the maximum exposure to be remote because of the Group’s risk mitigation efforts, including, but not limited to, economic hedging strategies and collateral arrangements. The Group’s economic risks associated with consolidated and non-consolidated VIE exposures arising from financial intermediation, together with all relevant risk mitigation initiatives, are included in the Group’s risk management framework. Financial intermediation consists of securitizations, funds, loans, and other vehicles. Securitizations Securitizations are primarily >>>CMBS, >>>RMBS and ABS vehicles. The Group acts as an underwriter, market maker, liquidity provider, derivative counterparty and/or provider of credit enhancements to VIEs related to certain securitization transactions. The maximum exposure to loss is the carrying value of the loan securities and derivative positions that are variable interests, if any, plus the exposure arising from any credit enhancements the Group provided. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. The activities that have the most significant impact on the securitization vehicle are the decisions relating to defaulted loans, which are controlled by the servicer. The party that controls the servicing has the ability to make decisions that significantly affect the result of the activities of the securitization vehicle. If a securitization vehicle has multiple parties that control servicing over specific assets, the Group determines it has power when it has control over the servicing of greater than 50% of the assets in the securitization vehicle. When a servicer or its related party also has an economic interest that has the potential to absorb a significant portion of the gains and/or losses, it will be deemed the primary beneficiary and consolidate the vehicle. If the Group determines that it controls the relevant servicing, it then determines if it has the obligation to absorb losses from, or the right to receive benefits of, the securitization vehicle that could potentially be significant to the vehicle, primarily by evaluating the amount and nature of securities issued by the vehicle that it holds. Factors considered in this analysis include the |
Bank | |
Transfers of financial assets and variable interest entities | 32 Transfers of financial assets and variable interest entities Transfers of financial assets > Refer to “Note 33 – Transfers of financial assets and variable interest entities” in VI – Credit Suisse Group – Consolidated financial statements for further information. Securitizations The following table provides the gains or losses and proceeds from the transfer of assets relating to 2017, 2016 and 2015 securitizations of financial assets that qualify for sale accounting and subsequent derecognition, along with the cash flows between the Bank and the SPEs used in any securitizations in which the Bank still has continuing involvement, regardless of when the securitization occurred. Securitizations in 2017 2016 2015 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 37 (2) 1 Proceeds from transfer of assets 6,604 3,954 9,813 Cash received on interests that continue to be held 28 69 148 RMBS Net gain/(loss) 1 0 (4) 5 Proceeds from transfer of assets 14,817 9,866 20,062 Purchases of previously transferred financial assets or its underlying collateral (2) 0 (1) Servicing fees 3 2 3 Cash received on interests that continue to be held 368 529 457 Other asset-backed financings Net gain 1 31 26 24 Proceeds from transfer of assets 7,664 2,813 1,740 Fees 2 135 137 0 Cash received on interests that continue to be held 4 2 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents management fees and performance fees earned for investment management services provided to managed CLOs. Continuing involvement in transferred financial assets The following table provides the outstanding principal balance of assets to which the Bank continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of December 31, 2017 and 2016, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2017 2016 CHF million CMBS Principal amount outstanding 19,918 28,779 Total assets of SPE 31,586 40,234 RMBS Principal amount outstanding 35,645 38,319 Total assets of SPE 36,770 39,680 Other asset-backed financings Principal amount outstanding 20,916 19,777 Total assets of SPE 39,330 36,049 Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. Fair value of beneficial interests The >>>fair value measurement of beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Bank may utilize to hedge the inherent risks. Key economic assumptions at the time of transfer > Refer to “Note 33 – Financial instruments” for further information on the fair value hierarchy. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 2017 2016 2015 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 445 2,400 69 2,068 1,512 2,110 of which level 2 444 2,221 69 1,827 1,442 1,695 of which level 3 1 179 0 241 70 415 Weighted-average life, in years 10.0 6.0 8.4 7.2 8.2 9.0 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 22.9 – 2 5.0 – 33.0 – 2 1.1 – 30.1 Cash flow discount rate (rate per annum), in % 3 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 1.7 – 7.2 1.7 – 33.7 Expected credit losses (rate per annum), in % 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 0.7 – 5.9 0.5 – 15.9 Transfers of assets in which the Bank does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of December 31, 2017 and 2016. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2017 2016 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 579 1,985 665 258 1,851 443 of which non-investment grade 100 508 50 70 523 32 Weighted-average life, in years 4.7 8.1 6.4 7.2 8.1 5.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 25.0 – – 2.0 – 26.9 – Impact on fair value from 10% adverse change – (35.0) – – (28.7) – Impact on fair value from 20% adverse change – (68.1) – – (55.9) – Cash flow discount rate (rate per annum), in % 4 2.7 – 12.3 1.9 – 30.6 1.0 – 11.7 2.3 – 28.8 1.7 – 47.2 0.8 – 21.2 Impact on fair value from 10% adverse change (8.8) (49.2) (12.4) (6.0) (48.1) (8.3) Impact on fair value from 20% adverse change (17.0) (95.3) (24.5) (11.7) (93.5) (16.4) Expected credit losses (rate per annum), in % 0.6 – 6.3 0.5 – 28.2 0.7 – 10.2 0.7 – 28.0 0.9 – 44.9 0.9 – 21.2 Impact on fair value from 10% adverse change (3.9) (23.6) (6.6) (3.5) (27.3) (5.1) Impact on fair value from 20% adverse change (7.8) (46.1) (12.9) (6.9) (53.3) (10.0) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs within this category are generally structured to be protected from prepayment risk. 3 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. Transfers of financial assets where sale treatment was not achieved The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of December 31, 2017 and 2016. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2017 2016 CHF million Other asset-backed financings Trading assets 347 240 Other assets 48 12 Liability to SPE, included in other liabilities (395) (252) Transfers of financial assets accounted for as a sale retaining substantially all of the exposure to economic return The following table presents information about the transfers of financial assets accounted for as sales with agreements that result in the Bank retaining substantially all of the exposure to the economic return on the transferred assets at the date of sale and remained outstanding as of December 31, 2016, gross cash proceeds received for assets derecognized at the date of sale and the fair values of transferred assets and the types of agreements as of December 31, 2016. There were no such transactions outstanding as of December 31, 2017. Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2016 (CHF million) Sales with longevity swaps 277 340 374 556 – Total transactions outstanding 277 340 374 556 2 – 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 As of December 31, 2016, gross derivative assets of CHF 556 million were included in other products, as disclosed in Note 30 – Derivatives and hedging activities. Securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings The following tables provide the gross obligation relating to securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral by the class of collateral pledged and by remaining contractual maturity as of December 31, 2017 and 2016. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2017 2016 CHF billion Government debt securities 31.4 29.7 Corporate debt securities 15.1 13.9 Asset-backed securities 5.0 10.3 Equity securities 0.0 1.1 Other 0.6 0.3 Securities sold under repurchase agreements 52.1 55.3 Government debt securities 2.7 2.5 Corporate debt securities 0.4 0.5 Equity securities 4.8 6.0 Other 0.3 0.4 Securities lending transactions 8.2 9.4 Government debt securities 1.8 0.7 Corporate debt securities 0.6 0.4 Equity securities 35.6 31.5 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 38.1 32.6 Total 98.4 97.3 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31-90 More than 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 2016 (CHF billion) Securities sold under repurchase agreements 6.8 32.2 8.4 7.9 55.3 Securities lending transactions 6.7 2.4 0.0 0.3 9.4 Obligation to return securities received as collateral, at fair value 32.2 0.4 0.0 0.0 32.6 Total 45.7 35.0 8.4 8.2 97.3 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 25 – Offsetting of financial assets and financial liabilities” for further information on the gross amount of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral and the net amounts disclosed in the consolidated balance sheets. Variable interest entities > Refer to “Note 33 – Transfers of financial assets and variable interest entities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Commercial paper conduit In the second quarter of 2016, the Bank established Alpine Securitization Ltd (Alpine), a multi-seller asset-backed CP conduit used for client and Bank financing purposes. The Bank acts as the administrator and provider of liquidity and credit enhancement facilities for Alpine. Alpine discloses to CP investors certain portfolio and asset data and submits its portfolio to rating agencies for public ratings. This CP conduit purchases assets such as loans and receivables or enters into reverse repurchase agreements and finances such activities through the issuance of CP backed by these assets. The CP conduit can enter into liquidity facilities with third-party entities pursuant to which it may purchase assets from these entities to provide them with liquidity and credit support. The financing transactions are structured to provide credit support to the CP conduit in the form of over-collateralization and other asset-specific enhancements. Alpine is a separate legal entity that is wholly owned by the Bank. However, its assets are available to satisfy only the claims of its creditors. In addition, the Bank, as administrator and liquidity facility provider, has significant exposure to and power over the activities of Alpine. Alpine is considered a VIE for accounting purposes and the Bank is deemed the primary beneficiary and consolidates this entity. The overall average maturity of the conduit’s outstanding CP was approximately 148 days as of December 31, 2017. Alpine was rated A-1(sf) by Standard & Poor’s and P-1(sf) by Moody’s and had exposures in a reverse repurchase agreement, credit card receivables, car loans, commercial paper, student loans and advance financing receivables. The Bank’s commitment to this CP conduit consists of obligations under liquidity agreements. The liquidity agreements are asset-specific arrangements, which require the Bank to purchase assets from the CP conduit in certain circumstances, including a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or, in some cases, a default of an underlying asset. The asset-specific credit enhancements provided by the client seller of the assets remain unchanged as a result of such a purchase. In entering into such agreements, the Bank reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The Bank’s economic risks associated with the CP conduit are included in the Bank’s risk management framework including counterparty, economic risk capital and scenario analysis. Consolidated VIEs The Bank has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Bank consolidated all VIEs related to financial intermediation for which it was the primary beneficiary. Consolidated VIEs in which the Bank was the primary beneficiary Financial intermediation CDO/ CP Securi- 2017 (CHF million) Cash and due from banks 22 0 96 32 70 12 232 Trading assets 17 0 10 179 1,122 20 1,348 Investment securities 0 0 381 0 0 0 381 Other investments 0 0 0 350 1,197 286 1,833 Net loans 0 0 0 3 21 243 267 Premises and equipment 0 0 0 0 128 0 128 Other assets 83 4 1,070 21 31 1,187 2,396 of which loans held-for-sale 83 0 152 0 3 0 238 Total assets of consolidated VIEs 122 4 1,557 585 2,569 1,748 6,585 Trading liabilities 0 0 0 0 3 0 3 Long-term debt 51 0 752 0 26 34 863 Other liabilities 0 0 1 26 111 66 204 Total liabilities of consolidated VIEs 51 0 753 26 140 100 1,070 2016 (CHF million) Cash and due from banks 43 1 41 52 50 182 369 Trading assets 0 0 0 478 933 1,333 2,744 Investment securities 0 0 511 0 0 0 511 Other investments 0 0 0 228 1,446 332 2,006 Net loans 0 0 0 0 30 254 284 Premises and equipment 0 0 0 0 173 0 173 Other assets 0 1 1,483 48 50 1,034 2,616 of which loans held-for-sale 0 0 415 0 7 0 422 Total assets of consolidated VIEs 43 2 2,035 806 2,682 3,135 8,703 Trading liabilities 0 0 0 0 18 0 18 Short-term borrowings 0 0 0 1 0 0 1 Long-term debt 54 0 1,639 7 57 2 1,759 Other liabilities 0 0 1 15 124 103 243 Total liabilities of consolidated VIEs 54 0 1,640 23 199 105 2,021 Non-consolidated VIEs Non-consolidated VIE assets are related to the non-consolidated VIEs with which the Bank has variable interests. These amounts represent the assets of the entities themselves and are typically unrelated to the exposures the Bank has with the entity and thus are not amounts that are considered for risk management purposes. Non-consolidated VIEs Financial intermediation CDO/ Securi- 2017 (CHF million) Trading assets 746 4,573 1,014 224 2,388 8,945 Net loans 620 1,563 2,438 4,591 328 9,540 Other assets 9 11 55 1 437 513 Total variable interest assets 1,375 6,147 3,507 4,816 3,153 18,998 Maximum exposure to loss 1,375 7,617 3,514 7,061 4,079 23,646 Total assets of non-consolidated VIEs 15,874 64,839 63,504 16,270 6,265 166,752 2016 (CHF million) Trading assets 440 3,881 1,526 528 191 6,566 Net loans 4 105 2,007 6,588 1 608 9,312 Other assets 5 14 4 4 520 547 Total variable interest assets 449 4,000 3,537 7,120 1 1,319 16,425 Maximum exposure to loss 449 7,171 3,537 11,169 1 1,821 24,147 Total assets of non-consolidated VIEs 9,774 65,820 65,057 34,216 1 6,756 181,623 1 Prior period has been corrected. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2017 | |
Financial instruments | 34 Financial instruments The disclosure of the Group’s financial instruments below includes the following sections: – – – – 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 counterparty, industry, country and product 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 measurement A significant portion of the Group’s financial instruments is carried at >>>fair value. Deterioration of financial markets could significantly impact the fair value of these financial instruments and the results of operations. The fair value of the majority of the Group’s 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. For these instruments, the determination of fair value requires subjective assessment and judgment, depending on liquidity, pricing assumptions, the current economic and competitive environment and the risks affecting the specific instrument. In such circumstances, valuation is determined based on management’s 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, including equity and credit derivatives, certain corporate equity-linked securities, mortgage-related and >>>CDO securities, private equity investments, certain loans and credit products, including leveraged finance, certain syndicated loans and certain high yield bonds, and life finance instruments. The fair value measurement disclosures exclude derivative transactions that are daily settled. 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 index prices or rates. In addition, valuation adjustments are an integral part of the valuation process when market prices are not indicative of the credit quality of a counterparty, and are applied to both OTC derivatives and debt instruments. The impact of changes in a counterparty’s credit spreads (known as >>>credit valuation adjustments) is considered when measuring the fair value of assets, and the impact of changes in the Group’s own credit spreads (known as >>>debit valuation adjustments) is considered when measuring the fair value of its liabilities. For OTC derivatives, the impact of changes in both the Group’s and the counterparty’s credit standing is considered when measuring their fair value, based on current >>>CDS prices. The adjustments also take into account contractual factors designed to reduce the Group’s credit exposure to a counterparty, such as collateral held and master >>>netting agreements. For hybrid debt instruments with embedded derivative features, the impact of changes in the Group’s credit standing is considered when measuring their fair value, based on current funded debt spreads. US GAAP permits a reporting entity to measure the fair value of a group of financial assets and financial liabilities on the basis of the price that would be received to sell a net long position or paid to transfer a net short position for a particular risk exposure in an orderly transaction between market participants at the measurement date. As such, the Group continues to apply bid and offer adjustments to net portfolios of cash securities and/or derivative instruments to adjust the value of the net position from a mid-market price to the appropriate bid or offer level that would be realized under normal market conditions for the net long or net short position for a specific market risk. In addition, the Group reflects the net exposure to credit risk for its derivative instruments where the Group has legally enforceable agreements with its counterparties that mitigate credit risk exposure in the event of default. Valuation adjustments are recorded in a reasonable and consistent manner that results in an allocation to the relevant disclosures in the notes to the financial statements as if the valuation adjustment had been allocated to the individual unit of account. Fair value hierarchy The levels of the fair value hierarchy are defined as follows: – – – The Group records net open positions at bid prices if long, or at ask prices if short, unless the Group is a market maker in such positions, in which case mid-pricing is utilized. Fair value measurements are not adjusted for transaction costs. Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Interest-bearing deposits with banks 0 0 0 – – 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Securities received as collateral 36,697 1,331 46 – – 38,074 Debt 29,828 40,645 2,292 – – 72,765 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,231 1,412 – – 11,822 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 Equity 51,025 3,481 163 – 1,053 55,722 Derivatives 3,577 141,347 3,289 (128,592) – 19,621 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,338 18,251 833 – – – of which credit derivatives 0 7,107 634 – – – Other 2,922 2,294 3,010 – – 8,226 Trading assets 87,352 187,767 8,754 (128,592) 1,053 156,334 Debt 244 1,780 42 – – 2,066 of which foreign governments 97 1,139 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 Equity 6 119 0 – – 125 Investment securities 250 1,899 42 – – 2,191 Private equity 0 0 29 – 351 380 of which equity funds 0 0 22 – 141 163 Hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 Other equity investments 25 9 271 – 1,122 1,427 of which private 18 9 271 – 1,122 1,420 Life finance instruments 0 7 1,301 – – 1,308 Other investments 25 16 1,601 – 1,864 3,506 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,425 287,070 16,642 (128,756) 2,917 302,298 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 Debt 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 Equity 14,217 883 55 – 9 15,164 Derivatives 3,731 144,615 3,169 (136,861) – 14,654 of which interest rate products 1,254 80,534 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 19,459 1,301 – – – of which credit derivatives 0 7,982 898 – – – Trading liabilities 23,108 149,637 3,226 (136,861) 9 39,119 Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 51,127 12,501 – – 63,628 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 5,567 0 – – 5,567 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,379 1,478 (233) – 8,624 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,805 238,163 18,551 (137,094) 9 179,434 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 200 0 – – 200 Interest-bearing deposits with banks 0 25 1 – – 26 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 87,157 174 – – 87,331 Debt 619 419 1 – – 1,039 of which corporates 1 375 1 – – 377 Equity 30,706 750 69 – – 31,525 Securities received as collateral 31,325 1,169 70 – – 32,564 Debt 29,498 32,193 3,977 – – 65,668 of which foreign governments 29,226 2,408 292 – – 31,926 of which corporates 180 12,326 1,674 – – 14,180 of which RMBS 0 14,153 605 – – 14,758 of which CMBS 0 2,227 65 – – 2,292 of which CDO 0 1,074 1,165 – – 2,239 Equity 58,490 3,795 240 – 1,346 63,871 Derivatives 5,631 224,142 4,305 (207,296) – 26,782 of which interest rate products 3,074 133,834 748 – – – of which foreign exchange products 18 61,448 355 – – – of which equity/index-related products 2,538 20,519 914 – – – of which credit derivatives 0 7,388 688 – – – Other 2,267 2,319 4,243 – – 8,829 Trading assets 95,886 262,449 12,765 (207,296) 1,346 165,150 Debt 294 2,034 72 – – 2,400 of which foreign governments 103 1,240 0 – – 1,343 of which corporates 0 287 0 – – 287 of which RMBS 0 425 72 – – 497 of which CMBS 0 14 0 – – 14 Equity 3 86 0 – – 89 Investment securities 297 2,120 72 – – 2,489 Private equity 0 0 8 – 574 582 of which equity funds 0 0 0 – 240 240 Hedge funds 0 0 0 – 546 546 of which debt funds 0 0 0 – 292 292 Other equity investments 22 64 310 – 984 1,380 of which private 15 64 310 – 984 1,373 Life finance instruments 0 0 1,588 – – 1,588 Other investments 22 64 1,906 – 2,104 4,096 Loans 0 12,943 6,585 – – 19,528 of which commercial and industrial loans 0 6,051 3,816 – – 9,867 of which financial institutions 0 4,403 1,829 – – 6,232 Other intangible assets (mortgage servicing rights) 0 0 138 – – 138 Other assets 260 8,359 1,679 (915) – 9,383 of which loans held-for-sale 0 4,640 1,316 – – 5,956 Total assets at fair value 127,790 374,486 23,390 (208,211) 3,450 320,905 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 437 0 – – 437 Customer deposits 0 3,166 410 – – 3,576 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 19,634 0 – – 19,634 Debt 619 419 1 – – 1,039 of which corporates 1 375 1 – – 377 Equity 30,706 750 69 – – 31,525 Obligation to return securities received as collateral 31,325 1,169 70 – – 32,564 Debt 4,376 3,564 23 – – 7,963 of which foreign governments 4,374 547 0 – – 4,921 of which corporates 0 2,760 23 – – 2,783 Equity 16,365 191 41 – 1 16,598 Derivatives 5,407 229,051 3,673 (217,762) – 20,369 of which interest rate products 2,946 126,422 538 – – – of which foreign exchange products 18 71,006 150 – – – of which equity/index-related products 2,442 22,219 1,181 – – – of which credit derivatives 0 8,350 851 – – – Trading liabilities 26,148 232,806 3,737 (217,762) 1 44,930 Short-term borrowings 0 3,545 516 – – 4,061 Long-term debt 0 59,453 13,415 – – 72,868 of which treasury debt over two years 0 3,217 0 – – 3,217 of which structured notes over one year and up to two years 0 6,852 326 – – 7,178 of which structured notes over two years 0 39,824 12,434 – – 52,258 of which other debt instruments over two years 0 2,311 634 – – 2,945 of which other subordinated bonds 0 5,482 1 – – 5,483 of which non-recourse liabilities 0 1,742 17 – – 1,759 Other liabilities 0 8,823 1,684 (1,014) – 9,493 of which failed sales 0 507 219 – – 726 Total liabilities at fair value 57,473 329,033 19,832 (218,776) 1 187,563 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Transfers between level 1 and level 2 All transfers between level 1 and level 2 are reported through the last day of the reporting period. In 2017, transfers to level 1 out of level 2 were from trading assets and trading liabilities. The transfers from trading assets were primarily in exchange-traded derivatives and equity securities as prices became observable. The transfers from trading liabilities were primarily in exchange traded derivatives as prices became observable. In 2017, transfers out of level 1 to level 2 were primarily from trading assets and trading liabilities. The transfers from trading assets were primarily in equity and debt securities for which suitable closing prices were unobtainable as of the end of 2017. The transfers from trading liabilities were primarily in equity securities and exchange-traded derivatives for which suitable closing prices were unobtainable as of the end of 2017. Transfers between level 1 and level 2 in 2017 2016 Transfers Transfers Transfers Transfers Assets (CHF million) Securities received as collateral 0 136 0 0 Debt 16 237 2,012 1,698 Equity 924 412 723 1,074 Derivatives 3,202 13 3,404 0 Trading assets 4,142 662 6,139 2,772 Investment securities 0 0 0 1,229 Liabilities (CHF million) Obligations to return securities received as collateral 0 136 0 0 Debt 3 44 2 46 Equity 102 165 108 166 Derivatives 3,814 91 4,047 29 Trading liabilities 3,919 300 4,157 241 Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other 1 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 1 40 0 0 (41) 0 0 0 0 0 0 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 0 0 0 0 26 (193) 0 0 0 0 0 0 (7) 0 Securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Debt 3,977 608 (1,074) 2,747 (3,705) 0 0 (4) (80) 6 1 0 0 (184) 2,292 of which corporates 1,674 276 (654) 2,203 (2,005) 0 0 (4) 14 6 0 0 0 (98) 1,412 of which RMBS 605 280 (229) 85 (305) 0 0 3 (95) 0 0 0 0 (24) 320 of which CMBS 65 6 (17) 2 (13) 0 0 (3) (21) 0 0 0 0 (3) 16 of which CDO 1,165 39 (157) 174 (1,047) 0 0 0 (16) 0 0 0 0 (32) 126 Equity 240 49 (35) 146 (260) 0 0 0 33 0 0 0 0 (10) 163 Derivatives 4,305 416 (839) 0 0 1,317 (1,817) 123 (63) 0 0 0 0 (153) 3,289 of which interest rate products 748 56 (53) 0 0 118 (183) 6 104 0 0 0 0 5 801 of which equity/index-related products 914 142 (98) 0 0 443 (597) 14 58 0 0 0 0 (43) 833 of which credit derivatives 688 216 (252) 0 0 381 (297) 38 (110) 0 0 0 0 (30) 634 Other 4,243 86 (98) 12,917 (14,067) 0 (251) 2 362 0 0 0 0 (184) 3,010 Trading assets 12,765 1,159 (2,046) 15,810 (18,032) 1,317 (2,068) 121 252 6 1 0 0 (531) 8,754 Investment securities 72 0 (17) 100 (113) 0 (90) (1) 95 0 0 0 0 (4) 42 Equity 318 23 (22) 165 (171) 0 0 0 (7) 0 9 0 0 (15) 300 Life finance instruments 1,588 0 0 185 (418) 0 0 0 16 0 0 0 0 (70) 1,301 Other investments 1,906 23 (22) 350 (589) 0 0 0 9 0 9 0 0 (85) 1,601 Loans 6,585 1,130 (947) 106 (580) 1,151 (2,743) 15 85 0 0 0 0 (272) 4,530 of which commercial and industrial loans 3,816 448 (482) 71 (395) 590 (1,705) (2) 21 0 0 0 0 (155) 2,207 of which financial institutions 1,829 352 (126) 33 (176) 444 (821) 28 (6) 0 0 0 0 (77) 1,480 Other intangible assets (mortgage servicing rights) 138 0 0 23 (1) 0 0 0 0 0 4 0 0 (6) 158 Other assets 1,679 347 (132) 759 (1,056) 1,054 (885) (1) (172) 0 (4) 0 0 (78) 1,511 of which loans held-for-sale 2 1,316 286 (113) 667 (904) 1,053 (885) (2) 0 0 (4) 0 0 (64) 1,350 Total assets at fair value 23,390 2,702 (3,165) 17,213 (20,498) 3,548 (5,979) 134 269 6 10 0 0 (988) 16,642 Liabilities (CHF million) Customer deposits 410 0 0 0 0 35 (3) 0 (61) 0 0 0 42 32 455 Obligation to return securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading liabilities 3,737 566 (1,049) 113 (134) 1,193 (1,625) 140 461 0 (9) 0 0 (167) 3,226 of which interest rate derivatives 538 57 (36) 0 0 45 (258) 6 (14) 0 0 0 0 (21) 317 of which foreign exchange derivatives 150 11 (1) 0 0 9 (12) 0 (52) 0 0 0 0 (5) 100 of which equity/index-related derivatives 1,181 54 (188) 0 0 543 (692) 17 441 0 0 0 0 (55) 1,301 of which credit derivatives 851 377 (392) 0 0 350 (376) 61 66 0 0 0 0 (39) 898 Short-term borrowings 516 95 (172) 0 0 865 (472) (2) 19 4 10 0 6 (24) 845 Long-term debt 13,415 1,172 (3,004) 0 0 4,540 (4,479) (12) 1,400 0 0 88 21 (640) 12,501 of which structured notes over two years 12,434 995 (2,886) 0 0 3,913 (3,079) (14) 1,390 0 0 87 17 (598) 12,259 Other liabilities 1,684 150 (102) 211 (304) 9 (403) (25) (6) 0 330 0 0 (66) 1,478 of which failed sales 219 80 (70) 189 (218) 0 0 (7) 40 0 0 0 0 (10) 223 Total liabilities at fair value 19,832 1,986 (4,328) 389 (524) 6,642 (6,982) 101 1,813 4 331 88 69 (870) 18,551 Net assets/(liabilities) at fair value 3,558 716 1,163 16,824 (19,974) (3,094) 1,003 33 (1,544) 2 (321) (88) (69) (118) (1,909) 1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (39) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other 1 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 0 0 0 49 (49) 0 0 0 1 0 0 0 0 0 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 158 0 0 0 0 279 (270) 0 1 0 0 0 0 6 174 Securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Debt 4,563 1,574 (1,487) 3,753 (4,514) 0 0 (1) (134) 0 10 0 0 213 3,977 of which corporates 1,745 836 (677) 2,642 (2,945) 0 0 0 (42) 0 8 0 0 107 1,674 of which RMBS 814 587 (573) 525 (668) 0 0 (6) (91) 0 0 0 0 17 605 of which CMBS 215 26 (12) 51 (169) 0 0 (1) (45) 0 0 0 0 0 65 of which CDO 1,298 82 (166) 488 (578) 0 0 2 2 0 2 0 0 35 1,165 Equity 871 111 (136) 527 (1,057) 0 0 (45) (38) 0 0 0 0 7 240 Derivatives 4,831 1,683 (1,017) 0 0 1,484 (2,972) 7 173 0 (22) 0 0 138 4,305 of which interest rate products 791 48 (60) 0 0 130 (293) 0 117 0 0 0 0 15 748 of which equity/index-related products 936 282 (328) 0 0 428 (473) 9 32 0 (22) 0 0 50 914 of which credit derivatives 1,568 961 (617) 0 0 543 (1,710) 1 (64) 0 0 0 0 6 688 Other 4,266 858 (1,221) 3,848 (3,644) 0 (314) 7 290 0 0 0 0 153 4,243 Trading assets 14,531 4,226 (3,861) 8,128 (9,215) 1,484 (3,286) (32) 291 0 (12) 0 0 511 12,765 Investment securities 148 18 (38) 95 (121) 0 (124) (10) 100 0 0 0 0 4 72 Equity 366 7 (2) 146 (281) 0 0 0 31 0 22 0 0 29 318 Life finance instruments 1,669 0 0 186 (353) 0 0 0 33 0 0 0 0 53 1,588 Other investments 2,035 7 (2) 332 (634) 0 0 0 64 0 22 0 0 82 1,906 Loans 8,950 969 (1,942) 524 (1,443) 3,574 (4,281) (43) (11) 0 0 0 0 288 6,585 of which commercial and industrial loans 5,735 486 (583) 97 (1,007) 1,994 (2,987) (14) (74) 0 0 0 0 169 3,816 of which financial institutions 1,729 77 (348) 335 (348) 974 (701) 1 41 0 0 0 0 69 1,829 Other intangible assets (mortgage servicing rights) 112 0 0 16 (1) 0 0 0 0 0 6 0 0 5 138 Other assets 7,087 572 (1,497) 2,464 (6,801) 898 (975) (46) (208) 0 (9) 0 0 194 1,679 of which loans held-for-sale 6,768 355 (1,251) 2,192 (6,696) 898 (975) (59) (88) 0 (8) 0 0 180 1,316 Total assets at fair value 33,021 5,792 (7,340) 11,708 (18,297) 6,235 (8,936) (131) 238 0 7 0 0 1,093 23,390 Liabilities (CHF million) Customer deposits 254 0 (41) 0 0 240 (20) 0 (64) 0 0 0 41 0 410 Obligation to return securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Trading liabilities 4,615 1,588 (1,026) 51 (52) 1,259 (3,494) 100 589 0 (12) 0 0 119 3,737 of which interest rate derivatives 578 87 (28) 0 0 141 (244) 14 (25) 0 0 0 0 15 538 of which foreign exchange derivatives 329 55 (5) 0 0 14 (408) 2 160 0 0 0 0 3 150 of which equity/index-related derivatives 1,347 130 (293) 0 0 423 (748) 32 227 0 0 0 0 63 1,181 of which credit derivatives 1,757 940 (689) 0 0 421 (1,806) 50 162 0 0 0 0 16 851 Short-term borrowings 72 45 (30) 0 0 598 (205) 1 17 (3) 3 0 0 18 516 Long-term debt 14,123 3,865 (2,393) 0 0 4,510 (7,149) (64) (124) 0 0 1 240 406 13,415 of which structured notes over two years 9,924 3,484 (2,166) 0 0 4,044 (3,004) (78) (403) 0 0 1 240 392 12,434 Other liabilities 2,491 208 (226) 219 (376) 17 (612) (72) (160) (1) 139 0 0 57 1,684 of which failed sales 454 44 (121) 142 (308) 0 0 (3) 3 0 0 0 0 8 219 Total liabilities at fair value 21,555 5,706 (3,716) 370 (461) 6,624 (11,480) (35) 258 (4) 130 1 281 603 19,832 Net assets/(liabilities) at fair value 11,466 86 (3,624) 11,338 (17,836) (389) 2,544 (96) (20) 4 (123) (1) (281) 490 3,558 1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 2017 2016 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues (1,511) (319) (1,830) 1 (116) (119) (235) 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (2,088) 22 (2,066) 125 26 151 1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. Both observable and unobservable inputs may be used to determine the fair value of positions that have been classified within level 3. As a result, the unrealized gains and losses for assets and liabilities within level 3 presented in the table above may include changes in fair value that were attributable to both observable and unobservable inputs. The Group employs various economic hedging techniques in order to manage risks, including risks in level 3 positions. Such techniques may include the purchase or sale of financial instruments that are classified in levels 1 and/or 2. The realized and unrealized gains and losses for assets and liabilities in level 3 presented in the table above do not reflect the related realized or unrealized gains and losses arising on economic hedging instruments classified in levels 1 and/or 2. Transfers in and out of level 3 Transfers into level 3 assets during 2017 were CHF 2,702 million, primarily from trading assets and loans. The transfers were primarily in the credit, financing and fixed income businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2017 were CHF 3,165 million, primarily in trading assets and loans. The transfers out of level 3 assets were primarily in the Strategic Resolution Unit and financing businesses due to improved observability of pricing data and increased availability of pricing information from external providers. Transfers into level 3 assets during 2016 were CHF 5,792 million, primarily from trading assets and loans. The transfers were primarily in the corporate credit, emerging market and fixed income businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2016 were CHF 7,340 million, primarily in trading assets, loans and loans held-for-sale. The transfers out of level 3 assets were primarily in the corporate credit and emerging market businesses due to improved observability of pricing data, increased availability of pricing information from external providers and due to a more granular assessment of the leveling process. Qualitative disclosures of valuation techniques Overview The Group has implemented and maintains a valuation control framework, which is supported by policies and procedures that define the principles for controlling the valuation of the Group’s financial instruments. Product Control and Risk Management create, review and approve significant valuation policies and procedures. The framework includes three main internal processes: (i) valuation governance; (ii) independent price verification and significant unobservable inputs review; and (iii) a cross-functional pricing model review. Through this framework, the Group determines the reasonableness of the fair value of its financial instruments. On a monthly basis, meetings are held for each business line with senior representatives of the Front Office and Product Control to discuss independent price verification results, valuation adjustments, and other significant valuation issues. On a quarterly basis, a review of significant changes in the fair value of financial instruments is undertaken by Product Control and conclusions are reached regarding the reasonableness of those changes. Additionally, on a quarterly basis, meetings are held for each business line with senior representatives of the Front Office, Product Control, Risk Management, and Financial Accounting to discuss independent price verification results, valuation issues, business and market updates, as well as a review of significant changes in fair value from the prior quarter, significant unobservable inputs and prices used in valuation techniques, and valuation adjustments. The results of these meetings are aggregated for presentation to the Valuation Risk Management Committee (VARMC) and the Audit Committee. The VARMC, which is comprised of Executive Board members and the heads of the business and control functions, meets to review and ratify valuation review conclusions, and to resolve significant valuation issues for the Group. Oversight of the valuation control framework is through specific and regular reporting on valuation directly to the Group’s Executive Board through the VARMC. One of the key components of the governance process is the segregation of duties between the Front Office and Product Control. The Front Office is responsible for measuring inventory at fair value on a daily basis, while Product Control is responsible for independently reviewing and validating those valuations on a periodic basis. The Front Office values the inventory using, wherever possible, observable market data which may include executed transactions, dealer quotes or broker quotes for the same or similar instruments. Product Control validates this inventory using independently sourced data that also includes executed transactions, dealer quotes, and broker quotes. Product Control utilizes independent pricing service data as part of its review process. Independent pricing service data is analyzed to ensure that it is representative of fair value, including confirming that the data corresponds to executed transactions or executable broker quotes, review and assessment of contributors to ensure they are active market participants, review of statistical data and utilization of pricing challenges. The analysis also includes understanding the sources of the pricing service data and any models or assumptions used in determining the results. The purpose of the review is to judge the quality and reliability of the data for fair value measurement purposes and its appropriate level of usage within the Product Control independent valuation review. For certain financial instruments the fair value is estimated in full or in part using valuation techniques based on assumptions that are not supported by market observable prices, rates or other inputs. In addition, there may be uncertainty about a valuation resulting from the choice of valuation technique or model used, the assumptions embedded in those models, the extent to which inputs are not market observable, or as a consequence of other elements affecting the valuation technique or model. Model calibration is performed when significant new market information becomes available or at a minimum on a quarterly basis as part of the business review of significant unobservable inputs for level 3 instruments. For models that have been deemed to be significant to the overall fair value of the financial instrument, model validation is performed as part of the periodic review of the related model. The Group performs a sensitivity analysis of its significant level 3 financial instruments. This sensitivity analysis estimates a fair value range by changing the related significant unobservable inputs value. This sensitivity analysis is an internal mechanism to monitor the impact of reasonable alternative inputs or prices for level 3 financial instruments. Where a model-based technique is used to determine the fair value of the level 3 financial instrument, an alternative input value is utilized to derive an estimated fair value range. Where a price-based technique is used to determine the fair value of the level 3 financial instruments, Front Office professional judgment is used to estimate a fair value range. The following information on the valuation techniques and significant unobservable inputs of the various financial instruments, and the sensitivity of fair value measurements to changes in significant unobservable inputs, should be re |
Bank | |
Financial instruments | 33 Financial instruments > Refer to “Note 34 – Financial instruments” in VI – Consolidated financial statements – Credit Suisse Group for further information. Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Securities received as collateral 36,697 1,331 46 – – 38,074 Debt 29,827 40,707 2,292 – – 72,826 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,292 1,412 – – 11,883 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 Equity 51,125 3,481 163 – 1,053 55,822 Derivatives 3,577 141,641 3,289 (128,607) – 19,900 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,339 18,544 833 – – – of which credit derivatives 0 7,107 634 – – – Other 2,923 2,293 3,010 – – 8,226 Trading assets 87,452 188,122 8,754 (128,607) 1,053 156,774 Debt 244 1,778 42 – – 2,064 of which foreign governments 98 1,138 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 Equity 6 119 0 – – 125 Investment securities 250 1,897 42 – – 2,189 Private equity 0 0 29 – 343 372 of which equity funds 0 0 22 – 133 155 Hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 Other equity investments 25 9 271 – 1,121 1,426 of which private 18 9 271 – 1,121 1,419 Life finance instruments 0 7 1,301 – – 1,308 Other investments 25 16 1,601 – 1,855 3,497 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,525 287,423 16,642 (128,771) 2,908 302,727 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 Debt 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 Equity 14,230 883 55 – 9 15,177 Derivatives 3,731 144,929 3,169 (137,175) – 14,654 of which interest rate products 1,254 80,290 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 20,017 1,301 – – – of which credit derivatives 0 7,982 898 – – – Trading liabilities 23,121 149,951 3,226 (137,175) 9 39,132 Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 50,121 12,501 – – 62,622 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 4,557 0 – – 4,557 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,356 1,467 (233) – 8,590 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,818 237,448 18,540 (137,408) 9 178,407 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 208 0 – – 208 Interest-bearing deposits with banks 0 25 1 – – 26 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 87,157 174 – – 87,331 Debt 619 418 1 – – 1,038 of which corporates 1 378 1 – – 380 Equity 30,706 751 69 – – 31,526 Securities received as collateral 31,325 1,169 70 – – 32,564 Debt 29,498 32,200 3,977 – – 65,675 of which foreign governments 29,226 2,408 292 – – 31,926 of which corporates 180 12,332 1,674 – – 14,186 of which RMBS 0 14,153 605 – – 14,758 of which CMBS 0 2,227 65 – – 2,292 of which CDO 0 1,074 1,165 – – 2,239 Equity 58,493 3,795 240 – 1,346 63,874 Derivatives 5,631 224,400 4,305 (207,323) – 27,013 of which interest rate products 3,074 133,928 748 – – – of which foreign exchange products 18 61,459 355 – – – of which equity/index-related products 2,538 20,777 914 – – – of which credit derivatives 0 7,388 688 – – – Other 2,268 2,319 4,243 – – 8,830 Trading assets 95,890 262,714 12,765 (207,323) 1,346 165,392 Debt 294 2,032 72 – – 2,398 of which foreign governments 103 1,240 0 – – 1,343 of which corporates 0 287 0 – – 287 of which RMBS 0 425 72 – – 497 of which CMBS 0 14 0 – – 14 Equity 3 85 0 – – 88 Investment securities 297 2,117 72 – – 2,486 Private equity 0 0 8 – 566 574 of which equity funds 0 0 0 – 232 232 Hedge funds 0 0 0 – 546 546 of which debt funds 0 0 0 – 292 292 Other equity investments 22 64 310 – 984 1,380 of which private 15 64 310 – 984 1,373 Life finance instruments 0 0 1,588 – – 1,588 Other investments 22 64 1,906 – 2,096 4,088 Loans 0 12,943 6,585 – – 19,528 of which commercial and industrial loans 0 6,051 3,816 – – 9,867 of which financial institutions 0 4,403 1,829 – – 6,232 Other intangible assets (mortgage servicing rights) 0 0 138 – – 138 Other assets 260 8,396 1,679 (915) – 9,420 of which loans held-for-sale 0 4,640 1,316 – – 5,956 Total assets at fair value 127,794 374,793 23,390 (208,238) 3,442 321,181 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 445 0 – – 445 Customer deposits 0 3,166 410 – – 3,576 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 19,634 0 – – 19,634 Debt 619 418 1 – – 1,038 of which corporates 1 378 1 – – 380 Equity 30,706 751 69 – – 31,526 Obligation to return securities received as collateral 31,325 1,169 70 – – 32,564 Debt 4,376 3,564 23 – – 7,963 of which foreign governments 4,374 547 0 – – 4,921 of which corporates 0 2,760 23 – – 2,783 Equity 16,387 191 41 – 1 16,620 Derivatives 5,407 229,334 3,673 (218,045) – 20,369 of which interest rate products 2,946 126,298 538 – – – of which foreign exchange products 18 71,017 150 – – – of which equity/index-related products 2,442 22,687 1,181 – – – of which credit derivatives 0 8,350 851 – – – Trading liabilities 26,170 233,089 3,737 (218,045) 1 44,952 Short-term borrowings 0 3,545 516 – – 4,061 Long-term debt 0 58,555 13,415 – – 71,970 of which treasury debt over two years 0 3,217 0 – – 3,217 of which structured notes over one year and up to two years 0 6,852 326 – – 7,178 of which structured notes over two years 0 39,824 12,434 – – 52,258 of which other debt instruments over two years 0 2,311 634 – – 2,945 of which other subordinated bonds 0 4,584 1 – – 4,585 of which non-recourse liabilities 0 1,742 17 – – 1,759 Other liabilities 0 8,892 1,679 (1,014) – 9,557 of which failed sales 0 507 219 – – 726 Total liabilities at fair value 57,495 328,495 19,827 (219,059) 1 186,759 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Transfers between level 1 and level 2 in 2017 2016 Transfers Transfers Transfers Transfers Assets (CHF million) Securities received as collateral 0 136 0 0 Debt 16 237 2,012 1,698 Equity 924 412 723 1,074 Derivatives 3,202 13 3,404 0 Trading assets 4,142 662 6,139 2,772 Liabilities (CHF million) Obligations to return securities received as collateral 0 136 0 0 Debt 3 44 2 46 Equity 102 165 108 166 Derivatives 3,814 91 4,047 29 Trading liabilities 3,919 300 4,157 241 Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 1 40 0 0 (41) 0 0 0 0 0 0 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 0 0 0 0 26 (193) 0 0 0 0 0 0 (7) 0 Securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Debt 3,977 608 (1,074) 2,747 (3,705) 0 0 (4) (80) 6 1 0 0 (184) 2,292 of which corporates 1,674 276 (654) 2,203 (2,005) 0 0 (4) 14 6 0 0 0 (98) 1,412 of which RMBS 605 280 (229) 85 (305) 0 0 3 (95) 0 0 0 0 (24) 320 of which CMBS 65 6 (17) 2 (13) 0 0 (3) (21) 0 0 0 0 (3) 16 of which CDO 1,165 39 (157) 174 (1,047) 0 0 0 (16) 0 0 0 0 (32) 126 Equity 240 49 (35) 146 (260) 0 0 0 33 0 0 0 0 (10) 163 Derivatives 4,305 416 (839) 0 0 1,317 (1,817) 123 (63) 0 0 0 0 (153) 3,289 of which interest rate products 748 56 (53) 0 0 118 (183) 6 104 0 0 0 0 5 801 of which equity/index-related products 914 142 (98) 0 0 443 (597) 14 58 0 0 0 0 (43) 833 of which credit derivatives 688 216 (252) 0 0 381 (297) 38 (110) 0 0 0 0 (30) 634 Other 4,243 86 (98) 12,917 (14,067) 0 (251) 2 362 0 0 0 0 (184) 3,010 Trading assets 12,765 1,159 (2,046) 15,810 (18,032) 1,317 (2,068) 121 252 6 1 0 0 (531) 8,754 Investment securities 72 0 (17) 100 (113) 0 (90) (1) 95 0 0 0 0 (4) 42 Equity 318 23 (22) 139 (144) 0 0 0 (7) 0 9 0 0 (16) 300 Life finance instruments 1,588 0 0 185 (418) 0 0 0 16 0 0 0 0 (70) 1,301 Other investments 1,906 23 (22) 324 (562) 0 0 0 9 0 9 0 0 (86) 1,601 Loans 6,585 1,130 (947) 106 (580) 1,151 (2,743) 15 85 0 0 0 0 (272) 4,530 of which commercial and industrial loans 3,816 448 (482) 71 (395) 590 (1,705) (2) 21 0 0 0 0 (155) 2,207 of which financial institutions 1,829 352 (126) 33 (176) 444 (821) 28 (6) 0 0 0 0 (77) 1,480 Other intangible assets (mortgage servicing rights) 138 0 0 23 (1) 0 0 0 0 0 4 0 0 (6) 158 Other assets 1,679 347 (132) 759 (1,056) 1,054 (885) (1) (172) 0 (4) 0 0 (78) 1,511 of which loans held-for-sale 2 1,316 286 (113) 667 (904) 1,053 (885) (2) 0 0 (4) 0 0 (64) 1,350 Total assets at fair value 23,390 2,702 (3,165) 17,187 (20,471) 3,548 (5,979) 134 269 6 10 0 0 (989) 16,642 Liabilities (CHF million) Customer deposits 410 0 0 0 0 35 (3) 0 (61) 0 0 0 42 32 455 Obligation to return securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading liabilities 3,737 566 (1,049) 113 (134) 1,193 (1,625) 140 461 0 (9) 0 0 (167) 3,226 of which interest rate derivatives 538 57 (36) 0 0 45 (258) 6 (14) 0 0 0 0 (21) 317 of which foreign exchange derivatives 150 11 (1) 0 0 9 (12) 0 (52) 0 0 0 0 (5) 100 of which equity/index-related derivatives 1,181 54 (188) 0 0 543 (692) 17 441 0 0 0 0 (55) 1,301 of which credit derivatives 851 377 (392) 0 0 350 (376) 61 66 0 0 0 0 (39) 898 Short-term borrowings 516 95 (172) 0 0 865 (472) (2) 19 4 10 0 6 (24) 845 Long-term debt 13,415 1,172 (3,004) 0 0 4,540 (4,479) (12) 1,400 0 0 88 21 (640) 12,501 of which structured notes over two years 12,434 995 (2,886) 0 0 3,913 (3,079) (14) 1,390 0 0 87 17 (598) 12,259 Other liabilities 1,679 150 (102) 211 (304) 7 (398) (25) (8) 0 327 0 0 (70) 1,467 of which failed sales 219 80 (70) 189 (218) 0 0 (7) 40 0 0 0 0 (10) 223 Total liabilities at fair value 19,827 1,986 (4,328) 389 (524) 6,640 (6,977) 101 1,811 4 328 88 69 (874) 18,540 Net assets/(liabilities) at fair value 3,563 716 1,163 16,798 (19,947) (3,092) 998 33 (1,542) 2 (318) (88) (69) (115) (1,898) 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (39) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 49 (49) 1 0 0 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 158 0 0 0 0 279 (270) 0 1 0 0 0 0 6 174 Securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Debt 4,564 1,574 (1,487) 3,753 (4,514) 0 0 (1) (134) 0 10 0 0 212 3,977 of which corporates 1,746 836 (677) 2,642 (2,945) 0 0 0 (42) 0 8 0 0 106 1,674 of which RMBS 814 587 (573) 525 (668) 0 0 (6) (91) 0 0 0 0 17 605 of which CMBS 215 26 (12) 51 (169) 0 0 (1) (45) 0 0 0 0 0 65 of which CDO 1,298 82 (166) 488 (578) 0 0 2 2 0 2 0 0 35 1,165 Equity 871 111 (136) 527 (1,057) 0 0 (45) (38) 0 0 0 0 7 240 Derivatives 4,831 1,683 (1,017) 0 0 1,484 (2,972) 7 173 0 (22) 0 0 138 4,305 of which interest rate products 791 48 (60) 0 0 130 (293) 0 117 0 0 0 0 15 748 of which equity/index-related products 936 282 (328) 0 0 428 (473) 9 32 0 (22) 0 0 50 914 of which credit derivatives 1,568 961 (617) 0 0 543 (1,710) 1 (64) 0 0 0 0 6 688 Other 4,266 858 (1,221) 3,848 (3,644) 0 (314) 7 290 0 0 0 0 153 4,243 Trading assets 14,532 4,226 (3,861) 8,128 (9,215) 1,484 (3,286) (32) 291 0 (12) 0 0 510 12,765 Investment securities 148 18 (38) 95 (121) 0 (124) (10) 100 0 0 0 0 4 72 Equity 365 8 (2) 123 (258) 0 0 0 31 0 22 0 0 29 318 Life finance instruments 1,669 0 0 186 (353) 0 0 0 33 0 0 0 0 53 1,588 Other investments 2,034 8 (2) 309 (611) 0 0 0 64 0 22 0 0 82 1,906 Loans 8,950 969 (1,942) 524 (1,443) 3,574 (4,281) (43) (11) 0 0 0 0 288 6,585 of which commercial and industrial loans 5,735 486 (583) 97 (1,007) 1,994 (2,987) (14) (74) 0 0 0 0 169 3,816 of which financial institutions 1,729 77 (348) 335 (348) 974 (701) 1 41 0 0 0 0 69 1,829 Other intangible assets (mortgage servicing rights) 112 0 0 16 (1) 0 0 0 0 0 6 0 0 5 138 Other assets 7,087 572 (1,497) 2,464 (6,801) 898 (975) (46) (208) 0 (9) 0 0 194 1,679 of which loans held-for-sale 6,768 355 (1,251) 2,192 (6,696) 898 (975) (59) (88) 0 (8) 0 0 180 1,316 Total assets at fair value 33,021 5,793 (7,340) 11,685 (18,274) 6,235 (8,936) (131) 238 0 7 0 0 1,092 23,390 Liabilities (CHF million) Customer deposits 254 0 (41) 0 0 240 (20) 0 (64) 0 0 0 41 0 410 Obligation to return securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Trading liabilities 4,615 1,588 (1,026) 51 (52) 1,259 (3,494) 100 589 0 (12) 0 0 119 3,737 of which interest rate derivatives 578 87 (28) 0 0 141 (244) 14 (25) 0 0 0 0 15 538 of which foreign exchange derivatives 329 55 (5) 0 0 14 (408) 2 160 0 0 0 0 3 150 of which equity/index-related derivatives 1,347 130 (293) 0 0 423 (748) 32 227 0 0 0 0 63 1,181 of which credit derivatives 1,757 940 (689) 0 0 421 (1,806) 50 162 0 0 0 0 16 851 Short-term borrowings 72 45 (30) 0 0 598 (205) 1 17 (3) 3 0 0 18 516 Long-term debt 14,123 3,865 (2,393) 0 0 4,510 (7,149) (64) (124) 0 0 1 240 406 13,415 of which structured notes over two years 9,924 3,484 (2,166) 0 0 4,044 (3,004) (78) (403) 0 0 1 240 392 12,434 Other liabilities 2,483 208 (226) 219 (376) 17 (611) (72) (160) (1) 139 0 0 59 1,679 of which failed sales 454 44 (121) 142 (308) 0 0 (3) 3 0 0 0 0 8 219 Total liabilities at fair value 21,547 5,706 (3,716) 370 (461) 6,624 (11,479) (35) 258 (4) 130 1 281 605 19,827 Net assets/(liabilities) at fair value 11,474 87 (3,624) 11,315 (17,813) (389) 2,543 (96) (20) 4 (123) (1) (281) 487 3,563 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 2017 2016 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues (1,509) (316) (1,825) 1 (116) (119) (235) 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (2,088) 20 (2,068) 123 29 152 1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. Quantitative information about level 3 assets at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Interest-bearing deposits with banks 0 – – – – – Securities received as collateral 46 – – – – – Debt 2,292 of which corporates 1,412 of which 387 Option model Correlation, in % (60) 98 55 of which 545 Market comparable Price, in % 0 139 84 of which 444 Discounted cash flow Credit spread, in bp 37 952 230 of which RMBS 320 Discounted cash flow Discount rate, in % 1 24 11 Prepayment rate, in % 1 36 10 Default rate, in % 0 12 4 Loss severity, in % 0 100 57 of which CMBS 16 Discounted cash flow Capitalization rate, in % 14 14 14 Discount rate, in % 8 16 14 Prepayment rate, in % 0 5 4 of which CDO 126 Discounted cash flow Discount rate, in % 5 13 8 Prepayment rate, in % 5 20 13 Credit spread, in bp 464 669 553 Default rate, in % 2 5 3 Loss severity, in % 0 80 34 Equity 163 of which 67 Vendor price Price, in actuals 0 2,080 10 of which 81 Market comparable EBITDA multiple 2 9 7 Price, in % 18 100 67 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 3,289 of which interest rate products 801 Option model Correlation, in % 20 100 72 Prepayment rate, in % 6 34 17 Volatility skew, in % (4) 1 (1) of which equity/index-related products 833 Option model Correlation, in % (60) 98 65 Volatility, in % 0 105 64 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 of which credit derivatives 634 Discounted cash flow Credit spread, in bp 1 956 217 Recovery rate, in % 0 45 20 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Loss severity, in % 1 100 64 Correlation, in % 97 97 97 Prepayment rate, in % 0 14 6 Other 3,010 of which 1,605 Market comparable Price, in % 0 110 23 of which 1,095 Discounted cash flow Market implied life expectancy, in years 3 18 8 Trading assets 8,754 Investment securities 42 – – – – – Private equity 29 – – – – – Other equity investments 271 – – – – – Life finance instruments 1,301 Discounted cash flow Market implied life expectancy, in years 2 18 6 Other investments 1,601 Loans 4,530 of which commercial and industrial loans 2,207 of which 1,924 Discounted cash flow Credit spread, in bp 89 1,116 420 of which 250 Market comparable Price, in % 0 99 56 of which financial institutions 1,480 of which 1,426 Discounted cash flow Credit spread, in bp 43 1,430 371 Other intangible assets (mortgage servicing rights) 158 – – – – – Other assets 1,511 of which loans held-for-sale 1,350 of which 849 Discounted cash flow Credit spread, in bp 117 973 292 Recovery rate, in % 18 87 73 of which 280 Market comparable Price, in % 0 102 88 Total level 3 assets at fair value 16,642 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Interest-bearing deposits with banks 1 – – – – – Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 Discounted cash flow Funding spread, in bp 10 450 259 Securities received as collateral 70 – – – – – Debt 3,977 of which corporates 1,674 of which 448 Option model Correlation, in % (85) 98 23 of which 817 Market comparable Price, in % 0 117 86 of which 101 Discounted cash flow Credit spread, in bp 3 1,004 308 of which RMBS 605 of which 445 Discounted cash flow Discount rate, in % 0 47 8 Prepayment rate, in % 2 30 12 Default rate, in % 0 10 3 Loss severity, in % 0 100 43 of which 120 Market comparable Price, in % 21 30 26 of which CMBS 65 Discounted cash flow Capitalization rate, in % 8 9 9 Discount rate, in % 2 27 10 Prepayment rate, in % 0 15 9 of which CDO 1,165 of which 195 Discounted cash flow Discount rate, in % 7 27 15 Prepayment rate, in % 0 30 10 Credit spread, in bp 328 328 328 Default rate, in % 0 5 2 Loss severity, in % 3 100 45 of which 851 Market comparable Price, in % 208 208 208 Equity 240 Market comparable EBITDA multiple 3 8 6 Price, in % 0 100 70 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 4,305 of which interest rate products 748 Option model Correlation, in % 20 100 65 Prepayment rate, in % 1 32 16 Volatility skew, in % (7) 1 (2) of which equity/index-related products 914 Option model Correlation, in % (85) 98 21 Volatility, in % 2 180 32 Buyback probability, in % 2 50 100 62 Gap risk, in % 3 0 2 1 of which credit derivatives 688 Discounted cash flow Credit spread, in bp 0 1,635 396 Recovery rate, in % 0 45 10 Discount rate, in % 1 45 21 Default rate, in % 0 33 5 Loss severity, in % 15 100 69 Correlation, in % 97 97 97 Prepayment rate, in % 0 13 5 Other 4,243 of which 3,005 Market comparable Price, in % 0 116 39 of which 882 Discounted cash flow Market implied life expectancy, in years 3 19 8 Trading assets 12,765 Investment securities 72 – – – – – Private equity 8 – – – – – Other equity investments 310 – – – – – Life finance instruments 1,588 Discounted cash flow Market implied life expectancy, in years 2 19 6 Other investments 1,906 Loans 6,585 of which commercial and industrial loans 3,816 of which 2,959 Discounted cash flow Credit spread, in bp 5 5,400 544 of which 852 Market comparable Price, in % 0 100 51 of which financial institutions 1,829 of which 1,588 Discounted cash flow Credit spread, in bp 67 952 342 of which 149 Market comparable Price, in % 0 550 483 Other intangible assets (mortgage servicing rights) 138 – – – – – Other assets 1,679 of which loans held-for-sale 1,316 of which 760 Discounted cash flow Credit spread, in bp 117 1,082 334 Recovery rate, in % 6 100 74 of which 356 Market comparable Price, in % 0 102 78 Total level 3 assets at fair value 23,390 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. Quantitative information about level 3 liabilities at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 455 – – – – – Obligation to return securities received as collateral 46 – – – – – Trading liabilities 3,226 of which interest rate derivatives 317 of which 205 Option model Basis spread, in bp (25) 52 19 Correlation, in % 20 100 60 Prepayment rate, in % 6 34 9 of which 81 Market comparable Price, in % 1 102 44 of which foreign exchange derivatives 100 of which 64 Option model Correlation, in % (10) 70 51 Prepayment rate, in % 27 34 30 of which 7 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,301 of which 947 Option model Correlation, in % (60) 98 55 Volatility, in % 0 105 25 Buyback probability, in % 2 50 100 90 of which 62 Vendor price Price, in actuals 0 53 18 of which credit derivatives 898 Discounted cash flow Credit spread, in bp 2 973 172 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Recovery rate, in % 10 60 38 Loss severity, in % 25 100 67 Correlation, in % 38 85 54 Prepayment rate, in % 0 20 7 Term TRS/repo spread, in bp 176 176 176 Short-term borrowings 845 of which 288 Option model Correlation, in % (40) 98 60 Volatility, in % 4 105 26 of which 527 Discounted cash flow Credit spread, in bp 2 278 175 Recovery rate, in % 25 40 29 of which 24 Market comparable Price, in % 11 47 47 Long-term debt 12,501 of which structured notes over two years 12,259 of which 9,739 Option model Correlation, in % (60) 99 55 Volatility, in % 0 105 21 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 1,571 Discounted cash flow Credit spread, in bp 2 729 105 Other liabilities 1,467 of which failed sales 223 of which 122 Market comparable Price, in % 0 100 51 of which 25 Discounted cash flow Credit spread, in bp 1,430 1,430 1,430 Total level 3 liabilities at fair value 18,540 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 410 – – – – – Obligation to return securities received as collateral 70 – – – – – Trading liabilities 3,737 of which interest rate derivatives 538 Option model Basis spread, in bp (2) 66 33 Correlation, in % 20 100 57 Prepayment rate, in % 1 32 9 Gap risk, in % 2 20 20 20 Funding spread, in bp 237 237 237 of which foreign exchange derivatives 150 of which 65 Option model Correlation, in % (10) 70 49 Prepayment rate, in % 22 32 27 of which 69 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,181 Option model Correlation, in % (85) 98 23 Volatility, in % 2 180 28 Buyback probability, in % 3 50 100 62 of which credit derivatives 851 Discounted cash flow Credit spread, in bp 0 1,635 163 Discount rate, in % 2 45 21 Default rate, in % 0 33 5 Recovery rate, in % 20 60 35 Loss severity, in % 15 100 70 Correlation, in % 43 85 63 Prepayment rate, in % 0 13 5 Short-term borrowings 516 – – – – – Long-term debt 13,415 of which structured notes over two years 12,434 of which 12,008 Option model Correlation, in % (85) 99 23 Volatility, in % 0 180 23 Buyback probability, in % 3 50 100 62 Gap risk, in % 2 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 286 Discounted cash flow Credit spread, in bp 1 452 89 Other liabilities 1,679 of which failed sales 219 of which 163 Market comparable Price, in % 0 100 68 of which 39 Discounted cash flow Discount rate, in % 11 29 21 Total level 3 liabilities at fair value 19,827 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Risk of unexpected large declines in the underlying values between collateral settlement dates. 3 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Fair value, unfunded commitments and term of redemption conditions end of 2017 2016 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Debt funds 0 0 0 0 0 0 0 0 Equity funds 61 992 1 1,053 0 65 1,281 1 1,346 0 Equity funds sold short 0 (9) (9) 0 0 (1) (1) 0 Total funds held in trading assets and liabilities 61 983 1,044 0 65 1,280 1,345 0 Debt funds 164 75 239 0 215 77 292 0 Equity funds 2 53 55 0 2 51 53 0 Others 2 95 97 9 0 201 201 0 Hedge funds 168 223 3 391 9 217 329 3 546 0 Debt funds 1 0 1 0 5 0 5 20 Equity funds 133 0 133 63 232 0 232 41 Real estate funds 178 0 178 44 212 0 212 50 Others 31 0 31 16 117 0 117 58 Private equities 343 0 343 123 566 0 566 169 Equity method investments 71 1,050 1,121 5 349 635 984 218 Total funds held in other investments 582 1,273 1,855 137 1,132 964 2,096 387 Total fair value 643 5 2,256 6 2,899 137 7 1,197 5 2,244 6 3,441 387 7 1 54% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 35% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 9% is redeemable on a quarterly basis with a notice period primarily of more than 45 days, and 2% is redeemable on an annual basis with a notice period primarily of more than 60 days. 2 58% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 23% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 17% is redeemable on a quarterly basis with a notice period primarily of more than 45 days, and 2% is redeemable on an annual basis with a notice period of more than 60 days. 3 51% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 45 days, 43% is redeemable on a monthly basis with a notice period primarily of less than 30 days, and 6% is redeemable on demand with a notice period primarily of less than 30 days. 4 68% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days, 26% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 5% is redeemable on demand with a notice period primarily of less than 30 days, and 1% is redeemable |
Assets pledged and collateral
Assets pledged and collateral | 12 Months Ended |
Dec. 31, 2017 | |
Assets pledged and collateral | 35 Assets pledged and collateral Assets pledged The Group pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are parenthetically disclosed on the consolidated balance sheet. Assets pledged end of 2017 2016 Assets pledged (CHF million) Total assets pledged or assigned as collateral 130,038 122,805 of which encumbered 73,189 83,473 Collateral The Group receives cash and securities in connection with resale agreements, securities borrowing and loans, derivative transactions and margined broker loans. A significant portion of the collateral and securities 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. Collateral end of 2017 2016 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 433,190 402,690 of which sold or repledged 212,155 184,066 1 1 Prior period has been corrected. Other information end of 2017 2016 Other information (CHF million) Cash and securities restricted under foreign banking regulations 26,969 27,590 Swiss National Bank required minimum liquidity reserves 2,043 2,001 |
Bank | |
Assets pledged and collateral | 34 Assets pledged and collateral Assets pledged The Bank pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are parenthetically disclosed on the consolidated balance sheet. Assets pledged end of 2017 2016 Assets pledged (CHF million) Total assets pledged or assigned as collateral 130,038 122,811 of which encumbered 73,189 83,478 Collateral The Bank receives cash and securities in connection with resale agreements, securities borrowing and loans, derivative transactions and margined broker loans. A significant portion of the collateral and securities received by the Bank 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. Collateral end of 2017 2016 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 433,190 402,702 of which sold or repledged 212,155 184,078 Other information end of 2017 2016 Other information (CHF million) Cash and securities restricted under foreign banking regulations 26,928 27,590 Swiss National Bank required minimum liquidity reserves 2,043 2,001 > Refer to “Note 35 – Assets pledged and collateral” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Capital adequacy
Capital adequacy | 12 Months Ended |
Dec. 31, 2017 | |
Capital adequacy | 36 Capital adequacy Effective January 1, 2013, the >>>Basel III framework was implemented in Switzerland along with the Swiss >>>“Too Big to Fail” legislation and regulations thereunder (Swiss Requirements). Together with the related implementing ordinances, the legislation includes capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. The legislation implementing the Basel III framework in Switzerland in respect of capital requirements for systemically relevant banks, including the Group, goes beyond the Basel III minimum standards for systemically relevant banks. The Swiss >>>total loss-absorbing capacity (TLAC) standards are being phased in from 2016 through 2019 and are fully effective on January 1, 2020. Failure to comply with national capital requirements could result in restrictions being imposed by the Group’s regulators. The Group, which is subject to regulation by >>>FINMA, has based its capital adequacy calculations on US GAAP financial statements, as permitted by FINMA Circular 2013/1. Systemically important banks operating internationally, such as the Group, are subject to two different minimum requirements for loss-absorbing capacity: global systemically important banks must hold sufficient capital that absorbs losses to ensure continuity of service (going concern requirement), and they must issue sufficient debt instruments to fund an orderly resolution without recourse to public resources (gone concern requirement). Going concern capital and gone concern capital together form the Group’s total loss-absorbing capacity. The going concern and gone concern requirements are generally aligned with the Financial Stability Board’s total loss-absorbing capacity standard. The amended Capital Adequacy Ordinance came into effect on July 1, 2016, subject to phase-in and grandfathering provisions for certain outstanding instruments, and has to be fully applied by January 1, 2020. The Group’s balance sheet positions and off-balance sheet exposures translate into >>>risk-weighted assets that are categorized as credit, market and operational risk-weighted assets. When assessing risk-weighted assets, it is not the nominal size, but rather the nature (including >>>risk mitigation such as collateral or hedges) of the balance sheet positions or off-balance sheet exposures that determines the risk-weighted assets. Leverage exposure consists of period-end balance sheet assets and prescribed regulatory adjustments. Capital ratios measure the Group’s capital components against risk-weighted assets and leverage ratios measure them against the end-of-period exposures. As of December 31, 2017 and 2016, the Group’s current capital position exceeds its capital requirements under the regulatory provisions outlined under Swiss Requirements. Broker-dealer operations Certain of the Group’s broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2017 and 2016, the Group and its subsidiaries complied with all applicable regulatory capital adequacy requirements. Swiss capital and leverage metrics Phase-in end of 2017 2016 Swiss capital (CHF million) Swiss CET1 capital 36,567 36,417 Going concern capital 53,131 52,392 Gone concern capital 35,712 26,783 Total loss-absorbing capacity 88,843 79,175 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 273,436 272,090 Leverage exposure 919,053 957,067 Swiss capital ratios (%) Swiss CET1 ratio 13.4 13.4 Going concern capital ratio 19.4 19.3 Gone concern capital ratio 13.1 9.8 TLAC ratio 32.5 29.1 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.0 3.8 Going concern leverage ratio 5.8 5.5 Gone concern leverage ratio 3.9 2.8 TLAC leverage ratio 9.7 8.3 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.0 8.125 Going concern capital ratio requirement 12.0 10.75 Gone concern capital ratio requirement 6.2 3.5 TLAC ratio requirement 18.2 14.25 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.6 2.3 Going concern leverage ratio requirement 3.5 3.0 Gone concern leverage ratio requirement 2.0 1.0 TLAC leverage ratio requirement 5.5 4.0 Dividend restrictions Certain of the Group’s 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). Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits from previous business years, or if the free reserves of the corporation are sufficient to allow distribution of a dividend. In addition, at least 5% of the annual net profits must be retained and booked as general legal reserves for so long as these reserves amount to less than 20% of the paid-in share capital. The reserves currently exceed this 20% threshold. Furthermore, dividends may be paid out only after shareholder approval at the Annual General Meeting. As of December 31, 2017 and 2016, Credit Suisse Group AG was not subject to restrictions on its ability to pay the proposed dividends. |
Bank | |
Capital adequacy | 35 Capital adequacy Effective January 1, 2013, the >>>Basel III framework was implemented in Switzerland along with the Swiss >>>“Too Big to Fail” legislation and regulations thereunder (Swiss Requirements). The Bank, which is subject to regulation by >>>FINMA, has based its capital adequacy calculations on US GAAP financial statements, as permitted by FINMA Circular 2013/1. As of December 31, 2017 and 2016, the Bank’s current capital position exceeds its capital requirements under the regulatory provisions outlined under Swiss Requirements. > Refer to “Note 36 – Capital adequacy” in VI – Consolidated financial statements – Credit Suisse Group for further information. Broker-dealer operations Certain of the Bank’s broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2017 and 2016, the Bank and its subsidiaries complied with all applicable regulatory capital adequacy requirements. Dividend restrictions Certain of the Bank’s 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 31, 2017 and 2016, Credit Suisse AG was not subject to restrictions on its ability to pay the proposed dividends. Swiss capital and leverage metrics Phase-in end of 2017 2016 Swiss capital (CHF million) Swiss CET1 capital 38,288 37,196 Going concern capital 53,995 52,344 Gone concern capital 35,771 26,904 Total loss-absorbing capacity (TLAC) 89,766 79,248 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 273,332 271,359 Leverage exposure 921,793 958,296 Swiss capital ratios (%) Swiss CET1 ratio 14.0 13.7 Going concern capital ratio 19.8 19.3 Gone concern capital ratio 13.1 9.9 TLAC ratio 32.8 29.2 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.2 3.9 Going concern leverage ratio 5.9 5.5 Gone concern leverage ratio 3.9 2.8 TLAC leverage ratio 9.7 8.3 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.0 8.125 Going concern capital ratio requirement 12.0 10.75 Gone concern capital ratio requirement 6.2 3.5 TLAC ratio requirement 18.2 14.25 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.6 2.3 Going concern leverage ratio requirement 3.5 3.0 Gone concern leverage ratio requirement 2.0 1.0 TLAC leverage ratio requirement 5.5 4.0 |
Assets under management
Assets under management | 12 Months Ended |
Dec. 31, 2017 | |
Assets under management | 37 Assets under management The following disclosure provides information regarding client assets, assets under management and net new assets as regulated by >>>FINMA. Assets under management Assets under management include assets for which the Group provides investment advisory or discretionary asset management services, investment fund assets and assets invested in other investment fund-like pooled investment vehicles managed by the Group. The classification of assets under management is conditional upon the nature of the services provided by the Group and the clients’ intentions. Assets are individually assessed on the basis of each client’s intentions and objectives and the nature of the banking services provided to that client. In order to be classified as assets under management, the Group must currently or in the foreseeable future expect to provide a service where the involvement of the Group’s banking or investment expertise (e.g. as asset manager or investment advisor) is not purely executional or custodial in nature. Assets under custody are client assets held mainly for execution-related or safekeeping/custody purposes only and therefore are not considered assets under management since the Group does not generally provide asset allocation or financial advice. Assets of corporate clients and public institutions that are used primarily for cash management or transaction executional purposes for which no investment advice is provided are classified as commercial assets or assets under custody and therefore do not qualify as assets under management. For the purpose of classifying assets under management, clients with multiple accounts are assessed from an overall relationship perspective. Accounts that are clearly separate from the remainder of the client relationship and represent assets held for custody purposes only are not included as assets under management. The initial classification of the assets may not be permanent as the nature of the client relationship is reassessed on an on-going basis. If changes in client intent or activity warrant reclassification between client asset categories, the required reclassification adjustments are made immediately when the change in intent or activity occurs. Reclassifications between assets under management and assets held for transaction-related or custodial purposes result in corresponding net asset inflows or outflows. A portion of the Group’s assets under management results from double counting. Double counting arises when assets under management are subject to more than one level of asset management services. Each 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 the Group. The extent of double counting is disclosed in the following table. Assets under management end of 2017 2016 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 185.2 165.7 Assets with discretionary mandates 267.3 238.6 Other assets under management 923.6 846.8 Assets under management (including double counting) 1,376.1 1,251.1 of which double counting 46.2 32.8 Changes in assets under management 2017 2016 Assets under management (CHF billion) Assets under management at beginning of period 1 1,251.1 1,214.1 Net new assets/(net asset outflows) 37.8 26.8 Market movements, interest, dividends and foreign exchange 86.7 34.8 of which market movements, interest and dividends 2 88.9 16.4 of which foreign exchange (2.2) 18.4 Other effects 0.5 (24.6) Assets under management at end of period 1,376.1 1,251.1 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. Net new assets Net new assets measure the degree of success in acquiring assets under management or changes in assets under management through warranted reclassifications. 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 as well as changes in assets under management due to currency and market volatility are not taken into account when calculating net new assets, as such charges or market movements are not directly related to the Group’s success in acquiring assets under management. Similarly other effects mainly relate to asset inflows and outflows due to acquisition or divestiture, exit from businesses or markets or exits due to new regulatory requirements and are not taken into account when calculating net new assets. The Group reviews relevant policies regarding client assets on a regular basis. Divisional allocation Assets under management and net new assets for the Private Clients business in the Swiss Universal Bank division, the Private Banking businesses in the International Wealth Management and Asia Pacific divisions, the Corporate & Institutional Banking business in the Swiss Universal Bank division and the Strategic Resolution Unit are allocated based on the management areas (business areas) that effectively manage the assets. The distribution of net new assets resulting from internal referral arrangements is governed under the net new asset referral framework, which includes preset percentages for the allocation of net new assets to the businesses. The allocation of assets under management and net new assets for Asset Management in the Internal Wealth Management division reflects the location where the investment vehicles are managed and where the costs of managing the funds are incurred. |
Bank | |
Assets under management | 36 Assets under management The following disclosure provides information regarding client assets, assets under management and net new assets as regulated by the >>>FINMA. > Refer to “Note 37 – Assets under management” in VI – Consolidated financial statements – Credit Suisse Group for further information. Assets under management end of 2017 2016 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 177.4 158.5 Assets with discretionary mandates 267.3 238.6 Other assets under management 923.6 846.8 Assets under management (including double counting) 1,368.3 1,243.9 of which double counting 44.6 31.3 Changes in assets under management 2017 2016 Assets under management (CHF billion) Assets under management at beginning of period 1 1,243.9 1,214.1 Net new assets/(net asset outflows) 36.2 26.3 Market movements, interest, dividends and foreign exchange 87.6 34.7 of which market movements, interest and dividends 2 89.8 16.2 of which foreign exchange (2.2) 18.5 Other effects 0.6 (31.2) Assets under management at end of period 1,368.3 1,243.9 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2017 | |
Litigation | 38 Litigation The Group is involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its businesses, including those disclosed below. Some of these proceedings have been brought on behalf of various classes of claimants and seek damages of material and/or indeterminate amounts. The Group accrues loss contingency litigation provisions and takes a charge to income in connection with certain proceedings when losses, additional losses or ranges of loss are probable and reasonably estimable. The Group also accrues litigation provisions for the estimated fees and expenses of external lawyers and other service providers in relation to such proceedings, including in cases for which it has not accrued a loss contingency provision. The Group accrues these fee and expense litigation provisions and takes a charge to income in connection therewith when such fees and expenses are probable and reasonably estimable. The Group reviews its legal proceedings each quarter to determine the adequacy of its litigation provisions and may increase or release provisions based on management’s judgment and the advice of counsel. The establishment of additional provisions or releases of litigation provisions may be necessary in the future as developments in such proceedings warrant. The specific matters described below include (a) proceedings where the Group has accrued a loss contingency provision, given that it is probable that a loss may be incurred and such loss is reasonably estimable; and (b) proceedings where the Group has not accrued such a loss contingency provision for various reasons, including, but not limited to, the fact that any related losses are not reasonably estimable. The description of certain of the matters below includes a statement that the Group has established a loss contingency provision and discloses the amount of such provision; for the other matters no such statement is made. With respect to the matters for which no such statement is made, either (a) the Group has not established a loss contingency provision, in which case the matter is treated as a contingent liability under the applicable accounting standard, or (b) the Group has established such a provision but believes that disclosure of that fact would violate confidentiality obligations to which the Group is subject or otherwise compromise attorney-client privilege, work product protection or other protections against disclosure or compromise the Group’s management of the matter. The future outflow of funds in respect of any matter for which the Group has accrued loss contingency provisions cannot be determined with certainty based on currently available information, and accordingly may ultimately prove to be substantially greater (or may be less) than the provision that is reflected on the Group’s balance sheet. It is inherently difficult to determine whether a loss is probable or even reasonably possible or to estimate the amount of any loss or loss range for many of the Group’s legal proceedings. 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 proceeding, the progress of the matter, the advice of counsel, the Group’s defenses and its experience in similar matters, as well as its assessment of matters, including settlements, involving other defendants in similar or related cases or proceedings. Factual and legal determinations, many of which are complex, must be made before a loss, additional losses or ranges of loss can be reasonably estimated for any proceeding. Most matters pending against the Group seek damages of an indeterminate amount. While certain matters specify the damages claimed, such claimed amount may not represent the Group’s reasonably possible losses. For certain of the proceedings discussed below the Group has disclosed the amount of damages claimed and certain other quantifiable information that is publicly available. The following table presents a roll forward of the Group’s aggregate litigation provisions. Litigation provisions 2017 CHF million Balance at beginning of period 3,839 Increase in litigation accruals 774 Decrease in litigation accruals (90) Decrease for settlements and other cash payments (3,638) Foreign exchange translation (136) Balance at end of period 749 The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed below for which the Group believes an estimate is possible is zero to CHF 1.5 billion. After taking into account its litigation provisions, the Group believes, based on currently available information and advice of counsel, that the results of its legal proceedings, in the aggregate, will not have a material adverse effect on the Group’s financial condition. However, in light of the inherent uncertainties of such proceedings, including those brought by regulators or other governmental authorities, the ultimate cost to the Group of resolving such proceedings may exceed current litigation provisions and any excess may be material to its operating results for any particular period, depending, in part, upon the operating results for such period. Enron-related litigation One Enron-related action, Silvercreek Management Inc. v. Citigroup, Inc., et al., remains pending against Credit Suisse Securities (USA) LLC (CSS LLC) and certain of its affiliates in the US District Court for the Southern District of New York (SDNY). In this action, plaintiffs assert they relied on Enron’s financial statements, and seek to hold the defendants responsible for any inaccuracies in Enron’s financial statements. The plaintiffs seek to assert federal and state law claims relating to its alleged USD 280 million in losses relating to its Enron investments. On August 5, 2016, Credit Suisse and the other defendants filed a renewed motion to dismiss. On March 31, 2017, the SDNY granted in part defendants’ motion to dismiss, dismissing certain claims against CSS LLC and its affiliates. On November 10, 2017, Credit Suisse filed a motion for summary judgment. On September 27, 2017, following a settlement in the matter of Connecticut Resources Recovery Authority v. Lay, et al., an order of final judgment was entered by the US District Court for the Southern District of Texas, dismissing with prejudice all claims against CSS LLC and its affiliates. Mortgage-related matters Government and regulatory related matters Various financial institutions, including CSS LLC and certain of its affiliates, have received requests for information from, and/or have been defending civil actions by, certain regulators and/or government entities, including the US Department of Justice (DOJ) and other members of the Residential Mortgage-Backed Securities (RMBS) Working Group of the US Financial Fraud Enforcement Task Force, regarding the origination, purchase, securitization, servicing and trading of subprime and non-subprime residential and commercial mortgages and related issues. CSS LLC and its affiliates are cooperating with such requests for information. DOJ RMBS settlement On January 18, 2017, CSS LLC and its current and former US subsidiaries and US affiliates reached a settlement with the DOJ related to its legacy RMBS business, a business conducted through 2007. The settlement resolved potential civil claims by the DOJ related to Credit Suisse’s packaging, marketing, structuring, arrangement, underwriting, issuance and sale of RMBS. The settlement required the above-mentioned entities to pay a USD 2.48 billion civil monetary penalty and, within five years of the settlement, to provide USD 2.80 billion in consumer relief. The civil monetary penalty under the terms of the settlement was paid to the DOJ in January 2017. The consumer relief measures include affordable housing payments and loan forgiveness. The DOJ and Credit Suisse agreed to the appointment of an independent monitor to oversee the completion of the consumer relief requirements of the settlement. The monitor has published reports on October 27, 2017 and February 20, 2018 noting Credit Suisse’s cooperation and progress toward satisfaction of the consumer relief requirements. As previously disclosed, Credit Suisse recorded a litigation provision of USD 2 billion in the fourth quarter of 2016 in addition to its existing provisions of USD 550 million recorded for this matter in prior periods. NYAG and NJAG litigation Following an investigation, on November 20, 2012, the New York Attorney General (NYAG), on behalf of the State of New York, filed a civil action in the Supreme Court for the State of New York, New York County (SCNY) against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The complaint, which references 64 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleges that CSS LLC and its affiliates misled investors regarding the due diligence and quality control performed on the mortgage loans underlying the RMBS at issue, and seeks an unspecified amount of damages. On December 18, 2013, the New Jersey Attorney General, on behalf of the State of New Jersey (NJAG), filed a civil action in the Superior Court of New Jersey, Chancery Division, Mercer County (SCNJ), against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The original complaint, which references 13 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleges that CSS LLC and its affiliates misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS, and seeks an unspecified amount of damages. On August 21, 2014, the SCNJ dismissed without prejudice the action brought against CSS LLC and its affiliates by the NJAG. On September 4, 2014, the NJAG filed an amended complaint against CSS LLC and its affiliates, asserting additional allegations but not expanding the number of claims or RMBS referenced in the original complaint. The NYAG and NJAG actions are at various procedural stages. Civil litigation CSS LLC and/or certain of its affiliates have also been named as defendants in various civil litigation matters related to their roles as issuer, sponsor, depositor, underwriter and/or servicer of RMBS transactions. These cases include or have included class action lawsuits, actions by individual investors in RMBS, actions by monoline insurance companies that guaranteed payments of principal and interest for certain RMBS, and repurchase actions by RMBS trusts, trustees and/or investors. Although the allegations vary by lawsuit, plaintiffs in the class actions and individual investor actions have generally alleged that the offering documents of securities issued by various RMBS securitization trusts contained material misrepresentations and omissions, including statements regarding the underwriting standards pursuant to which the underlying mortgage loans were issued; monoline insurers allege that loans that collateralize RMBS they insured breached representations and warranties made with respect to the loans at the time of securitization and that they were fraudulently induced to enter into the transactions; and repurchase action plaintiffs generally allege breached representations and warranties in respect of mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements. The amounts disclosed below do not reflect actual realized plaintiff losses to date or anticipated future litigation exposure. Rather, unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as alleged in these actions and do not include any reduction in principal amounts since issuance. Further, unless otherwise stated, amounts attributable to an “operative pleading” for the individual investor actions are not altered for settlements, dismissals or other occurrences, if any, that may have caused the amounts to change subsequent to the operative pleading. In addition to the mortgage-related actions discussed below, a number of other entities have threatened to assert claims against CSS LLC and/or its affiliates in connection with various RMBS issuances, and CSS LLC and/or its affiliates have entered into agreements with some of those entities to toll the relevant statutes of limitations. Individual investor actions CSS LLC and, in some instances, its affiliates, as an RMBS issuer, underwriter and/or other participant, along with other defendants, have been named as defendants in: (i) one action brought by the Federal Deposit Insurance Corporation (FDIC), as receiver for Citizens National Bank and Strategic Capital Bank, which, following the United States Supreme Court’s denial of defendants’ petition for writ of certiorari on December 4, 2017, will resume in the SDNY, in which claims against CSS LLC and its affiliates relate to approximately USD 28 million of the RMBS at issue (approximately 20% of the USD 141 million at issue against all defendants in the operative pleading); (ii) two actions brought by the FDIC, as receiver for Colonial Bank: one action in the SDNY, in which claims against CSS LLC relate to approximately USD 92 million of the RMBS at issue (approximately 23% of the USD 394 million at issue against all defendants in the operative pleading); and one action in the Circuit Court of Montgomery County, Alabama, in which claims against CSS LLC and its affiliates relate to approximately USD 139 million of the RMBS at issue (approximately 45% of the USD 311 million at issue against all defendants in the operative pleading), reduced from approximately USD 153 million following the February 14, 2017 dismissal with prejudice of claims pertaining to one RMBS offering on which CSS LLC and its affiliates were sued, and which has a trial scheduled to begin in October 2018; (iii) one action brought by the Federal Home Loan Banks of Seattle (FHLB Seattle) in Washington state court, in which claims against CSS LLC and its affiliates relate to approximately USD 104 million of the RMBS at issue, reduced from approximately USD 249 million following the May 4, 2016 dismissal with prejudice of all claims related to certain RMBS; on December 11, 2017, the Washington State Court of Appeals affirmed the trial court’s May 4, 2016 order, dismissing FHLB Seattle’s claims; (iv) one action brought by the Federal Home Loan Bank of Boston in Massachusetts state court, in which claims against CSS LLC and its affiliates relate to approximately USD 333 million of the RMBS at issue, reduced from USD 373 million following the October 27, 2015 stipulation of voluntary dismissal with prejudice of claims pertaining to certain RMBS offerings on which CSS LLC and its affiliates were sued (approximately 6% of the USD 5.7 billion at issue against all defendants in the operative pleading); (v) one action brought by Watertown Savings Bank in the SCNY, in which claims against CSS LLC and its affiliates relate to an unstated amount of the RMBS at issue; and (vi) one action brought by the Tennessee Consolidated Retirement System in Tennessee state court in which claims against CSS LLC relate to approximately USD 24 million of the RMBS at issue against CSS LLC (approximately 4% of the USD 644 million at issue against all defendants in the operative pleading). CSS LLC and certain of its affiliates are the only defendants named in: (i) one action brought by IKB Deutsche Industriebank AG and affiliated entities in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 97 million of RMBS at issue; (ii) one action brought by Phoenix Light SF Ltd. and affiliated entities (Phoenix Light) in the SCNY which was dismissed in its entirety on April 16, 2015; on November 17, 2016, the SCNY, Appellate Division, First Department, issued an order reinstating all previously-dismissed claims brought by Phoenix Light against CSS LLC and its affiliates; on June 5, 2017, Phoenix Light filed an amended complaint against CSS LLC and its affiliates in the SCNY, reducing the originally claimed amount of RMBS at issue from approximately USD 362 million to approximately USD 281 million of RMBS at issue; and (iii) one action brought by Royal Park Investments SA/NV (Royal Park) in the SCNY, in which claims against CSS LLC and its affiliate relate to approximately USD 360 million of RMBS at issue. on April 12, 2017, the SCNY dismissed with prejudice all claims against CSS LLC and its affiliate; on February 13, 2018, Royal Park appealed the SCNY’s April 12, 2017 dismissal. These actions are at various procedural stages. As disclosed in Credit Suisse’s quarterly Financial Reports for 2017, individual investor actions discontinued during the course of 2017 included the following: (i) on May 2, 2017, following a settlement in the amount of USD 400 million, the US District Court for the District of Kansas, presiding in the action brought by the National Credit Union Administration Board (NCUA) as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union, dismissed with prejudice all claims against CSS LLC and its affiliate related to approximately USD 715 million of RMBS at issue; (ii) on June 29, 2017, following a settlement, the SCNY, presiding in the action brought by Deutsche Zentral-Genossenschaftsbank AG, New York Branch, dismissed with prejudice all claims against CSS LLC and its affiliates related to approximately USD 111 million of RMBS at issue; and (iii) on September 12, 2017, following a settlement, the US District Court for the District of Massachusetts, presiding in the two actions brought by Massachusetts Mutual Life Insurance Company, dismissed with prejudice all claims against CSS LLC and its employees related to approximately USD 107 million of the RMBS at issue (approximately 97% of the USD 110 million at issue against all defendants in the operative pleadings). In addition, on November 24, 2017, following a settlement, the US District Court for the Western District of Wisconsin, presiding over the action brought by CMFG Life Insurance Company and affiliated entities, dismissed with prejudice all claims against CSS LLC related to approximately USD 62 million, reduced from approximately USD 70 million following the December 16, 2016 dismissal in part of the action. Monoline insurer disputes CSS LLC and certain of its affiliates are defendants in one monoline insurer action pending in the SCNY, commenced by MBIA Insurance Corp. (MBIA) as guarantor for payments of principal and interest related to approximately USD 770 million of RMBS issued in offerings sponsored by Credit Suisse. One theory of liability advanced by MBIA is that an affiliate of CSS LLC must repurchase certain mortgage loans from the trusts at issue. MBIA claims that the vast majority of the underlying mortgage loans breach certain representations and warranties, and that the affiliate has failed to repurchase the allegedly defective loans. In addition, MBIA alleges claims for fraud, fraudulent inducement, material misrepresentations, breaches of warranties, repurchase obligations, and reimbursement. MBIA submitted repurchase demands for loans with an original principal balance of approximately USD 549 million. Discovery is complete. On March 31, 2017, the SCNY granted in part and denied in part both parties’ respective summary judgment motions, which resulted, among other things, in the dismissal of MBIA’s fraud claim with prejudice. Both MBIA and the Credit Suisse entities involved in this action have filed notices of appeal. Repurchase litigations DLJ Mortgage Capital, Inc. (DLJ) is a defendant in: (i) one action brought by Asset Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7, in which plaintiff alleges damages of not less than USD 341 million, which was dismissed without prejudice by order of the SCNY on March 24, 2015, which order was appealed, and which action was re-filed on September 17, 2015 (stayed against DLJ pending resolution of all pending appeals); (ii) one action brought by Home Equity Asset Trust, Series 2006-8, in which plaintiff alleges damages of not less than USD 436 million; (iii) one action brought by Home Equity Asset Trust 2007-1, in which plaintiff alleges damages of not less than USD 420 million; (iv) one action brought by Home Equity Asset Trust Series 2007-3, in which plaintiff alleges damages of not less than USD 206 million, which was dismissed without prejudice by order of the SCNY on December 21, 2015 with leave to restore within one year and which plaintiff moved to restore on December 20, 2016, which the court granted on March 15, 2017 by restoring the case to active status; (v) one action brought by Home Equity Asset Trust 2007-2, in which plaintiff alleges damages of not less than USD 495 million; and (vi) one action brought by CSMC Asset-Backed Trust 2007-NC1, in which no damages amount is alleged. DLJ and its affiliate, Select Portfolio Servicing, Inc. (SPS), are defendants in: one action brought by Home Equity Mortgage Trust Series 2006-1, Home Equity Mortgage Trust Series 2006-3 and Home Equity Mortgage Trust Series 2006-4, in which plaintiffs allege damages of not less than USD 730 million, and allege that SPS obstructed the investigation into the full extent of the defects in the mortgage pools by refusing to afford the trustee reasonable access to certain origination files; and one action brought by Home Equity Mortgage Trust Series 2006-5, in which plaintiff alleges damages of not less than USD 500 million, and alleges that SPS likely discovered DLJ’s alleged breaches of representations and warranties but did not notify the trustee of such breaches, in alleged violation of its contractual obligations. These actions are brought in the SCNY and are at early or intermediate procedural points. As disclosed in Credit Suisse’s fourth quarter Financial Report of 2013, the following repurchase actions were dismissed with prejudice in 2013: the three consolidated actions brought by Home Equity Asset Trust 2006-5, Home Equity Asset Trust 2006-6 and Home Equity Asset Trust 2006-7 against DLJ. Those dismissals are on appeal. Bank loan litigation On January 3, 2010, the Bank and other affiliates were named as defendants in a lawsuit filed in the US District Court for the District of Idaho by current or former homeowners in four real estate developments, Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer. The Bank arranged, and was the agent bank for, syndicated loans provided to borrowers affiliated with all four developments, and who have been or are now in bankruptcy or foreclosure. Plaintiffs generally allege that the Bank and other affiliates committed fraud by using an unaccepted appraisal method to overvalue the properties with the intention of having the borrowers take out loans they could not repay because it would allow the Bank and other affiliates to later push the borrowers into bankruptcy and take ownership of the properties. Plaintiffs demanded USD 24 billion in damages. Cushman & Wakefield, the appraiser for the properties at issue, is also named as a defendant. After the filing of amended complaints and motions to dismiss, the claims were significantly reduced. On September 24, 2013, the court denied the plaintiffs’ motion for class certification so the case cannot proceed as a class action. On February 5, 2015, the court granted plaintiffs’ motion for leave to file an amended complaint, adding additional individual plaintiffs. On April 13, 2015, the court granted plaintiffs’ motion for leave to add a claim for punitive damages. On November 20, 2015, the plaintiffs moved for partial summary judgment, which the defendants opposed on December 14, 2015. On December 18, 2015, the defendants filed motions for summary judgment. On July 27, 2016, the US District Court for the District of Idaho granted the defendants’ motions for summary judgment, dismissing the case with prejudice. The plaintiffs are appealing. Oral argument on the appeal took place on February 9, 2018 and a decision is pending. The Bank and other affiliates are also the subject of certain other related litigation regarding certain of these loans as well as other similar real estate developments. Such litigation includes two cases brought in Texas and New York state courts against Bank affiliates by entities related to Highland Capital Management LP (Highland). In the case in Texas state court, a jury trial was held in December 2014 on Highland’s claim for fraudulent inducement by affirmative misrepresentation and omission. A verdict was issued for the plaintiff on its claim for fraudulent inducement by affirmative misrepresentation, but the jury rejected its claim that the Bank’s affiliates had committed fraudulent inducement by omission. The Texas judge held a bench trial on Highland’s remaining claims in May and June 2015, and entered judgment in the amount of USD 287 million (including prejudgment interest) for the plaintiff on September 4, 2015. Both parties filed notices of appeal from that judgment and briefing was completed on March 10, 2017. Oral argument on the appeals took place on October 18, 2017 and on February 21, 2018 the appeals court affirmed the lower court’s decision. On March 7, 2018, the Bank affiliates filed a motion for rehearing with the appeals court. In the case in New York state court, the court granted in part and denied in part the Bank’s summary judgment motion. Both parties appealed that decision, but the appellate court affirmed the decision in full. Bank affiliates separately sued Highland-managed funds on related trades and received a favorable judgment awarding both principal owed and prejudgment interest. Highland appealed the portion of the judgment awarding prejudgment interest, however the original decision was affirmed in its entirety. The parties subsequently agreed to settle the amount owed by the Highland-managed funds under the judgment. Tax and securities law matters On May 19, 2014, Credit Suisse AG entered into settlement agreements with several US regulators regarding its US cross-border matters. As part of the settlement, Credit Suisse AG, among other things, engaged an independent corporate monitor that reports to the New York State Department of Financial Services (DFS) and provides ongoing reports to various agencies. Rates-related matters Regulatory matters Regulatory authorities in a number of jurisdictions, including the US, UK, EU and Switzerland, have for an extended period of time been conducting investigations into the setting of LIBOR and other reference rates with respect to a number of currencies, as well as the pricing of certain related derivatives. These ongoing investigations have included information requests from regulators regarding LIBOR-setting practices and reviews of the activities of various financial institutions, including the Group. The Group, which is a member of three LIBOR rate-setting panels (US Dollar LIBOR, Swiss Franc LIBOR and Euro LIBOR), is cooperating fully with these investigations. In particular, it has been reported that regulators are investigating whether financial institutions engaged in an effort to manipulate LIBOR, either individually or in concert with other institutions, in order to improve market perception of these institutions’ financial health and/or to increase the value of their proprietary trading positions. In response to regulatory inquiries, Credit Suisse commissioned a review of these issues. To date, Credit Suisse has seen no evidence to suggest that it is likely to have any material exposure in connection with these issues. Regulatory authorities in a number of jurisdictions, including the Swiss Competition Commission, the European Competition Commission, the South African Competition Commission, the DFS and the Brazilian Competition Authority have been conducting investigations into the trading activities, information sharing and the setting of benchmark rates in the foreign exchange (including electronic trading) markets. On November 13, 2017, Credit Suisse AG and Credit Suisse AG, New York Branch reached a settlement with the DFS, resulting in a pre-tax charge of USD 135 million. The agreement with the DFS settles claims relating to certain areas of Credit Suisse’s voice and electronic foreign exchange trading business between 2008 and 2015. The reference rates investigations have also included information requests from regulators concerning supranational, sub-sovereign and agency (SSA) bonds and commodities (including precious metals) markets. The Group is cooperating fully with these investigations. The investigations are ongoing and it is too soon to predict the final outcome of the investigations. Civil litigation LIBOR litigation Members of the US Dollar LIBOR panel, including Credit Suisse, have been named in various civil lawsuits filed in the US. All but one of these matters have been consolidated for pre-trial purposes into a multi-district litigation in the SDNY. On March 29, 2013, the court in the multi-district litigation dismissed a substantial portion of the consolidated cases against the panel banks, dismissing the claims under Sherman Antitrust Act and the Racketeer Influenced and Corrupt Organizations Act, as well as all state law claims, leaving only certain claims under the Commodity Exchange Act based on LIBOR-related instruments entered into after May 30, 2008 (extended to after April 14, 2009 in a subsequent order). Plaintiffs appealed part of the decision. On May 23, 2016, the United States Court of Appeals for the Second Circuit (Second Circuit) reversed the decision of the SDNY dismissing plaintiffs’ Sherman Antitrust Act claims and remanded the claims to the SDNY for additional briefing on the issue of whether such claims have been adequately alleged. Briefing was completed in August 2016 and, in a series of rulings between December 2016 and February 2017, the SDNY dismissed all of plaintiffs’ antitrust claims against Credit Suisse. Between April 2013 and November 2015, the SDNY has issued a number of decisions narrowing and defining the scope of the permissible claimants and claims for the consolidated case in the multi-district litigation. On August 23, 2013, the SDNY rejected plaintiffs’ requests to replead the dismissed causes of action, except for certain of plaintiffs’ state law claims, which plaintiffs asserted in amended complaints. In June 2014, the SDNY denied most of defendants’ motion to dismiss. On November 3, 2015, the SDNY further dismissed purported classes brought by student loan borrowers and lending institutions and allowed certain over-the-counter plaintiffs to amend their complaints to add new plaintiffs to certain claims. Plaintiffs appealed several of the SDNY’s rulings to the Second Circuit. On February 23, 2018, the Second Circuit issued a decision in an appeal of one non-class action that largely affirmed the SDNY’s rulings, including upholding dismissal of certain state law and securities law claims as to Credit Suisse, but vacated certain rulings and remanded the case for further proceedings. On June 26, 2017, the only named plaintiff with putative class claims remaining against a Credit Suisse entity that survived a motion to dismiss withdrew as a class representative. On February 28, 2018, the SDNY issued a decision dismissing Credit Suisse AG with prejudice from the remaining non-stayed putative class action. The one matter that is not consolidated in the multi-district litigation is also in the SDNY, and the SDNY granted the defendants’ motion to dismiss on March 31, 2015, but gave plaintiff leave to file a new pleading. On June 1, 2015, plaintiff filed a motion for leave to file a second amended complaint in the SDNY; defendants’ opposition brief was filed on July 15, 2015. CHF LIBOR litigatio |
Bank | |
Litigation | 37 Litigation > Refer to “Note 38 – Litigation” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Significant subsidiaries and eq
Significant subsidiaries and equity method investments | 12 Months Ended |
Dec. 31, 2017 | |
Significant subsidiaries and equity method investments | 39 Significant subsidiaries and equity method investments Significant subsidiaries Equity Nominal as of December 31, 2017 Credit Suisse Group AG 100 Credit Suisse AG Zurich, Switzerland CHF 4,399.7 100 Credit Suisse Insurance Linked Strategies Ltd Zurich, Switzerland CHF 0.2 100 Credit Suisse (Poland) SP. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse Services AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Trust AG Zurich, Switzerland CHF 5.0 100 Credit Suisse Trust Holdings Limited St. Peter Port, Guernsey GBP 2.0 100 CS LP Holding AG Zug, Switzerland CHF 0.1 100 Inreska Limited St. Peter Port, Guernsey GBP 3.0 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 Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 2 Credit Suisse International London, United Kingdom USD 12,366.1 100 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Argauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 99 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2017 Credit Suisse Group AG 100 1 Credit Suisse Group Finance (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) II Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group Funding (Guernsey) Limited St. Peter Port, Guernsey 25 SECB Swiss Euro Clearing Bank GmbH Frankfurt, Germany Credit Suisse AG 50 Swisscard AECS GmbH Horgen, Switzerland 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 2 York Capital Management Global Advisors, LLC New York, United States 0 2 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 The Group holds a significant noncontrolling interest. |
Bank | |
Significant subsidiaries and equity method investments | 38 Significant subsidiaries and equity method investments Significant subsidiaries Equity Nominal as of December 31, 2017 Credit Suisse AG 100 AJP Cayman Ltd. George Town, Cayman Islands JPY 8,025.6 100 Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Argauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 99 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 2 Credit Suisse International London, United Kingdom USD 12,366.1 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 Remaining 2% held directly by Credit Suisse Group AG. 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2017 Credit Suisse AG 50 Swisscard AECS GmbH Horgen, Switzerland 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 1 York Capital Management Global Advisors, LLC New York, United States 0 1 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 The Bank holds a significant noncontrolling interest. |
Subsidiary guarantee informatio
Subsidiary guarantee information | 12 Months Ended |
Dec. 31, 2017 | |
Subsidiary guarantee information | 40 Subsidiary guarantee information Certain wholly owned finance subsidiaries of the Group, including Credit Suisse Group Funding (Guernsey) Limited, which is a Guernsey incorporated non-cellular company limited by shares, have issued securities fully and unconditionally guaranteed by the Group. There are various legal and regulatory requirements, including the satisfaction of a solvency test under Guernsey law for the Guernsey subsidiary, applicable to some of the Group’s subsidiaries that may limit their ability to pay dividends or distributions and make loans and advances to the Group. 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. As part of an announced program to evolve the Group’s legal entity structure to meet developing and future regulatory requirements and US Federal Reserve regulation on establishing intermediate holding companies in the US for non-US banks, legal entities are re-parented as subsidiaries of Credit Suisse (USA), Inc. In order to align the corporate structure of Credit Suisse (Schweiz) AG with that of the Swiss Universal Bank division, during the first quarter of 2017, the equity stakes in Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH held by the Group were transferred to the Bank and subsequently to Credit Suisse (Schweiz) AG, a wholly owned subsidiary of the Bank. Prior periods are restated to conform to the current presentation to reflect the impact of such transactions. Condensed consolidating statements of operations Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,294 11,767 17,061 577 (581) 17,057 Interest expense (4,437) (5,932) (10,369) (632) 501 (10,500) Net interest income 857 5,835 6,692 (55) (80) 6,557 Commissions and fees 3,756 7,916 11,672 28 117 11,817 Trading revenues (23) 1,323 1,300 (55) 72 1,317 Other revenues 942 359 1,301 (911) 2 819 1,209 Net revenues 5,532 15,433 20,965 (993) 928 20,900 Provision for credit losses 4 206 210 0 0 210 Compensation and benefits 3,066 6,898 9,964 74 139 10,177 General and administrative expenses 1,929 5,484 7,413 (80) (498) 6,835 Commission expenses 255 1,174 1,429 3 (2) 1,430 Restructuring expenses 173 223 396 0 59 455 Total other operating expenses 2,357 6,881 9,238 (77) (441) 8,720 Total operating expenses 5,423 13,779 19,202 (3) (302) 18,897 Income/(loss) before taxes 105 1,448 1,553 (990) 1,230 1,793 Income tax expense/(benefit) (42) 2,823 2,781 (7) (33) 2,741 Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Net income attributable to noncontrolling interests 11 16 27 0 8 35 Net income/(loss) attributable to shareholders 136 (1,391) (1,255) (983) 1,255 (983) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income Bank 1 Comprehensive income (CHF million) Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Gains/(losses) on cash flow hedges 0 (35) (35) 8 0 (27) Foreign currency translation (756) (259) (1,015) 1 (17) (1,031) Unrealized gains/(losses) on securities 0 (13) (13) 0 0 (13) Actuarial gains/(losses) (7) 28 21 0 674 695 Net prior service credit/(cost) 0 0 0 0 (121) (121) Gains/(losses) on liabilities related to credit risk (33) (1,651) (1,684) (188) (104) (1,976) Other comprehensive income/(loss), net of tax (796) (1,930) (2,726) (179) 432 (2,473) Comprehensive income/(loss) (649) (3,305) (3,954) (1,162) 1,695 (3,421) Comprehensive income/(loss) attributable to noncontrolling interests 24 (33) (9) 0 37 28 Comprehensive income/(loss) attributable to shareholders (673) (3,272) (3,945) (1,162) 1,658 (3,449) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,697 11,678 17,375 284 (285) 17,374 Interest expense (3,750) (6,031) (9,781) (338) 307 (9,812) Net interest income 1,947 5,647 7,594 (54) 22 7,562 Commissions and fees 3,582 7,356 10,938 27 127 11,092 Trading revenues (1,192) 1,563 371 (21) (37) 313 Other revenues 830 660 1,490 (2,684) 2 2,550 1,356 Net revenues 5,167 15,226 20,393 (2,732) 2,662 20,323 Provision for credit losses (5) 257 252 0 0 252 Compensation and benefits 3,235 7,542 10,777 57 (262) 10,572 General and administrative expenses 4,474 5,411 9,885 (88) (27) 9,770 Commission expenses 259 1,196 1,455 1 (1) 1,455 Restructuring expenses 209 304 513 0 27 540 Total other operating expenses 4,942 6,911 11,853 (87) (1) 11,765 Total operating expenses 8,177 14,453 22,630 (30) (263) 22,337 Income/(loss) before taxes (3,005) 516 (2,489) (2,702) 2,925 (2,266) Income tax expense/(benefit) (228) 628 400 8 33 441 Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Net income/(loss) attributable to noncontrolling interests 157 (163) (6) 0 9 3 Net income/(loss) attributable to shareholders (2,934) 51 (2,883) (2,710) 2,883 (2,710) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 Comprehensive income (CHF million) Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Gains/(losses) on cash flow hedges 0 (22) (22) 2 0 (20) Foreign currency translation 604 (106) 498 7 10 515 Unrealized gains/(losses) on securities 0 1 1 0 0 1 Actuarial gains/(losses) 49 161 210 0 184 394 Net prior service credit/(cost) 0 0 0 0 36 36 Gains/(losses) on liabilities related to credit risk (64) (1,018) (1,082) 67 (28) (1,043) Other comprehensive income/(loss), net of tax 589 (984) (395) 76 202 (117) Comprehensive income/(loss) (2,188) (1,096) (3,284) (2,634) 3,094 (2,824) Comprehensive income/(loss) attributable to noncontrolling interests 151 (140) 11 0 (13) (2) Comprehensive income/(loss) attributable to shareholders (2,339) (956) (3,295) (2,634) 3,107 (2,822) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 7,030 12,312 19,342 277 (278) 19,341 Interest expense (4,296) (5,747) (10,043) (330) 331 (10,042) Net interest income 2,734 6,565 9,299 (53) 53 9,299 Commissions and fees 3,932 8,034 11,966 18 60 12,044 Trading revenues (966) 2,275 1,309 28 3 1,340 Other revenues 508 729 1,237 (2,969) 2 2,846 1,114 Net revenues 6,208 17,603 23,811 (2,976) 2,962 23,797 Provision for credit losses 5 319 324 0 0 324 Compensation and benefits 3,805 7,851 11,656 76 (186) 11,546 General and administrative expenses 2,242 6,493 8,735 (110) (51) 8,574 Commission expenses 288 1,335 1,623 1 (1) 1,623 Goodwill impairment 0 3,797 3,797 0 0 3,797 Restructuring expenses 193 132 325 0 30 355 Total other operating expenses 2,723 11,757 14,480 (109) (22) 14,349 Total operating expenses 6,528 19,608 26,136 (33) (208) 25,895 Income/(loss) before taxes (325) (2,324) (2,649) (2,943) 3,170 (2,422) Income tax benefit 37 451 488 1 34 523 Net income/(loss) (362) (2,775) (3,137) (2,944) 3,136 (2,945) Net income/(loss) attributable to noncontrolling interests 143 (150) (7) 0 6 (1) Net income/(loss) attributable to shareholders (505) (2,625) (3,130) (2,944) 3,130 (2,944) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 Comprehensive income (CHF million) Net income/(loss) (362) (2,775) (3,137) (2,944) 3,136 (2,945) Gains/(losses) on cash flow hedges 0 24 24 (8) 0 16 Foreign currency translation 55 (1,204) (1,149) (3) (4) (1,156) Unrealized gains/(losses) on securities (2) (2) (4) 0 0 (4) Actuarial gains/(losses) 24 21 45 0 (706) (661) Net prior service credit/(cost) (14) 0 (14) 0 169 155 Other comprehensive income/(loss), net of tax 63 (1,161) (1,098) (11) (541) (1,650) Comprehensive income/(loss) (299) (3,936) (4,235) (2,955) 2,595 (4,595) Comprehensive income/(loss) attributable to noncontrolling interests 784 (810) (26) 0 7 (19) Comprehensive income/(loss) attributable to shareholders (1,083) (3,126) (4,209) (2,955) 2,588 (4,576) 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 Assets (CHF million) Cash and due from banks 3,058 106,452 109,510 516 (211) 109,815 Interest-bearing deposits with banks 32 689 721 493 (488) 726 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 58,212 57,134 115,346 0 0 115,346 Securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading assets 24,602 132,172 156,774 0 (440) 156,334 Investment securities 245 1,944 2,189 15,612 (15,610) 2,191 Other investments 902 4,991 5,893 45,517 (45,446) 5,964 Net loans 12,456 270,781 283,237 0 (4,088) 279,149 Premises and equipment 1,001 3,444 4,445 0 241 4,686 Goodwill 722 3,314 4,036 0 706 4,742 Other intangible assets 195 28 223 0 0 223 Brokerage receivables 19,717 27,251 46,968 0 0 46,968 Other assets 11,217 19,739 30,956 389 726 32,071 Total assets 137,781 660,591 798,372 62,527 (64,610) 796,289 Liabilities and equity (CHF million) Due to banks 270 15,141 15,411 755 (753) 15,413 Customer deposits 1 362,302 362,303 0 (1,141) 361,162 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 15,352 11,144 26,496 0 0 26,496 Obligation to return securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading liabilities 6,549 32,583 39,132 0 (13) 39,119 Short-term borrowings 12,224 14,154 26,378 0 (489) 25,889 Long-term debt 50,396 121,646 172,042 19,357 (18,367) 173,032 Brokerage payables 21,585 21,718 43,303 0 0 43,303 Other liabilities 10,454 21,229 31,683 513 (584) 31,612 Total liabilities 122,253 632,569 754,822 20,625 (21,347) 754,100 Total shareholders' equity 15,409 27,261 42,670 41,902 (42,670) 41,902 Noncontrolling interests 119 761 880 0 (593) 287 Total equity 15,528 28,022 43,550 41,902 (43,263) 42,189 Total liabilities and equity 137,781 660,591 798,372 62,527 (64,610) 796,289 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 Assets (CHF million) Cash and due from banks 2,491 118,575 121,066 938 (843) 121,161 Interest-bearing deposits with banks 3,520 (2,753) 767 5 0 772 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 82,363 52,476 134,839 0 0 134,839 Securities received as collateral 30,914 1,650 32,564 0 0 32,564 Trading assets 48,914 116,478 165,392 0 (242) 165,150 Investment securities 511 1,975 2,486 4,173 (4,170) 2,489 Other investments 1,146 5,571 6,717 44,753 (44,693) 6,777 Net loans 12,809 266,151 278,960 126 (3,110) 275,976 Premises and equipment 990 3,676 4,666 0 45 4,711 Goodwill 756 3,433 4,189 0 724 4,913 Other intangible assets 179 34 213 0 0 213 Brokerage receivables 17,461 15,970 33,431 0 0 33,431 Other assets 13,119 23,656 36,775 244 (154) 36,865 Total assets 215,173 606,892 822,065 50,239 (52,443) 819,861 Liabilities and equity (CHF million) Due to banks 77 22,723 22,800 2,943 (2,943) 22,800 Customer deposits 8 357,216 357,224 0 (1,391) 355,833 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 54,900 (21,884) 33,016 0 0 33,016 Obligation to return securities received as collateral 30,914 1,650 32,564 0 0 32,564 Trading liabilities 10,125 34,827 44,952 0 (22) 44,930 Short-term borrowings 17,110 (1,725) 15,385 0 0 15,385 Long-term debt 41,481 151,014 192,495 5,078 (4,258) 193,315 Brokerage payables 28,706 11,146 39,852 0 0 39,852 Other liabilities 14,992 24,927 39,919 321 (385) 39,855 Total liabilities 198,313 579,894 778,207 8,342 (8,999) 777,550 Total shareholders' equity 17,006 25,783 42,789 41,897 (42,789) 41,897 Noncontrolling interests (146) 1,215 1,069 0 (655) 414 Total equity 16,860 26,998 43,858 41,897 (43,444) 42,311 Total liabilities and equity 215,173 606,892 822,065 50,239 (52,443) 819,861 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of cash flows Bank 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 7,840 (16,330) (8,490) (142) 2 90 (8,542) Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks 0 40 40 (488) 488 40 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 20,626 (6,340) 14,286 0 0 14,286 Purchase of investment securities 0 (86) (86) (5,673) 5,673 (86) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 104 318 422 0 0 422 Investments in subsidiaries and other investments (206) (888) (1,094) (4,101) 4,101 (1,094) Proceeds from sale of other investments 488 1,479 1,967 0 3 1,970 (Increase)/decrease in loans 3,131 (17,910) (14,779) (5,336) 6,441 (13,674) Proceeds from sales of loans 0 9,938 9,938 0 0 9,938 Capital expenditures for premises and equipment and other intangible assets (295) (655) (950) 0 (118) (1,068) Proceeds from sale of premises and equipment and other intangible assets 2 58 60 0 (59) 1 Other, net 41 24 65 0 0 65 Net cash provided by/(used in) investing activities of continuing operations 23,891 (14,008) 9,883 (15,598) 16,529 10,814 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 191 2,996 3,187 (2,189) 2,425 3,423 Increase/(decrease) in short-term borrowings (4,113) 9,620 5,507 0 (489) 5,018 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (37,382) 32,131 (5,251) 0 0 (5,251) Issuances of long-term debt 30,223 13,344 43,567 14,035 (14,046) 43,556 Repayments of long-term debt (19,174) (43,470) (62,644) 0 90 (62,554) Issuances of common shares 0 0 0 4,253 0 4,253 Sale of treasury shares 0 0 0 0 12,034 12,034 Repurchase of treasury shares 0 0 0 (630) (12,127) (12,757) Dividends paid (9) (4) (13) (584) 7 (590) Other, net (780) 4,315 3,535 433 (3,891) 77 Net cash provided by/(used in) financing activities of continuing operations (31,044) 18,932 (12,112) 15,318 (15,997) (12,791) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (120) (717) (837) 0 10 (827) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 567 (12,123) (11,556) (422) 632 (11,346) Cash and due from banks at beginning of period 2,491 118,575 121,066 938 (843) 121,161 Cash and due from banks at end of period 3,058 106,452 109,510 516 (211) 109,815 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 10 million and CHF 14 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 9,618 17,390 27,008 (22) 2 (211) 26,775 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (3,320) 3,437 117 0 0 117 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 18,365 (25,421) (7,056) 0 0 (7,056) Purchase of investment securities 0 (88) (88) 0 0 (88) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 199 164 363 0 0 363 Investments in subsidiaries and other investments (355) (1,002) (1,357) (710) 664 (1,403) Proceeds from sale of other investments 2,067 (374) 1,693 0 44 1,737 (Increase)/decrease in loans 3,038 (7,259) (4,221) 15 461 (3,745) Proceeds from sales of loans 0 2,468 2,468 0 0 2,468 Capital expenditures for premises and equipment and other intangible assets (329) (835) (1,164) 0 0 (1,164) Proceeds from sale of premises and equipment and other intangible assets 50 5 55 0 0 55 Other, net 27 723 750 0 (1) 749 Net cash provided by/(used in) investing activities of continuing operations 19,742 (28,168) (8,426) (695) 1,168 (7,953) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 20 10,217 10,237 792 (762) 10,267 Increase/(decrease) in short-term borrowings (5,781) 12,375 6,594 (300) 300 6,594 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (23,838) 9,313 (14,525) 0 0 (14,525) Issuances of long-term debt 1 52,943 52,944 0 40 52,984 Repayments of long-term debt (2,993) (44,139) (47,132) 0 0 (47,132) Issuances of common shares 0 0 0 725 0 725 Sale of treasury shares 0 0 0 323 15,844 16,167 Repurchase of treasury shares 0 0 0 (455) (15,742) (16,197) Dividends paid (1) (144) (145) (493) 145 (493) Other, net (143) 1,187 1,044 93 (760) 377 Net cash provided by/(used in) financing activities of continuing operations (32,735) 41,752 9,017 685 (935) 8,767 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 67 1,146 1,213 28 3 1,244 Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (3,308) 32,120 28,812 (4) 25 28,833 Cash and due from banks at beginning of period 5,799 86,455 92,254 942 (868) 92,328 Cash and due from banks at end of period 2,491 118,575 121,066 938 (843) 121,161 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 145 million and CHF 41 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 10,030 5,149 15,179 129 2 (240) 15,068 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (1) 301 300 (5) 54 349 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 46,634 (9,670) 36,964 0 0 36,964 Purchase of investment securities 0 (376) (376) 0 0 (376) Proceeds from sale of investment securities 1 18 19 0 0 19 Maturities of investment securities 68 840 908 0 0 908 Investments in subsidiaries and other investments (436) (119) (555) (5,310) 5,271 (594) Proceeds from sale of other investments 1,257 639 1,896 18 24 1,938 (Increase)/decrease in loans 4,074 (9,351) (5,277) 210 (379) (5,446) Proceeds from sales of loans 0 1,579 1,579 0 0 1,579 Capital expenditures for premises and equipment and other intangible assets (322) (779) (1,101) 0 (1) (1,102) Proceeds from sale of premises and equipment and other intangible assets 3 10 13 0 0 13 Other, net 33 376 409 0 0 409 Net cash provided by/(used in) investing activities of continuing operations 51,311 (16,532) 34,779 (5,087) 4,969 34,661 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits (1,355) (27,719) (29,074) (475) 400 (29,149) Increase/(decrease) in short-term borrowings 10,090 (28,238) (18,148) 300 (300) (18,148) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (35,303) 13,154 (22,149) 0 0 (22,149) Issuances of long-term debt 8,511 69,373 77,884 0 (26) 77,858 Repayments of long-term debt (41,953) (7,592) (49,545) (30) 210 (49,365) Issuances of common shares 0 0 0 6,035 0 6,035 Sale of treasury shares 0 0 0 3 18,749 18,752 Repurchase of treasury shares 0 0 0 (1,044) (18,717) (19,761) Dividends paid (3) (147) (150) (415) 138 (427) Other, net (497) 5,284 4,787 608 (5,209) 186 Net cash provided by/(used in) financing activities of continuing operations (60,510) 24,115 (36,395) 4,982 (4,755) (36,168) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 18 (598) (580) 1 (3) (582) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 849 12,134 12,983 25 (29) 12,979 Cash and due from banks at beginning of period 4,950 74,321 79,271 917 (839) 79,349 Cash and due from banks at end of period 5,799 86,455 92,254 942 (868) 92,328 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 150 million and CHF 35 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Credit Suisse Group parent comp
Credit Suisse Group parent company | 12 Months Ended |
Dec. 31, 2017 | |
Credit Suisse Group parent company | 41 Credit Suisse Group parent company > Refer to “Note 40 – Subsidiary guarantee information” for the condensed Credit Suisse Group parent company financial information. |
Significant valuation and incom
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 12 Months Ended |
Dec. 31, 2017 | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 42 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) The Group’s consolidated financial statements have been prepared in accordance with US GAAP. >>>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 banking law (true and fair view) and its primary accounting standard. The principal provisions of the Banking Ordinance and the FINMA Circular 2015/1, “Accounting – banks”, governing financial reporting for banks (Swiss GAAP) differ in certain aspects from US GAAP. The following are the major differences: > Refer to “Note 1 – Summary of significant accounting policies” for a detailed description of the Group’s accounting policies. Scope of consolidation 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. Foreign currency translations Under US GAAP, foreign currency translation adjustments resulting from the consolidation of branches with functional currencies other than the Swiss franc are included in AOCI in shareholders’ equity. Under Swiss GAAP, foreign currency translation adjustments from the consolidation of foreign branches are recognized in net income/(loss) from trading activities and fair value option. Under US GAAP, foreign currency measurement adjustments for available-for-sale securities are reported in AOCI, which is part of total shareholder’s equity, whereas for Swiss GAAP statutory purposes they are included in the statements of income. Investments in securities Under Swiss GAAP, classification and measurement of investments in securities depends on the nature of the investment. Non-consolidated participations Under US GAAP, investments in equity securities where a company has the ability to significantly influence the operating and financial policies of an investee are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, a company’s share of the profit or loss as well as any impairment on the participation are reported in other revenues. Under Swiss GAAP, investments in equity securities which are held with the intention of a permanent investment or which are investments in financial industry infrastructure are included in participations irrespective of the percentage ownership of voting shares held. Other participating interests are initially recognized at historical cost and tested for impairment at least annually. The fair value option is not allowed for participations. For the purpose of testing a company’s participating interests for impairment, the portfolio method is applied. Impairment is recorded if the carrying value of a portfolio of participating interests exceeds its fair value. Should the fair value of the portfolio recover subsequently after an impairment and such recovery is considered sustainable, the impairment from prior periods can be reversed up to fair value but not exceeding the historical cost basis. A reversal of the impairment is recorded as extraordinary income in the statements of income. 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) are not recorded in the consolidated statements of operations but included net of tax in AOCI, which is part of total shareholders’ equity. Declines in fair value below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations, except for amounts relating to factors other than credit loss on debt securities with no intent or requirement to sell that continue to be included in AOCI. The new cost basis will not be changed for subsequent recoveries in fair value. Under Swiss GAAP, available-for-sale securities are accounted for at the lower of cost or market with valuation reductions and recoveries due to market fluctuations recorded in other ordinary expenses and income, respectively. Foreign exchange gains and losses are recognized in net income/(loss) from trading activities and fair value option. Non-marketable equity securities Under US GAAP, non-marketable equity securities are valued at cost less other-than-temporary impairment or at fair value. Under Swiss GAAP, non-marketable equity securities are carried at the lower of cost or market. Impairments on held-to-maturity securities Under US GAAP, declines in fair value of held-to-maturity securities below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations except for amounts relating to factors other than credit loss on debt securities held with no intent or requirement to sell that are included in AOCI. The impairment cannot be reversed in future periods. Under Swiss GAAP, all impairments are recognized in the consolidated statements of income. Impairments recognized on held-to-maturity securities are reversed up to the amortized cost if the fair value of the instrument subsequently recovers. A reversal is recorded in the consolidated statements of income. Fair value option Unlike US GAAP, Swiss GAAP generally 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. For issued structured products that meet certain conditions, fair value measurement can be applied. The related changes in fair value of both the embedded derivative and the host contract are recorded in trading revenues, except for fair value adjustments relating to own credit that cannot be recognized in the consolidated statements of income. Impacts of changes in own credit spreads are recognized in the compensation accounts which are either recorded in other assets or other liabilities. Derivative financial instruments used for fair value hedging Under US GAAP, the full amount of unrealized gains or losses on >>>derivatives classified as hedging instruments and the corresponding losses or gains on the hedged items are recognized in income. Hedging ineffectiveness is recorded in trading income. Under Swiss GAAP, the carrying value of hedged items is not adjusted. The amount representing the change in fair value of the hedged item due to the risk being hedged is recorded in the compensation account included in other assets or other liabilities. Hedging ineffectiveness is recorded in net income/(loss) from trading activities and fair value option. Derivative financial instruments used for cash flow hedging Under US GAAP, the effective portion of a cash flow hedge is reported in AOCI. Under Swiss GAAP, the effective portion of a cash flow hedge is recorded in the compensation account included in other assets or other liabilities. Derecognition of financial instruments Under US GAAP, financial instruments are only derecognized if the transaction meets the following criteria: (i) the financial asset has been legally isolated from the transferor, (ii) the transferee has the right to repledge or resell the transferred asset, and (iii) the transferor does not maintain effective control over the transferred asset. Under Swiss GAAP, a financial instrument is derecognized when the economic control has been transferred from the seller to the buyer. A party which has the controlling ability to receive the future returns from the financial instrument and the obligation to absorb the risk of the financial instrument is deemed to have economic control over a financial instrument. Debt issuance costs Under US GAAP, debt issuance costs are presented as a direct deduction from the carrying amount of the related debt. Under Swiss GAAP, debt issuance costs are reported as a balance sheet asset in accrued income and prepaid expenses. Goodwill amortization Under US GAAP, goodwill is not amortized but must be tested for impairment annually or more frequently if an event or change in circumstances indicates that the goodwill may be impaired. Under Swiss GAAP, goodwill is amortized over its useful life, generally not exceeding five years, except for justified cases where a maximum useful life of up to ten years is acceptable. In addition, goodwill is tested at least annually for impairment. Amortization of intangible assets Under US GAAP, intangible assets with indefinite lives are not amortized but are tested for impairment annually or more frequently if an event or change in circumstances indicates that the asset may be impaired. Under Swiss GAAP, intangible assets are amortized over a useful life, up to a maximum of five years, in justified cases up to a maximum of ten years. In addition, these assets are tested at least annually for impairment. Guarantees US GAAP requires all guarantees to be initially recognized at fair value. Upon issuance of a guarantee, the guarantor is required to recognize a liability that reflects the initial fair value; simultaneously, a receivable is recorded to reflect the future guarantee fee income over the entire life of the guarantee. Under Swiss GAAP, only accrued or prepaid guarantee fees are recorded on the balance sheet. No guarantee liability and receivable for future guarantee fees are recorded upon issuance of a guarantee. Loan origination fees and costs US GAAP requires the deferral of fees received upfront and direct costs incurred in connection with the origination of loans not held under the fair value option. Under Swiss GAAP, only upfront payments or fees that are considered interest-related components are deferred (e.g., premiums and discounts). Fees received from the borrower which are considered service-related fees such as commitment fees, structuring fees and arrangement fees are immediately recognized in commission income. Sale and leaseback transactions Under US GAAP, gains from the sale of property subject to a sale and leaseback arrangement are deferred and amortized over the leaseback period. Under Swiss GAAP, gains from the sale of property subject to a sale and leaseback arrangement are only deferred if the provisions of the leaseback contract indicate that the leaseback is a capital lease; if the leaseback contract meets the requirements of an operating lease, such gains are immediately recognized upon sale of the property. Extraordinary income and expenses Unlike US GAAP, Swiss GAAP does report certain expenses or revenues as extraordinary if the recorded income or expense is non-operating and non-recurring. Pensions and post-retirement benefits Under US GAAP, the liability and related pension expense is determined based on the projected unit credit actuarial calculation of the benefit obligation. Under Swiss GAAP, the liability and related pension expense is primarily determined based on the pension plan valuation in accordance with Swiss GAAP FER 26. A pension asset is recorded if a statutory overfunding of a pension plan leads to a future economic benefit, and a pension liability is recorded if a statutory underfunding of a pension plan leads to a future economic obligation. Employer contribution reserves must be capitalized if they represent a future economic benefit. A future economic benefit exists if the employer can reduce its future statutory annual contribution to the pension plan by releasing employer contribution reserves. Pension expenses include the required contributions defined by Swiss law, any additional contribution mandated by the pension fund trustees and any change in value of the pension asset or liability between two measurement dates as determined on the basis of the annual year-end pension plan valuation. Discontinued operations Under US GAAP, the assets and liabilities of a discontinued operation are separated from the ordinary captions of the consolidated balance sheets and are reported as discontinued operations measured at the lower of the carrying value or fair value less cost to sell. Accordingly, income and expense from discontinued operations are reported in a separate line item of the consolidated statements of operations. Under Swiss GAAP, these positions remain in their initial balance sheet captions until disposed of and continue to be valued according to the respective captions. Security collateral received in securities lending transactions Under US GAAP, security collateral received in securities lending transactions are recorded as assets and a corresponding liability to return the collateral is recognized. Under Swiss GAAP, security collateral received and the obligation to return collateral of securities lending transactions are not recognized on the balance sheet. Loan commitments Under US GAAP, loan commitments include all commitments to extend loans, unfunded commitments under commercial lines of credit, revolving credit lines, credit guarantees in the future and overdraft protection agreements, except for commitments that can be revoked by the Group at any time at the Group’s sole discretion without prior notice. Under Swiss GAAP, loan commitments include all commitments to extend loans, unfunded commitments under commercial lines of credit, revolving credit lines, credit guarantees in the future and overdraft protection agreements, except for commitments that can be revoked by the Group at any time at the Group’s sole discretion with a notice period not exceeding six weeks. |
Bank | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 39 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) > Refer to “Note 42 – Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view)” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Summary of significant accoun50
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Basis of presentation | 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 year’s consolidated financial statements to conform to the current presentation which 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 assets, tax uncertainties, pension liabilities and 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 management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Group’s 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 and the limited partners do not have either substantive kick out rights and/or substantive participating rights or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs if 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 – Brokers 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-dealer’s operations are consolidated regardless of holding intent. |
Foreign currency translation | Foreign currency translation Transactions denominated in currencies other than the functional currency of the related entity are recorded by remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than the Swiss franc are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated at weighted average foreign exchange rates for the period. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. |
Fair value measurement and option | Fair value measurement and option The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial recognition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. > Refer to “Fair value option” in Note 34 – Financial instruments for further information. |
Cash and due from banks | Cash and due from banks Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. |
Reverse repurchase and repurchase agreements | Reverse repurchase and repurchase agreements Purchases of securities under resale agreements (>>>reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (>>>repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on selected agreements. Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same enforceable master netting agreement. |
Securities lending and borrowing transactions | Securities lending and borrowing transactions Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. If the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. |
Transfers of financial assets | Transfers of financial assets The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. > Refer to “Note 33 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. |
Trading assets and liabilities | Trading assets and liabilities Trading assets and liabilities include debt and equity securities, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. Derivatives Freestanding >>>derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for >>>over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: (i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or (iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. |
Investment securities | Investment securities Investment securities include debt securities classified as held-to-maturity and debt and marketable equity securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. Debt and equity securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent 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. Recognition of an impairment on equity securities is recorded in the consolidated statements of operations if a decline in fair value below the cost basis of an investment is considered other-than-temporary. The Group generally considers unrealized losses on equity securities to be other-than-temporary if the fair value has been below cost for more than six months or has decreased by more than 20% below cost. Recognition of an impairment for debt or equity securities establishes a new cost basis, which is not adjusted for subsequent recoveries. Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. |
Other investments | Other investments Other investments include equity method investments and non-marketable equity securities such as private equity, hedge funds, and restricted stock investments, certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, real estate held for investment and the life finance business. Equity method investments are investments where the Group has the ability to significantly influence the operating and financial policies of an investee. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s share of the profit or loss, and any impairment on the investee, if applicable, is reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. The Group’s other non-marketable equity securities are carried at cost less other-than-temporary impairment or at fair value if elected under the fair value option. Non-marketable equity securities held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. Equity method investments and non-marketable equity securities held by broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. Real estate held for investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. These assets are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. In connection with the life finance business, the Group invests in single premium immediate annuities (SPIA), which are carried at fair value with the related fair value changes reported in trading revenues. The life finance business also invests in life settlement contracts. |
Loans | Loans Loans held-to-maturity Loans, which the Group intends to hold until maturity, are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Note 18 – Loans, allowance for loan losses and credit quality” for further information. Allowance for loan losses on loans held-to-maturity The allowance for loan losses is composed of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectability and a provision is established as necessary. A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectability and additional provisions are established as required. Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other assets received. > Refer to “Impaired loans” in Note 18 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. Loans held-for-sale Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Revaluation losses incurred at the transfer into the held-for-sale category are generally recorded as credit losses. Gains and losses on loans held-for-sale subsequent to the transfer into the held-for-sale category are recorded in other revenues. Purchased impaired loans Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. Loans held at fair value under the fair value option Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. |
Premises and equipment | Premises and equipment Premises and equipment (including equipment under operating leases where the Group is the lessor), with the exception of land, are carried at cost less accumulated depreciation. Buildings are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years, and building improvements are depreciated on a straight-line basis over their estimated useful lives, generally not exceeding five to ten years. Land is carried at historical cost and is not depreciated. Leasehold improvements, such as alterations and improvements to rented premises, are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which generally does not exceed ten years. Equipment, such as computers, machinery, furnishings, vehicles and other tangible non-financial assets, is depreciated using the straight-line method over its estimated useful lives, generally three to ten years. Certain leasehold improvements and equipment, such as data center power generators, may have estimated useful lives greater than ten years. The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliably measured. The Group depreciates capitalized software costs on a straight-line basis over the estimated useful life of the software, generally not exceeding seven years, taking into consideration the effects of obsolescence, technology, competition and other economic factors. The Group reflects finance leasing activities for which it is the lessee by recording an asset in premises and equipment and a corresponding liability in other liabilities at an amount equal to the smaller of the present value of the minimum lease payments or fair value, and the leased asset is depreciated over the shorter of the asset’s estimated useful life or the lease term. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill arises on the acquisition of subsidiaries and equity method investments. It is measured as the excess of the fair value of the consideration transferred, the fair value of any noncontrolling interest in the acquiree and the fair value of any previously held equity interest in the acquired subsidiary, over the net of the acquisition-date fair values of the identifiable assets acquired and the liabilities assumed. Goodwill is not amortized; instead it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Goodwill is allocated to the Group’s reporting units for the purposes of the impairment test. Other intangible assets may be acquired individually or as part of a group of assets assumed in a business combination. Other intangible assets include but are not limited to: patents, licenses, copyrights, trademarks, branch networks, mortgage servicing rights, customer base and deposit relationships. Acquired intangible assets are initially measured at the amount of cash disbursed or the fair value of other assets distributed. Other intangible assets that have a finite useful life are amortized over that period. Other intangible assets acquired after January 1, 2002 that are determined to have an indefinite useful life are not amortized; instead they are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the indefinite intangible asset may be impaired. Mortgage servicing rights are included in non-amortizing other intangible assets and are carried at fair value, with changes in fair value recognized through earnings in the period in which they occur. Mortgage servicing rights represent the right to perform specified mortgage servicing activities on behalf of third parties. Mortgage servicing rights are either purchased from third parties or retained upon sale of acquired or originated loans. |
Recognition of an impairment on tangible fixed assets and other intangible assets | Recognition of an impairment on non-financial assets The Group evaluates premises and equipment and finite intangible assets for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount of an asset exceeds the recoverable amount, the asset is considered impaired and an impairment is recorded in general and administrative expenses. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. |
Income taxes | Income taxes Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities at the dates of the consolidated balance sheets and their respective tax bases. Deferred tax assets and liabilities are computed using currently enacted tax rates and are recorded in other assets and other liabilities, respectively. Income tax expense or benefit is recorded in income tax expense/(benefit), except to the extent the tax effect relates to transactions recorded directly in total shareholders’ equity. Deferred tax assets are reduced by a valuation allowance, if necessary, to the amount that management believes will more likely than not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates in the period in which changes are approved by the relevant authority. Deferred tax assets and liabilities are presented on a net basis for the same tax-paying component within the same tax jurisdiction. The Group follows the guidance in ASC Topic 740 – Income Taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Group determines whether it is more likely than not that an income tax position will be sustained upon examination based on the technical merits of the position. Sustainable income tax positions are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each such sustainable income tax position is measured at the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. |
Life settlement contracts | Life settlement contracts Life settlement contracts are initially recognized at the transaction price and subsequently carried at fair value unless the Group elects to apply the investment method. The contracts that are not accounted for under the investment method are carried at fair value and are recorded in trading assets. Under the investment method, the contracts are initially recognized at the transaction price plus any directly related external costs and are recorded in other investments. Subsequently, all continuing premium payments made are capitalized unless the aggregated carrying value exceeds fair value, in which case an impairment allowance is established so that the carrying value does not exceed fair value. |
Brokerage receivables and brokerage payables | Brokerage receivables and brokerage payables The Group recognizes receivables and payables from transactions in financial instruments purchased from and sold to customers, banks and broker-dealers. The Group is exposed to risk of loss resulting from the inability of counterparties to pay for or deliver financial instruments purchased or sold, in which case the Group would have to sell or purchase, respectively, these financial instruments at prevailing market prices. To the extent an exchange or clearing organization acts as counterparty to a transaction, credit risk is generally considered to be limited. The Group establishes credit limits for each customer and requires them to maintain margin collateral in compliance with applicable regulatory and internal guidelines. In order to conduct trades with an exchange or a third-party bank, the Group is required to maintain a margin. This is usually in the form of cash and deposited in a separate margin account with the exchange or broker. If available information indicates that it is probable that a brokerage receivable is impaired, an allowance is established. Write-offs of brokerage receivables occur if the outstanding amounts are considered uncollectible. |
Other assets - Derivatives used for hedging | Other assets Derivative instruments used for hedging Derivative instruments are carried at fair value. The fair values of derivative instruments held for hedging are included as other assets or other liabilities in the consolidated balance sheets. The accounting treatment used for changes in fair value of hedging derivatives depends on the designation of the derivative as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation. Changes in fair value representing hedge ineffectiveness are reported in trading revenues. |
Long-term debt | Customer deposits Customer deposits represent funds held from customers (both retail and commercial) and banks and consist of interest-bearing demand deposits, savings deposits and time deposits. Interest is accrued based on the contractual provisions of the deposit contract. Long-term debt Total long-term debt is composed of debt issuances which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign currency denominated fixed and variable rate bonds. The Group actively manages interest rate risk and foreign currency risk on vanilla debt through the use of derivative contracts, primarily interest rate and currency swaps. In particular, fixed rate debt is hedged with receive-fixed, pay-floating interest rate swaps. The Group elected to fair value this fixed rate debt upon implementation of the fair value option on January 1, 2007, with changes in fair value recognized as a component of trading revenues, except for changes in fair value attributed to own credit risk, which, since 2016, are recorded in other comprehensive income, net of tax, and recycled to trading revenue when the debt is de-recognized. The Group did not elect to apply the fair value option to fixed-rate debt issued by the Group since January 1, 2008 and instead applies hedge accounting per the guidance of ASC Topic 815 – Derivatives and Hedging. For capital management purposes, the Group issues hybrid capital instruments in the form of low- and high-trigger tier 1 and tier 2 capital notes, with a write-off or contingent share conversion feature. Typically, these instruments have an embedded derivative that is bifurcated for accounting purposes. The embedded derivative is measured separately and changes in fair value are recorded in trading revenue. The host contract is generally accounted for under the amortized cost method unless the fair value option has been elected and the entire instrument is carried at fair value. The Group’s long-term debt also includes various equity-linked and other indexed instruments with embedded derivative features, for which payments and redemption values are linked to commodities, stocks, indices, currencies or other assets. The Group elected to account for substantially all of these instruments at fair value. Changes in the fair value of these instruments are recognized as a component of trading revenues, except for changes in fair value attributed to own credit risk, which is recorded in other comprehensive income, net of tax, and recycled to trading revenue when the debt is de-recognized. |
Other liabilities | Other liabilities Guarantees In cases where the Group acts as a guarantor, the Group recognizes in other liabilities, at the inception of a guarantee, a liability for the fair value of the obligations undertaken in issuing such a guarantee, including its ongoing obligation to perform over the term of the guarantee in the event that certain events or conditions occur. Pension and other post-retirement benefits Credit Suisse sponsors a number of post-employment benefit plans for its employees worldwide, which include defined benefit pension plans and other post-employment benefits. The major plans are located in Switzerland, the UK and the US. The Group uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31 and is performed by independent qualified actuaries. Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Group management. This includes making assumptions with regard to discount rates, salary increases, interest rate on savings balances, expected long-term rate of return on plan assets and mortality (future life expectancy). The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yield curves, constructed from high-quality corporate bonds currently available and observable in the market and are expected to be available during the period to maturity of the pension benefits. In countries where there is no deep market in high-quality corporate bonds with longer durations, the best available market information, including governmental bond yields and risk premiums, is used to construct the yield curve. Salary increases are determined by reviewing historical practice and external market data as well as considering internal projections. The interest rate on savings balances is applicable only to the Credit Suisse Swiss pension plan (Swiss pension plan). The Board of Trustees of the Swiss pension plan sets the interest rate to be applied on the accumulated savings balance on an annual basis. Credit Suisse estimates the future interest rate on savings balances, taking into consideration actions and rates approved by the Board of Trustees of the Swiss pension plan and expected future changes in the interest rate environment based on the yield curve used for the discount rate. The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. Mortality assumptions are based on standard mortality tables and standard models and methodologies for projecting future improvements to mortality as developed and published by external independent actuarial societies and actuarial organizations. Health care cost trend rates are determined by reviewing external data and the Group’s own historical trends for health care costs. The funded status of the Group’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. The Group records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. |
Share-based compensation | Share-based compensation For all share-based awards granted to employees, compensation expense is measured at grant date or modification date based on the fair value of the number of awards for which the requisite service is expected to be rendered and is recognized in the consolidated statements of operations over the required service period on a straight-line basis. Windfall and shortfall tax benefits, representing the incremental tax effects of the difference between the compensation expense recorded in the US GAAP accounts and the tax deduction received, are recorded in the income statement at the point in time the deduction for tax purposes is recorded. Compensation expense for share-based awards that vest in their entirety at the end of the vesting period (cliff vesting) and awards that vest in annual installments (graded vesting), which only contain a service condition that affects vesting, is recognized on a straight-line basis over the service period for the entire award. However, if awards with graded vesting contain a performance condition, then each installment is expensed as if it were a separate award (“front-loaded” expense recognition). Furthermore, recognition of compensation expense is accelerated to the date an employee becomes eligible for retirement. Certain share-based awards also contain a performance condition. In the event of either a negative return on equity (ROE) of the Group or a divisional loss, any outstanding performance share awards will be subject to a reduction. The amount of compensation expense recorded includes an estimate of any expected reductions. For each reporting period after the grant date, the expected number of shares to be ultimately delivered upon vesting is reassessed and reflected as an adjustment to the cumulative compensation expense recorded in the income statement. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee’s determination for the year in which the performance shares are granted. Certain employees own non-substantive equity interests in the form of carried interests in private equity funds managed by the Group. Expenses recognized under these ownership interests are reflected in the consolidated statements of operations in compensation and benefits. |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on own shares The Group may buy and sell own shares, own bonds and financial instruments on own shares within its normal trading and market-making activities. In addition, the Group may hold its own shares to satisfy commitments arising from employee share-based compensation awards. Own shares are recorded at cost and reported as treasury shares, resulting in a reduction to total shareholders’ equity. Financial instruments on own shares are recorded as assets or liabilities or as equity when the criteria for equity classification are met. Dividends received by subsidiaries on own shares and unrealized and realized gains and losses on own shares classified in total shareholders’ equity are excluded from the consolidated statements of operations. Any holdings of bonds issued by any Group entity are eliminated in the consolidated financial statements. |
Net interest income | Net interest income Interest income and interest expense arising from interest-bearing assets and liabilities other than those carried at fair value or the lower of cost or market are accrued, and any related net deferred premiums, discounts, origination fees or costs are amortized as an adjustment to the yield over the life of the related asset and liability. Interest from debt securities and dividends on equity securities carried as trading assets and trading liabilities are recorded in interest and dividend income. > Refer to “Loans” for further information on interest on loans. |
Commissions and fees | Commissions and fees Fee revenue is recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Fee income can be divided into two broad categories: income earned from services that are provided over a certain period of time, for which customers are generally billed on an annual or semi-annual basis, and income earned from providing transaction-type services. Fees earned from services that are provided over a certain period of time are recognized ratably over the service period. Fees earned from providing transaction-type services are recognized when the service has been completed. Performance-linked fees or fee components are recognized at any contractual measurement date when the contractually agreed thresholds are met. Revenues from underwriting and fees from mergers and acquisitions (M&A) and other corporate finance advisory services are recorded at the time the underlying transactions are substantially completed and there are no other contingencies associated with the fees. Transaction-related expenses are deferred until the related revenue is recognized, assuming they are deemed direct and incremental; otherwise, they are expensed as incurred. Underwriting fees are reported net of related expenses. Expenses associated with financial advisory services are recorded in operating expenses unless reimbursed by the client. In circumstances where the Group contracts to provide multiple products, services or rights to a counterparty, an evaluation is made as to whether separate revenue recognition events have occurred. This evaluation considers the stand-alone value of items already delivered and if there is a right of return or warranties on delivered items and services, and the probability of delivery of remaining undelivered items or services. This evaluation is made on a transaction-by-transaction basis. If the criteria noted are met, the transaction is considered a multiple-deliverable arrangement where revenue recognition is determined separately for each deliverable. The consideration received on the total arrangement is allocated to the multiple deliverables based on the selling price of each deliverable. The selling price used for each deliverable will be based on vendor-specific objective evidence if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific objective evidence or third-party evidence is available. Taxes collected from customers and remitted to governmental authorities are accounted for on a net basis. |
Bank | |
Basis of presentation | The accompanying consolidated financial statements of Credit Suisse AG (the Bank), the direct bank subsidiary 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 Bank ends on December 31. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation which 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 assets, tax uncertainties, pension liabilities and 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 management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. In order to align the corporate structure of Credit Suisse (Schweiz) AG with that of the Swiss Universal Bank division, during 2017, the equity stakes in Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH held by the Group were transferred to the Bank and subsequently to Credit Suisse (Schweiz) AG, a wholly owned subsidiary of the Bank. Prior periods have been restated to conform to the current presentation to reflect the impact of these transfers. > Refer to “Note 1 – Summary of significant accounting policies” in VI – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. |
Pensions and other post-retirement benefits | Pension and other post-retirement benefits Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. > Refer to “Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group – Note 1 – Summary of significant accounting policies for further information. |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on Group shares The Bank’s shares are wholly owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares) and Group bonds, own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Business developments (Tables)
Business developments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of significant registered shareholders | Significant shareholders registered in the share register end of 2017 2016 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 329 13 12.88 335 13 16.03 Nortrust Nominees Ltd. 2 140 6 5.49 113 5 5.39 The Bank of New York Mellon 2 – – – 3 107 4 5.14 Crescent Holding GmbH – – – 3 107 4 5.10 1 As registered in the share register of the Group on December 31 of the reporting period; includes shareholders registered as nominees or ADS depositary bank. 2 Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. 3 Participation was lower than the disclosure threshold of 5%. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) before taxes in 2017 2016 2015 Net revenues (CHF million) Swiss Universal Bank 5,396 5,759 5,721 International Wealth Management 5,111 4,698 4,552 Asia Pacific 3,504 3,597 3,839 Global Markets 5,551 5,497 6,826 Investment Banking & Capital Markets 2,139 1,972 1,787 Strategic Resolution Unit (886) (1,271) 511 Corporate Center 85 71 561 Net revenues 20,900 20,323 23,797 Income/(loss) before taxes (CHF million) Swiss Universal Bank 1,765 2,025 1,675 International Wealth Management 1,351 1,121 723 Asia Pacific 729 725 377 Global Markets 450 48 (1,931) Investment Banking & Capital Markets 369 261 (314) Strategic Resolution Unit (2,135) (5,759) (2,652) Corporate Center (736) (687) (300) Income/(loss) before taxes 1,793 (2,266) (2,422) Total assets end of 2017 2016 Total assets (CHF million) Swiss Universal Bank 228,857 228,363 International Wealth Management 94,753 91,083 Asia Pacific 96,497 97,221 Global Markets 242,159 239,700 Investment Banking & Capital Markets 20,803 20,784 Strategic Resolution Unit 45,629 80,297 Corporate Center 67,591 62,413 Total assets 796,289 819,861 |
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) before taxes by geographic location in 2017 2016 2015 Net revenues (CHF million) Switzerland 7,775 8,426 8,548 EMEA 1,231 2,064 3,846 Americas 8,928 7,217 8,470 Asia Pacific 2,966 2,616 2,933 Net revenues 20,900 20,323 23,797 Income/(loss) before taxes (CHF million) Switzerland 1,736 2,111 1,746 EMEA (2,769) (2,460) (1,464) Americas 2,746 (1,573) (2,877) Asia Pacific 80 (344) 173 Income/(loss) before taxes 1,793 (2,266) (2,422) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. Total assets by geographic location end of 2017 2016 Total assets (CHF million) Switzerland 241,757 248,496 EMEA 154,023 156,494 Americas 318,405 333,185 Asia Pacific 82,104 81,686 Total assets 796,289 819,861 The designation of total assets by region is based upon customer domicile. |
Bank | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) before taxes in 2017 2016 2015 Net revenues (CHF million) Swiss Universal Bank 5,396 5,759 5,721 International Wealth Management 5,111 4,698 4,552 Asia Pacific 3,504 3,597 3,839 Global Markets 5,551 5,497 6,826 Investment Banking & Capital Markets 2,139 1,972 1,787 Strategic Resolution Unit (886) (1,271) 511 Adjustments 1 150 141 575 Net revenues 20,965 20,393 23,811 Income/(loss) before taxes (CHF million) Swiss Universal Bank 1,765 2,025 1,675 International Wealth Management 1,351 1,121 723 Asia Pacific 729 725 377 Global Markets 450 48 (1,931) Investment Banking & Capital Markets 369 261 (314) Strategic Resolution Unit (2,135) (5,759) (2,652) Adjustments 1 (976) (910) (527) Income/(loss) before taxes 1,553 (2,489) (2,649) 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Total assets end of 2017 2016 Total assets (CHF million) Swiss Universal Bank 228,857 228,363 International Wealth Management 94,753 91,083 Asia Pacific 96,497 97,221 Global Markets 242,159 239,700 Investment Banking & Capital Markets 20,803 20,784 Strategic Resolution Unit 45,629 80,297 Adjustments 1 69,674 64,617 Total assets 798,372 822,065 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. |
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) before taxes by geographic location in 2017 2016 2015 Net revenues (CHF million) Switzerland 8,015 8,484 8,567 EMEA 1,042 2,036 3,819 Americas 8,952 7,267 8,514 Asia Pacific 2,956 2,606 2,911 Net revenues 20,965 20,393 23,811 Income/(loss) before taxes (CHF million) Switzerland 1,648 1,955 1,604 EMEA (2,825) (2,487) (1,493) Americas 2,660 (1,602) (2,910) Asia Pacific 70 (355) 150 Income/(loss) before taxes 1,553 (2,489) (2,649) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. Total assets by geographic location end of 2017 2016 Total assets (CHF million) Switzerland 243,767 250,559 EMEA 154,179 156,669 Americas 318,358 333,147 Asia Pacific 82,068 81,690 Total assets 798,372 822,065 The designation of total assets by region is based upon customer domicile. |
Net interest income (Tables)
Net interest income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Net interest income | in 2017 2016 2015 Net interest income (CHF million) Loans 5,979 5,628 5,413 Investment securities 47 60 65 Trading assets 6,697 7,483 9,046 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,515 2,767 2,625 Other 1,819 1,436 2,192 Interest and dividend income 17,057 17,374 19,341 Deposits (1,354) (1,043) (884) Short-term borrowings (166) (84) (105) Trading liabilities (3,542) (3,602) (3,854) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,284) (1,387) (1,264) Long-term debt (3,722) (3,494) (3,728) Other (432) (202) (207) Interest expense (10,500) (9,812) (10,042) Net interest income 6,557 7,562 9,299 |
Bank | |
Net interest income | in 2017 2016 2015 Net interest income (CHF million) Loans 5,981 5,627 5,411 Investment securities 47 60 65 Trading assets 6,698 7,483 9,045 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,515 2,767 2,625 Other 1,820 1,438 2,196 Interest and dividend income 17,061 17,375 19,342 Deposits (1,360) (1,047) (887) Short-term borrowings (168) (84) (105) Trading liabilities (3,546) (3,602) (3,855) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,284) (1,387) (1,264) Long-term debt (3,580) (3,460) (3,726) Other (431) (201) (206) Interest expense (10,369) (9,781) (10,043) Net interest income 6,692 7,594 9,299 |
Commissions and fees (Tables)
Commissions and fees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commissions and fees | in 2017 2016 2015 Commissions and fees (CHF million) Lending business 1,839 1,818 1,578 Investment and portfolio management 3,494 3,209 3,436 Other securities business 46 46 65 Fiduciary business 3,540 3,255 3,501 Underwriting 1,806 1,364 1,644 Brokerage 3,004 3,028 3,648 Underwriting and brokerage 4,810 4,392 5,292 Other services 1,628 1,627 1,673 Commissions and fees 11,817 11,092 12,044 |
Bank | |
Commissions and fees | in 2017 2016 2015 Commissions and fees (CHF million) Lending business 1,809 1,790 1,560 Investment and portfolio management 3,320 3,043 3,346 Other securities business 82 72 73 Fiduciary business 3,402 3,115 3,419 Underwriting 1,817 1,364 1,659 Brokerage 3,006 3,029 3,648 Underwriting and brokerage 4,823 4,393 5,307 Other services 1,638 1,640 1,680 Commissions and fees 11,672 10,938 11,966 |
Trading revenues (Tables)
Trading revenues (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trading revenues | in 2017 2016 2015 Trading revenues (CHF million) Interest rate products 3,228 6,231 2,965 Foreign exchange products 1,989 (2,529) (1,121) Equity/index-related products (2,888) (1,796) (259) Credit products (1,096) (2,124) 1 Commodity and energy products 86 177 (46) Other products (2) 354 (200) Trading revenues 1,317 313 1,340 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. |
Bank | |
Trading revenues | in 2017 2016 2015 Trading revenues (CHF million) Interest rate products 3,218 7,163 2,953 Foreign exchange products 1,991 (3,461) (1,124) Equity/index-related products (2,895) (1,738) (275) Credit products (1,096) (2,124) 1 Commodity and energy products 86 177 (46) Other products (4) 354 (200) Total 1,300 371 1,309 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. |
Other revenues (Tables)
Other revenues (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other revenues | in 2017 2016 2015 Other revenues (CHF million) Noncontrolling interests without SEI 3 4 9 Loans held-for-sale 3 (51) (19) Long-lived assets held-for-sale (18) 437 36 Equity method investments 233 208 243 Other investments 80 0 144 Other 908 758 701 Other revenues 1,209 1,356 1,114 |
Bank | |
Other revenues | in 2017 2016 2015 Other revenues (CHF million) Noncontrolling interests without SEI 0 0 3 Loans held-for-sale 3 (51) (19) Long-lived assets held-for-sale (18) 437 36 Equity method investments 229 205 241 Other investments 81 7 147 Other 1,006 892 829 Other revenues 1,301 1,490 1,237 |
Provision for credit losses (Ta
Provision for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Provision for credit losses | in 2017 2016 2015 Provision for credit losses (CHF million) Provision for loan losses 190 249 295 Provision for lending-related and other exposures 20 3 29 Provision for credit losses 210 252 324 |
Bank | |
Provision for credit losses | in 2017 2016 2015 Provision for credit losses (CHF million) Provision for loan losses 190 249 295 Provision for lending-related and other exposures 20 3 29 Provision for credit losses 210 252 324 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and benefits | in 2017 2016 2015 Compensation and benefits (CHF million) Salaries and variable compensation 8,906 9,165 10,051 Social security 671 697 788 Other 1 600 710 707 Compensation and benefits 10,177 10,572 11,546 1 Includes pension and other post-retirement expense of CHF 242 million, CHF 384 million and CHF 359 million in 2017, 2016 and 2015, respectively. |
Bank | |
Compensation and benefits | in 2017 2016 2015 Compensation and benefits (CHF million) Salaries and variable compensation 8,421 9,058 9,935 Social security 620 691 780 Other 1 923 1,028 941 Compensation and benefits 9,964 10,777 11,656 1 Includes pension and other post-retirement expense of CHF 581 million, CHF 704 million and CHF 594 million in 2017, 2016 and 2015, respectively. |
General and administrative ex59
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General and administrative expenses | in 2017 2016 2015 General and administrative expenses (CHF million) Occupancy expenses 1,000 1,004 1,022 IT, machinery, etc. 1,156 1,166 1,268 Provisions and losses 698 3,009 1,158 Travel and entertainment 321 328 381 Professional services 2,446 2,984 3,241 Amortization and impairment of other intangible assets 9 8 19 Other 1,205 1,271 1,485 General and administrative expenses 6,835 9,770 8,574 |
Bank | |
General and administrative expenses | in 2017 2016 2015 General and administrative expenses (CHF million) Occupancy expenses 935 999 1,018 IT, machinery, etc. 1,005 1,160 1,259 Provisions and losses 697 3,009 1,158 Travel and entertainment 299 316 369 Professional services 3,019 2,966 3,217 Amortization and impairment of other intangible assets 9 8 19 Other 1,449 1,427 1,695 General and administrative expenses 7,413 9,885 8,735 |
Restructuring expenses (Tables)
Restructuring expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2017 2016 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 59 60 42 International Wealth Management 70 54 36 Asia Pacific 63 53 3 Global Markets 150 217 96 Investment Banking & Capital Markets 42 28 22 Strategic Resolution Unit 57 121 156 Corporate Center 14 7 0 Total restructuring expenses 455 540 355 Restructuring expenses by type in 2017 2016 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 343 385 309 of which severance expenses 192 218 191 of which accelerated deferred compensation 102 140 87 of which pension expenses 49 27 31 General and administrative-related expenses 112 155 46 Total restructuring expenses 455 540 355 |
Restructuring Provisions [Table Text Block] | Restructuring provision in 2017 2016 2015 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 217 94 311 187 12 199 0 0 0 Net additional charges 1 192 88 280 218 137 355 191 46 237 Utilization (213) (72) (285) (188) (55) (243) (4) (34) (38) Balance at end of period 196 110 306 217 94 311 187 12 199 1 The following items for which expense accretion was accelerated in 2017, 2016 and 2015 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF 71 million, CHF 34 million and CHF 23 million, respectively; unsettled pension obligations of CHF 49 million, CHF 27 million and CHF 31 million, respectively, which remain classified as a component of total shareholders’ equity; unsettled cash-based deferred compensation of CHF 31 million, CHF 106 million and CHF 64 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 24 million, CHF 18 million and CHF 0 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Bank | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2017 2016 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 59 60 42 International Wealth Management 70 54 36 Asia Pacific 63 53 3 Global Markets 150 217 96 Investment Banking & Capital Markets 42 28 22 Strategic Resolution Unit 57 121 156 Corporate Center 14 7 0 Adjustments 1 (59) (27) (30) Total restructuring expenses 396 513 325 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa. Restructuring expenses by type in 2017 2016 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 286 358 279 of which severance expenses 188 218 191 of which accelerated deferred compensation 98 140 87 of which pension expenses 0 0 1 General and administrative-related expenses 110 155 46 Total restructuring expenses 396 513 325 |
Restructuring Provisions [Table Text Block] | Restructuring provision in 2017 2016 2015 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 217 94 311 187 12 199 0 0 0 Net additional charges 1 188 86 274 218 137 355 191 46 237 Utilization (214) (70) (284) (188) (55) (243) (4) (34) (38) Balance at end of period 191 110 301 217 94 311 187 12 199 1 The following items for which expense accretion was accelerated in 2017, 2016 and 2015 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 67 million, CHF 34 million and CHF 23 million, respectively; unsettled pension obligations of CHF 0 million, CHF 0 million and CHF 1 million, respectively, which remain classified as a component of total shareholders’ equity; unsettled cash-based deferred compensation of CHF 31 million, CHF 106 million and CHF 64 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 24 million, CHF 18 million and CHF 0 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share | in 2017 2016 2015 Basic net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for basic earnings per share (983) (2,710) (2,944) Available for common shares (983) (2,713) (2,958) Available for unvested share-based payment awards 0 3 14 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share (983) (2,710) (2,944) Available for common shares (983) (2,713) (2,958) Available for unvested share-based payment awards 0 3 14 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 2,413.8 2,136.8 1,794.7 Dilutive share options and warrants 0.0 0.0 0.0 Dilutive share awards 0.0 0.0 0.0 Weighted-average shares outstanding for diluted earnings per share available for common shares 1, 2 2,413.8 2,136.8 1,794.7 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 0.1 3.0 25.7 Basic earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share available for common shares (0.41) (1.27) (1.65) Diluted earnings/(loss) per share available for common shares (0.41) (1.27) (1.65) Prior periods have been adjusted to reflect the increase in the number of shares outstanding as a result of the discount element in the 2017 rights issue and scrip dividend, as required under US GAAP. 1 Weighted-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 9.8 million, 11.3 million and 7.6 million for 2017, 2016 and 2015, respectively. 2 Due to the net losses in 2017, 2016 and 2015, 2.9 million, 3.2 million and 0.9 million, respectively, of weighted-average share options and warrants outstanding and 57.7 million, 54.6 million and 47.8 million, respectively, of weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. |
Securities borrowed, lent and62
Securities borrowed, lent and subject to repurchase agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Securities borrowed, lent and subject to repurchase agreements | end of 2017 2016 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 70,009 81,513 Deposits paid for securities borrowed 45,337 53,326 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 115,346 134,839 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,606 26,106 Deposits received for securities lent 5,890 6,910 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 26,496 33,016 |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | end of 2017 2016 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 70,009 81,513 Deposits paid for securities borrowed 45,337 53,326 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 115,346 134,839 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,606 26,106 Deposits received for securities lent 5,890 6,910 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 26,496 33,016 |
Trading assets and liabilities
Trading assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trading assets and liabilities | end of 2017 2016 Trading assets (CHF million) Debt securities 72,765 65,668 Equity securities 55,722 63,871 Derivative instruments 1 19,621 26,782 Other 8,226 8,829 Trading assets 156,334 165,150 Trading liabilities (CHF million) Short positions 24,465 24,565 Derivative instruments 1 14,654 20,365 Trading liabilities 39,119 44,930 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | Cash collateral on derivative instruments end of 2017 2016 Cash collateral – netted (CHF million) 1 Cash collateral paid 23,288 33,429 Cash collateral received 14,996 22,948 Cash collateral – not netted (CHF million) 2 Cash collateral paid 5,141 5,705 Cash collateral received 8,644 11,497 1 Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. |
Bank | |
Trading assets and liabilities | end of 2017 2016 Trading assets (CHF million) Debt securities 72,826 65,675 Equity securities 55,822 63,874 Derivative instruments 1 19,900 27,013 Other 8,226 8,830 Trading assets 156,774 165,392 Trading liabilities (CHF million) Short positions 24,478 24,583 Derivative instruments 1 14,654 20,369 Trading liabilities 39,132 44,952 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | Cash collateral on derivative instruments end of 2017 2016 Cash collateral – netted (CHF million) 1 Cash collateral paid 23,587 33,688 Cash collateral received 14,996 22,951 Cash collateral – not netted (CHF million) 2 Cash collateral paid 5,142 5,706 Cash collateral received 8,644 11,497 1 Recorded as cash collateral netting on derivative instruments in Note 25 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 21 – Other assets and other liabilities. |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment securities | end of 2017 2016 Investment securities (CHF million) Securities available-for-sale 2,191 2,489 Total investment securities 2,191 2,489 |
Investment securities by type | Investment securities by type end of 2017 2016 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 199 13 0 212 241 18 0 259 Debt securities issued by foreign governments 1,215 21 0 1,236 1,309 34 0 1,343 Corporate debt securities 238 0 0 238 287 0 0 287 Residential mortgage-backed securities 1 207 0 0 207 497 0 0 497 Commercial mortgage-backed securities 173 0 0 173 14 0 0 14 Debt securities available-for-sale 2,032 34 0 2,066 2,348 52 0 2,400 Banks, trust and insurance companies 95 30 0 125 66 23 0 89 Equity securities available-for-sale 95 30 0 125 66 23 0 89 Securities available-for-sale 2,127 64 0 2,191 2,414 75 0 2,489 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | Proceeds from sales, realized gains and realized losses from available-for-sale securities in 2017 2016 2015 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 7 7 9 4 1 17 Realized gains 0 0 0 0 0 2 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Average 2017 (CHF million, except where indicated) Due within 1 year 728 731 0.91 Due from 1 to 5 years 838 861 0.89 Due from 5 to 10 years 252 259 0.52 Due after 10 years 214 215 4.28 Total debt securities 2,032 2,066 1.21 |
Bank | |
Investment securities | end of 2017 2016 Investment securities (CHF million) Securities available-for-sale 2,189 2,486 Total investment securities 2,189 2,486 |
Investment securities by type | Investment securities by type end of 2017 2016 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by the Swiss federal, cantonal or local governmental entities 197 13 0 210 239 18 0 257 Debt securities issued by foreign governments 1,215 21 0 1,236 1,309 34 0 1,343 Corporate debt securities 238 0 0 238 287 0 0 287 Residential mortgage-backed securities 1 207 0 0 207 497 0 0 497 Commercial mortgage-backed securities 173 0 0 173 14 0 0 14 Debt securities available-for-sale 2,030 34 0 2,064 2,346 52 0 2,398 Banks, trust and insurance companies 95 30 0 125 65 23 0 88 Equity securities available-for-sale 95 30 0 125 65 23 0 88 Securities available-for-sale 2,125 64 0 2,189 2,411 75 0 2,486 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | Proceeds from sales, realized gains and realized losses from available-for-sale securities in 2017 2016 2015 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 7 7 9 4 1 17 Realized gains 0 0 0 0 0 2 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Average 2017 (CHF million) Due within 1 year 728 731 0.91 Due from 1 to 5 years 838 861 0.89 Due from 5 to 10 years 250 257 0.52 Due after 10 years 214 215 4.28 Total debt securities 2,030 2,064 1.21 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other investments | end of 2017 2016 Other investments (CHF million) Equity method investments 3,066 3,121 Non-marketable equity securities 1 1,292 1,731 Real estate held for investment 2 232 268 Life finance instruments 3 1,374 1,657 Total other investments 5,964 6,777 1 Includes 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. 2 As of December 31, 2017 and 2016, real estate held for investment included foreclosed or repossessed real estate of CHF 41 million and CHF 29 million, respectively, of which CHF 21 million and CHF 27 million, respectively were related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. |
Bank | |
Other investments | end of 2017 2016 Other investments (CHF million) Equity method investments 3,027 3,095 Non-marketable equity securities 1 1,283 1,721 Real estate held for investment 2 209 244 Life finance instruments 3 1,374 1,657 Total other investments 5,893 6,717 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee. 2 As of December 31, 2017 and 2016, real estate held for investment included foreclosed or repossessed real estate of CHF 41 million and CHF 29 million, respectively, of which CHF 21 million and CHF 27 million, respectively, were related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. |
Loans, allowance for loan los66
Loans, allowance for loan losses and credit quality (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Loans | Loans end of 2017 2016 Loans (CHF million) Mortgages 106,039 104,335 Loans collateralized by securities 42,016 37,268 Consumer finance 4,242 3,490 Consumer 152,297 145,093 Real estate 26,599 26,016 Commercial and industrial loans 81,670 83,740 Financial institutions 15,697 17,921 Governments and public institutions 3,874 4,273 Corporate & institutional 127,840 131,950 Gross loans 280,137 277,043 of which held at amortized cost 264,830 257,515 of which held at fair value 15,307 19,528 Net (unearned income)/deferred expenses (106) (129) Allowance for loan losses (882) (938) Net loans 279,149 275,976 Gross loans by location (CHF million) Switzerland 157,696 158,766 Foreign 122,441 118,277 Gross loans 280,137 277,043 Impaired loan portfolio (CHF million) Non-performing loans 1,048 1,236 Non-interest-earning loans 223 265 Non-performing and non-interest-earning loans 1,271 1,501 Restructured loans 290 358 Potential problem loans 549 613 Other impaired loans 839 971 Gross impaired loans 2,110 2,472 |
Allowance for loan losses | Allowance for loan losses 2017 2016 2015 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 216 722 938 216 650 866 251 507 758 Net movements recognized in statements of operations 54 136 190 63 186 249 66 229 295 Gross write-offs (60) (242) (302) (86) (192) (278) (118) (111) (229) Recoveries 12 41 53 13 53 66 12 16 28 Net write-offs (48) (201) (249) (73) (139) (212) (106) (95) (201) Provisions for interest (1) 14 13 10 8 18 6 12 18 Foreign currency translation impact and other adjustments, net (1) (9) (10) 0 17 17 (1) (3) (4) Balance at end of period 220 662 882 216 722 938 216 650 866 of which individually evaluated for impairment 179 475 654 172 528 700 170 480 650 of which collectively evaluated for impairment 41 187 228 44 194 238 46 170 216 Gross loans held at amortized cost (CHF million) Balance at end of period 152,277 112,553 264,830 145,070 112,445 257,515 144,855 108,331 253,186 of which individually evaluated for impairment 1 632 1,478 2,110 662 1,810 2,472 647 1,326 1,973 of which collectively evaluated for impairment 151,645 111,075 262,720 144,408 110,635 255,043 144,208 107,005 251,213 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2017 2016 2015 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 3,381 3,381 30 3,405 3,435 389 4,294 4,683 Reclassifications from loans held-for-sale 2 0 63 63 0 125 125 0 355 355 Reclassifications to loans held-for-sale 3 0 7,407 7,407 1,632 2,768 4,400 1,641 735 2,376 Sales 3 0 7,051 7,051 72 2,087 2,159 0 373 373 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. |
Gross loans held at amortized cost by internal counterparty rating | Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,475 35,250 1,300 76,025 Financial institutions 7,258 2,022 46 9,326 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 68,135 42,986 1,432 112,553 Gross loans held at amortized cost 202,876 59,971 1,983 264,830 Value of collateral 1 189,048 49,271 1,422 239,741 2016 (CHF million) Mortgages 92,533 11,613 189 104,335 Loans collateralized by securities 34,136 2,916 216 37,268 Consumer finance 1,164 2,119 184 3,467 Consumer 127,833 16,648 589 145,070 Real estate 19,594 5,878 84 25,556 Commercial and industrial loans 36,469 35,945 1,459 73,873 Financial institutions 9,695 1,887 107 11,689 Governments and public institutions 1,253 60 14 1,327 Corporate & institutional 67,011 43,770 1,664 112,445 Gross loans held at amortized cost 194,844 60,418 2,253 257,515 Value of collateral 1 180,276 51,344 1,480 233,100 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Group's risk management policies and directives, with maximum review periods determined by property type, market liquidity and market transparency. |
Past Due Financing Receivables [Table Text Block] | Gross loans held at amortized cost – aging analysis Current Past due Up to 31–60 61–90 More than 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,831 429 40 201 524 1,194 76,025 Financial institutions 8,947 333 1 2 43 379 9,326 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 110,846 800 53 218 636 1,707 112,553 Gross loans held at amortized cost 262,103 1,236 119 272 1,100 2,727 264,830 2016 (CHF million) 1 Mortgages 104,013 106 34 6 176 322 104,335 Loans collateralized by securities 36,953 93 1 1 220 315 37,268 Consumer finance 2,963 276 36 40 152 504 3,467 Consumer 143,929 475 71 47 548 1,141 145,070 Real estate 25,381 93 17 2 63 175 25,556 Commercial and industrial loans 72,234 618 131 131 759 1,639 73,873 Financial institutions 11,542 43 0 0 104 147 11,689 Governments and public institutions 1,269 44 0 0 14 58 1,327 Corporate & institutional 110,426 798 148 133 940 2,019 112,445 Gross loans held at amortized cost 254,355 1,273 219 180 1,488 3,160 257,515 1 Prior period has been corrected. |
Gross impaired loans by category | Gross impaired loans by category Non-performing and Non- 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 134 599 277 458 735 1,334 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 181 721 277 480 757 1,478 Gross impaired loans 1,048 223 1,271 290 549 839 2,110 2016 (CHF million) Mortgages 190 11 201 13 40 53 254 1 Loans collateralized by securities 193 17 210 0 13 13 223 Consumer finance 180 4 184 0 1 1 185 Consumer 563 32 595 13 54 67 662 Real estate 62 5 67 0 19 19 86 Commercial and industrial loans 539 182 721 345 513 858 1,579 Financial institutions 58 46 104 0 27 27 131 Governments and public institutions 14 0 14 0 0 0 14 Corporate & institutional 673 233 906 345 559 904 1,810 Gross impaired loans 1,236 265 1,501 358 613 971 2,472 1 As of December 31, 2017 and 2016, CHF 90 million and CHF 62 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. |
Gross impaired loan detail | Gross impaired loan details end of 2017 2016 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 254 239 36 211 198 21 Loans collateralized by securities 111 97 49 209 193 54 Consumer finance 180 160 94 177 160 97 Consumer 545 496 179 597 551 172 Real estate 86 79 11 65 59 10 Commercial and industrial loans 997 959 427 1,283 1,250 472 Financial institutions 47 46 37 126 122 46 Governments and public institutions 1 1 0 14 14 0 Corporate & institutional 1,131 1,085 475 1,488 1,445 528 Gross impaired loans with a specific allowance 1,676 1,581 654 2,085 1,996 700 Mortgages 78 78 – 43 43 – Loans collateralized by securities 3 3 – 14 14 – Consumer finance 6 6 – 8 8 – Consumer 87 87 – 65 65 – Real estate 10 10 – 21 21 – Commercial and industrial loans 337 337 – 296 296 – Financial institutions 0 0 – 5 5 – Corporate & institutional 347 347 – 322 322 – Gross impaired loans without specific allowance 434 434 – 387 387 – Gross impaired loans 2,110 2,015 654 2,472 2,383 700 of which consumer 632 583 179 662 616 172 of which corporate & institutional 1,478 1,432 475 1,810 1,767 528 Gross impaired loan details (continued) in 2017 2016 2015 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 229 2 1 195 2 1 190 2 2 Loans collateralized by securities 116 1 1 153 1 1 82 0 0 Consumer finance 167 5 5 205 1 1 228 1 1 Consumer 512 8 7 553 4 3 500 3 3 Real estate 78 1 0 72 1 0 74 0 0 Commercial and industrial loans 1,163 17 5 1,039 10 4 626 7 3 Financial institutions 76 1 1 154 1 0 149 1 1 Governments and public institutions 5 0 0 5 0 0 0 0 0 Corporate & institutional 1,322 19 6 1,270 12 4 849 8 4 Gross impaired loans with a specific allowance 1,834 27 13 1,823 16 7 1,349 11 7 Mortgages 83 3 0 83 3 0 51 4 0 Loans collateralized by securities 7 0 0 24 0 0 33 0 0 Consumer finance 3 0 0 11 0 0 7 0 0 Consumer 93 3 0 118 3 0 91 4 0 Real estate 27 1 0 31 1 0 12 1 0 Commercial and industrial loans 271 11 1 307 7 1 98 3 1 Financial institutions 0 0 0 5 0 0 4 0 0 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 298 12 1 348 8 1 114 4 1 Gross impaired loans without specific allowance 391 15 1 466 11 1 205 8 1 Gross impaired loans 2,225 42 14 2,289 27 8 1,554 19 8 of which consumer 605 11 7 671 7 3 591 7 3 of which corporate & institutional 1,620 31 7 1,618 20 5 963 12 5 |
Restructured loans held at amortized cost | Restructured loans held at amortized cost in 2017 2016 2015 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million, except where indicated) Mortgages 0 0 0 0 0 0 1 13 13 Loans collateralized by securities 0 0 0 0 0 0 1 0 0 Commercial and industrial loans 15 123 119 16 201 201 13 207 210 Financial institutions 0 0 0 0 0 0 1 2 2 Total 15 123 119 16 201 201 16 222 225 |
Bank | |
Loans | end of 2017 2016 Loans (CHF million) Mortgages 106,039 104,335 Loans collateralized by securities 42,016 37,268 Consumer finance 4,242 3,490 Consumer 152,297 145,093 Real estate 26,599 26,016 Commercial and industrial loans 81,792 83,760 Financial institutions 19,662 20,884 Governments and public institutions 3,874 4,273 Corporate & institutional 131,927 134,933 Gross loans 284,224 280,026 of which held at amortized cost 268,917 260,498 of which held at fair value 15,307 19,528 Net (unearned income)/deferred expenses (106) (129) Allowance for loan losses (881) (937) Net loans 283,237 278,960 Gross loans by location (CHF million) Switzerland 161,645 161,756 Foreign 122,579 118,270 Gross loans 284,224 280,026 Impaired loan portfolio (CHF million) Non-performing loans 1,048 1,236 Non-interest-earning loans 210 253 Total non-performing and non-interest-earning loans 1,258 1,489 Restructured loans 290 358 Potential problem loans 549 613 Total other impaired loans 839 971 Gross impaired loans 2,097 2,460 |
Allowance for loan losses | Allowance for loan losses 2017 2016 2015 Corporate Corporate Corporate Allowance for loan losses (CHF million) Balance at beginning of period 216 721 937 216 649 865 251 506 757 Net movements recognized in statements of operations 54 136 190 63 186 249 66 229 295 Gross write-offs (60) (242) (302) (86) (192) (278) (118) (111) (229) Recoveries 12 41 53 13 53 66 12 16 28 Net write-offs (48) (201) (249) (73) (139) (212) (106) (95) (201) Provisions for interest (1) 14 13 10 8 18 6 12 18 Foreign currency translation impact and other adjustments, net (1) (9) (10) 0 17 17 (1) (3) (4) Balance at end of period 220 661 881 216 721 937 216 649 865 of which individually evaluated for impairment 179 474 653 172 527 699 170 479 649 of which collectively evaluated for impairment 41 187 228 44 194 238 46 170 216 Gross loans held at amortized cost (CHF million) Balance at end of period 152,277 116,640 268,917 145,070 115,428 260,498 144,855 110,838 255,693 of which individually evaluated for impairment 1 632 1,465 2,097 662 1,798 2,460 647 1,314 1,961 of which collectively evaluated for impairment 151,645 115,175 266,820 144,408 113,630 258,038 144,208 109,524 253,732 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2017 2016 2015 Corporate Corporate Corporate Loans held at amortized cost (CHF million) Purchases 1 0 3,381 3,381 30 3,405 3,435 389 4,294 4,683 Reclassifications from loans held-for-sale 2 0 63 63 0 125 125 0 355 355 Reclassifications to loans held-for-sale 3 0 7,407 7,407 1,632 2,768 4,400 1,641 735 2,376 Sales 3 0 7,051 7,051 72 2,087 2,159 0 373 373 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. |
Gross loans held at amortized cost by internal counterparty rating | Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,610 35,250 1,287 76,147 Financial institutions 11,223 2,022 46 13,291 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 72,235 42,986 1,419 116,640 Gross loans held at amortized cost 206,976 59,971 1,970 268,917 Value of collateral 1 189,092 49,271 1,409 239,772 2016 (CHF million) Mortgages 92,533 11,613 189 104,335 Loans collateralized by securities 34,136 2,916 216 37,268 Consumer finance 1,164 2,119 184 3,467 Consumer 127,833 16,648 589 145,070 Real estate 19,594 5,878 84 25,556 Commercial and industrial loans 36,501 35,945 1,447 73,893 Financial institutions 12,658 1,887 107 14,652 Governments and public institutions 1,253 60 14 1,327 Corporate & institutional 70,006 43,770 1,652 115,428 Gross loans held at amortized cost 197,839 60,418 2,241 260,498 Value of collateral 1 180,323 51,344 1,468 233,135 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Bank's risk management policies and directives, with maximum review periods determined by property type, market liquidity and market transparency. |
Past Due Financing Receivables [Table Text Block] | Gross loans held at amortized cost – aging analysis Current Past due More 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,966 429 40 201 511 1,181 76,147 Financial institutions 12,912 333 1 2 43 379 13,291 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 114,946 800 53 218 623 1,694 116,640 Gross loans held at amortized cost 266,203 1,236 119 272 1,087 2,714 268,917 2016 (CHF million) 1 Mortgages 104,013 106 34 6 176 322 104,335 Loans collateralized by securities 36,953 93 1 1 220 315 37,268 Consumer finance 2,963 276 36 40 152 504 3,467 Consumer 143,929 475 71 47 548 1,141 145,070 Real estate 25,381 93 17 2 63 175 25,556 Commercial and industrial loans 72,266 618 131 131 747 1,627 73,893 Financial institutions 14,505 43 0 0 104 147 14,652 Governments and public institutions 1,269 44 0 0 14 58 1,327 Corporate & institutional 113,421 798 148 133 928 2,007 115,428 Gross loans held at amortized cost 257,350 1,273 219 180 1,476 3,148 260,498 1 Prior period has been corrected. |
Gross impaired loans by category | Gross impaired loans by category Non-performing and Non- 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 121 586 277 458 735 1,321 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 168 708 277 480 757 1,465 Gross impaired loans 1,048 210 1,258 290 549 839 2,097 2016 (CHF million) Mortgages 190 11 201 13 40 53 254 1 Loans collateralized by securities 193 17 210 0 13 13 223 Consumer finance 180 4 184 0 1 1 185 Consumer 563 32 595 13 54 67 662 Real estate 62 5 67 0 19 19 86 Commercial and industrial loans 539 170 709 345 513 858 1,567 Financial institutions 58 46 104 0 27 27 131 Governments and public institutions 14 0 14 0 0 0 14 Corporate & institutional 673 221 894 345 559 904 1,798 Gross impaired loans 1,236 253 1,489 358 613 971 2,460 1 As of December 31, 2017 and 2016, CHF 90 million and CHF 62 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. |
Gross impaired loan detail | Gross impaired loan details end of 2017 2016 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 254 239 36 211 198 21 Loans collateralized by securities 111 97 49 209 193 54 Consumer finance 180 160 94 177 160 97 Consumer 545 496 179 597 551 172 Real estate 86 79 11 65 59 10 Commercial and industrial loans 984 947 426 1,271 1,239 471 Financial institutions 47 46 37 126 122 46 Governments and public institutions 1 1 0 14 14 0 Corporate & institutional 1,118 1,073 474 1,476 1,434 527 Gross impaired loans with a specific allowance 1,663 1,569 653 2,073 1,985 699 Mortgages 78 78 – 43 43 – Loans collateralized by securities 3 3 – 14 14 – Consumer finance 6 6 – 8 8 – Consumer 87 87 – 65 65 – Real estate 10 10 – 21 21 – Commercial and industrial loans 337 337 – 296 296 – Financial institutions 0 0 – 5 5 – Corporate & institutional 347 347 – 322 322 – Gross impaired loans without specific allowance 434 434 – 387 387 – Gross impaired loans 2,097 2,003 653 2,460 2,372 699 of which consumer 632 583 179 662 616 172 of which corporate & institutional 1,465 1,420 474 1,798 1,756 527 Gross impaired loan details (continued) in 2017 2016 2015 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 229 2 1 195 2 1 190 2 2 Loans collateralized by securities 116 1 1 153 1 1 82 0 0 Consumer finance 167 5 5 205 1 1 228 1 1 Consumer 512 8 7 553 4 3 500 3 3 Real estate 78 1 0 72 1 0 74 0 0 Commercial and industrial loans 1,151 17 5 1,029 10 4 616 7 3 Financial institutions 76 1 1 154 1 0 149 1 1 Governments and public institutions 5 0 0 5 0 0 0 0 0 Corporate & institutional 1,310 19 6 1,260 12 4 839 8 4 Gross impaired loans with a specific allowance 1,822 27 13 1,813 16 7 1,339 11 7 Mortgages 83 3 0 83 3 0 51 4 0 Loans collateralized by securities 7 0 0 24 0 0 33 0 0 Consumer finance 3 0 0 11 0 0 7 0 0 Consumer 93 3 0 118 3 0 91 4 0 Real estate 27 1 0 31 1 0 12 1 0 Commercial and industrial loans 271 11 1 307 7 1 98 3 1 Financial institutions 0 0 0 5 0 0 4 0 0 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 298 12 1 348 8 1 114 4 1 Gross impaired loans without specific allowance 391 15 1 466 11 1 205 8 1 Gross impaired loans 2,213 42 14 2,279 27 8 1,544 19 8 of which consumer 605 11 7 671 7 3 591 7 3 of which corporate & institutional 1,608 31 7 1,608 20 5 953 12 5 |
Restructured loans held at amortized cost | Restructured loans held at amortized cost in 2017 2016 2015 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million, except where indicated) Mortgages 0 0 0 0 0 0 1 13 13 Loans collateralized by securities 0 0 0 0 0 0 1 0 0 Commercial and industrial loans 15 123 119 16 201 201 13 207 210 Financial institutions 0 0 0 0 0 0 1 2 2 Total 15 123 119 16 201 201 16 222 225 |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Premises and equipment | end of 2017 2016 Premises and equipment (CHF million) Buildings and improvements 2,163 2,197 Land 346 328 Leasehold improvements 2,102 2,164 Software 5,727 6,676 Equipment 2,149 2,119 Premises and equipment 12,487 13,484 Accumulated depreciation (7,801) (8,773) Total premises and equipment, net 4,686 4,711 |
Depreciation and impairment | Depreciation and impairment in 2017 2016 2015 CHF million Depreciation 826 887 1,012 Impairment 33 25 24 |
Bank | |
Premises and equipment | end of 2017 2016 Premises and equipment (CHF million) Buildings and improvements 2,139 2,179 Land 346 323 Leasehold improvements 2,041 2,162 Software 5,601 6,675 Equipment 1,547 2,051 Premises and equipment 11,674 13,390 Accumulated depreciation (7,229) (8,724) Total premises and equipment, net 4,445 4,666 |
Depreciation and impairment | Depreciation and impairment in 2017 2016 2015 CHF million Depreciation 770 882 1,009 Impairment 33 25 24 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill | Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 623 1,612 2,318 3,195 1,044 12 8,804 Foreign currency translation impact (13) (55) (50) (17) (23) 0 (158) Other 0 (13) 0 0 0 0 (13) Balance at end of period 610 1,544 2,268 3,178 1,021 12 8,633 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 610 1,544 1,496 459 633 0 4,742 2016 Gross amount of goodwill (CHF million) Balance at beginning of period 610 1,573 2,294 3,183 1,027 12 8,699 Goodwill acquired during the year 5 0 0 0 0 0 5 Foreign currency translation impact 9 32 37 12 17 0 107 Other (1) 7 (13) 0 0 0 (7) Balance at end of period 623 1,612 2,318 3,195 1,044 12 8,804 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 623 1,612 1,546 476 656 0 4,913 |
Bank | |
Goodwill | Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 605 1,598 2,090 2,842 933 12 8,080 Foreign currency translation impact (13) (54) (46) (5) (22) 0 (140) Other 0 (13) 0 0 0 0 (13) Balance at end of period 592 1,531 2,044 2,837 911 12 7,927 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 592 1,531 1,272 118 523 0 4,036 2016 Gross amount of goodwill (CHF million) Balance at beginning of period 591 1,559 2,069 2,838 917 12 7,986 Goodwill acquired during the year 5 0 0 0 0 0 5 Foreign currency translation impact 9 32 34 4 16 0 95 Other 0 7 (13) 0 0 0 (6) Balance at end of period 605 1,598 2,090 2,842 933 12 8,080 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 605 1,598 1,318 123 545 0 4,189 |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other intangible assets | end of 2017 2016 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 28 (26) 2 Client relationships 47 (18) 29 50 (14) 36 Other 5 (3) 2 6 (3) 3 Total amortizing other intangible assets 79 (47) 32 84 (43) 41 Non-amortizing other intangible assets 191 – 191 172 – 172 of which mortgage servicing rights, at fair value 158 – 158 138 – 138 Total other intangible assets 270 (47) 223 256 (43) 213 |
Additional information | Additional information in 2017 2016 2015 Aggregate amortization and impairment (CHF million) Aggregate amortization 7 8 18 Impairment 2 0 16 of which related to restructuring expenses 0 0 15 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2018 8 2019 4 2020 3 2021 2 2022 2 |
Bank | |
Other intangible assets | end of 2017 2016 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 28 (26) 2 Client relationships 47 (18) 29 50 (14) 36 Other 5 (3) 2 6 (3) 3 Total amortizing other intangible assets 79 (47) 32 84 (43) 41 Non-amortizing other intangible assets 191 – 191 172 – 172 of which mortgage servicing rights, at fair value 158 – 158 138 – 138 Total other intangible assets 270 (47) 223 256 (43) 213 |
Additional information | Additional information in 2017 2016 2015 Aggregate amortization and impairment (CHF million) Aggregate amortization 7 8 18 Impairment 2 0 16 of which related to restructuring expenses 0 0 15 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2018 8 2019 4 2020 3 2021 2 2022 2 |
Other assets and other liabil70
Other assets and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other assets and other liabilities | end of 2017 2016 Other assets (CHF million) Cash collateral on derivative instruments 5,141 5,705 Cash collateral on non-derivative transactions 490 1,237 Derivative instruments used for hedging 50 148 Assets held-for-sale 8,300 8,214 of which loans 1 8,130 8,062 of which real estate 2 141 122 of which long-lived assets 29 30 Assets held for separate accounts 190 431 Interest and fees receivable 4,669 4,787 Deferred tax assets 3 5,522 5,828 Prepaid expenses 379 394 Failed purchases 1,327 2,423 Defined benefit pension and post-retirement plan assets 2,170 1,061 Other 3 3,833 6,637 Other assets 32,071 36,865 1 Included as of December 31, 2017 and 2016 were CHF 534 million and CHF 681 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2017 and 2016, real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 16 million, respectively, of which CHF 5 million and CHF 13 million, respectively were related to residential real estate. 3 Includes a reclassification from other assets to deferred tax assets in the first quarter of 2017 as a result of the early adoption of ASU 2016-16. Refer to "Note 2 - Recently issued accounting standards" for further information. end of 2017 2016 Other liabilities (CHF million) Cash collateral on derivative instruments 8,644 11,497 Cash collateral on non-derivative transactions 473 369 Derivative instruments used for hedging 99 2 Deposits held-for-sale 0 1,577 Provisions 1,007 4,077 of which off-balance sheet risk 106 88 Restructuring liabilities 306 311 Liabilities held for separate accounts 190 431 Interest and fees payable 5,591 6,039 Current tax liabilities 700 636 Deferred tax liabilities 394 129 Failed sales 720 737 Defined benefit pension and post-retirement plan liabilities 541 516 Other 12,947 13,534 Other liabilities 31,612 39,855 |
Bank | |
Other assets and other liabilities | end of 2017 2016 Other assets (CHF million) Cash collateral on derivative instruments 5,142 5,706 Cash collateral on non-derivative transactions 490 1,237 Derivative instruments used for hedging 50 148 Assets held-for-sale 8,300 8,214 of which loans 1 8,130 8,062 of which real estate 2 141 122 of which long-lived assets 29 30 Assets held for separate accounts 190 431 Interest and fees receivable 4,819 4,801 Deferred tax assets 3 5,457 5,815 Prepaid expenses 330 395 Failed purchases 1,327 2,423 Defined benefit pension and post-retirement plan assets 1,058 995 Other 3 3,793 6,610 Other assets 30,956 36,775 1 Included as of December 31, 2017 and 2016 were CHF 534 million and CHF 681 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2017 and 2016 real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 16 million, respectively, of which CHF 5 million and CHF 13 million, respectively, were related to residential real estate. 3 Includes a reclassification from other assets to deferred tax assets in the first quarter of 2017 as a result of the early adoption of ASU 2016-16. Refer to “Note 2 – Recently issued accounting standards” for further information. end of 2017 2016 Other liabilities (CHF million) Cash collateral on derivative instruments 8,644 11,497 Cash collateral on non-derivative transactions 473 369 Derivative instruments used for hedging 99 2 Deposits held-for-sale 0 1,577 Provisions 998 4,068 of which off-balance sheet risk 106 88 Restructuring liabilities 301 311 Liabilities held for separate accounts 190 431 Interest and fees payable 5,804 6,012 Current tax liabilities 687 624 Deferred tax liabilities 152 99 Failed sales 720 737 Defined benefit pension and post-retirement plan liabilities 541 521 Other 13,074 13,671 Other liabilities 31,683 39,919 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deposits | end of 2017 2016 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,593 2,058 4,651 2,963 1,645 4,608 Interest-bearing demand deposits 125,323 32,732 158,055 122,053 33,440 155,493 Savings deposits 64,068 18 64,086 63,005 2 63,007 Time deposits 32,531 117,252 149,783 1 35,718 119,807 155,525 1 Total deposits 224,515 152,060 376,575 2 223,739 154,894 378,633 2 of which due to banks – – 15,413 – – 22,800 of which customer deposits – – 361,162 – – 355,833 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 149,659 million and CHF 155,458 million as of December 31, 2017 and 2016, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2017 and 2016 were CHF 135 million and CHF 132 million, respectively, of overdrawn deposits reclassified as loans. Prior period has been corrected. |
Bank | |
Deposits | end of 2017 2016 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,594 2,058 4,652 2,972 1,646 4,618 Interest-bearing demand deposits 125,685 32,965 158,650 122,531 33,765 156,296 Savings deposits 64,068 18 64,086 63,005 2 63,007 Time deposits 33,051 117,275 150,326 1 43,562 112,541 156,103 1 Total deposits 225,398 152,316 377,714 2 232,070 147,954 380,024 2 of which due to banks – – 15,411 – – 22,800 of which customer deposits – – 362,303 – – 357,224 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 150,203 million and CHF 163,322 million as of December 31, 2017 and 2016, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2017 and 2016 were CHF 135 million and CHF 132 million, respectively, of overdrawn deposits reclassified as loans. Prior period has been corrected. |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-term debt | end of 2017 2016 Long-term debt (CHF million) Senior 148,542 168,601 Subordinated 23,627 22,955 Non-recourse liabilities from consolidated VIEs 863 1,759 Long-term debt 173,032 193,315 of which reported at fair value 63,628 72,868 of which structured notes 51,465 59,544 |
Schedule of Structured notes | Structured notes by product end of 2017 2016 Structured notes (CHF million) Equity 32,059 35,980 Fixed income 14,471 16,395 Credit 4,678 5,713 Other 257 1,456 Total structured notes 51,465 59,544 |
Long-term debt by maturities | Long-term debt by maturities end of 2018 2019 2020 2021 2022 Thereafter Total Group parent company (CHF million) Senior debt Fixed rate 0 0 0 0 0 7,587 7,587 Variable rate 0 2,700 0 0 970 979 4,649 Interest rate (range in %) 1 – 0.2 – – 1.9 0.6 – 4.3 – Subordinated debt Fixed rate 290 0 0 0 1,576 5,255 7,121 Interest rates (range in %) 1 6.0 – – – 7.1 3.9 – 7.5 – Subtotal – Group parent company 290 2,700 0 0 2,546 13,821 19,357 Subsidiaries (CHF million) Senior debt Fixed rate 9,752 16,272 9,210 7,669 8,264 26,378 77,545 Variable rate 13,362 6,522 7,107 6,434 4,525 20,811 58,761 Interest rates (range in %) 1 0.1 – 8.5 0.1 – 7.5 0.1 – 7.2 0.1 – 7.2 0.1 – 8.2 0.1 – 7.1 – Subordinated debt Fixed rate 10,038 0 1,837 0 111 4,316 16,302 Variable rate 0 201 0 0 3 0 204 Interest rates (range in %) 1 4.9 – 13.3 1.6 3.4 – 7.0 – 7.6 5.7 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 244 344 0 27 5 0 620 Variable rate 71 0 0 1 0 171 243 Interest rates (range in %) 1 2.8 2.9 – 3.0 – 9.3 – 10.3 0.0 0.6 – 10.7 – Subtotal – Subsidiaries 33,467 23,339 18,154 14,131 12,908 51,676 153,675 Total long-term debt 33,757 26,039 18,154 14,131 15,454 65,497 173,032 of which structured notes 9,992 7,339 6,385 3,863 3,956 19,930 51,465 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 3.1 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes 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. |
Bank | |
Long-term debt | end of 2017 2016 Long-term debt (CHF million) Senior 148,568 168,601 Subordinated 22,611 22,135 Non-recourse liabilities from consolidated VIEs 863 1,759 Long-term debt 172,042 192,495 of which reported at fair value 62,622 71,970 of which structured notes 51,465 59,544 |
Schedule of Structured notes | Structured notes by product end of 2017 2016 Structured notes (CHF million) Equity 32,059 35,980 Fixed income 14,471 16,395 Credit 4,678 5,713 Other 257 1,456 Total structured notes 51,465 59,544 |
Long-term debt by maturities | Long-term debt by maturities end of 2018 2019 2020 2021 2022 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 9,752 16,277 9,210 7,691 8,265 34,455 85,650 Variable rate 13,362 9,222 7,107 6,434 5,500 21,293 62,918 Interest rates (range in %) 1 0.1 – 8.5 0.1 – 7.5 0.1 – 7.2 0.1 – 7.2 0.1 – 8.2 0.1 – 7.1 – Subordinated debt Fixed rate 10,328 0 1,837 0 1,687 8,555 22,407 Variable rate 0 201 0 0 3 0 204 Interest rates (range in %) 1 4.9 – 13.3 1.6 3.4 – 7.0 0.0 7.1 – 7.6 3.9 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 244 344 0 27 5 0 620 Variable rate 71 0 0 1 0 171 243 Interest rates (range in %) 1 2.8 2.9 – 3.0 – 9.3 – 10.3 0.0 0.6 – 10.7 – Total long-term debt 33,757 26,044 18,154 14,153 15,460 64,474 172,042 of which structured notes 9,992 7,339 6,385 3,863 3,956 19,930 51,465 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 3.1 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes 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. |
Accumulated other comprehensi73
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated other comprehensive income | Accumulated other comprehensive income Gains/ Accumu- 2017 (CHF million) Balance at beginning of period (35) (12,095) 61 (4,278) 643 (568) (16,272) Increase/(decrease) (61) (1,054) (13) 337 0 (2,008) (2,799) Increase/(decrease) due to equity method investments 1 0 0 0 0 0 1 Reclassification adjustments, included in net income/(loss) 33 30 0 358 (121) 32 332 Total increase/(decrease) (27) (1,024) (13) 695 (121) (1,976) (2,466) Balance at end of period (62) (13,119) 48 (3,583) 522 (2,544) (18,738) 2016 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) (6) 441 1 7 142 (1,043) (458) Increase/(decrease) due to equity method investments (6) 0 0 0 0 0 (6) Reclassification adjustments, included in net income/(loss) (8) 79 0 387 (106) 0 352 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) (20) 520 1 394 36 (568) 363 Balance at end of period (35) (12,095) 61 (4,278) 643 (568) (16,272) 2015 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 – (15,003) Increase/(decrease) 0 (1,142) (3) (1,031) 238 – (1,938) Increase/(decrease) due to equity method investments (15) (1) 0 0 0 – (16) Reclassification adjustments, included in net income/(loss) 31 6 (1) 369 (83) – 322 Total increase/(decrease) 16 (1,137) (4) (662) 155 – (1,632) Balance at end of period (15) (12,615) 60 (4,672) 607 – (16,635) Refer to "Note 27 – Tax" and "Note 30 – Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2017 2016 2015 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 30 79 6 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 444 513 472 Tax expense/(benefit) (86) (126) (103) Net of tax 358 387 369 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (153) (134) (110) Tax expense/(benefit) 32 28 27 Net of tax (121) (106) (83) 1 Includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and net releases of CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. In addition, it includes net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 2 These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. |
Additional share information | Additional share information 2017 2016 2015 Common shares issued Balance at beginning of period 2,089,897,378 1,957,379,244 1,607,168,947 Issuance of common shares 466,114,342 132,518,134 350,210,297 of which share-based compensation 0 30,000,000 0 Balance at end of period 2,556,011,720 2,089,897,378 1,957,379,244 Treasury shares Balance at beginning of period 0 (5,910,224) (7,666,658) Sale of treasury shares 809,307,879 1,218,245,936 766,096,105 Repurchase of treasury shares (857,049,873) (1,224,501,214) (808,768,832) Share-based compensation 41,984,328 12,165,502 44,429,161 Balance at end of period (5,757,666) 0 (5,910,224) Common shares outstanding Balance at end of period 2,550,254,054 1 2,089,897,378 2 1,951,469,020 1 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 505,062,294 of these shares were reserved for capital instruments. 2 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 415,099,918 of these shares were reserved for capital instruments. |
Bank | |
Accumulated other comprehensive income | Gains/ Accumu- 2017 (CHF million) Balance at beginning of period (16) (12,269) 61 (402) 2 (618) (13,242) Increase/(decrease) (61) (1,009) (13) (40) 0 (1,716) (2,839) Reclassification adjustments, included in net income/(loss) 26 30 0 61 0 32 149 Total increase/(decrease) (35) (979) (13) 21 0 (1,684) (2,690) Balance at end of period (51) (13,248) 48 (381) 2 (2,302) (15,932) 2016 (CHF million) Balance at beginning of period 6 (12,750) 60 (612) 2 – (13,294) Increase/(decrease) (6) 409 1 131 0 (1,082) (547) Reclassification adjustments, included in net income/(loss) (16) 72 0 79 0 0 135 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 464 464 Total increase/(decrease) (22) 481 1 210 0 (618) 52 Balance at end of period (16) (12,269) 61 (402) 2 (618) (13,242) 2015 (CHF million) Balance at beginning of period (18) (11,621) 64 (656) 16 – (12,215) Increase/(decrease) 0 (1,134) (3) (30) (1) – (1,168) Decrease due to equity method investments 0 (1) 0 0 0 – (1) Reclassification adjustments, included in net income/(loss) 24 6 (1) 74 (13) – 90 Total increase/(decrease) 24 (1,129) (4) 44 (14) – (1,079) Balance at end of period 6 (12,750) 60 (612) 2 – (13,294) Refer to "Note 26 - Tax" and "Note 29 - Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2017 2016 2015 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 30 72 6 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 68 123 98 Tax expense/(benefit) (7) (44) (24) Net of tax 61 79 74 1 Includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. In addition, it includes net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 2 These components are included in the computation of total benefit costs. Refer to "Note 29 – Pension and other post-retirement benefits" for further information. |
Offsetting of financial asset74
Offsetting of financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Offsetting of derivatives | Offsetting of derivatives end of 2017 2016 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 2.5 1.8 8.2 7.5 OTC 83.3 79.0 129.1 121.7 Exchange-traded 0.1 0.2 0.1 0.1 Interest rate products 85.9 81.0 137.4 129.3 OTC-cleared 0.2 0.2 0.0 0.0 OTC 29.1 34.6 59.3 69.2 Exchange-traded 0.0 0.0 0.0 0.1 Foreign exchange products 29.3 34.8 59.3 69.3 OTC 11.7 11.7 11.2 11.5 Exchange-traded 9.2 9.8 11.5 13.0 Equity/index-related products 20.9 21.5 22.7 24.5 OTC-cleared 3.6 3.8 2.1 2.3 OTC 3.9 4.7 5.8 6.2 Credit derivatives 7.5 8.5 7.9 8.5 OTC 1.4 0.9 2.2 1.1 Exchange-traded 0.0 0.0 0.0 0.1 Other products 1 1.4 0.9 2.2 1.2 OTC-cleared 6.3 5.8 10.3 9.8 OTC 129.4 130.9 207.6 209.7 Exchange-traded 9.3 10.0 11.6 13.3 Total gross derivatives subject to enforceable master netting agreements 145.0 146.7 229.5 232.8 Offsetting (CHF billion) OTC-cleared (5.7) (5.4) (8.5) (7.8) OTC (114.5) (122.1) (188.6) (199.1) Exchange-traded (8.6) (9.6) (11.1) (11.9) Offsetting (128.8) (137.1) (208.2) (218.8) of which counterparty netting (113.8) (113.8) (184.7) (184.7) of which cash collateral netting (15.0) (23.3) (23.5) (34.1) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.6 0.4 1.8 2.0 OTC 14.9 8.8 19.0 10.6 Exchange-traded 0.7 0.4 0.5 1.4 Total net derivatives subject to enforceable master netting agreements 16.2 9.6 21.3 14.0 Total derivatives not subject to enforceable master netting agreements 2 3.4 5.2 5.6 6.4 Total net derivatives presented in the consolidated balance sheets 19.6 14.8 26.9 20.4 of which recorded in trading assets and trading liabilities 19.6 14.7 26.8 20.4 of which recorded in other assets and other liabilities 0.0 0.1 0.1 0.0 1 Primarily precious metals, commodity and energy products. 2 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | Offsetting of securities purchased under resale agreements and securities borrowing transactions end of 2017 2016 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 89.4 (28.8) 60.6 99.9 (26.9) 73.0 Securities borrowing transactions 18.7 (5.0) 13.7 24.0 (4.5) 19.5 Total subject to enforceable master netting agreements 108.1 (33.8) 74.3 123.9 (31.4) 92.5 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 42.2 – 42.2 Total 149.1 (33.8) 115.3 2 166.1 (31.4) 134.7 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 77,498 million and CHF 87,331 million of the total net amount as of the end of 2017 and 2016, respectively, are reported at fair value. |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Offsetting of securities sold under repurchase agreements and securities lending transactions end of 2017 2016 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 49.4 (31.5) 17.9 51.3 (29.0) 22.3 Securities lending transactions 7.1 (2.3) 4.8 8.3 (2.4) 5.9 Obligation to return securities received as collateral, at fair value 37.0 0.0 37.0 31.9 0.0 31.9 Total subject to enforceable master netting agreements 93.5 (33.8) 59.7 91.5 (31.4) 60.1 Total not subject to enforceable master netting agreements 1 4.9 – 4.9 5.5 – 5.5 Total 98.4 (33.8) 64.6 97.0 (31.4) 65.6 of which securities sold under repurchase agreements and securities lending transactions 60.3 (33.8) 26.5 2 64.4 (31.4) 33.0 2 of which obligation to return securities received as collateral, at fair value 38.1 0.0 38.1 32.6 0.0 32.6 1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 15,262 million and CHF 19,634 million of the total net amount as of the end of 2017 and 2016, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets end of 2017 2016 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 16.2 5.2 0.0 11.0 21.3 6.3 0.0 15.0 Securities purchased under resale agreements 60.6 60.6 0.0 0.0 73.0 73.0 0.0 0.0 Securities borrowing transactions 13.7 13.2 0.0 0.5 19.5 18.6 0.0 0.9 Total financial assets subject to enforceable master netting agreements 90.5 79.0 0.0 11.5 113.8 97.9 0.0 15.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 9.6 2.1 0.0 7.5 14.0 3.3 0.0 10.7 Securities sold under repurchase agreements 17.9 17.9 0.0 0.0 22.3 22.3 0.0 0.0 Securities lending transactions 4.8 4.4 0.0 0.4 5.9 5.7 0.0 0.2 Obligation to return securities received as collateral, at fair value 37.0 32.7 0.0 4.3 31.9 30.4 0.0 1.5 Total financial liabilities subject to enforceable master netting agreements 69.3 57.1 0.0 12.2 74.1 61.7 0.0 12.4 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Bank | |
Offsetting of derivatives | Offsetting of derivatives end of 2017 2016 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 2.5 1.8 8.2 7.5 OTC 83.3 79.0 129.1 121.7 Exchange-traded 0.1 0.2 0.1 0.1 Interest rate products 85.9 81.0 137.4 129.3 OTC-cleared 0.2 0.2 0.0 0.0 OTC 29.1 34.6 59.3 69.2 Exchange-traded 0.0 0.0 0.0 0.1 Foreign exchange products 29.3 34.8 59.3 69.3 OTC 11.7 12.0 11.2 11.7 Exchange-traded 9.2 9.8 11.5 13.0 Equity/index-related products 20.9 21.8 22.7 24.7 OTC-cleared 3.6 3.8 2.1 2.3 OTC 3.9 4.7 5.8 6.2 Credit derivatives 7.5 8.5 7.9 8.5 OTC 1.4 0.9 2.2 1.1 Exchange-traded 0.0 0.0 0.0 0.1 Other products 1 1.4 0.9 2.2 1.2 OTC-cleared 6.3 5.8 10.3 9.8 OTC 129.4 131.2 207.6 209.9 Exchange-traded 9.3 10.0 11.6 13.3 Total gross derivatives subject to enforceable master netting agreements 145.0 147.0 229.5 233.0 Offsetting (CHF billion) OTC-cleared (5.7) (5.4) (8.5) (7.8) OTC (114.5) (122.4) (188.6) (199.3) Exchange-traded (8.6) (9.6) (11.1) (11.9) Offsetting (128.8) (137.4) (208.2) (219.0) of which counterparty netting (113.8) (113.8) (184.7) (184.7) of which cash collateral netting (15.0) (23.6) (23.5) (34.3) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.6 0.4 1.8 2.0 OTC 14.9 8.8 19.0 10.6 Exchange-traded 0.7 0.4 0.5 1.4 Total net derivatives subject to enforceable master netting agreements 16.2 9.6 21.3 14.0 Total derivatives not subject to enforceable master netting agreements 2 3.7 5.2 5.8 6.4 Total net derivatives presented in the consolidated balance sheets 19.9 14.8 27.1 20.4 of which recorded in trading assets and trading liabilities 19.9 14.7 27.0 20.4 of which recorded in other assets and other liabilities 0.0 0.1 0.1 0.0 1 Primarily precious metals, commodity and energy products. 2 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | Offsetting of securities purchased under resale agreements and securities borrowing transactions end of 2017 2016 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 89.4 (28.8) 60.6 100.2 (26.9) 73.3 Securities borrowing transactions 18.7 (5.0) 13.7 24.0 (4.5) 19.5 Total subject to enforceable master netting agreements 108.1 (33.8) 74.3 124.2 (31.4) 92.8 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 42.3 – 42.3 Total 149.1 (33.8) 115.3 2 166.5 (31.4) 135.1 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 77,498 million and CHF 87,331 million of the total net amount as of 2017 and 2016, respectively, are reported at fair value. |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Offsetting of securities sold under repurchase agreements and securities lending transactions end of 2017 2016 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 49.4 (31.5) 17.9 51.6 (29.0) 22.6 Securities lending transactions 7.1 (2.3) 4.8 8.3 (2.4) 5.9 Obligation to return securities received as collateral, at fair value 37.0 0.0 37.0 31.9 0.0 31.9 Total subject to enforceable master netting agreements 93.5 (33.8) 59.7 91.8 (31.4) 60.4 Total not subject to enforceable master netting agreements 1 4.9 – 4.9 5.4 – 5.4 Total 98.4 (33.8) 64.6 97.2 (31.4) 65.8 of which securities sold under repurchase agreements and securities lending transactions 60.3 (33.8) 26.5 2 64.7 (31.4) 33.3 2 of which obligation to return securities received as collateral, at fair value 38.1 0.0 38.1 32.5 0.0 32.5 1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 15,262 million and CHF 19,634 million of the total net amount as of 2017 and 2016, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets end of 2017 2016 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 16.2 5.2 0.0 11.0 21.3 6.3 0.0 15.0 Securities purchased under resale agreements 60.6 60.6 0.0 0.0 73.3 73.3 0.0 0.0 Securities borrowing transactions 13.7 13.2 0.0 0.5 19.5 18.6 0.0 0.9 Total financial assets subject to enforceable master netting agreements 90.5 79.0 0.0 11.5 114.1 98.2 0.0 15.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 9.6 2.1 0.0 7.5 14.0 3.3 0.0 10.7 Securities sold under repurchase agreements 17.9 17.9 0.0 0.0 22.6 22.6 0.0 0.0 Securities lending transactions 4.8 4.4 0.0 0.4 5.9 5.7 0.0 0.2 Obligation to return securities received as collateral, at fair value 37.0 32.7 0.0 4.3 31.9 30.4 0.0 1.5 Total financial liabilities subject to enforceable master netting agreements 69.3 57.1 0.0 12.2 74.4 62.0 0.0 12.4 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Tax (Tables)
Tax (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Details of current and deferred taxes | Details of current and deferred taxes in 2017 2016 2015 Current and deferred taxes (CHF million) Switzerland 82 133 28 Foreign 421 501 463 Current income tax expense 503 634 491 Switzerland 244 (125) 196 Foreign 1,994 (68) (164) Deferred income tax expense/(benefit) 2,238 (193) 32 Income tax expense 2,741 441 523 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges (24) (6) (4) Cumulative translation adjustment 1 (4) (14) Unrealized gains/(losses) on securities 1 1 (2) Actuarial gains/(losses) 172 136 (174) Net prior service credit/(cost) (32) 10 37 Share-based compensation and treasury shares 3 104 25 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2017 2016 2015 Income/(loss) before taxes (CHF million) Switzerland 1,736 2,111 1,746 Foreign 57 (4,377) (4,168) Income/(loss) before taxes 1,793 (2,266) (2,422) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 394 (499) (533) Increase/(decrease) in income taxes resulting from Foreign tax rate differential (110) (498) (715) Non-deductible amortization of other intangible assets and goodwill impairment 0 1 1,432 Other non-deductible expenses 354 1,540 391 Additional taxable income 0 87 16 Lower taxed income (276) (219) (276) (Income)/loss taxable to noncontrolling interests 7 (11) 6 Changes in tax law and rates 2,095 145 347 Changes in deferred tax valuation allowance 123 76 (103) Change in recognition of outside basis difference (19) 218 262 Tax deductible impairments of Swiss subsidiary investments 88 (68) (258) (Windfall tax benefits) /shortfall tax charges on share-based compensation 1 91 – – Other (6) (331) (46) Income tax expense 2,741 441 523 1 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in shareholders' equity. Refer to "Note 2 - Recently issued accounting standards" for further information. |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2017 2016 Deferred tax assets and liabilities (CHF million) Compensation and benefits 1,103 1,992 Loans 330 326 Investment securities 1,039 469 Provisions 441 1,341 Derivatives 97 105 Real estate 337 347 Net operating loss carry-forwards 6,829 6,548 Goodwill and intangible assets 696 44 Other 135 75 Gross deferred tax assets before valuation allowance 11,007 11,247 Less valuation allowance (4,279) (4,188) Gross deferred tax assets net of valuation allowance 6,728 7,059 Compensation and benefits (512) (252) Loans (36) (29) Investment securities (197) (267) Provisions (520) (360) Business combinations (1) (1) Derivatives (154) (238) Leasing 0 (8) Real estate (54) (51) Other (126) (154) Gross deferred tax liabilities (1,600) (1,360) Net deferred tax assets 5,128 5,699 of which deferred tax assets 5,522 5,828 of which net operating losses 2,213 2,178 of which deductible temporary differences 3,309 3,650 of which deferred tax liabilities (394) (129) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2017 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 1,403 Due to expire within 2 to 5 years 4,714 Due to expire within 6 to 10 years 5,157 Due to expire within 11 to 20 years 8,659 Amount due to expire 19,933 Amount not due to expire 19,263 Total net operating loss carry-forwards 39,196 |
Movements in the valuation allowance | Movements in the valuation allowance in 2017 2016 2015 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,188 3,905 4,107 Net changes 91 283 (202) Balance at end of period 4,279 4,188 3,905 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2017 2016 2015 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 314 391 448 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital – 2 (110) (28) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in additional paid-in capital. Refer to "Note 2 - Recently issued accounting standards" for further information. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits 2017 2016 2015 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 410 369 389 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 131 52 44 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (104) (43) (3) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 117 17 15 Decreases in unrecognized tax benefits relating to settlements with tax authorities (73) (2) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (3) (7) (22) Other (including foreign currency translation) 3 24 (54) Balance at end of period 481 410 369 of which, if recognized, would affect the effective tax rate 481 410 369 Interest and penalties in 2017 2016 2015 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 29 2 13 Interest and penalties recognized in the consolidated balance sheets 115 86 86 |
Bank | |
Details of current and deferred taxes | Details of current and deferred taxes in 2017 2016 2015 Current and deferred taxes (CHF million) Switzerland 76 135 25 Foreign 420 499 462 Current income tax expense 496 634 487 Switzerland 285 (167) 165 Foreign 2,000 (67) (164) Deferred income tax expense/(benefit) 2,285 (234) 1 Income tax expense 2,781 400 488 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges (24) (6) (4) Cumulative translation adjustment 1 (4) (14) Unrealized gains/(losses) on securities 1 1 (2) Actuarial gains/(losses) (7) 87 14 Net prior service cost 0 0 (9) Share-based compensation and treasury shares 0 106 28 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2017 2016 2015 Income/(loss) before taxes (CHF million) Switzerland 1,648 1,955 1,604 Foreign (95) (4,444) (4,253) Income/(loss) before taxes 1,553 (2,489) (2,649) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 342 (548) (583) Increase/(decrease) in income taxes resulting from Foreign tax rate differential (92) (559) (744) Non-deductible amortization of other intangible assets and goodwill impairment 0 1 1,432 Other non-deductible expenses 354 1,533 389 Additional taxable income 0 87 15 Lower taxed income (272) (216) (273) (Income)/loss taxable to noncontrolling interests 7 (10) 7 Changes in tax law and rates 2,095 145 347 Changes in deferred tax valuation allowance 88 76 (108) Change in recognition of outside basis difference (12) 211 262 Tax deductible impairments of Swiss subsidiary investments 88 (68) (258) (Windfall tax benefits)/shortfall tax charges on share-based compensation 1 91 – – Other 92 (252) 2 Income tax expense 2,781 400 488 1 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in shareholders' equity. Refer to "Note 2 - Recently issued accounting standards" for further information. |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2017 2016 Deferred tax assets and liabilities (CHF million) Compensation and benefits 1,095 1,990 Loans 330 326 Investment securities 1,039 469 Provisions 441 1,341 Derivatives 96 102 Real estate 333 347 Net operating loss carry-forwards 6,762 6,523 Goodwill and intangible assets 664 44 Other 127 72 Gross deferred tax assets before valuation allowance 10,887 11,214 Less valuation allowance (4,224) (4,168) Gross deferred tax assets net of valuation allowance 6,663 7,046 Compensation and benefits (278) (238) Loans (36) (29) Investment securities (197) (260) Provisions (519) (359) Business combinations (1) (1) Derivatives (154) (238) Leasing 0 (8) Real estate (54) (51) Other (119) (146) Gross deferred tax liabilities (1,358) (1,330) Net deferred tax assets 5,305 5,716 of which deferred tax assets 5,457 5,815 of which net operating losses 2,200 2,172 of which deductible temporary differences 3,257 3,643 of which deferred tax liabilities (152) (99) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2017 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 1,403 Due to expire within 2 to 5 years 4,708 Due to expire within 6 to 10 years 4,577 Due to expire within 11 to 20 years 8,659 Amount due to expire 19,347 Amount not due to expire 19,262 Total net operating loss carry-forwards 38,609 |
Movements in the valuation allowance | Movements in the valuation allowance in 2017 2016 2015 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,168 3,898 4,107 Net changes 56 270 (209) Balance at end of period 4,224 4,168 3,898 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2017 2016 2015 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 310 390 447 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital – 2 (110) (28) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are now recognized in the consolidated statements of operations and no longer in additional paid-in capital. Refer to "Note 2 - Recently issued accounting standards" for further information. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits in 2017 2016 2015 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 401 360 382 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 131 52 44 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (95) (43) (3) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 117 17 15 Decreases in unrecognized tax benefits relating to settlements with tax authorities (73) (2) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (3) (7) (22) Other (including foreign currency translation) 3 24 (56) Balance at end of period 481 401 360 of which, if recognized, would affect the effective tax rate 481 401 360 Interest and penalties in 2017 2016 2015 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 30 2 13 Interest and penalties recognized in the consolidated balance sheets 115 85 85 |
Employee deferred compensation
Employee deferred compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2017 2016 2015 Deferred compensation expense (CHF million) Share awards 529 628 852 Performance share awards 348 370 563 Contingent Capital Awards 280 235 430 Contingent Capital share awards 18 30 – Capital Opportunity Facility awards 14 13 16 Plus Bond awards 1 – 5 22 2011 Partner Asset Facility awards 2 – – 2 Restricted Cash Awards – – 39 2008 Partner Asset Facility awards 3 7 13 34 Other cash awards 440 335 414 Total deferred compensation expense 1,636 1,629 2,372 Total shares delivered (million) Total shares delivered 42.0 42.1 44.4 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the Contingent Capital Awards conversion. 3 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2017 Estimated unrecognized compensation expense (CHF million) Share awards 472 Performance share awards 158 Contingent Capital Awards 119 Contingent Capital share awards 3 Other cash awards 194 Total 946 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.4 Does not include the estimated unrecognized compensation expense relating to grants made in 2018 for 2017. |
Contingent Capital Awards (CCA) | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Contingent Capital Awards granted for previous years For compensation year 2017 2016 2015 Contingent Capital Awards granted for previous years CCA awarded (CHF million) 241 229 226 |
Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2017 2016 2015 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 73.2 18.77 80.3 21.58 77.1 28.64 Granted 54.3 1 14.53 39.7 17.47 47.5 2 16.67 Settled (38.2) 19.74 (37.7) 22.64 (40.3) 29.00 Forfeited (4.4) 16.47 (9.1) 21.87 (4.0) 24.29 Balance at end of period 84.9 15.73 73.2 18.77 80.3 21.58 of which vested 8.5 – 8.1 – 4.7 – of which unvested 76.4 – 65.1 – 75.6 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 2 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Share awards granted for previous years For compensation year 2017 2016 2015 Share awards granted for previous years Shares awarded (million) 34.1 37.8 28.8 Value of shares awarded (CHF million) 613 566 549 Fair value of each share awarded (CHF) 1 17.22 15.42 18.62 1 Based on the Group’s share price on the grant date. |
Stock compensation plan | Contingent Capital share awards | |
Share-based compensation disclosures | |
Share-based award activities | Contingent Capital share award activities 2017 2016 Contingent Capital share awards (million) Balance at beginning of period 13.5 – Granted 0.3 1 16.4 Settled (5.0) (2.6) Forfeited (0.4) (0.3) Balance at end of period 8.4 13.5 of which vested 1.3 1.0 of which unvested 7.1 12.5 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. |
Stock compensation plan | Phantom and Blocked Shares [Member] | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Blocked share awards granted for previous years For compensation year 2017 2016 2015 Blocked share awards granted for previous years Shares awarded (million) 2.1 2.5 0.6 Value of shares awarded (CHF million) 38 37 12 |
Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2017 2016 2015 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 48.4 19.11 55.9 21.01 48.2 26.89 Granted 31.8 1 14.41 21.4 18.62 32.5 2 16.11 Settled (23.9) 20.41 (26.5) 22.67 (23.4) 26.24 Forfeited (2.1) 16.38 (2.4) 19.64 (1.4) 21.75 Balance at end of period 54.2 15.88 48.4 19.11 55.9 21.01 of which vested 6.7 – 6.8 – 3.3 – of which unvested 47.5 – 41.6 – 52.6 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 2 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Performance share awards granted for previous years For compensation year 2017 2016 2015 Performance share awards granted for previous years Performance shares awarded (million) 26.5 29.7 21.3 Value of performance shares awarded (CHF million) 478 451 429 Fair value of each performance share awarded (CHF) 1 17.22 15.42 18.62 1 Based on the Group’s share price on the grant date. |
Bank | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2017 2016 2015 Deferred compensation expense (CHF million) Share awards 519 624 850 Performance share awards 342 370 562 Contingent Capital Awards 277 234 430 Contingent Capital share awards 17 30 – Capital Opportunity Facility awards 14 13 16 Plus Bond awards 1 – 5 22 2011 Partner Asset Facility awards 2 – – 2 Restricted Cash Awards – – 39 2008 Partner Asset Facility awards 3 7 13 34 Other cash awards 417 331 398 Total deferred compensation expense 1,593 1,620 2,353 Total shares delivered (million) Total shares delivered 41.2 41.5 43.8 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the Contingent Capital Awards conversion. 3 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2017 Estimated unrecognized compensation expense (CHF million) Share awards 462 Performance share awards 153 Contingent Capital Awards 116 Contingent Capital share awards 3 Other cash awards 178 Total 912 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.4 Does not include the estimated unrecognized compensation expense relating to grants made in 2018 for 2017. |
Bank | Contingent Capital Awards (CCA) | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Contingent Capital Awards granted for previous years For compensation year 2017 2016 2015 Contingent Capital Awards granted for previous years CCA awarded (CHF million) 233 228 217 |
Bank | Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2017 2016 2015 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 70.8 18.78 79.0 21.56 76.6 28.63 Granted 51.5 1 14.54 38.1 17.59 46.2 2 16.49 Settled (36.8) 19.75 (37.2) 22.68 (39.9) 29.02 Forfeited (5.6) 3 16.47 (9.1) 21.88 (3.9) 24.03 Balance at end of period 79.9 15.77 70.8 18.78 79.0 21.56 of which vested 7.8 – 8.1 – 4.7 – of which unvested 72.1 – 62.7 – 74.3 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 2 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 3 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Share awards granted for previous years For compensation year 2017 2016 2015 Share awards granted for previous years Shares awarded (million) 33.1 37.6 28.8 Value of shares awarded (CHF million) 596 563 548 |
Bank | Stock compensation plan | Contingent Capital share awards | |
Share-based compensation disclosures | |
Share-based award activities | Contingent Capital share award activities 2017 2016 Contingent Capital share awards Balance at beginning of period 12.8 – Granted 0.3 1 15.6 Settled (4.9) (2.5) Forfeited (0.7) 2 (0.3) Balance at end of period 7.5 12.8 of which vested 1.3 1.0 of which unvested 6.2 11.8 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. |
Bank | Stock compensation plan | Phantom and Blocked Shares [Member] | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Blocked share awards granted for previous years For compensation year 2017 2016 2015 Blocked share awards granted for previous years Shares awarded (million) 1.9 2.4 0.6 Value of shares awarded (CHF million) 35 37 12 |
Bank | Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2017 2016 2015 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 48.1 19.12 55.5 21.01 47.6 26.89 Granted 31.1 1 14.41 21.3 18.62 32.2 2 16.11 Settled (23.6) 20.41 (26.4) 22.66 (23.0) 26.25 Forfeited (2.8) 3 16.37 (2.3) 18.98 (1.3) 21.78 Balance at end of period 52.8 15.88 48.1 19.12 55.5 21.01 of which vested 6.6 – 6.8 – 3.3 – of which unvested 46.2 – 41.3 – 52.2 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 2 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 3 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Performance share awards granted for previous years For compensation year 2017 2016 2015 Performance share awards granted for previous years Performance shares awarded (million) 25.6 29.6 21.2 Value of performance shares awarded (CHF million) 462 449 427 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Executive Board and Board of Directors loans | in 2017 2016 2015 Loans to members of the Executive Board (CHF million) Balance at beginning of period 25 1 26 5 Additions 3 6 21 Reductions (2) (7) 0 Balance at end of period 26 1 25 26 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 10 2 8 16 Additions 1 3 1 Reductions 0 (1) (9) Balance at end of period 11 2 10 8 1 The number of individuals with outstanding loans at the beginning and the end of the year was eight. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. |
Loans outstanding made by the Group or any subsidiaries to equity method investees | Loans made by the Group or any subsidiaries to equity method investees in 2017 2016 2015 Loans to equity method investees (CHF million) Balance at beginning of period 173 135 13 Net borrowings/(repayments) 0 38 122 Balance at end of period 173 173 135 |
Bank | |
Executive Board and Board of Directors loans | Executive Board and Board of Directors loans 2017 2016 2015 Loans to members of the Executive Board (CHF million) Balance at beginning of period 25 1 26 5 Additions 3 6 21 Reductions (2) (7) 0 Balance at end of period 26 1 25 26 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 10 2 8 16 Additions 1 3 1 Reductions 0 (1) (9) Balance at end of period 11 2 10 8 1 The number of individuals with outstanding loans at the beginning and the end of the year was seven. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. |
Schedule of Related Party Transactions [Table Text Block] | Related party assets and liabilities end of 2017 2016 Assets (CHF million) Net loans 4,100 2,995 Other assets 208 44 Total assets 4,308 3,039 Liabilities (CHF million) Due to banks/customer deposits 1,141 1,391 Short-term borrowings 489 0 Long-term debt 15,612 4,263 Other liabilities 851 244 Total liabilities 18,093 5,898 Related party revenues and expenses in 2017 2016 2015 Revenues (CHF million) Interest and dividend income 2 (2) 0 Interest expense (574) (280) (276) Net interest income (572) (282) (276) Commissions and fees 46 41 0 Other revenues 67 119 121 Net revenues (459) (122) (155) Expenses (CHF million) Total operating expenses 320 152 201 Related party guarantees end of 2017 2016 Guarantees (CHF million) Credit guarantees and similar instruments 4 1 Other guarantees 0 34 Total guarantees 4 35 |
Pension and other post-retire78
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of total pension costs | Components of net periodic benefit costs Defined benefit Other post-retirement Switzerland International International in 2017 2016 2015 2017 2016 2015 2017 2016 2015 Net periodic benefit costs (CHF million) Service costs on benefit obligation 243 288 298 22 20 21 0 0 0 Interest costs on benefit obligation 57 141 189 91 124 129 6 8 7 Expected return on plan assets (473) (536) (592) (133) (175) (195) 0 0 0 Amortization of recognized prior service cost/(credit) (131) (116) (85) 0 0 0 0 0 (23) Amortization of recognized actuarial losses/(gains) 340 366 351 60 41 84 7 10 14 Settlement losses/(gains) 37 24 24 0 72 (1) 0 0 0 Curtailment losses/(gains) (23) (18) (2) (10) 0 0 0 0 0 Special termination benefits 19 22 9 0 0 0 0 0 0 Net periodic benefit costs/(credits) 69 171 192 30 82 38 13 18 (2) |
Obligations and funded status of the plans | Obligations and funded status of the plans Defined benefit Other post-retirement Switzerland International International in / end of 2017 2016 2017 2016 2017 2016 PBO (CHF million) 1 Beginning of the measurement period 15,885 16,088 3,337 3,366 184 180 Plan participant contributions 205 202 0 0 0 0 Service cost 243 288 22 20 0 0 Interest cost 57 141 91 124 6 8 Plan amendments 0 (179) 0 0 0 0 Settlements (144) (70) 0 (278) 0 0 Curtailments (22) (4) (11) 0 0 0 Special termination benefits 19 22 1 1 0 0 Actuarial losses/(gains) 471 134 171 476 2 1 Benefit payments (829) (737) (287) (150) (11) (11) Exchange rate losses/(gains) 0 0 66 (222) (8) 6 End of the measurement period 15,885 15,885 3,390 3,337 173 184 Fair value of plan assets (CHF million) Beginning of the measurement period 15,951 15,602 4,000 3,712 0 0 Actual return on plan assets 1,398 510 256 824 0 0 Employer contributions 415 444 22 232 11 11 Plan participant contributions 205 202 0 0 0 0 Settlements (144) (70) 0 (278) 0 0 Benefit payments (829) (737) (287) (150) (11) (11) Exchange rate gains/(losses) 0 0 97 (340) 0 0 End of the measurement period 16,996 15,951 4,088 4,000 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) 1,111 66 698 663 (173) (184) Funded status recognized in the consolidated balance sheet as of December 31 1,111 66 698 663 (173) (184) Total amount recognized (CHF million) Noncurrent assets 1,111 66 1,058 995 0 0 Current liabilities 0 0 (11) (11) (11) (12) Noncurrent liabilities 0 0 (349) (321) (162) (172) Net amount recognized in the consolidated balance sheet as of December 31 1,111 66 698 663 (173) (184) ABO (CHF million) 2 End of the measurement period 14,841 14,962 3,351 3,281 173 184 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. |
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value of plan assets 1 ABO exceeds fair value of plan assets 1 Switzerland International Switzerland International December 31 2017 2016 2017 2016 2017 2016 2017 2016 CHF million PBO 0 0 1,464 1,426 0 0 1,447 1,407 ABO 0 0 1,433 1,391 0 0 1,420 1,378 Fair value of plan assets 0 0 1,104 1,095 0 0 1,088 1,079 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax Defined benefit Other post-retirement end of 2017 2016 2017 2016 2017 2016 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (3,547) (4,239) (36) (39) (3,583) (4,278) Prior service credit/(cost) 519 640 3 3 522 643 Total (3,028) (3,599) (33) (36) (3,061) (3,635) |
Amounts recognized in other comprehensive income | Amounts recognized in other comprehensive income Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2017 (CHF million) Actuarial gains/(losses) 406 (82) 324 (2) 1 (1) 323 Amortization of actuarial losses/(gains) 400 (76) 324 7 (3) 4 328 Amortization of prior service cost/(credit) (131) 26 (105) 0 0 0 (105) Immediate recognition due to curtailment/settlement 36 (8) 28 0 0 0 28 Total 711 (140) 571 5 (2) 3 574 2016 (CHF million) Actuarial gains/(losses) 13 (9) 4 (1) 0 (1) 3 Prior service credit/(cost) 180 (38) 142 0 0 0 142 Amortization of actuarial losses/(gains) 408 (91) 317 10 (4) 6 323 Amortization of prior service cost/(credit) (116) 24 (92) 0 0 0 (92) Immediate recognition due to curtailment/settlement 82 (28) 54 0 0 0 54 Total 567 (142) 425 9 (4) 5 430 |
Amounts in AOCI, net of tax, expected to be amortized in next fiscal year | Amounts in AOCI, net of tax, expected to be amortized in 2018 Defined benefit Other post-retirement CHF million Amortization of actuarial losses/(gains) 282 6 Amortization of prior service cost/(credit) (100) 0 Total 182 6 |
Weighted-average assumptions used to determine net periodic pension cost and benefit obligation | Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation Defined benefit Other post-retirement Switzerland International International December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Net periodic benefit cost (%) Discount rate - service costs 1.01 0.90 1.25 2.92 4.05 3.82 4.03 4.50 4.20 Discount rate - interest costs 0.37 0.90 1.25 2.79 4.05 3.82 3.48 4.50 4.20 Salary increases 0.50 0.80 1.00 3.55 3.56 4.19 – – – Interest rate on savings balances 0.85 1.25 1.25 – – – – – – Expected long-term rate of return on plan assets 3.00 3.50 4.00 3.88 5.07 6.00 – – – Benefit obligation (%) Discount rate 0.86 0.85 0.90 2.83 3.10 4.05 3.70 4.21 4.50 Salary increases 0.50 0.50 0.80 2.97 3.55 3.56 – – – Interest rate on savings balances 0.86 0.85 1.25 – – – – – – |
Mortality tables and life expectancies for major plans | Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2017 2016 2017 2016 2017 2016 2017 2016 Life expectancy (years) Switzerland BVG 2015 tables 1 21.6 21.2 23.1 22.4 23.5 23.0 25.1 24.4 UK SAPS S2 light tables 2 23.8 24.0 25.4 25.5 24.8 25.1 26.6 26.8 US RP-2014 mortality tables 3 21.5 21.4 22.7 22.6 23.3 23.3 24.4 24.4 1 The BVG 2015 tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.25% per annum. 2 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.5% per annum. 3 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. |
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity in / end of 2017 2016 2015 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.3 8.3 8.0 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.2 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.2) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 4 4 One percentage point decrease in health care cost trend rates (3) (4) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2026. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis end of 2017 2016 1 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 384 0 0 0 384 440 0 0 0 440 Debt securities 3,144 325 37 742 4,248 3,186 438 0 748 4,372 of which corporates 3,144 325 37 742 4,248 3,186 438 0 748 4,372 Equity securities 6,780 10 0 0 6,790 6,011 0 0 0 6,011 Real estate 727 0 1,257 0 1,984 729 0 1,204 0 1,933 of which direct 0 0 1,244 0 1,244 0 0 1,204 0 1,204 of which indirect 727 0 13 0 740 729 0 0 0 729 Alternative investments 513 14 0 3,063 3,590 329 (35) 0 2,901 3,195 of which private equity 0 0 0 1,313 1,313 0 0 0 1,107 1,107 of which hedge funds 153 0 0 1,292 1,445 0 0 0 1,293 1,293 of which other 360 14 0 458 832 329 (35) 0 501 795 Switzerland 11,548 349 1,294 3,805 16,996 10,695 403 1,204 3,649 15,951 Cash and cash equivalents 70 133 0 0 203 49 170 0 0 219 Debt securities 1,991 1,080 0 370 3,441 1,380 865 7 274 2,526 of which governments 1,622 9 0 0 1,631 1,009 7 0 0 1,016 of which corporates 369 1,071 0 370 1,810 371 858 7 274 1,510 Equity securities 55 14 0 147 216 240 143 0 226 609 Real estate – indirect 0 0 0 27 27 0 0 0 58 58 Alternative investments 0 33 0 76 109 0 321 0 177 498 of which hedge funds 0 0 0 76 76 0 0 0 177 177 of which other 0 33 2 0 0 33 0 321 2 0 0 321 Other investments 0 92 0 0 92 0 90 0 0 90 International 2,116 1,352 0 620 4,088 1,669 1,589 7 735 4,000 Total plan assets at fair value 13,664 1,701 1,294 4,425 21,084 12,364 1,992 1,211 4,384 19,951 The Swiss pension fund uses exchange-traded futures to manage the economic exposure of the portfolio. Under US GAAP, these futures are not carried at fair value as they are settled on a daily basis and are considered brokerage receivables and payables. Consequently, they are excluded from this table. These futures increased the economic exposure to cash and cash equivalents by CHF 1,405 million and CHF 194 million in 2017 and 2016, respectively, decreased the economic exposure to debt securities – corporate bonds by CHF 76 million in 2017 and decreased the economic exposure to equity securities by CHF 1,329 million and CHF 194 million in 2017 and 2016, respectively. 1 Prior period has been corrected to reclassify the leveling of certain plan assets. 2 Primarily related to derivative instruments. |
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2017 (CHF million) Debt securities – corporates 7 35 0 1 0 (6) 0 37 Real estate 1,204 13 0 42 1 (3) 0 1,257 of which direct 1,204 0 0 42 1 (3) 0 1,244 of which indirect 0 13 0 0 0 0 0 13 Total plan assets at fair value 1,211 48 0 43 1 (9) 0 1,294 of which Switzerland 1,204 48 0 43 1 (2) 0 1,294 of which International 7 0 0 0 0 (7) 0 0 2016 (CHF million) 1 Debt securities – corporates 1 6 0 0 0 0 0 7 Real estate 1,156 0 0 48 0 0 0 1,204 of which direct 1,156 0 0 48 0 0 0 1,204 Total plan assets at fair value 1,157 6 0 48 0 0 0 1,211 of which Switzerland 1,156 0 0 48 0 0 0 1,204 of which International 1 6 0 0 0 0 0 7 1 Prior period has been corrected to reclassify the leveling of certain plan assets. |
Weighted-average plan asset allocation as of the measurement date | Weighted-average plan asset allocation Switzerland International December 31 2017 2016 2017 2016 Weighted-average plan asset allocation (%) Cash and cash equivalents 2.3 2.8 5.0 5.5 Debt securities 25.0 27.4 84.0 63.2 Equity securities 39.9 37.7 5.3 15.3 Real estate 11.7 12.1 0.7 1.4 Alternative investments 21.1 20.0 2.7 12.4 Insurance 0.0 0.0 2.3 2.2 Total 100.0 100.0 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | Weighted-average target plan asset allocation for 2018 Switzerland International 2018 (%) Cash and cash equivalents 10.0 0.3 Debt securities 32.0 89.0 Equity securities 30.0 5.1 Real estate 10.0 0.6 Alternative investments 18.0 2.7 Insurance 0.0 2.3 Total 100.0 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments for defined benefit plans Defined benefit Other post-retirement Estimated future benefit payments (CHF million) 2018 1,195 11 2019 931 11 2020 922 12 2021 926 12 2022 896 12 For five years thereafter 4,652 55 |
Bank | |
Components of total pension costs | Components of net periodic benefit costs International single-employer Other post-retirement in 2017 2016 2015 2017 2016 2015 Net periodic benefit costs (CHF million) Service costs on benefit obligation 22 20 21 0 0 0 Interest costs on benefit obligation 91 124 129 6 8 7 Expected return on plan assets (133) (175) (195) 0 0 0 Amortization of recognized prior service cost/(credit) 0 0 0 0 0 (23) Amortization of recognized actuarial losses/(gains) 60 41 84 7 10 14 Settlement losses/(gains) 0 72 (1) 0 0 0 Curtailment losses/(gains) (10) 0 0 0 0 0 Net periodic benefit costs/(credits) 30 82 38 13 18 (2) |
Obligations and funded status of the plans | Obligations and funded status of the plans International in / end of 2017 2016 2017 2016 PBO (CHF million) 1 Beginning of the measurement period 3,337 3,366 184 180 Service cost 22 20 0 0 Interest cost 91 124 6 8 Settlements 0 (278) 0 0 Curtailments (11) 0 0 0 Special termination benefits 1 1 0 0 Actuarial losses/(gains) 171 476 2 1 Benefit payments (287) (150) (11) (11) Exchange rate losses/(gains) 66 (222) (8) 6 End of the measurement period 3,390 3,337 173 184 Fair value of plan assets (CHF million) Beginning of the measurement period 4,000 3,712 0 0 Actual return on plan assets 256 824 0 0 Employer contributions 22 232 11 11 Settlements 0 (278) 0 0 Benefit payments (287) (150) (11) (11) Exchange rate gains/(losses) 97 (340) 0 0 End of the measurement period 4,088 4,000 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 698 663 (173) (184) Funded status recognized in the consolidated balance sheet as of December 31 698 663 (173) (184) Total amount recognized (CHF million) Noncurrent assets 1,058 995 0 0 Current liabilities (11) (11) (11) (12) Noncurrent liabilities (349) (321) (162) (172) Net amount recognized in the consolidated balance sheet as of December 31 698 663 (173) (184) ABO (CHF million) 2 End of the measurement period 3,351 3,281 173 184 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. |
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value 1 ABO exceeds fair value 1 December 31 2017 2016 2017 2016 CHF million PBO 1,464 1,426 1,447 1,407 ABO 1,433 1,391 1,420 1,378 Fair value of plan assets 1,104 1,095 1,088 1,079 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax International end of 2017 2016 2017 2016 2017 2016 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (345) (363) (36) (39) (381) (402) Prior service credit/(cost) (1) (1) 3 3 2 2 Total (346) (364) (33) (36) (379) (400) |
Amounts recognized in other comprehensive income | Amounts recognized in other comprehensive income International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2017 (CHF million) Actuarial gains/(losses) (48) 14 (34) (2) 1 (1) (35) Amortization of actuarial losses/(gains) 60 (7) 53 7 (3) 4 57 Total 12 7 19 5 (2) 3 22 2016 (CHF million) Actuarial gains/(losses) 174 (44) 130 (1) 0 (1) 129 Amortization of actuarial losses/(gains) 41 (12) 29 10 (4) 6 35 Immediate recognition due to curtailment/settlement 72 (27) 45 0 0 0 45 Total 287 (83) 204 9 (4) 5 209 |
Amounts in AOCI, net of tax, expected to be amortized in next fiscal year | Amounts in AOCI, net of tax, expected to be amortized in 2018 International CHF million Amortization of actuarial losses/(gains) 40 6 Total 40 6 |
Weighted-average assumptions used to determine net periodic pension cost and benefit obligation | Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation International single-employer Other post-retirement December 31 2017 2016 2015 2017 2016 2015 Net periodic benefit cost (%) Discount rate - service cost 2.92 4.05 3.82 4.03 4.50 4.20 Discount rate - interest cost 2.79 4.05 3.82 3.48 4.50 4.20 Salary increases 3.55 3.56 4.19 – – – Expected long-term rate of return on plan assets 3.88 5.07 6.00 – – – Benefit obligation (%) Discount rate 2.83 3.10 4.05 3.70 4.21 4.50 Salary increases 2.97 3.55 3.56 – – – |
Mortality tables and life expectancies for major plans | Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2017 2016 2017 2016 2017 2016 2017 2016 Life expectancy (years) UK SAPS S2 light tables 1 23.8 24.0 25.4 25.5 24.8 25.1 26.6 26.8 US RP-2014 mortality tables 2 21.5 21.4 22.7 22.6 23.3 23.3 24.4 24.4 1 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.5% per annum. 2 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. |
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity in / end of 2017 2016 2015 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.3 8.3 8.0 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.2 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.2) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 4 4 One percentage point decrease in health care cost trend rates (3) (4) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5.0% by 2026. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis end of 2017 2016 1 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 70 133 0 0 203 49 170 0 0 219 Debt securities 1,991 1,080 0 370 3,441 1,380 865 7 274 2,526 of which governments 1,622 9 0 0 1,631 1,009 7 0 0 1,016 of which corporates 369 1,071 0 370 1,810 371 858 7 274 1,510 Equity securities 55 14 0 147 216 240 143 0 226 609 Real estate – indirect 0 0 0 27 27 0 0 0 58 58 Alternative investments 0 33 0 76 109 0 321 0 177 498 of which hedge funds 0 0 0 76 76 0 0 0 177 177 of which other 0 33 2 0 0 33 0 321 2 0 0 321 Other investments 0 92 0 0 92 0 90 0 0 90 Total plan assets at fair value 2,116 1,352 0 620 4,088 1,669 1,589 7 735 4,000 1 Prior period has been corrected to reclassify the leveling of certain plan assets. 2 Primarily related to derivative instruments. |
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2017 (CHF million) Debt securities – corporates 7 0 0 0 0 (7) 0 0 Total plan assets at fair value 7 0 0 0 0 (7) 0 0 2016 (CHF million) 1 Debt securities – corporates 1 6 0 0 0 0 0 7 Total plan assets at fair value 1 6 0 0 0 0 0 7 1 Prior period has been corrected to reclassify the leveling of certain plan assets. |
Weighted-average plan asset allocation as of the measurement date | Weighted-average plan asset allocation December 31 2017 2016 Weighted-average plan asset allocation (%) Cash and cash equivalents 5.0 5.5 Debt securities 84.0 63.2 Equity securities 5.3 15.3 Real estate 0.7 1.4 Alternative investments 2.7 12.4 Insurance 2.3 2.2 Total 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | Weighted-average target plan asset allocation for 2018 2018 (%) Cash and cash equivalents 0.3 Debt securities 89.0 Equity securities 5.1 Real estate 0.6 Alternative investments 2.7 Insurance 2.3 Total 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments for defined benefit plans International Estimated future benefit payments (CHF million) 2018 92 11 2019 90 11 2020 102 12 2021 122 12 2022 104 12 For five years thereafter 630 55 |
Derivatives and hedging activ79
Derivatives and hedging activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair value of derivative instruments | Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,047.8 60.4 56.6 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,898.6 87.0 82.1 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 198.7 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.3 8.3 7.9 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 826.9 21.4 23.2 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,705.3 148.2 151.5 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,767.5 billion, CHF 148.4 billion and CHF 151.9 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,321.9 3.3 3.2 0.0 0.0 0.0 Swaps 13,190.0 91.0 85.5 47.5 1.0 1.0 Options bought and sold (OTC) 2,164.4 43.1 41.1 0.0 0.0 0.0 Futures 522.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 468.0 0.2 0.2 0.0 0.0 0.0 Interest rate products 24,666.4 137.6 130.0 47.5 1.0 1.0 Forwards 1,211.6 19.2 20.8 11.0 0.1 0.0 Swaps 819.4 34.5 42.0 0.0 0.0 0.0 Options bought and sold (OTC) 416.8 8.1 8.4 4.8 0.0 0.0 Futures 17.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 4.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,469.7 61.8 71.2 15.8 0.1 0.0 Forwards 1.3 0.0 0.0 0.0 0.0 0.0 Swaps 191.0 4.7 5.3 0.0 0.0 0.0 Options bought and sold (OTC) 206.5 7.7 7.4 0.0 0.0 0.0 Futures 41.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 355.9 11.6 13.1 0.0 0.0 0.0 Equity/index-related products 796.2 24.0 25.8 0.0 0.0 0.0 Credit derivatives 2 558.7 8.1 9.2 0.0 0.0 0.0 Forwards 7.2 0.1 0.2 0.0 0.0 0.0 Swaps 20.1 2.0 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 20.2 0.4 0.3 0.0 0.0 0.0 Futures 14.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 3.4 0.0 0.1 0.0 0.0 0.0 Other products 3 65.2 2.5 2.0 0.0 0.0 0.0 Total derivative instruments 28,556.2 234.0 238.2 63.3 1.1 1.0 The notional amount, PRV and NRV (trading and hedging) was CHF 28,619.5 billion, CHF 235.1 billion and CHF 239.2 billion, respectively, as of December 31, 2016. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. |
Fair value hedges | Fair value hedges in 2017 2016 2015 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (285) (116) (117) Total (285) (116) (117) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 290 111 101 Total 290 111 101 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion 5 (5) (16) Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (56) (5) 21 Foreign exchange products (30) (9) (32) Total (86) (14) (11) Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (11) 29 37 Foreign exchange products (24) 2,3 (16) 2,3,4 (61) 2,3,4 Total (35) 13 (24) Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (1) (1) (12) Represents gains/(losses) on effective portion. 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. |
Net investment hedges | Net investment hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products (475) (536) 440 Total (475) (536) 440 Represents gains/(losses) on effective portion. |
Credit protection sold/purchased | Credit protection sold/purchased end of 2017 2016 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (57.6) 53.8 (3.8) 15.3 0.9 (72.4) 67.4 (5.0) 14.3 0.7 Non-investment grade (28.2) 25.5 (2.7) 14.3 0.5 (30.3) 28.1 (2.2) 18.1 (1.0) Total single-name instruments (85.8) 79.3 (6.5) 29.6 1.4 (102.7) 95.5 (7.2) 32.4 (0.3) of which sovereign (21.0) 19.2 (1.8) 6.2 0.2 (27.7) 25.6 (2.1) 6.5 (0.9) of which non-sovereign (64.8) 60.1 (4.7) 23.4 1.2 (75.0) 69.9 (5.1) 25.9 0.6 Multi-name instruments (CHF billion) Investment grade 2 (107.1) 104.7 (2.4) 59.3 0.7 (115.0) 113.9 (1.1) 41.2 0.0 Non-investment grade (21.0) 19.6 (1.4) 12.0 3 0.9 (20.9) 19.5 (1.4) 9.8 3 0.3 Total multi-name instruments (128.1) 124.3 (3.8) 71.3 1.6 (135.9) 133.4 (2.5) 51.0 0.3 of which sovereign (0.3) 0.3 0.0 0.3 0.0 (0.3) 0.2 (0.1) 0.7 0.1 of which non-sovereign (127.8) 124.0 (3.8) 71.0 1.6 (135.6) 133.2 (2.4) 50.3 0.2 Total instruments (CHF billion) Investment grade 2 (164.7) 158.5 (6.2) 74.6 1.6 (187.4) 181.3 (6.1) 55.5 0.7 Non-investment grade (49.2) 45.1 (4.1) 26.3 1.4 (51.2) 47.6 (3.6) 27.9 (0.7) Total instruments (213.9) 203.6 (10.3) 100.9 3.0 (238.6) 228.9 (9.7) 83.4 0.0 of which sovereign (21.3) 19.5 (1.8) 6.5 0.2 (28.0) 25.8 (2.2) 7.2 (0.8) of which non-sovereign (192.6) 184.1 (8.5) 94.4 2.8 (210.6) 203.1 (7.5) 76.2 0.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. |
Contingent credit risk | Contingent credit risk end of 2017 2016 Special Special Contingent credit risk (CHF billion) Current net exposure 5.4 0.1 1.2 6.7 10.5 0.2 1.1 11.8 Collateral posted 4.4 0.1 – 4.5 9.5 0.2 – 9.7 Impact of a one-notch downgrade event 0.2 0.1 0.1 0.4 0.3 0.2 0.0 0.5 Impact of a two-notch downgrade event 0.9 0.2 0.5 1.6 1.3 0.4 0.5 2.2 Impact of a three-notch downgrade event 1.0 0.4 0.7 2.1 1.5 0.7 0.7 2.9 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2017 2016 Credit derivatives (CHF billion) Credit protection sold 213.9 238.6 Credit protection purchased 203.6 228.9 Other protection purchased 100.9 83.4 Other instruments 1 6.5 7.8 Total credit derivatives 524.9 558.7 1 Consists of total return swaps and other derivative instruments. |
Maturity of credit protection sold | Maturity of credit protection sold Maturity Maturity Maturity 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 2016 (CHF billion) Single-name instruments 24.2 72.7 5.8 102.7 Multi-name instruments 27.5 84.7 23.7 135.9 Total instruments 51.7 157.4 29.5 238.6 |
Bank | |
Fair value of derivative instruments | Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,048.8 60.4 56.3 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,899.6 87.0 81.8 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 199.1 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.8 8.6 8.5 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 827.8 21.7 23.8 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,707.2 148.5 151.8 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,769.4 billion, CHF 148.7 billion and CHF 152.2 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,321.9 3.3 3.2 0.0 0.0 0.0 Swaps 13,191.0 91.0 85.5 47.5 1.0 1.0 Options bought and sold (OTC) 2,164.4 43.1 41.1 0.0 0.0 0.0 Futures 522.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 468.0 0.2 0.2 0.0 0.0 0.0 Interest rate products 24,667.4 137.6 130.0 47.5 1.0 1.0 Forwards 1,211.6 19.2 20.8 11.0 0.1 0.0 Swaps 819.4 34.5 42.0 0.0 0.0 0.0 Options bought and sold (OTC) 416.8 8.1 8.4 4.8 0.0 0.0 Futures 17.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 4.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,469.7 61.8 71.2 15.8 0.1 0.0 Forwards 1.3 0.0 0.0 0.0 0.0 0.0 Swaps 191.3 4.7 5.3 0.0 0.0 0.0 Options bought and sold (OTC) 206.9 7.7 7.6 0.0 0.0 0.0 Futures 41.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 355.9 11.6 13.1 0.0 0.0 0.0 Equity/index-related products 796.9 24.0 26.0 0.0 0.0 0.0 Credit derivatives 2 558.7 8.1 9.2 0.0 0.0 0.0 Forwards 7.2 0.1 0.2 0.0 0.0 0.0 Swaps 20.1 2.0 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 20.2 0.4 0.3 0.0 0.0 0.0 Futures 14.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 3.4 0.0 0.1 0.0 0.0 0.0 Other products 3 65.2 2.5 2.0 0.0 0.0 0.0 Total derivative instruments 28,557.9 234.0 238.4 63.3 1.1 1.0 The notional amount, PRV and NRV (trading and hedging) was CHF 28,621.2 billion, CHF 235.1 billion and CHF 239.4 billion, respectively, as of December 31, 2016. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. |
Fair value hedges | Fair value hedges in 2017 2016 2015 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (285) (116) (117) Total (285) (116) (117) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 290 111 101 Total 290 111 101 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portions 5 (5) (16) Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (56) (5) 21 Foreign exchange products (31) (3) (17) Total (87) (8) 4 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (11) 29 37 Foreign exchange products (17) 2 (7) 3 (53) 2,3 Total (28) 22 (16) Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portions 2 (1) (1) (12) Represents gains/(losses) on effective portion. 1 Included in interest and other dividend income. 2 Included in trading revenues. 3 Included in total other operating expenses. |
Net investment hedges | Net investment hedges in 2017 2016 2015 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products (475) (537) 443 Total (475) (537) 443 Represents gains/(losses) on effective portion. |
Credit protection sold/purchased | Credit protection sold/purchased end of 2017 2016 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (57.6) 53.8 (3.8) 15.3 0.9 (72.4) 67.4 (5.0) 14.3 0.7 Non-investment grade (28.2) 25.5 (2.7) 14.3 0.5 (30.3) 28.1 (2.2) 18.1 (1.0) Total single-name instruments (85.8) 79.3 (6.5) 29.6 1.4 (102.7) 95.5 (7.2) 32.4 (0.3) of which sovereign (21.0) 19.2 (1.8) 6.2 0.2 (27.7) 25.6 (2.1) 6.5 (0.9) of which non-sovereign (64.8) 60.1 (4.7) 23.4 1.2 (75.0) 69.9 (5.1) 25.9 0.6 Multi-name instruments (CHF billion) Investment grade 2 (107.1) 104.7 (2.4) 59.3 0.7 (115.0) 113.9 (1.1) 41.2 0.0 Non-investment grade (21.0) 19.6 (1.4) 12.0 3 0.9 (20.9) 19.5 (1.4) 9.8 3 0.3 Total multi-name instruments (128.1) 124.3 (3.8) 71.3 1.6 (135.9) 133.4 (2.5) 51.0 0.3 of which sovereign (0.3) 0.3 0.0 0.3 0.0 (0.3) 0.2 (0.1) 0.7 0.1 of which non-sovereign (127.8) 124.0 (3.8) 71.0 1.6 (135.6) 133.2 (2.4) 50.3 0.2 Total instruments (CHF billion) Investment grade 2 (164.7) 158.5 (6.2) 74.6 1.6 (187.4) 181.3 (6.1) 55.5 0.7 Non-investment grade (49.2) 45.1 (4.1) 26.3 1.4 (51.2) 47.6 (3.6) 27.9 (0.7) Total instruments (213.9) 203.6 (10.3) 100.9 3.0 (238.6) 228.9 (9.7) 83.4 0.0 of which sovereign (21.3) 19.5 (1.8) 6.5 0.2 (28.0) 25.8 (2.2) 7.2 (0.8) of which non-sovereign (192.6) 184.1 (8.5) 94.4 2.8 (210.6) 203.1 (7.5) 76.2 0.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. |
Contingent credit risk | Contingent credit risk end of 2017 2016 Special Special Contingent credit risk (CHF billion) Current net exposure 5.4 0.1 1.2 6.7 10.5 0.2 1.1 11.8 Collateral posted 4.4 0.1 – 4.5 9.5 0.2 – 9.7 Impact of a one-notch downgrade event 0.2 0.1 0.1 0.4 0.3 0.2 0.0 0.5 Impact of a two-notch downgrade event 0.9 0.2 0.5 1.6 1.3 0.4 0.5 2.2 Impact of a three-notch downgrade event 1.0 0.4 0.7 2.1 1.5 0.7 0.7 2.9 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2017 2016 Credit derivatives (CHF billion) Credit protection sold 213.9 238.6 Credit protection purchased 203.6 228.9 Other protection purchased 100.9 83.4 Other instruments 1 6.5 7.8 Total credit derivatives 524.9 558.7 1 Consists of total return swaps and other derivative instruments. |
Maturity of credit protection sold | Maturity of credit protection sold Maturity Maturity Maturity 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 2016 (CHF billion) Single-name instruments 24.2 72.7 5.8 102.7 Multi-name instruments 27.5 84.7 23.7 135.9 Total instruments 51.7 157.4 29.5 238.6 |
Guarantees and commitments (Tab
Guarantees and commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees | Guarantees Maturity Maturity Maturity Maturity 1 2017 (CHF million) Credit guarantees and similar instruments 1,817 520 314 435 3,086 2,837 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,729 10,025 2,792 1,865 41,411 40,230 506 8,448 2016 (CHF million) Credit guarantees and similar instruments 1,962 500 262 409 3,133 2,913 13 2,043 Performance guarantees and similar instruments 5,109 1,571 194 240 7,114 6,124 76 3,090 Derivatives 2 15,864 3,377 3,590 976 23,807 23,807 684 – 3 Other guarantees 3,460 888 531 581 5,460 5,456 44 3,668 Total guarantees 26,395 6,336 4,577 2,206 39,514 38,300 817 8,801 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. |
Lease commitments | Lease commitments Lease commitments (CHF million) 2018 570 2019 541 2020 498 2021 388 2022 353 Thereafter 2,884 Future operating lease commitments 5,234 Less minimum non-cancellable sublease rentals 216 Total net future minimum lease commitments 5,018 |
Rental expenses for operating leases | Rental expense for operating leases in 2017 2016 2015 Rental expense for operating leases (CHF million) Minimum rental expense 575 550 558 Sublease rental income (65) (89) (92) Total net expenses for operating leases 510 461 466 |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 2 24,296 33,649 40,425 8,031 106,401 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 2016 (CHF million) Irrevocable commitments under documentary credits 4,356 0 0 0 4,356 4,281 2,748 Irrevocable loan commitments 2 30,382 34,464 44,523 7,606 116,975 113,016 46,068 Forward reverse repurchase agreements 84 0 0 0 84 84 84 Other commitments 487 24 75 51 637 637 0 Total other commitments 35,309 34,488 44,598 7,657 122,052 118,018 48,900 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments do not include a total gross amount of CHF 108,663 million and CHF 95,743 million of unused credit limits as of December 31, 2017 and 2016, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Bank | |
Guarantees | Guarantees Maturity Maturity Maturity Maturity 1 2017 (CHF million) Credit guarantees and similar instruments 1,820 520 314 435 3,089 2,840 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,732 10,025 2,792 1,865 41,414 40,233 506 8,448 2016 (CHF million) Credit guarantees and similar instruments 1,962 501 262 403 3,128 2,908 13 2,043 Performance guarantees and similar instruments 5,109 1,571 194 240 7,114 6,124 76 3,090 Derivatives 2 15,864 3,377 3,590 976 23,807 23,807 684 – 3 Other guarantees 3,460 888 565 581 5,494 5,490 44 3,668 Total guarantees 26,395 6,337 4,611 2,200 39,543 38,329 817 8,801 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. |
Lease commitments | Lease commitments Lease commitments (CHF million) 2018 504 2019 472 2020 429 2021 323 2022 295 Thereafter 2,139 Future operating lease commitments 4,162 Less minimum non-cancellable sublease rentals 216 Total net future minimum lease commitments 3,946 |
Rental expenses for operating leases | Rental expense for operating leases in 2017 2016 2015 Rental expense for operating leases (CHF million) Minimum rental expense 528 550 558 Sublease rental income (65) (89) (92) Total net expenses for operating leases 463 461 466 |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 24,296 33,649 40,425 8,031 106,401 2 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 2016 (CHF million) Irrevocable commitments under documentary credits 4,356 0 0 0 4,356 4,281 2,748 Irrevocable loan commitments 30,382 34,464 44,523 7,606 116,975 2 113,016 46,068 Forward reverse repurchase agreements 84 0 0 0 84 84 84 Other commitments 486 24 75 51 636 636 0 Total other commitments 35,308 34,488 44,598 7,657 122,051 118,017 48,900 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments do not include a total gross amount of CHF 108,665 million and CHF 95,745 million of unused credit limits as of December 31, 2017 and 2016, respectively, which were revocable at the Bank's sole discretion upon notice to the client. |
Transfers of financial assets81
Transfers of financial assets and variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Securitizations | Securitizations in 2017 2016 2015 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 37 (2) 1 Proceeds from transfer of assets 6,604 3,954 9,813 Cash received on interests that continue to be held 28 69 148 RMBS Net gain/(loss) 1 0 (4) 5 Proceeds from transfer of assets 14,817 9,866 20,062 Purchases of previously transferred financial assets or its underlying collateral (2) 0 (1) Servicing fees 3 2 3 Cash received on interests that continue to be held 368 529 457 Other asset-backed financings Net gain 1 31 26 24 Proceeds from transfer of assets 7,664 2,813 1,740 Fees 2 135 137 0 Cash received on interests that continue to be held 4 2 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents management fees and performance fees earned for investment management services provided to managed CLOs. |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2017 2016 CHF million CMBS Principal amount outstanding 19,918 28,779 Total assets of SPE 31,586 40,234 RMBS Principal amount outstanding 35,645 38,319 Total assets of SPE 36,770 39,680 Other asset-backed financings Principal amount outstanding 20,916 19,777 Total assets of SPE 39,330 36,049 Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. |
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 2017 2016 2015 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 445 2,400 69 2,068 1,512 2,110 of which level 2 444 2,221 69 1,827 1,442 1,695 of which level 3 1 179 0 241 70 415 Weighted-average life, in years 10.0 6.0 8.4 7.2 8.2 9.0 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 22.9 – 2 5.0 – 33.0 – 2 1.1 – 30.1 Cash flow discount rate (rate per annum), in % 3 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 1.7 – 7.2 1.7 – 33.7 Expected credit losses (rate per annum), in % 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 0.7 – 5.9 0.5 – 15.9 Transfers of assets in which the Group does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. |
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2017 2016 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 579 1,985 665 258 1,851 443 of which non-investment grade 100 508 50 70 523 32 Weighted-average life, in years 4.7 8.1 6.4 7.2 8.1 5.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 25.0 – – 2.0 – 26.9 – Impact on fair value from 10% adverse change – (35.0) – – (28.7) – Impact on fair value from 20% adverse change – (68.1) – – (55.9) – Cash flow discount rate (rate per annum), in % 4 2.7 – 12.3 1.9 – 30.6 1.0 – 11.7 2.3 – 28.8 1.7 – 47.2 0.8 – 21.2 Impact on fair value from 10% adverse change (8.8) (49.2) (12.4) (6.0) (48.1) (8.3) Impact on fair value from 20% adverse change (17.0) (95.3) (24.5) (11.7) (93.5) (16.4) Expected credit losses (rate per annum), in % 0.6 – 6.3 0.5 – 28.2 0.7 – 10.2 0.7 – 28.0 0.9 – 44.9 0.9 – 21.2 Impact on fair value from 10% adverse change (3.9) (23.6) (6.6) (3.5) (27.3) (5.1) Impact on fair value from 20% adverse change (7.8) (46.1) (12.9) (6.9) (53.3) (10.0) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs and CLOs within this category are generally structured to be protected from prepayment risk. 3 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. |
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2017 2016 CHF million Other asset-backed financings Trading assets 347 240 Other assets 48 12 Liability to SPE, included in other liabilities (395) (252) |
Transfer of financial assets accounted for as sales | Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2016 (CHF million) Sales with longevity swaps 277 340 374 556 – Total transactions outstanding 277 340 374 556 2 – 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 As of December 31, 2016, gross derivative assets of CHF 556 million were included in other products, as disclosed in Note 31 – Derivatives and hedging activities. |
Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2017 2016 CHF billion Government debt securities 31.4 29.4 Corporate debt securities 15.1 13.9 Asset-backed securities 5.0 10.3 Equity securities 0.0 1.1 Other 0.6 0.3 Securities sold under repurchase agreements 52.1 55.0 Government debt securities 2.7 2.5 Corporate debt securities 0.4 0.5 Equity securities 4.8 6.0 Other 0.3 0.4 Securities lending transactions 8.2 9.4 Government debt securities 1.8 0.7 Corporate debt securities 0.6 0.4 Equity securities 35.6 31.5 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 38.1 32.6 Total 98.4 97.0 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31–90 More than 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 2016 (CHF billion) Securities sold under repurchase agreements 6.8 31.9 8.4 7.9 55.0 Securities lending transactions 6.7 2.4 0.0 0.3 9.4 Obligation to return securities received as collateral, at fair value 32.2 0.4 0.0 0.0 32.6 Total 45.7 34.7 8.4 8.2 97.0 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. |
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Group was the primary beneficiary Financial intermediation CDO/ CP Securi- 2017 (CHF million) Cash and due from banks 22 0 96 32 70 12 232 Trading assets 17 0 10 179 1,122 20 1,348 Investment securities 0 0 381 0 0 0 381 Other investments 0 0 0 350 1,197 286 1,833 Net loans 0 0 0 3 21 243 267 Premises and equipment 0 0 0 0 151 0 151 Other assets 83 4 1,070 21 32 1,188 2,398 of which loans held-for-sale 83 0 152 0 3 0 238 Total assets of consolidated VIEs 122 4 1,557 585 2,593 1,749 6,610 Trading liabilities 0 0 0 0 3 0 3 Long-term debt 51 0 752 0 26 34 863 Other liabilities 0 0 1 26 111 66 204 Total liabilities of consolidated VIEs 51 0 753 26 140 100 1,070 2016 (CHF million) Cash and due from banks 43 1 41 52 50 182 369 Trading assets 0 0 0 478 933 1,333 2,744 Investment securities 0 0 511 0 0 0 511 Other investments 0 0 0 228 1,446 332 2,006 Net loans 0 0 0 0 30 254 284 Premises and equipment 0 0 0 0 199 0 199 Other assets 0 1 1,483 48 51 1,034 2,617 of which loans held-for-sale 0 0 415 0 7 0 422 Total assets of consolidated VIEs 43 2 2,035 806 2,709 3,135 8,730 Trading liabilities 0 0 0 0 18 0 18 Short-term borrowings 0 0 0 1 0 0 1 Long-term debt 54 0 1,639 7 57 2 1,759 Other liabilities 0 0 1 15 124 104 244 Total liabilities of consolidated VIEs 54 0 1,640 23 199 106 2,022 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ Securi- 2017 (CHF million) Trading assets 746 4,573 1,014 224 2,388 8,945 Net loans 620 1,563 2,438 4,591 328 9,540 Other assets 9 11 67 1 437 525 Total variable interest assets 1,375 6,147 3,519 4,816 3,153 19,010 Maximum exposure to loss 1,375 7,617 3,526 7,061 4,079 23,658 Total assets of non-consolidated VIEs 15,874 64,839 66,703 16,270 35,198 198,884 2016 (CHF million) Trading assets 440 3,881 1,526 528 191 6,566 Net loans 4 105 2,007 6,588 1 608 9,312 Other assets 5 14 20 4 520 563 Total variable interest assets 449 4,000 3,553 7,120 1 1,319 16,441 Maximum exposure to loss 449 7,171 3,553 11,169 1 1,821 24,163 Total assets of non-consolidated VIEs 9,774 65,820 68,546 34,216 1 37,087 215,443 1 Prior period has been corrected. |
Bank | |
Securitizations | Securitizations in 2017 2016 2015 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 37 (2) 1 Proceeds from transfer of assets 6,604 3,954 9,813 Cash received on interests that continue to be held 28 69 148 RMBS Net gain/(loss) 1 0 (4) 5 Proceeds from transfer of assets 14,817 9,866 20,062 Purchases of previously transferred financial assets or its underlying collateral (2) 0 (1) Servicing fees 3 2 3 Cash received on interests that continue to be held 368 529 457 Other asset-backed financings Net gain 1 31 26 24 Proceeds from transfer of assets 7,664 2,813 1,740 Fees 2 135 137 0 Cash received on interests that continue to be held 4 2 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents management fees and performance fees earned for investment management services provided to managed CLOs. |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2017 2016 CHF million CMBS Principal amount outstanding 19,918 28,779 Total assets of SPE 31,586 40,234 RMBS Principal amount outstanding 35,645 38,319 Total assets of SPE 36,770 39,680 Other asset-backed financings Principal amount outstanding 20,916 19,777 Total assets of SPE 39,330 36,049 Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. |
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 2017 2016 2015 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 445 2,400 69 2,068 1,512 2,110 of which level 2 444 2,221 69 1,827 1,442 1,695 of which level 3 1 179 0 241 70 415 Weighted-average life, in years 10.0 6.0 8.4 7.2 8.2 9.0 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 22.9 – 2 5.0 – 33.0 – 2 1.1 – 30.1 Cash flow discount rate (rate per annum), in % 3 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 1.7 – 7.2 1.7 – 33.7 Expected credit losses (rate per annum), in % 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 0.7 – 5.9 0.5 – 15.9 Transfers of assets in which the Bank does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. |
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2017 2016 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 579 1,985 665 258 1,851 443 of which non-investment grade 100 508 50 70 523 32 Weighted-average life, in years 4.7 8.1 6.4 7.2 8.1 5.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 25.0 – – 2.0 – 26.9 – Impact on fair value from 10% adverse change – (35.0) – – (28.7) – Impact on fair value from 20% adverse change – (68.1) – – (55.9) – Cash flow discount rate (rate per annum), in % 4 2.7 – 12.3 1.9 – 30.6 1.0 – 11.7 2.3 – 28.8 1.7 – 47.2 0.8 – 21.2 Impact on fair value from 10% adverse change (8.8) (49.2) (12.4) (6.0) (48.1) (8.3) Impact on fair value from 20% adverse change (17.0) (95.3) (24.5) (11.7) (93.5) (16.4) Expected credit losses (rate per annum), in % 0.6 – 6.3 0.5 – 28.2 0.7 – 10.2 0.7 – 28.0 0.9 – 44.9 0.9 – 21.2 Impact on fair value from 10% adverse change (3.9) (23.6) (6.6) (3.5) (27.3) (5.1) Impact on fair value from 20% adverse change (7.8) (46.1) (12.9) (6.9) (53.3) (10.0) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs within this category are generally structured to be protected from prepayment risk. 3 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. |
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2017 2016 CHF million Other asset-backed financings Trading assets 347 240 Other assets 48 12 Liability to SPE, included in other liabilities (395) (252) |
Transfer of financial assets accounted for as sales | Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2016 (CHF million) Sales with longevity swaps 277 340 374 556 – Total transactions outstanding 277 340 374 556 2 – 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 As of December 31, 2016, gross derivative assets of CHF 556 million were included in other products, as disclosed in Note 30 – Derivatives and hedging activities. |
Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2017 2016 CHF billion Government debt securities 31.4 29.7 Corporate debt securities 15.1 13.9 Asset-backed securities 5.0 10.3 Equity securities 0.0 1.1 Other 0.6 0.3 Securities sold under repurchase agreements 52.1 55.3 Government debt securities 2.7 2.5 Corporate debt securities 0.4 0.5 Equity securities 4.8 6.0 Other 0.3 0.4 Securities lending transactions 8.2 9.4 Government debt securities 1.8 0.7 Corporate debt securities 0.6 0.4 Equity securities 35.6 31.5 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 38.1 32.6 Total 98.4 97.3 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31-90 More than 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 2016 (CHF billion) Securities sold under repurchase agreements 6.8 32.2 8.4 7.9 55.3 Securities lending transactions 6.7 2.4 0.0 0.3 9.4 Obligation to return securities received as collateral, at fair value 32.2 0.4 0.0 0.0 32.6 Total 45.7 35.0 8.4 8.2 97.3 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. |
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Bank was the primary beneficiary Financial intermediation CDO/ CP Securi- 2017 (CHF million) Cash and due from banks 22 0 96 32 70 12 232 Trading assets 17 0 10 179 1,122 20 1,348 Investment securities 0 0 381 0 0 0 381 Other investments 0 0 0 350 1,197 286 1,833 Net loans 0 0 0 3 21 243 267 Premises and equipment 0 0 0 0 128 0 128 Other assets 83 4 1,070 21 31 1,187 2,396 of which loans held-for-sale 83 0 152 0 3 0 238 Total assets of consolidated VIEs 122 4 1,557 585 2,569 1,748 6,585 Trading liabilities 0 0 0 0 3 0 3 Long-term debt 51 0 752 0 26 34 863 Other liabilities 0 0 1 26 111 66 204 Total liabilities of consolidated VIEs 51 0 753 26 140 100 1,070 2016 (CHF million) Cash and due from banks 43 1 41 52 50 182 369 Trading assets 0 0 0 478 933 1,333 2,744 Investment securities 0 0 511 0 0 0 511 Other investments 0 0 0 228 1,446 332 2,006 Net loans 0 0 0 0 30 254 284 Premises and equipment 0 0 0 0 173 0 173 Other assets 0 1 1,483 48 50 1,034 2,616 of which loans held-for-sale 0 0 415 0 7 0 422 Total assets of consolidated VIEs 43 2 2,035 806 2,682 3,135 8,703 Trading liabilities 0 0 0 0 18 0 18 Short-term borrowings 0 0 0 1 0 0 1 Long-term debt 54 0 1,639 7 57 2 1,759 Other liabilities 0 0 1 15 124 103 243 Total liabilities of consolidated VIEs 54 0 1,640 23 199 105 2,021 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ Securi- 2017 (CHF million) Trading assets 746 4,573 1,014 224 2,388 8,945 Net loans 620 1,563 2,438 4,591 328 9,540 Other assets 9 11 55 1 437 513 Total variable interest assets 1,375 6,147 3,507 4,816 3,153 18,998 Maximum exposure to loss 1,375 7,617 3,514 7,061 4,079 23,646 Total assets of non-consolidated VIEs 15,874 64,839 63,504 16,270 6,265 166,752 2016 (CHF million) Trading assets 440 3,881 1,526 528 191 6,566 Net loans 4 105 2,007 6,588 1 608 9,312 Other assets 5 14 4 4 520 547 Total variable interest assets 449 4,000 3,537 7,120 1 1,319 16,425 Maximum exposure to loss 449 7,171 3,537 11,169 1 1,821 24,147 Total assets of non-consolidated VIEs 9,774 65,820 65,057 34,216 1 6,756 181,623 1 Prior period has been corrected. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Interest-bearing deposits with banks 0 0 0 – – 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Securities received as collateral 36,697 1,331 46 – – 38,074 Debt 29,828 40,645 2,292 – – 72,765 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,231 1,412 – – 11,822 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 Equity 51,025 3,481 163 – 1,053 55,722 Derivatives 3,577 141,347 3,289 (128,592) – 19,621 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,338 18,251 833 – – – of which credit derivatives 0 7,107 634 – – – Other 2,922 2,294 3,010 – – 8,226 Trading assets 87,352 187,767 8,754 (128,592) 1,053 156,334 Debt 244 1,780 42 – – 2,066 of which foreign governments 97 1,139 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 Equity 6 119 0 – – 125 Investment securities 250 1,899 42 – – 2,191 Private equity 0 0 29 – 351 380 of which equity funds 0 0 22 – 141 163 Hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 Other equity investments 25 9 271 – 1,122 1,427 of which private 18 9 271 – 1,122 1,420 Life finance instruments 0 7 1,301 – – 1,308 Other investments 25 16 1,601 – 1,864 3,506 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,425 287,070 16,642 (128,756) 2,917 302,298 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 Debt 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 Equity 14,217 883 55 – 9 15,164 Derivatives 3,731 144,615 3,169 (136,861) – 14,654 of which interest rate products 1,254 80,534 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 19,459 1,301 – – – of which credit derivatives 0 7,982 898 – – – Trading liabilities 23,108 149,637 3,226 (136,861) 9 39,119 Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 51,127 12,501 – – 63,628 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 5,567 0 – – 5,567 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,379 1,478 (233) – 8,624 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,805 238,163 18,551 (137,094) 9 179,434 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 200 0 – – 200 Interest-bearing deposits with banks 0 25 1 – – 26 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 87,157 174 – – 87,331 Debt 619 419 1 – – 1,039 of which corporates 1 375 1 – – 377 Equity 30,706 750 69 – – 31,525 Securities received as collateral 31,325 1,169 70 – – 32,564 Debt 29,498 32,193 3,977 – – 65,668 of which foreign governments 29,226 2,408 292 – – 31,926 of which corporates 180 12,326 1,674 – – 14,180 of which RMBS 0 14,153 605 – – 14,758 of which CMBS 0 2,227 65 – – 2,292 of which CDO 0 1,074 1,165 – – 2,239 Equity 58,490 3,795 240 – 1,346 63,871 Derivatives 5,631 224,142 4,305 (207,296) – 26,782 of which interest rate products 3,074 133,834 748 – – – of which foreign exchange products 18 61,448 355 – – – of which equity/index-related products 2,538 20,519 914 – – – of which credit derivatives 0 7,388 688 – – – Other 2,267 2,319 4,243 – – 8,829 Trading assets 95,886 262,449 12,765 (207,296) 1,346 165,150 Debt 294 2,034 72 – – 2,400 of which foreign governments 103 1,240 0 – – 1,343 of which corporates 0 287 0 – – 287 of which RMBS 0 425 72 – – 497 of which CMBS 0 14 0 – – 14 Equity 3 86 0 – – 89 Investment securities 297 2,120 72 – – 2,489 Private equity 0 0 8 – 574 582 of which equity funds 0 0 0 – 240 240 Hedge funds 0 0 0 – 546 546 of which debt funds 0 0 0 – 292 292 Other equity investments 22 64 310 – 984 1,380 of which private 15 64 310 – 984 1,373 Life finance instruments 0 0 1,588 – – 1,588 Other investments 22 64 1,906 – 2,104 4,096 Loans 0 12,943 6,585 – – 19,528 of which commercial and industrial loans 0 6,051 3,816 – – 9,867 of which financial institutions 0 4,403 1,829 – – 6,232 Other intangible assets (mortgage servicing rights) 0 0 138 – – 138 Other assets 260 8,359 1,679 (915) – 9,383 of which loans held-for-sale 0 4,640 1,316 – – 5,956 Total assets at fair value 127,790 374,486 23,390 (208,211) 3,450 320,905 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 437 0 – – 437 Customer deposits 0 3,166 410 – – 3,576 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 19,634 0 – – 19,634 Debt 619 419 1 – – 1,039 of which corporates 1 375 1 – – 377 Equity 30,706 750 69 – – 31,525 Obligation to return securities received as collateral 31,325 1,169 70 – – 32,564 Debt 4,376 3,564 23 – – 7,963 of which foreign governments 4,374 547 0 – – 4,921 of which corporates 0 2,760 23 – – 2,783 Equity 16,365 191 41 – 1 16,598 Derivatives 5,407 229,051 3,673 (217,762) – 20,369 of which interest rate products 2,946 126,422 538 – – – of which foreign exchange products 18 71,006 150 – – – of which equity/index-related products 2,442 22,219 1,181 – – – of which credit derivatives 0 8,350 851 – – – Trading liabilities 26,148 232,806 3,737 (217,762) 1 44,930 Short-term borrowings 0 3,545 516 – – 4,061 Long-term debt 0 59,453 13,415 – – 72,868 of which treasury debt over two years 0 3,217 0 – – 3,217 of which structured notes over one year and up to two years 0 6,852 326 – – 7,178 of which structured notes over two years 0 39,824 12,434 – – 52,258 of which other debt instruments over two years 0 2,311 634 – – 2,945 of which other subordinated bonds 0 5,482 1 – – 5,483 of which non-recourse liabilities 0 1,742 17 – – 1,759 Other liabilities 0 8,823 1,684 (1,014) – 9,493 of which failed sales 0 507 219 – – 726 Total liabilities at fair value 57,473 329,033 19,832 (218,776) 1 187,563 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
Transfers between level 1 and level 2 | Transfers between level 1 and level 2 in 2017 2016 Transfers Transfers Transfers Transfers Assets (CHF million) Securities received as collateral 0 136 0 0 Debt 16 237 2,012 1,698 Equity 924 412 723 1,074 Derivatives 3,202 13 3,404 0 Trading assets 4,142 662 6,139 2,772 Investment securities 0 0 0 1,229 Liabilities (CHF million) Obligations to return securities received as collateral 0 136 0 0 Debt 3 44 2 46 Equity 102 165 108 166 Derivatives 3,814 91 4,047 29 Trading liabilities 3,919 300 4,157 241 |
Assets and liabilities measured at fair value on a recurring basis for level 3 | Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other 1 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 1 40 0 0 (41) 0 0 0 0 0 0 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 0 0 0 0 26 (193) 0 0 0 0 0 0 (7) 0 Securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Debt 3,977 608 (1,074) 2,747 (3,705) 0 0 (4) (80) 6 1 0 0 (184) 2,292 of which corporates 1,674 276 (654) 2,203 (2,005) 0 0 (4) 14 6 0 0 0 (98) 1,412 of which RMBS 605 280 (229) 85 (305) 0 0 3 (95) 0 0 0 0 (24) 320 of which CMBS 65 6 (17) 2 (13) 0 0 (3) (21) 0 0 0 0 (3) 16 of which CDO 1,165 39 (157) 174 (1,047) 0 0 0 (16) 0 0 0 0 (32) 126 Equity 240 49 (35) 146 (260) 0 0 0 33 0 0 0 0 (10) 163 Derivatives 4,305 416 (839) 0 0 1,317 (1,817) 123 (63) 0 0 0 0 (153) 3,289 of which interest rate products 748 56 (53) 0 0 118 (183) 6 104 0 0 0 0 5 801 of which equity/index-related products 914 142 (98) 0 0 443 (597) 14 58 0 0 0 0 (43) 833 of which credit derivatives 688 216 (252) 0 0 381 (297) 38 (110) 0 0 0 0 (30) 634 Other 4,243 86 (98) 12,917 (14,067) 0 (251) 2 362 0 0 0 0 (184) 3,010 Trading assets 12,765 1,159 (2,046) 15,810 (18,032) 1,317 (2,068) 121 252 6 1 0 0 (531) 8,754 Investment securities 72 0 (17) 100 (113) 0 (90) (1) 95 0 0 0 0 (4) 42 Equity 318 23 (22) 165 (171) 0 0 0 (7) 0 9 0 0 (15) 300 Life finance instruments 1,588 0 0 185 (418) 0 0 0 16 0 0 0 0 (70) 1,301 Other investments 1,906 23 (22) 350 (589) 0 0 0 9 0 9 0 0 (85) 1,601 Loans 6,585 1,130 (947) 106 (580) 1,151 (2,743) 15 85 0 0 0 0 (272) 4,530 of which commercial and industrial loans 3,816 448 (482) 71 (395) 590 (1,705) (2) 21 0 0 0 0 (155) 2,207 of which financial institutions 1,829 352 (126) 33 (176) 444 (821) 28 (6) 0 0 0 0 (77) 1,480 Other intangible assets (mortgage servicing rights) 138 0 0 23 (1) 0 0 0 0 0 4 0 0 (6) 158 Other assets 1,679 347 (132) 759 (1,056) 1,054 (885) (1) (172) 0 (4) 0 0 (78) 1,511 of which loans held-for-sale 2 1,316 286 (113) 667 (904) 1,053 (885) (2) 0 0 (4) 0 0 (64) 1,350 Total assets at fair value 23,390 2,702 (3,165) 17,213 (20,498) 3,548 (5,979) 134 269 6 10 0 0 (988) 16,642 Liabilities (CHF million) Customer deposits 410 0 0 0 0 35 (3) 0 (61) 0 0 0 42 32 455 Obligation to return securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading liabilities 3,737 566 (1,049) 113 (134) 1,193 (1,625) 140 461 0 (9) 0 0 (167) 3,226 of which interest rate derivatives 538 57 (36) 0 0 45 (258) 6 (14) 0 0 0 0 (21) 317 of which foreign exchange derivatives 150 11 (1) 0 0 9 (12) 0 (52) 0 0 0 0 (5) 100 of which equity/index-related derivatives 1,181 54 (188) 0 0 543 (692) 17 441 0 0 0 0 (55) 1,301 of which credit derivatives 851 377 (392) 0 0 350 (376) 61 66 0 0 0 0 (39) 898 Short-term borrowings 516 95 (172) 0 0 865 (472) (2) 19 4 10 0 6 (24) 845 Long-term debt 13,415 1,172 (3,004) 0 0 4,540 (4,479) (12) 1,400 0 0 88 21 (640) 12,501 of which structured notes over two years 12,434 995 (2,886) 0 0 3,913 (3,079) (14) 1,390 0 0 87 17 (598) 12,259 Other liabilities 1,684 150 (102) 211 (304) 9 (403) (25) (6) 0 330 0 0 (66) 1,478 of which failed sales 219 80 (70) 189 (218) 0 0 (7) 40 0 0 0 0 (10) 223 Total liabilities at fair value 19,832 1,986 (4,328) 389 (524) 6,642 (6,982) 101 1,813 4 331 88 69 (870) 18,551 Net assets/(liabilities) at fair value 3,558 716 1,163 16,824 (19,974) (3,094) 1,003 33 (1,544) 2 (321) (88) (69) (118) (1,909) 1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (39) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other 1 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 0 0 0 49 (49) 0 0 0 1 0 0 0 0 0 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 158 0 0 0 0 279 (270) 0 1 0 0 0 0 6 174 Securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Debt 4,563 1,574 (1,487) 3,753 (4,514) 0 0 (1) (134) 0 10 0 0 213 3,977 of which corporates 1,745 836 (677) 2,642 (2,945) 0 0 0 (42) 0 8 0 0 107 1,674 of which RMBS 814 587 (573) 525 (668) 0 0 (6) (91) 0 0 0 0 17 605 of which CMBS 215 26 (12) 51 (169) 0 0 (1) (45) 0 0 0 0 0 65 of which CDO 1,298 82 (166) 488 (578) 0 0 2 2 0 2 0 0 35 1,165 Equity 871 111 (136) 527 (1,057) 0 0 (45) (38) 0 0 0 0 7 240 Derivatives 4,831 1,683 (1,017) 0 0 1,484 (2,972) 7 173 0 (22) 0 0 138 4,305 of which interest rate products 791 48 (60) 0 0 130 (293) 0 117 0 0 0 0 15 748 of which equity/index-related products 936 282 (328) 0 0 428 (473) 9 32 0 (22) 0 0 50 914 of which credit derivatives 1,568 961 (617) 0 0 543 (1,710) 1 (64) 0 0 0 0 6 688 Other 4,266 858 (1,221) 3,848 (3,644) 0 (314) 7 290 0 0 0 0 153 4,243 Trading assets 14,531 4,226 (3,861) 8,128 (9,215) 1,484 (3,286) (32) 291 0 (12) 0 0 511 12,765 Investment securities 148 18 (38) 95 (121) 0 (124) (10) 100 0 0 0 0 4 72 Equity 366 7 (2) 146 (281) 0 0 0 31 0 22 0 0 29 318 Life finance instruments 1,669 0 0 186 (353) 0 0 0 33 0 0 0 0 53 1,588 Other investments 2,035 7 (2) 332 (634) 0 0 0 64 0 22 0 0 82 1,906 Loans 8,950 969 (1,942) 524 (1,443) 3,574 (4,281) (43) (11) 0 0 0 0 288 6,585 of which commercial and industrial loans 5,735 486 (583) 97 (1,007) 1,994 (2,987) (14) (74) 0 0 0 0 169 3,816 of which financial institutions 1,729 77 (348) 335 (348) 974 (701) 1 41 0 0 0 0 69 1,829 Other intangible assets (mortgage servicing rights) 112 0 0 16 (1) 0 0 0 0 0 6 0 0 5 138 Other assets 7,087 572 (1,497) 2,464 (6,801) 898 (975) (46) (208) 0 (9) 0 0 194 1,679 of which loans held-for-sale 6,768 355 (1,251) 2,192 (6,696) 898 (975) (59) (88) 0 (8) 0 0 180 1,316 Total assets at fair value 33,021 5,792 (7,340) 11,708 (18,297) 6,235 (8,936) (131) 238 0 7 0 0 1,093 23,390 Liabilities (CHF million) Customer deposits 254 0 (41) 0 0 240 (20) 0 (64) 0 0 0 41 0 410 Obligation to return securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Trading liabilities 4,615 1,588 (1,026) 51 (52) 1,259 (3,494) 100 589 0 (12) 0 0 119 3,737 of which interest rate derivatives 578 87 (28) 0 0 141 (244) 14 (25) 0 0 0 0 15 538 of which foreign exchange derivatives 329 55 (5) 0 0 14 (408) 2 160 0 0 0 0 3 150 of which equity/index-related derivatives 1,347 130 (293) 0 0 423 (748) 32 227 0 0 0 0 63 1,181 of which credit derivatives 1,757 940 (689) 0 0 421 (1,806) 50 162 0 0 0 0 16 851 Short-term borrowings 72 45 (30) 0 0 598 (205) 1 17 (3) 3 0 0 18 516 Long-term debt 14,123 3,865 (2,393) 0 0 4,510 (7,149) (64) (124) 0 0 1 240 406 13,415 of which structured notes over two years 9,924 3,484 (2,166) 0 0 4,044 (3,004) (78) (403) 0 0 1 240 392 12,434 Other liabilities 2,491 208 (226) 219 (376) 17 (612) (72) (160) (1) 139 0 0 57 1,684 of which failed sales 454 44 (121) 142 (308) 0 0 (3) 3 0 0 0 0 8 219 Total liabilities at fair value 21,555 5,706 (3,716) 370 (461) 6,624 (11,480) (35) 258 (4) 130 1 281 603 19,832 Net assets/(liabilities) at fair value 11,466 86 (3,624) 11,338 (17,836) (389) 2,544 (96) (20) 4 (123) (1) (281) 490 3,558 1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. |
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 2017 2016 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues (1,511) (319) (1,830) 1 (116) (119) (235) 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (2,088) 22 (2,066) 125 26 151 1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. |
Quantitative information about level 3 assets and liabilities at fair value | Quantitative information about level 3 assets at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Securities received as collateral 46 – – – – – Debt 2,292 of which corporates 1,412 of which 387 Option model Correlation, in % (60) 98 55 of which 545 Market comparable Price, in % 0 139 84 of which 444 Discounted cash flow Credit spread, in bp 37 952 230 of which RMBS 320 Discounted cash flow Discount rate, in % 1 24 11 Prepayment rate, in % 1 36 10 Default rate, in % 0 12 4 Loss severity, in % 0 100 57 of which CMBS 16 Discounted cash flow Capitalization rate, in % 14 14 14 Discount rate, in % 8 16 14 Prepayment rate, in % 0 5 4 of which CDO 126 Discounted cash flow Discount rate, in % 5 13 8 Prepayment rate, in % 5 20 13 Credit spread, in bp 464 669 553 Default rate, in % 2 5 3 Loss severity, in % 0 80 34 Equity 163 of which 67 Vendor price Price, in actuals 0 2,080 10 of which 81 Market comparable EBITDA multiple 2 9 7 Price, in % 18 100 67 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 3,289 of which interest rate products 801 Option model Correlation, in % 20 100 72 Prepayment rate, in % 6 34 17 Volatility skew, in % (4) 1 (1) of which equity/index-related products 833 Option model Correlation, in % (60) 98 65 Volatility, in % 0 105 64 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 of which credit derivatives 634 Discounted cash flow Credit spread, in bp 1 956 217 Recovery rate, in % 0 45 20 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Loss severity, in % 1 100 64 Correlation, in % 97 97 97 Prepayment rate, in % 0 14 6 Other 3,010 of which 1,605 Market comparable Price, in % 0 110 23 of which 1,095 Discounted cash flow Market implied life expectancy, in years 3 18 8 Trading assets 8,754 Investment securities 42 – – – – – Private equity 29 – – – – – Other equity investments 271 – – – – – Life finance instruments 1,301 Discounted cash flow Market implied life expectancy, in years 2 18 6 Other investments 1,601 Loans 4,530 of which commercial and industrial loans 2,207 of which 1,924 Discounted cash flow Credit spread, in bp 89 1,116 420 of which 250 Market comparable Price, in % 0 99 56 of which financial institutions 1,480 of which 1,426 Discounted cash flow Credit spread, in bp 43 1,430 371 Other intangible assets (mortgage servicing rights) 158 – – – – – Other assets 1,511 of which loans held-for-sale 1,350 of which 849 Discounted cash flow Credit spread, in bp 117 973 292 Recovery rate, in % 18 87 73 of which 280 Market comparable Price, in % 0 102 88 Total level 3 assets at fair value 16,642 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Interest-bearing deposits with banks 1 – – – – – Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 Discounted cash flow Funding spread, in bp 10 450 259 Securities received as collateral 70 – – – – – Debt 3,977 of which corporates 1,674 of which 448 Option model Correlation, in % (85) 98 23 of which 817 Market comparable Price, in % 0 117 86 of which 101 Discounted cash flow Credit spread, in bp 3 1,004 308 of which RMBS 605 of which 445 Discounted cash flow Discount rate, in % 0 47 8 Prepayment rate, in % 2 30 12 Default rate, in % 0 10 3 Loss severity, in % 0 100 43 of which 120 Market comparable Price, in % 21 30 26 of which CMBS 65 Discounted cash flow Capitalization rate, in % 8 9 9 Discount rate, in % 2 27 10 Prepayment rate, in % 0 15 9 of which CDO 1,165 of which 195 Discounted cash flow Discount rate, in % 7 27 15 Prepayment rate, in % 0 30 10 Credit spread, in bp 328 328 328 Default rate, in % 0 5 2 Loss severity, in % 3 100 45 of which 851 Market comparable Price, in % 208 208 208 Equity 240 Market comparable EBITDA multiple 3 8 6 Price, in % 0 100 70 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 4,305 of which interest rate products 748 Option model Correlation, in % 20 100 65 Prepayment rate, in % 1 32 16 Volatility skew, in % (7) 1 (2) of which equity/index-related products 914 Option model Correlation, in % (85) 98 21 Volatility, in % 2 180 32 Buyback probability, in % 2 50 100 62 Gap risk, in % 3 0 2 1 of which credit derivatives 688 Discounted cash flow Credit spread, in bp 0 1,635 396 Recovery rate, in % 0 45 10 Discount rate, in % 1 45 21 Default rate, in % 0 33 5 Loss severity, in % 15 100 69 Correlation, in % 97 97 97 Prepayment rate, in % 0 13 5 Other 4,243 of which 3,005 Market comparable Price, in % 0 116 39 of which 882 Discounted cash flow Market implied life expectancy, in years 3 19 8 Trading assets 12,765 Investment securities 72 – – – – – Private equity 8 – – – – – Other equity investments 310 – – – – – Life finance instruments 1,588 Discounted cash flow Market implied life expectancy, in years 2 19 6 Other investments 1,906 Loans 6,585 of which commercial and industrial loans 3,816 of which 2,959 Discounted cash flow Credit spread, in bp 5 5,400 544 of which 852 Market comparable Price, in % 0 100 51 of which financial institutions 1,829 of which 1,588 Discounted cash flow Credit spread, in bp 67 952 342 of which 149 Market comparable Price, in % 0 550 483 Other intangible assets (mortgage servicing rights) 138 – – – – – Other assets 1,679 of which loans held-for-sale 1,316 of which 760 Discounted cash flow Credit spread, in bp 117 1,082 334 Recovery rate, in % 6 100 74 of which 356 Market comparable Price, in % 0 102 78 Total level 3 assets at fair value 23,390 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. Quantitative information about level 3 liabilities at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 455 – – – – – Obligation to return securities received as collateral 46 – – – – – Trading liabilities 3,226 of which interest rate derivatives 317 of which 205 Option model Basis spread, in bp (25) 52 19 Correlation, in % 20 100 60 Prepayment rate, in % 6 34 9 of which 81 Market comparable Price, in % 1 102 44 of which foreign exchange derivatives 100 of which 64 Option model Correlation, in % (10) 70 51 Prepayment rate, in % 27 34 30 of which 7 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,301 of which 947 Option model Correlation, in % (60) 98 55 Volatility, in % 0 105 25 Buyback probability, in % 2 50 100 90 of which 62 Vendor price Price, in actuals 0 53 18 of which credit derivatives 898 Discounted cash flow Credit spread, in bp 2 973 172 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Recovery rate, in % 10 60 38 Loss severity, in % 25 100 67 Correlation, in % 38 85 54 Prepayment rate, in % 0 20 7 Term TRS/repo spread, in bp 176 176 176 Short-term borrowings 845 of which 288 Option model Correlation, in % (40) 98 60 Volatility, in % 4 105 26 of which 527 Discounted cash flow Credit spread, in bp 2 278 175 Recovery rate, in % 25 40 29 of which 24 Market comparable Price, in % 11 47 47 Long-term debt 12,501 of which structured notes over two years 12,259 of which 9,739 Option model Correlation, in % (60) 99 55 Volatility, in % 0 105 21 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 1,571 Discounted cash flow Credit spread, in bp 2 729 105 Other liabilities 1,478 of which failed sales 223 of which 122 Market comparable Price, in % 0 100 51 of which 25 Discounted cash flow Credit spread, in bp 1,430 1,430 1,430 Total level 3 liabilities at fair value 18,551 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 410 – – – – – Obligation to return securities received as collateral 70 – – – – – Trading liabilities 3,737 of which interest rate derivatives 538 Option model Basis spread, in bp (2) 66 33 Correlation, in % 20 100 57 Prepayment rate, in % 1 32 9 Gap risk, in % 2 20 20 20 Funding spread, in bp 237 237 237 of which foreign exchange derivatives 150 of which 65 Option model Correlation, in % (10) 70 49 Prepayment rate, in % 22 32 27 of which 69 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,181 Option model Correlation, in % (85) 98 23 Volatility, in % 2 180 28 Buyback probability, in % 3 50 100 62 of which credit derivatives 851 Discounted cash flow Credit spread, in bp 0 1,635 163 Discount rate, in % 2 45 21 Default rate, in % 0 33 5 Recovery rate, in % 20 60 35 Loss severity, in % 15 100 70 Correlation, in % 43 85 63 Prepayment rate, in % 0 13 5 Short-term borrowings 516 – – – – – Long-term debt 13,415 of which structured notes over two years 12,434 of which 12,008 Option model Correlation, in % (85) 99 23 Volatility, in % 0 180 23 Buyback probability, in % 3 50 100 62 Gap risk, in % 2 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 286 Discounted cash flow Credit spread, in bp 1 452 89 Other liabilities 1,684 of which failed sales 219 of which 163 Market comparable Price, in % 0 100 68 of which 39 Discounted cash flow Discount rate, in % 11 29 21 Total level 3 liabilities at fair value 19,832 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. 3 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. |
Own credit gains/(losses) on fair value option elected instruments recorded in AOCI | Own credit gains/(losses) on fair value option elected instruments recorded in AOCI 1 Gains/(losses) recorded 1 in 2017 Cumulative 2016 2 2017 2016 Financial instruments (CHF million) Deposits (15) (50) (35) 0 0 Short-term borrowings (63) (63) (1) 0 0 Long-term debt (1,957) (2,560) (1,120) 32 0 of which treasury debt over two years (702) (675) (204) 0 0 of which structured notes over two years (1,246) (1,872) (893) 27 0 Total (2,035) (2,673) (1,156) 32 0 1 Amounts are reflected gross of tax. 2 Prior period has been corrected. |
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions end of 2017 2016 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Equity funds 61 992 1 1,053 0 65 1,281 2 1,346 0 Equity funds sold short 0 (9) (9) 0 0 (1) (1) 0 Total funds held in trading assets and liabilities 61 983 1,044 0 65 1,280 1,345 0 Debt funds 164 75 239 0 215 77 292 0 Equity funds 2 53 55 0 2 51 53 0 Others 2 95 97 9 0 201 201 0 Hedge funds 168 223 3 391 9 217 329 4 546 0 Debt funds 1 0 1 0 5 0 5 20 Equity funds 141 0 141 64 240 0 240 42 Real estate funds 178 0 178 44 212 0 212 50 Others 31 0 31 15 117 0 117 58 Private equities 351 0 351 123 574 0 574 170 Equity method investments 71 1,051 1,122 5 347 637 984 218 Total funds held in other investments 590 1,274 1,864 137 1,138 966 2,104 388 Total fair value 651 5 2,257 6 2,908 137 7 1,203 5 2,246 6 3,449 388 7 1 54% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 35% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 9% is redeemable on a quarterly basis with a notice period primarily of more than 45 days, and 2% is redeemable on an annual basis with a notice period primarily of more than 60 days. 2 58% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 23% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 17% is redeemable on a quarterly basis with a notice period primarily of more than 45 days, and 2% is redeemable on an annual basis with a notice period of more than 60 days. 3 51% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 45 days, 43% is redeemable on a monthly basis with a notice period primarily of less than 30 days, and 6% is redeemable on demand with a notice period primarily of less than 30 days. 4 68% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days, 26% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 5% is redeemable on demand with a notice period primarily of less than 30 days, and 1% is redeemable on an annual basis with a notice period primarily of more than 45 days. 5 Includes CHF 229 million and CHF 334 million attributable to noncontrolling interests in 2017 and 2016, respectively. 6 Includes CHF 167 million and CHF 231 million attributable to noncontrolling interests in 2017 and 2016, respectively. 7 Includes CHF 53 million and CHF 88 million attributable to noncontrolling interests in 2017 and 2016, respectively. |
Nonrecurring fair value changes | Nonrecurring fair value changes end of 2017 2016 CHF billion Assets held-for-sale recorded at fair value on a nonrecurring basis 0.1 0.1 of which level 2 0.1 0.1 |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments end of 2017 2016 Aggregate Aggregate Aggregate Aggregate Loans (CHF million) Non-interest-earning loans 708 3,375 (2,667) 1,276 4,495 (3,219) Financial instruments (CHF million) Interest-bearing deposits with banks 0 0 0 26 25 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 77,498 76,643 855 87,331 87,208 123 Loans 15,307 15,372 (65) 19,528 20,144 (616) Other assets 1 8,468 10,910 (2,442) 8,369 11,296 (2,927) Due to banks and customer deposits (907) (861) (46) (1,120) (1,059) (61) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (15,262) (15,180) (82) (19,634) (19,638) 4 Short-term borrowings (11,019) (11,104) 85 (4,061) (4,017) (44) Long-term debt (63,628) (63,759) 131 (72,868) (76,123) 3,255 Other liabilities (661) (1,716) 1,055 (727) (2,331) 1,604 1 Primarily loans held-for-sale. Gains and losses on financial instruments in 2017 2016 2015 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 13 1 4 1 2 1 of which related to credit risk 0 1 (1) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,493 1 1,440 1 1,279 1 Other investments 216 2 212 2 242 3 of which related to credit risk (4) (3) 0 Loans 1,542 1 1,643 1 439 1 of which related to credit risk 7 (16) (236) Other assets 480 1 (518) 2 111 1 of which related to credit risk 96 (199) (511) Due to banks and customer deposits 1 2 (12) 1 4 2 of which related to credit risk 5 (22) 19 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (118) 1 (112) 1 55 2 Short-term borrowings (512) 2 323 2 439 2 of which related to credit risk (23) 0 0 Long-term debt (6,857) 2 (1,235) 2 5,317 2 of which related to credit risk (32) 22 207 4 Other liabilities 183 3 456 2 316 3 of which related to credit risk 83 306 (93) 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Primarily recognized in other revenues. 4 Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (108) million and CHF 261 million in 2015, respectively. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying value and fair value of financial instruments not carried at fair value Carrying end of Level 1 Level 2 Level 3 Total 2017 (CHF million) Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 37,848 0 37,848 0 37,848 Loans 260,093 0 264,290 3,212 267,502 Other financial assets 1 170,870 109,645 60,469 1,109 171,223 Financial liabilities Due to banks and deposits 372,867 201,575 171,281 0 372,856 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 11,233 0 11,233 0 11,233 Short-term borrowings 14,871 0 14,870 0 14,870 Long-term debt 109,403 0 112,488 235 112,723 Other financial liabilities 2 61,316 0 61,131 172 61,303 2016 (CHF million) Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 47,508 0 47,508 0 47,508 Loans 252,535 0 256,020 4,602 260,622 Other financial assets 1 171,514 121,075 49,353 1,436 171,864 Financial liabilities Due to banks and deposits 374,620 199,721 174,877 0 374,598 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 13,382 0 13,382 0 13,382 Short-term borrowings 11,324 0 11,327 0 11,327 Long-term debt 120,448 0 122,220 521 122,741 Other financial liabilities 2 62,291 1,595 60,573 125 62,293 1 Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. 2 Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. |
Bank | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Securities received as collateral 36,697 1,331 46 – – 38,074 Debt 29,827 40,707 2,292 – – 72,826 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,292 1,412 – – 11,883 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 Equity 51,125 3,481 163 – 1,053 55,822 Derivatives 3,577 141,641 3,289 (128,607) – 19,900 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,339 18,544 833 – – – of which credit derivatives 0 7,107 634 – – – Other 2,923 2,293 3,010 – – 8,226 Trading assets 87,452 188,122 8,754 (128,607) 1,053 156,774 Debt 244 1,778 42 – – 2,064 of which foreign governments 98 1,138 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 Equity 6 119 0 – – 125 Investment securities 250 1,897 42 – – 2,189 Private equity 0 0 29 – 343 372 of which equity funds 0 0 22 – 133 155 Hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 Other equity investments 25 9 271 – 1,121 1,426 of which private 18 9 271 – 1,121 1,419 Life finance instruments 0 7 1,301 – – 1,308 Other investments 25 16 1,601 – 1,855 3,497 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,525 287,423 16,642 (128,771) 2,908 302,727 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Debt 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 Equity 36,121 529 46 – – 36,696 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 Debt 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 Equity 14,230 883 55 – 9 15,177 Derivatives 3,731 144,929 3,169 (137,175) – 14,654 of which interest rate products 1,254 80,290 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 20,017 1,301 – – – of which credit derivatives 0 7,982 898 – – – Trading liabilities 23,121 149,951 3,226 (137,175) 9 39,132 Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 50,121 12,501 – – 62,622 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 4,557 0 – – 4,557 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,356 1,467 (233) – 8,590 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,818 237,448 18,540 (137,408) 9 178,407 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 208 0 – – 208 Interest-bearing deposits with banks 0 25 1 – – 26 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 87,157 174 – – 87,331 Debt 619 418 1 – – 1,038 of which corporates 1 378 1 – – 380 Equity 30,706 751 69 – – 31,526 Securities received as collateral 31,325 1,169 70 – – 32,564 Debt 29,498 32,200 3,977 – – 65,675 of which foreign governments 29,226 2,408 292 – – 31,926 of which corporates 180 12,332 1,674 – – 14,186 of which RMBS 0 14,153 605 – – 14,758 of which CMBS 0 2,227 65 – – 2,292 of which CDO 0 1,074 1,165 – – 2,239 Equity 58,493 3,795 240 – 1,346 63,874 Derivatives 5,631 224,400 4,305 (207,323) – 27,013 of which interest rate products 3,074 133,928 748 – – – of which foreign exchange products 18 61,459 355 – – – of which equity/index-related products 2,538 20,777 914 – – – of which credit derivatives 0 7,388 688 – – – Other 2,268 2,319 4,243 – – 8,830 Trading assets 95,890 262,714 12,765 (207,323) 1,346 165,392 Debt 294 2,032 72 – – 2,398 of which foreign governments 103 1,240 0 – – 1,343 of which corporates 0 287 0 – – 287 of which RMBS 0 425 72 – – 497 of which CMBS 0 14 0 – – 14 Equity 3 85 0 – – 88 Investment securities 297 2,117 72 – – 2,486 Private equity 0 0 8 – 566 574 of which equity funds 0 0 0 – 232 232 Hedge funds 0 0 0 – 546 546 of which debt funds 0 0 0 – 292 292 Other equity investments 22 64 310 – 984 1,380 of which private 15 64 310 – 984 1,373 Life finance instruments 0 0 1,588 – – 1,588 Other investments 22 64 1,906 – 2,096 4,088 Loans 0 12,943 6,585 – – 19,528 of which commercial and industrial loans 0 6,051 3,816 – – 9,867 of which financial institutions 0 4,403 1,829 – – 6,232 Other intangible assets (mortgage servicing rights) 0 0 138 – – 138 Other assets 260 8,396 1,679 (915) – 9,420 of which loans held-for-sale 0 4,640 1,316 – – 5,956 Total assets at fair value 127,794 374,793 23,390 (208,238) 3,442 321,181 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 445 0 – – 445 Customer deposits 0 3,166 410 – – 3,576 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 19,634 0 – – 19,634 Debt 619 418 1 – – 1,038 of which corporates 1 378 1 – – 380 Equity 30,706 751 69 – – 31,526 Obligation to return securities received as collateral 31,325 1,169 70 – – 32,564 Debt 4,376 3,564 23 – – 7,963 of which foreign governments 4,374 547 0 – – 4,921 of which corporates 0 2,760 23 – – 2,783 Equity 16,387 191 41 – 1 16,620 Derivatives 5,407 229,334 3,673 (218,045) – 20,369 of which interest rate products 2,946 126,298 538 – – – of which foreign exchange products 18 71,017 150 – – – of which equity/index-related products 2,442 22,687 1,181 – – – of which credit derivatives 0 8,350 851 – – – Trading liabilities 26,170 233,089 3,737 (218,045) 1 44,952 Short-term borrowings 0 3,545 516 – – 4,061 Long-term debt 0 58,555 13,415 – – 71,970 of which treasury debt over two years 0 3,217 0 – – 3,217 of which structured notes over one year and up to two years 0 6,852 326 – – 7,178 of which structured notes over two years 0 39,824 12,434 – – 52,258 of which other debt instruments over two years 0 2,311 634 – – 2,945 of which other subordinated bonds 0 4,584 1 – – 4,585 of which non-recourse liabilities 0 1,742 17 – – 1,759 Other liabilities 0 8,892 1,679 (1,014) – 9,557 of which failed sales 0 507 219 – – 726 Total liabilities at fair value 57,495 328,495 19,827 (219,059) 1 186,759 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
Transfers between level 1 and level 2 | Transfers between level 1 and level 2 in 2017 2016 Transfers Transfers Transfers Transfers Assets (CHF million) Securities received as collateral 0 136 0 0 Debt 16 237 2,012 1,698 Equity 924 412 723 1,074 Derivatives 3,202 13 3,404 0 Trading assets 4,142 662 6,139 2,772 Liabilities (CHF million) Obligations to return securities received as collateral 0 136 0 0 Debt 3 44 2 46 Equity 102 165 108 166 Derivatives 3,814 91 4,047 29 Trading liabilities 3,919 300 4,157 241 |
Assets and liabilities measured at fair value on a recurring basis for level 3 | Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 1 40 0 0 (41) 0 0 0 0 0 0 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 0 0 0 0 26 (193) 0 0 0 0 0 0 (7) 0 Securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Debt 3,977 608 (1,074) 2,747 (3,705) 0 0 (4) (80) 6 1 0 0 (184) 2,292 of which corporates 1,674 276 (654) 2,203 (2,005) 0 0 (4) 14 6 0 0 0 (98) 1,412 of which RMBS 605 280 (229) 85 (305) 0 0 3 (95) 0 0 0 0 (24) 320 of which CMBS 65 6 (17) 2 (13) 0 0 (3) (21) 0 0 0 0 (3) 16 of which CDO 1,165 39 (157) 174 (1,047) 0 0 0 (16) 0 0 0 0 (32) 126 Equity 240 49 (35) 146 (260) 0 0 0 33 0 0 0 0 (10) 163 Derivatives 4,305 416 (839) 0 0 1,317 (1,817) 123 (63) 0 0 0 0 (153) 3,289 of which interest rate products 748 56 (53) 0 0 118 (183) 6 104 0 0 0 0 5 801 of which equity/index-related products 914 142 (98) 0 0 443 (597) 14 58 0 0 0 0 (43) 833 of which credit derivatives 688 216 (252) 0 0 381 (297) 38 (110) 0 0 0 0 (30) 634 Other 4,243 86 (98) 12,917 (14,067) 0 (251) 2 362 0 0 0 0 (184) 3,010 Trading assets 12,765 1,159 (2,046) 15,810 (18,032) 1,317 (2,068) 121 252 6 1 0 0 (531) 8,754 Investment securities 72 0 (17) 100 (113) 0 (90) (1) 95 0 0 0 0 (4) 42 Equity 318 23 (22) 139 (144) 0 0 0 (7) 0 9 0 0 (16) 300 Life finance instruments 1,588 0 0 185 (418) 0 0 0 16 0 0 0 0 (70) 1,301 Other investments 1,906 23 (22) 324 (562) 0 0 0 9 0 9 0 0 (86) 1,601 Loans 6,585 1,130 (947) 106 (580) 1,151 (2,743) 15 85 0 0 0 0 (272) 4,530 of which commercial and industrial loans 3,816 448 (482) 71 (395) 590 (1,705) (2) 21 0 0 0 0 (155) 2,207 of which financial institutions 1,829 352 (126) 33 (176) 444 (821) 28 (6) 0 0 0 0 (77) 1,480 Other intangible assets (mortgage servicing rights) 138 0 0 23 (1) 0 0 0 0 0 4 0 0 (6) 158 Other assets 1,679 347 (132) 759 (1,056) 1,054 (885) (1) (172) 0 (4) 0 0 (78) 1,511 of which loans held-for-sale 2 1,316 286 (113) 667 (904) 1,053 (885) (2) 0 0 (4) 0 0 (64) 1,350 Total assets at fair value 23,390 2,702 (3,165) 17,187 (20,471) 3,548 (5,979) 134 269 6 10 0 0 (989) 16,642 Liabilities (CHF million) Customer deposits 410 0 0 0 0 35 (3) 0 (61) 0 0 0 42 32 455 Obligation to return securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading liabilities 3,737 566 (1,049) 113 (134) 1,193 (1,625) 140 461 0 (9) 0 0 (167) 3,226 of which interest rate derivatives 538 57 (36) 0 0 45 (258) 6 (14) 0 0 0 0 (21) 317 of which foreign exchange derivatives 150 11 (1) 0 0 9 (12) 0 (52) 0 0 0 0 (5) 100 of which equity/index-related derivatives 1,181 54 (188) 0 0 543 (692) 17 441 0 0 0 0 (55) 1,301 of which credit derivatives 851 377 (392) 0 0 350 (376) 61 66 0 0 0 0 (39) 898 Short-term borrowings 516 95 (172) 0 0 865 (472) (2) 19 4 10 0 6 (24) 845 Long-term debt 13,415 1,172 (3,004) 0 0 4,540 (4,479) (12) 1,400 0 0 88 21 (640) 12,501 of which structured notes over two years 12,434 995 (2,886) 0 0 3,913 (3,079) (14) 1,390 0 0 87 17 (598) 12,259 Other liabilities 1,679 150 (102) 211 (304) 7 (398) (25) (8) 0 327 0 0 (70) 1,467 of which failed sales 219 80 (70) 189 (218) 0 0 (7) 40 0 0 0 0 (10) 223 Total liabilities at fair value 19,827 1,986 (4,328) 389 (524) 6,640 (6,977) 101 1,811 4 328 88 69 (874) 18,540 Net assets/(liabilities) at fair value 3,563 716 1,163 16,798 (19,947) (3,092) 998 33 (1,542) 2 (318) (88) (69) (115) (1,898) 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (39) million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other 1 1 Foreign Assets (CHF million) Interest-bearing deposits with banks 49 (49) 1 0 0 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 158 0 0 0 0 279 (270) 0 1 0 0 0 0 6 174 Securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Debt 4,564 1,574 (1,487) 3,753 (4,514) 0 0 (1) (134) 0 10 0 0 212 3,977 of which corporates 1,746 836 (677) 2,642 (2,945) 0 0 0 (42) 0 8 0 0 106 1,674 of which RMBS 814 587 (573) 525 (668) 0 0 (6) (91) 0 0 0 0 17 605 of which CMBS 215 26 (12) 51 (169) 0 0 (1) (45) 0 0 0 0 0 65 of which CDO 1,298 82 (166) 488 (578) 0 0 2 2 0 2 0 0 35 1,165 Equity 871 111 (136) 527 (1,057) 0 0 (45) (38) 0 0 0 0 7 240 Derivatives 4,831 1,683 (1,017) 0 0 1,484 (2,972) 7 173 0 (22) 0 0 138 4,305 of which interest rate products 791 48 (60) 0 0 130 (293) 0 117 0 0 0 0 15 748 of which equity/index-related products 936 282 (328) 0 0 428 (473) 9 32 0 (22) 0 0 50 914 of which credit derivatives 1,568 961 (617) 0 0 543 (1,710) 1 (64) 0 0 0 0 6 688 Other 4,266 858 (1,221) 3,848 (3,644) 0 (314) 7 290 0 0 0 0 153 4,243 Trading assets 14,532 4,226 (3,861) 8,128 (9,215) 1,484 (3,286) (32) 291 0 (12) 0 0 510 12,765 Investment securities 148 18 (38) 95 (121) 0 (124) (10) 100 0 0 0 0 4 72 Equity 365 8 (2) 123 (258) 0 0 0 31 0 22 0 0 29 318 Life finance instruments 1,669 0 0 186 (353) 0 0 0 33 0 0 0 0 53 1,588 Other investments 2,034 8 (2) 309 (611) 0 0 0 64 0 22 0 0 82 1,906 Loans 8,950 969 (1,942) 524 (1,443) 3,574 (4,281) (43) (11) 0 0 0 0 288 6,585 of which commercial and industrial loans 5,735 486 (583) 97 (1,007) 1,994 (2,987) (14) (74) 0 0 0 0 169 3,816 of which financial institutions 1,729 77 (348) 335 (348) 974 (701) 1 41 0 0 0 0 69 1,829 Other intangible assets (mortgage servicing rights) 112 0 0 16 (1) 0 0 0 0 0 6 0 0 5 138 Other assets 7,087 572 (1,497) 2,464 (6,801) 898 (975) (46) (208) 0 (9) 0 0 194 1,679 of which loans held-for-sale 6,768 355 (1,251) 2,192 (6,696) 898 (975) (59) (88) 0 (8) 0 0 180 1,316 Total assets at fair value 33,021 5,793 (7,340) 11,685 (18,274) 6,235 (8,936) (131) 238 0 7 0 0 1,092 23,390 Liabilities (CHF million) Customer deposits 254 0 (41) 0 0 240 (20) 0 (64) 0 0 0 41 0 410 Obligation to return securities received as collateral 0 0 0 100 (33) 0 0 0 0 0 0 0 0 3 70 Trading liabilities 4,615 1,588 (1,026) 51 (52) 1,259 (3,494) 100 589 0 (12) 0 0 119 3,737 of which interest rate derivatives 578 87 (28) 0 0 141 (244) 14 (25) 0 0 0 0 15 538 of which foreign exchange derivatives 329 55 (5) 0 0 14 (408) 2 160 0 0 0 0 3 150 of which equity/index-related derivatives 1,347 130 (293) 0 0 423 (748) 32 227 0 0 0 0 63 1,181 of which credit derivatives 1,757 940 (689) 0 0 421 (1,806) 50 162 0 0 0 0 16 851 Short-term borrowings 72 45 (30) 0 0 598 (205) 1 17 (3) 3 0 0 18 516 Long-term debt 14,123 3,865 (2,393) 0 0 4,510 (7,149) (64) (124) 0 0 1 240 406 13,415 of which structured notes over two years 9,924 3,484 (2,166) 0 0 4,044 (3,004) (78) (403) 0 0 1 240 392 12,434 Other liabilities 2,483 208 (226) 219 (376) 17 (611) (72) (160) (1) 139 0 0 59 1,679 of which failed sales 454 44 (121) 142 (308) 0 0 (3) 3 0 0 0 0 8 219 Total liabilities at fair value 21,547 5,706 (3,716) 370 (461) 6,624 (11,479) (35) 258 (4) 130 1 281 605 19,827 Net assets/(liabilities) at fair value 11,474 87 (3,624) 11,315 (17,813) (389) 2,543 (96) (20) 4 (123) (1) (281) 487 3,563 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. |
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 2017 2016 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues (1,509) (316) (1,825) 1 (116) (119) (235) 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (2,088) 20 (2,068) 123 29 152 1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. |
Quantitative information about level 3 assets and liabilities at fair value | Quantitative information about level 3 assets at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Interest-bearing deposits with banks 0 – – – – – Securities received as collateral 46 – – – – – Debt 2,292 of which corporates 1,412 of which 387 Option model Correlation, in % (60) 98 55 of which 545 Market comparable Price, in % 0 139 84 of which 444 Discounted cash flow Credit spread, in bp 37 952 230 of which RMBS 320 Discounted cash flow Discount rate, in % 1 24 11 Prepayment rate, in % 1 36 10 Default rate, in % 0 12 4 Loss severity, in % 0 100 57 of which CMBS 16 Discounted cash flow Capitalization rate, in % 14 14 14 Discount rate, in % 8 16 14 Prepayment rate, in % 0 5 4 of which CDO 126 Discounted cash flow Discount rate, in % 5 13 8 Prepayment rate, in % 5 20 13 Credit spread, in bp 464 669 553 Default rate, in % 2 5 3 Loss severity, in % 0 80 34 Equity 163 of which 67 Vendor price Price, in actuals 0 2,080 10 of which 81 Market comparable EBITDA multiple 2 9 7 Price, in % 18 100 67 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 3,289 of which interest rate products 801 Option model Correlation, in % 20 100 72 Prepayment rate, in % 6 34 17 Volatility skew, in % (4) 1 (1) of which equity/index-related products 833 Option model Correlation, in % (60) 98 65 Volatility, in % 0 105 64 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 of which credit derivatives 634 Discounted cash flow Credit spread, in bp 1 956 217 Recovery rate, in % 0 45 20 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Loss severity, in % 1 100 64 Correlation, in % 97 97 97 Prepayment rate, in % 0 14 6 Other 3,010 of which 1,605 Market comparable Price, in % 0 110 23 of which 1,095 Discounted cash flow Market implied life expectancy, in years 3 18 8 Trading assets 8,754 Investment securities 42 – – – – – Private equity 29 – – – – – Other equity investments 271 – – – – – Life finance instruments 1,301 Discounted cash flow Market implied life expectancy, in years 2 18 6 Other investments 1,601 Loans 4,530 of which commercial and industrial loans 2,207 of which 1,924 Discounted cash flow Credit spread, in bp 89 1,116 420 of which 250 Market comparable Price, in % 0 99 56 of which financial institutions 1,480 of which 1,426 Discounted cash flow Credit spread, in bp 43 1,430 371 Other intangible assets (mortgage servicing rights) 158 – – – – – Other assets 1,511 of which loans held-for-sale 1,350 of which 849 Discounted cash flow Credit spread, in bp 117 973 292 Recovery rate, in % 18 87 73 of which 280 Market comparable Price, in % 0 102 88 Total level 3 assets at fair value 16,642 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Interest-bearing deposits with banks 1 – – – – – Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 Discounted cash flow Funding spread, in bp 10 450 259 Securities received as collateral 70 – – – – – Debt 3,977 of which corporates 1,674 of which 448 Option model Correlation, in % (85) 98 23 of which 817 Market comparable Price, in % 0 117 86 of which 101 Discounted cash flow Credit spread, in bp 3 1,004 308 of which RMBS 605 of which 445 Discounted cash flow Discount rate, in % 0 47 8 Prepayment rate, in % 2 30 12 Default rate, in % 0 10 3 Loss severity, in % 0 100 43 of which 120 Market comparable Price, in % 21 30 26 of which CMBS 65 Discounted cash flow Capitalization rate, in % 8 9 9 Discount rate, in % 2 27 10 Prepayment rate, in % 0 15 9 of which CDO 1,165 of which 195 Discounted cash flow Discount rate, in % 7 27 15 Prepayment rate, in % 0 30 10 Credit spread, in bp 328 328 328 Default rate, in % 0 5 2 Loss severity, in % 3 100 45 of which 851 Market comparable Price, in % 208 208 208 Equity 240 Market comparable EBITDA multiple 3 8 6 Price, in % 0 100 70 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 4,305 of which interest rate products 748 Option model Correlation, in % 20 100 65 Prepayment rate, in % 1 32 16 Volatility skew, in % (7) 1 (2) of which equity/index-related products 914 Option model Correlation, in % (85) 98 21 Volatility, in % 2 180 32 Buyback probability, in % 2 50 100 62 Gap risk, in % 3 0 2 1 of which credit derivatives 688 Discounted cash flow Credit spread, in bp 0 1,635 396 Recovery rate, in % 0 45 10 Discount rate, in % 1 45 21 Default rate, in % 0 33 5 Loss severity, in % 15 100 69 Correlation, in % 97 97 97 Prepayment rate, in % 0 13 5 Other 4,243 of which 3,005 Market comparable Price, in % 0 116 39 of which 882 Discounted cash flow Market implied life expectancy, in years 3 19 8 Trading assets 12,765 Investment securities 72 – – – – – Private equity 8 – – – – – Other equity investments 310 – – – – – Life finance instruments 1,588 Discounted cash flow Market implied life expectancy, in years 2 19 6 Other investments 1,906 Loans 6,585 of which commercial and industrial loans 3,816 of which 2,959 Discounted cash flow Credit spread, in bp 5 5,400 544 of which 852 Market comparable Price, in % 0 100 51 of which financial institutions 1,829 of which 1,588 Discounted cash flow Credit spread, in bp 67 952 342 of which 149 Market comparable Price, in % 0 550 483 Other intangible assets (mortgage servicing rights) 138 – – – – – Other assets 1,679 of which loans held-for-sale 1,316 of which 760 Discounted cash flow Credit spread, in bp 117 1,082 334 Recovery rate, in % 6 100 74 of which 356 Market comparable Price, in % 0 102 78 Total level 3 assets at fair value 23,390 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. Quantitative information about level 3 liabilities at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 455 – – – – – Obligation to return securities received as collateral 46 – – – – – Trading liabilities 3,226 of which interest rate derivatives 317 of which 205 Option model Basis spread, in bp (25) 52 19 Correlation, in % 20 100 60 Prepayment rate, in % 6 34 9 of which 81 Market comparable Price, in % 1 102 44 of which foreign exchange derivatives 100 of which 64 Option model Correlation, in % (10) 70 51 Prepayment rate, in % 27 34 30 of which 7 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,301 of which 947 Option model Correlation, in % (60) 98 55 Volatility, in % 0 105 25 Buyback probability, in % 2 50 100 90 of which 62 Vendor price Price, in actuals 0 53 18 of which credit derivatives 898 Discounted cash flow Credit spread, in bp 2 973 172 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Recovery rate, in % 10 60 38 Loss severity, in % 25 100 67 Correlation, in % 38 85 54 Prepayment rate, in % 0 20 7 Term TRS/repo spread, in bp 176 176 176 Short-term borrowings 845 of which 288 Option model Correlation, in % (40) 98 60 Volatility, in % 4 105 26 of which 527 Discounted cash flow Credit spread, in bp 2 278 175 Recovery rate, in % 25 40 29 of which 24 Market comparable Price, in % 11 47 47 Long-term debt 12,501 of which structured notes over two years 12,259 of which 9,739 Option model Correlation, in % (60) 99 55 Volatility, in % 0 105 21 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 1,571 Discounted cash flow Credit spread, in bp 2 729 105 Other liabilities 1,467 of which failed sales 223 of which 122 Market comparable Price, in % 0 100 51 of which 25 Discounted cash flow Credit spread, in bp 1,430 1,430 1,430 Total level 3 liabilities at fair value 18,540 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 410 – – – – – Obligation to return securities received as collateral 70 – – – – – Trading liabilities 3,737 of which interest rate derivatives 538 Option model Basis spread, in bp (2) 66 33 Correlation, in % 20 100 57 Prepayment rate, in % 1 32 9 Gap risk, in % 2 20 20 20 Funding spread, in bp 237 237 237 of which foreign exchange derivatives 150 of which 65 Option model Correlation, in % (10) 70 49 Prepayment rate, in % 22 32 27 of which 69 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,181 Option model Correlation, in % (85) 98 23 Volatility, in % 2 180 28 Buyback probability, in % 3 50 100 62 of which credit derivatives 851 Discounted cash flow Credit spread, in bp 0 1,635 163 Discount rate, in % 2 45 21 Default rate, in % 0 33 5 Recovery rate, in % 20 60 35 Loss severity, in % 15 100 70 Correlation, in % 43 85 63 Prepayment rate, in % 0 13 5 Short-term borrowings 516 – – – – – Long-term debt 13,415 of which structured notes over two years 12,434 of which 12,008 Option model Correlation, in % (85) 99 23 Volatility, in % 0 180 23 Buyback probability, in % 3 50 100 62 Gap risk, in % 2 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 286 Discounted cash flow Credit spread, in bp 1 452 89 Other liabilities 1,679 of which failed sales 219 of which 163 Market comparable Price, in % 0 100 68 of which 39 Discounted cash flow Discount rate, in % 11 29 21 Total level 3 liabilities at fair value 19,827 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Risk of unexpected large declines in the underlying values between collateral settlement dates. 3 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. |
Own credit gains/(losses) on fair value option elected instruments recorded in AOCI | Own credit gains/(losses) on fair value option elected instruments recorded in AOCI 1 Gains/(losses) recorded 1 in 2017 Cumulative 2016 2017 2016 Financial instruments (CHF million) Deposits (15) (50) (36) 0 0 Short-term borrowings (63) (63) (1) 0 0 Long-term debt (1,768) (2,429) (1,187) 32 0 of which treasury debt over two years (513) (544) (271) 0 0 of which structured notes over two years (1,246) (1,872) (892) 27 0 Total (1,846) (2,542) (1,224) 32 0 1 Amounts are reflected gross of tax. |
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions end of 2017 2016 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Debt funds 0 0 0 0 0 0 0 0 Equity funds 61 992 1 1,053 0 65 1,281 1 1,346 0 Equity funds sold short 0 (9) (9) 0 0 (1) (1) 0 Total funds held in trading assets and liabilities 61 983 1,044 0 65 1,280 1,345 0 Debt funds 164 75 239 0 215 77 292 0 Equity funds 2 53 55 0 2 51 53 0 Others 2 95 97 9 0 201 201 0 Hedge funds 168 223 3 391 9 217 329 3 546 0 Debt funds 1 0 1 0 5 0 5 20 Equity funds 133 0 133 63 232 0 232 41 Real estate funds 178 0 178 44 212 0 212 50 Others 31 0 31 16 117 0 117 58 Private equities 343 0 343 123 566 0 566 169 Equity method investments 71 1,050 1,121 5 349 635 984 218 Total funds held in other investments 582 1,273 1,855 137 1,132 964 2,096 387 Total fair value 643 5 2,256 6 2,899 137 7 1,197 5 2,244 6 3,441 387 7 1 54% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 35% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 9% is redeemable on a quarterly basis with a notice period primarily of more than 45 days, and 2% is redeemable on an annual basis with a notice period primarily of more than 60 days. 2 58% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 23% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 17% is redeemable on a quarterly basis with a notice period primarily of more than 45 days, and 2% is redeemable on an annual basis with a notice period of more than 60 days. 3 51% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 45 days, 43% is redeemable on a monthly basis with a notice period primarily of less than 30 days, and 6% is redeemable on demand with a notice period primarily of less than 30 days. 4 68% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days, 26% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 5% is redeemable on demand with a notice period primarily of less than 30 days, and 1% is redeemable on an annual basis with a notice period primarily of more than 45 days. 5 Includes CHF 229 million and CHF 334 million attributable to noncontrolling interests in 2017 and 2016, respectively. 6 Includes CHF 167 million and CHF 231 million attributable to noncontrolling interests in 2017 and 2016, respectively. 7 Includes CHF 53 million and CHF 88 million attributable to noncontrolling interests in 2017 and 2016, respectively. |
Nonrecurring fair value changes | Nonrecurring fair value changes end of 2017 2016 Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) Assets held-for-sale recorded at fair value on a nonrecurring basis 0.1 0.1 of which level 2 0.1 0.1 |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments end of 2017 2016 Aggregate Aggregate Aggregate Aggregate Loans (CHF million) Non-interest-earning loans 708 3,375 (2,667) 1,276 4,495 (3,219) Financial instruments (CHF million) Interest-bearing deposits with banks 0 0 0 26 25 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 77,498 76,643 855 87,331 87,208 123 Loans 15,307 15,372 (65) 19,528 20,144 (616) Other assets 1 8,468 10,910 (2,442) 8,369 11,296 (2,927) Due to banks and customer deposits (907) (861) (46) (1,120) (1,059) (61) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (15,262) (15,180) (82) (19,634) (19,638) 4 Short-term borrowings (11,019) (11,104) 85 (4,061) (4,017) (44) Long-term debt (62,622) (62,813) 191 (71,970) (75,106) 3,136 Other liabilities (661) (1,716) 1,055 (727) (2,331) 1,604 1 Primarily loans held-for-sale. Gains and losses on financial instruments in 2017 2016 2015 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 13 1 4 1 (38) 2 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,493 1 1,440 1 1,279 1 Other investments 215 2 214 2 240 3 of which related to credit risk (4) (3) 0 Loans 1,542 1 1,643 1 439 1 of which related to credit risk 7 (16) (236) Other assets 480 1 (507) 2 111 1 of which related to credit risk 96 (200) (511) Due to banks and customer deposits 1 2 (12) 1 4 2 of which related to credit risk 5 (22) 19 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (118) 1 (112) 1 55 2 Short-term borrowings (512) 2 323 2 439 2 Long-term debt (6,615) 2 (1,136) 2 5,398 2 of which related to credit risk (32) 22 224 4 Other liabilities 181 3 443 2 314 3 of which related to credit risk 88 312 (95) 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Primarily recognized in other revenues. 4 Changes in fair value related to credit risk are due to the change in the Bank's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying value and fair value of financial instruments not carried at fair value Carrying end of Level 1 Level 2 Level 3 Total 2017 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 37,848 0 37,848 0 37,848 Loans 264,181 0 268,380 3,212 271,592 Other financial assets 1 170,687 109,414 60,518 1,108 171,040 Financial liabilities Due to banks and deposits 374,006 202,164 171,831 0 373,995 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 11,233 0 11,233 0 11,233 Short-term borrowings 15,359 0 15,359 0 15,359 Long-term debt 109,420 0 112,564 235 112,799 Other financial liabilities 2 61,701 0 61,543 146 61,689 2016 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 47,797 0 47,797 0 47,797 Loans 259,211 0 262,766 4,602 267,368 Other financial assets 1 175,011 122,217 51,710 1,435 175,362 Financial liabilities Due to banks and deposits 383,289 200,534 182,803 0 383,337 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 13,671 0 13,671 0 13,671 Short-term borrowings 11,324 0 11,327 0 11,327 Long-term debt 120,525 0 122,290 521 122,811 Other financial liabilities 2 62,436 1,595 60,720 117 62,432 1 Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. 2 Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. |
Assets pledged and collateral (
Assets pledged and collateral (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Assets pledged and collateral | Assets pledged end of 2017 2016 Assets pledged (CHF million) Total assets pledged or assigned as collateral 130,038 122,805 of which encumbered 73,189 83,473 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2017 2016 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 433,190 402,690 of which sold or repledged 212,155 184,066 1 1 Prior period has been corrected. |
Schedule of Other Assets Pledged and Collateral | Other information end of 2017 2016 Other information (CHF million) Cash and securities restricted under foreign banking regulations 26,969 27,590 Swiss National Bank required minimum liquidity reserves 2,043 2,001 |
Bank | |
Assets pledged and collateral | Assets pledged end of 2017 2016 Assets pledged (CHF million) Total assets pledged or assigned as collateral 130,038 122,811 of which encumbered 73,189 83,478 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2017 2016 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 433,190 402,702 of which sold or repledged 212,155 184,078 |
Schedule of Other Assets Pledged and Collateral | Other information end of 2017 2016 Other information (CHF million) Cash and securities restricted under foreign banking regulations 26,928 27,590 Swiss National Bank required minimum liquidity reserves 2,043 2,001 |
Capital adequacy (Tables)
Capital adequacy (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
BIS statistics | Swiss capital and leverage metrics Phase-in end of 2017 2016 Swiss capital (CHF million) Swiss CET1 capital 36,567 36,417 Going concern capital 53,131 52,392 Gone concern capital 35,712 26,783 Total loss-absorbing capacity 88,843 79,175 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 273,436 272,090 Leverage exposure 919,053 957,067 Swiss capital ratios (%) Swiss CET1 ratio 13.4 13.4 Going concern capital ratio 19.4 19.3 Gone concern capital ratio 13.1 9.8 TLAC ratio 32.5 29.1 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.0 3.8 Going concern leverage ratio 5.8 5.5 Gone concern leverage ratio 3.9 2.8 TLAC leverage ratio 9.7 8.3 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.0 8.125 Going concern capital ratio requirement 12.0 10.75 Gone concern capital ratio requirement 6.2 3.5 TLAC ratio requirement 18.2 14.25 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.6 2.3 Going concern leverage ratio requirement 3.5 3.0 Gone concern leverage ratio requirement 2.0 1.0 TLAC leverage ratio requirement 5.5 4.0 |
Bank | |
BIS statistics | Swiss capital and leverage metrics Phase-in end of 2017 2016 Swiss capital (CHF million) Swiss CET1 capital 38,288 37,196 Going concern capital 53,995 52,344 Gone concern capital 35,771 26,904 Total loss-absorbing capacity (TLAC) 89,766 79,248 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 273,332 271,359 Leverage exposure 921,793 958,296 Swiss capital ratios (%) Swiss CET1 ratio 14.0 13.7 Going concern capital ratio 19.8 19.3 Gone concern capital ratio 13.1 9.9 TLAC ratio 32.8 29.2 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.2 3.9 Going concern leverage ratio 5.9 5.5 Gone concern leverage ratio 3.9 2.8 TLAC leverage ratio 9.7 8.3 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.0 8.125 Going concern capital ratio requirement 12.0 10.75 Gone concern capital ratio requirement 6.2 3.5 TLAC ratio requirement 18.2 14.25 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.6 2.3 Going concern leverage ratio requirement 3.5 3.0 Gone concern leverage ratio requirement 2.0 1.0 TLAC leverage ratio requirement 5.5 4.0 |
Assets under management (Tables
Assets under management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Assets under management and net new assets | Assets under management end of 2017 2016 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 185.2 165.7 Assets with discretionary mandates 267.3 238.6 Other assets under management 923.6 846.8 Assets under management (including double counting) 1,376.1 1,251.1 of which double counting 46.2 32.8 Changes in assets under management 2017 2016 Assets under management (CHF billion) Assets under management at beginning of period 1 1,251.1 1,214.1 Net new assets/(net asset outflows) 37.8 26.8 Market movements, interest, dividends and foreign exchange 86.7 34.8 of which market movements, interest and dividends 2 88.9 16.4 of which foreign exchange (2.2) 18.4 Other effects 0.5 (24.6) Assets under management at end of period 1,376.1 1,251.1 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. |
Bank | |
Assets under management and net new assets | Assets under management end of 2017 2016 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 177.4 158.5 Assets with discretionary mandates 267.3 238.6 Other assets under management 923.6 846.8 Assets under management (including double counting) 1,368.3 1,243.9 of which double counting 44.6 31.3 |
Changes in assets under management | Changes in assets under management 2017 2016 Assets under management (CHF billion) Assets under management at beginning of period 1 1,243.9 1,214.1 Net new assets/(net asset outflows) 36.2 26.3 Market movements, interest, dividends and foreign exchange 87.6 34.7 of which market movements, interest and dividends 2 89.8 16.2 of which foreign exchange (2.2) 18.5 Other effects 0.6 (31.2) Assets under management at end of period 1,368.3 1,243.9 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. |
Litigation (Tables)
Litigation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Litigation provisions | Litigation provisions 2017 CHF million Balance at beginning of period 3,839 Increase in litigation accruals 774 Decrease in litigation accruals (90) Decrease for settlements and other cash payments (3,638) Foreign exchange translation (136) Balance at end of period 749 |
Significant subsidiaries and 87
Significant subsidiaries and equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant subsidiaries and equity method investments | Significant subsidiaries Equity Nominal as of December 31, 2017 Credit Suisse Group AG 100 Credit Suisse AG Zurich, Switzerland CHF 4,399.7 100 Credit Suisse Insurance Linked Strategies Ltd Zurich, Switzerland CHF 0.2 100 Credit Suisse (Poland) SP. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse Services AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Trust AG Zurich, Switzerland CHF 5.0 100 Credit Suisse Trust Holdings Limited St. Peter Port, Guernsey GBP 2.0 100 CS LP Holding AG Zug, Switzerland CHF 0.1 100 Inreska Limited St. Peter Port, Guernsey GBP 3.0 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 Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 2 Credit Suisse International London, United Kingdom USD 12,366.1 100 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Argauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 99 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2017 Credit Suisse Group AG 100 1 Credit Suisse Group Finance (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) II Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group Funding (Guernsey) Limited St. Peter Port, Guernsey 25 SECB Swiss Euro Clearing Bank GmbH Frankfurt, Germany Credit Suisse AG 50 Swisscard AECS GmbH Horgen, Switzerland 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 2 York Capital Management Global Advisors, LLC New York, United States 0 2 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 The Group holds a significant noncontrolling interest. |
Bank | |
Significant subsidiaries and equity method investments | Significant subsidiaries Equity Nominal as of December 31, 2017 Credit Suisse AG 100 AJP Cayman Ltd. George Town, Cayman Islands JPY 8,025.6 100 Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Argauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 99 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 2 Credit Suisse International London, United Kingdom USD 12,366.1 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 Remaining 2% held directly by Credit Suisse Group AG. 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2017 Credit Suisse AG 50 Swisscard AECS GmbH Horgen, Switzerland 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 1 York Capital Management Global Advisors, LLC New York, United States 0 1 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 The Bank holds a significant noncontrolling interest. |
Subsidiary guarantee informat88
Subsidiary guarantee information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subsidiary guarantee information | |
Condensed Financial Statements [Table Text Block] | Condensed consolidating statements of operations Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,294 11,767 17,061 577 (581) 17,057 Interest expense (4,437) (5,932) (10,369) (632) 501 (10,500) Net interest income 857 5,835 6,692 (55) (80) 6,557 Commissions and fees 3,756 7,916 11,672 28 117 11,817 Trading revenues (23) 1,323 1,300 (55) 72 1,317 Other revenues 942 359 1,301 (911) 2 819 1,209 Net revenues 5,532 15,433 20,965 (993) 928 20,900 Provision for credit losses 4 206 210 0 0 210 Compensation and benefits 3,066 6,898 9,964 74 139 10,177 General and administrative expenses 1,929 5,484 7,413 (80) (498) 6,835 Commission expenses 255 1,174 1,429 3 (2) 1,430 Restructuring expenses 173 223 396 0 59 455 Total other operating expenses 2,357 6,881 9,238 (77) (441) 8,720 Total operating expenses 5,423 13,779 19,202 (3) (302) 18,897 Income/(loss) before taxes 105 1,448 1,553 (990) 1,230 1,793 Income tax expense/(benefit) (42) 2,823 2,781 (7) (33) 2,741 Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Net income attributable to noncontrolling interests 11 16 27 0 8 35 Net income/(loss) attributable to shareholders 136 (1,391) (1,255) (983) 1,255 (983) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income Bank 1 Comprehensive income (CHF million) Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Gains/(losses) on cash flow hedges 0 (35) (35) 8 0 (27) Foreign currency translation (756) (259) (1,015) 1 (17) (1,031) Unrealized gains/(losses) on securities 0 (13) (13) 0 0 (13) Actuarial gains/(losses) (7) 28 21 0 674 695 Net prior service credit/(cost) 0 0 0 0 (121) (121) Gains/(losses) on liabilities related to credit risk (33) (1,651) (1,684) (188) (104) (1,976) Other comprehensive income/(loss), net of tax (796) (1,930) (2,726) (179) 432 (2,473) Comprehensive income/(loss) (649) (3,305) (3,954) (1,162) 1,695 (3,421) Comprehensive income/(loss) attributable to noncontrolling interests 24 (33) (9) 0 37 28 Comprehensive income/(loss) attributable to shareholders (673) (3,272) (3,945) (1,162) 1,658 (3,449) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,697 11,678 17,375 284 (285) 17,374 Interest expense (3,750) (6,031) (9,781) (338) 307 (9,812) Net interest income 1,947 5,647 7,594 (54) 22 7,562 Commissions and fees 3,582 7,356 10,938 27 127 11,092 Trading revenues (1,192) 1,563 371 (21) (37) 313 Other revenues 830 660 1,490 (2,684) 2 2,550 1,356 Net revenues 5,167 15,226 20,393 (2,732) 2,662 20,323 Provision for credit losses (5) 257 252 0 0 252 Compensation and benefits 3,235 7,542 10,777 57 (262) 10,572 General and administrative expenses 4,474 5,411 9,885 (88) (27) 9,770 Commission expenses 259 1,196 1,455 1 (1) 1,455 Restructuring expenses 209 304 513 0 27 540 Total other operating expenses 4,942 6,911 11,853 (87) (1) 11,765 Total operating expenses 8,177 14,453 22,630 (30) (263) 22,337 Income/(loss) before taxes (3,005) 516 (2,489) (2,702) 2,925 (2,266) Income tax expense/(benefit) (228) 628 400 8 33 441 Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Net income/(loss) attributable to noncontrolling interests 157 (163) (6) 0 9 3 Net income/(loss) attributable to shareholders (2,934) 51 (2,883) (2,710) 2,883 (2,710) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 Comprehensive income (CHF million) Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Gains/(losses) on cash flow hedges 0 (22) (22) 2 0 (20) Foreign currency translation 604 (106) 498 7 10 515 Unrealized gains/(losses) on securities 0 1 1 0 0 1 Actuarial gains/(losses) 49 161 210 0 184 394 Net prior service credit/(cost) 0 0 0 0 36 36 Gains/(losses) on liabilities related to credit risk (64) (1,018) (1,082) 67 (28) (1,043) Other comprehensive income/(loss), net of tax 589 (984) (395) 76 202 (117) Comprehensive income/(loss) (2,188) (1,096) (3,284) (2,634) 3,094 (2,824) Comprehensive income/(loss) attributable to noncontrolling interests 151 (140) 11 0 (13) (2) Comprehensive income/(loss) attributable to shareholders (2,339) (956) (3,295) (2,634) 3,107 (2,822) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 7,030 12,312 19,342 277 (278) 19,341 Interest expense (4,296) (5,747) (10,043) (330) 331 (10,042) Net interest income 2,734 6,565 9,299 (53) 53 9,299 Commissions and fees 3,932 8,034 11,966 18 60 12,044 Trading revenues (966) 2,275 1,309 28 3 1,340 Other revenues 508 729 1,237 (2,969) 2 2,846 1,114 Net revenues 6,208 17,603 23,811 (2,976) 2,962 23,797 Provision for credit losses 5 319 324 0 0 324 Compensation and benefits 3,805 7,851 11,656 76 (186) 11,546 General and administrative expenses 2,242 6,493 8,735 (110) (51) 8,574 Commission expenses 288 1,335 1,623 1 (1) 1,623 Goodwill impairment 0 3,797 3,797 0 0 3,797 Restructuring expenses 193 132 325 0 30 355 Total other operating expenses 2,723 11,757 14,480 (109) (22) 14,349 Total operating expenses 6,528 19,608 26,136 (33) (208) 25,895 Income/(loss) before taxes (325) (2,324) (2,649) (2,943) 3,170 (2,422) Income tax benefit 37 451 488 1 34 523 Net income/(loss) (362) (2,775) (3,137) (2,944) 3,136 (2,945) Net income/(loss) attributable to noncontrolling interests 143 (150) (7) 0 6 (1) Net income/(loss) attributable to shareholders (505) (2,625) (3,130) (2,944) 3,130 (2,944) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 Comprehensive income (CHF million) Net income/(loss) (362) (2,775) (3,137) (2,944) 3,136 (2,945) Gains/(losses) on cash flow hedges 0 24 24 (8) 0 16 Foreign currency translation 55 (1,204) (1,149) (3) (4) (1,156) Unrealized gains/(losses) on securities (2) (2) (4) 0 0 (4) Actuarial gains/(losses) 24 21 45 0 (706) (661) Net prior service credit/(cost) (14) 0 (14) 0 169 155 Other comprehensive income/(loss), net of tax 63 (1,161) (1,098) (11) (541) (1,650) Comprehensive income/(loss) (299) (3,936) (4,235) (2,955) 2,595 (4,595) Comprehensive income/(loss) attributable to noncontrolling interests 784 (810) (26) 0 7 (19) Comprehensive income/(loss) attributable to shareholders (1,083) (3,126) (4,209) (2,955) 2,588 (4,576) 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 Assets (CHF million) Cash and due from banks 3,058 106,452 109,510 516 (211) 109,815 Interest-bearing deposits with banks 32 689 721 493 (488) 726 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 58,212 57,134 115,346 0 0 115,346 Securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading assets 24,602 132,172 156,774 0 (440) 156,334 Investment securities 245 1,944 2,189 15,612 (15,610) 2,191 Other investments 902 4,991 5,893 45,517 (45,446) 5,964 Net loans 12,456 270,781 283,237 0 (4,088) 279,149 Premises and equipment 1,001 3,444 4,445 0 241 4,686 Goodwill 722 3,314 4,036 0 706 4,742 Other intangible assets 195 28 223 0 0 223 Brokerage receivables 19,717 27,251 46,968 0 0 46,968 Other assets 11,217 19,739 30,956 389 726 32,071 Total assets 137,781 660,591 798,372 62,527 (64,610) 796,289 Liabilities and equity (CHF million) Due to banks 270 15,141 15,411 755 (753) 15,413 Customer deposits 1 362,302 362,303 0 (1,141) 361,162 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 15,352 11,144 26,496 0 0 26,496 Obligation to return securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading liabilities 6,549 32,583 39,132 0 (13) 39,119 Short-term borrowings 12,224 14,154 26,378 0 (489) 25,889 Long-term debt 50,396 121,646 172,042 19,357 (18,367) 173,032 Brokerage payables 21,585 21,718 43,303 0 0 43,303 Other liabilities 10,454 21,229 31,683 513 (584) 31,612 Total liabilities 122,253 632,569 754,822 20,625 (21,347) 754,100 Total shareholders' equity 15,409 27,261 42,670 41,902 (42,670) 41,902 Noncontrolling interests 119 761 880 0 (593) 287 Total equity 15,528 28,022 43,550 41,902 (43,263) 42,189 Total liabilities and equity 137,781 660,591 798,372 62,527 (64,610) 796,289 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 Assets (CHF million) Cash and due from banks 2,491 118,575 121,066 938 (843) 121,161 Interest-bearing deposits with banks 3,520 (2,753) 767 5 0 772 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 82,363 52,476 134,839 0 0 134,839 Securities received as collateral 30,914 1,650 32,564 0 0 32,564 Trading assets 48,914 116,478 165,392 0 (242) 165,150 Investment securities 511 1,975 2,486 4,173 (4,170) 2,489 Other investments 1,146 5,571 6,717 44,753 (44,693) 6,777 Net loans 12,809 266,151 278,960 126 (3,110) 275,976 Premises and equipment 990 3,676 4,666 0 45 4,711 Goodwill 756 3,433 4,189 0 724 4,913 Other intangible assets 179 34 213 0 0 213 Brokerage receivables 17,461 15,970 33,431 0 0 33,431 Other assets 13,119 23,656 36,775 244 (154) 36,865 Total assets 215,173 606,892 822,065 50,239 (52,443) 819,861 Liabilities and equity (CHF million) Due to banks 77 22,723 22,800 2,943 (2,943) 22,800 Customer deposits 8 357,216 357,224 0 (1,391) 355,833 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 54,900 (21,884) 33,016 0 0 33,016 Obligation to return securities received as collateral 30,914 1,650 32,564 0 0 32,564 Trading liabilities 10,125 34,827 44,952 0 (22) 44,930 Short-term borrowings 17,110 (1,725) 15,385 0 0 15,385 Long-term debt 41,481 151,014 192,495 5,078 (4,258) 193,315 Brokerage payables 28,706 11,146 39,852 0 0 39,852 Other liabilities 14,992 24,927 39,919 321 (385) 39,855 Total liabilities 198,313 579,894 778,207 8,342 (8,999) 777,550 Total shareholders' equity 17,006 25,783 42,789 41,897 (42,789) 41,897 Noncontrolling interests (146) 1,215 1,069 0 (655) 414 Total equity 16,860 26,998 43,858 41,897 (43,444) 42,311 Total liabilities and equity 215,173 606,892 822,065 50,239 (52,443) 819,861 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of cash flows Bank 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 7,840 (16,330) (8,490) (142) 2 90 (8,542) Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks 0 40 40 (488) 488 40 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 20,626 (6,340) 14,286 0 0 14,286 Purchase of investment securities 0 (86) (86) (5,673) 5,673 (86) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 104 318 422 0 0 422 Investments in subsidiaries and other investments (206) (888) (1,094) (4,101) 4,101 (1,094) Proceeds from sale of other investments 488 1,479 1,967 0 3 1,970 (Increase)/decrease in loans 3,131 (17,910) (14,779) (5,336) 6,441 (13,674) Proceeds from sales of loans 0 9,938 9,938 0 0 9,938 Capital expenditures for premises and equipment and other intangible assets (295) (655) (950) 0 (118) (1,068) Proceeds from sale of premises and equipment and other intangible assets 2 58 60 0 (59) 1 Other, net 41 24 65 0 0 65 Net cash provided by/(used in) investing activities of continuing operations 23,891 (14,008) 9,883 (15,598) 16,529 10,814 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 191 2,996 3,187 (2,189) 2,425 3,423 Increase/(decrease) in short-term borrowings (4,113) 9,620 5,507 0 (489) 5,018 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (37,382) 32,131 (5,251) 0 0 (5,251) Issuances of long-term debt 30,223 13,344 43,567 14,035 (14,046) 43,556 Repayments of long-term debt (19,174) (43,470) (62,644) 0 90 (62,554) Issuances of common shares 0 0 0 4,253 0 4,253 Sale of treasury shares 0 0 0 0 12,034 12,034 Repurchase of treasury shares 0 0 0 (630) (12,127) (12,757) Dividends paid (9) (4) (13) (584) 7 (590) Other, net (780) 4,315 3,535 433 (3,891) 77 Net cash provided by/(used in) financing activities of continuing operations (31,044) 18,932 (12,112) 15,318 (15,997) (12,791) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (120) (717) (837) 0 10 (827) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 567 (12,123) (11,556) (422) 632 (11,346) Cash and due from banks at beginning of period 2,491 118,575 121,066 938 (843) 121,161 Cash and due from banks at end of period 3,058 106,452 109,510 516 (211) 109,815 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 10 million and CHF 14 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 9,618 17,390 27,008 (22) 2 (211) 26,775 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (3,320) 3,437 117 0 0 117 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 18,365 (25,421) (7,056) 0 0 (7,056) Purchase of investment securities 0 (88) (88) 0 0 (88) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 199 164 363 0 0 363 Investments in subsidiaries and other investments (355) (1,002) (1,357) (710) 664 (1,403) Proceeds from sale of other investments 2,067 (374) 1,693 0 44 1,737 (Increase)/decrease in loans 3,038 (7,259) (4,221) 15 461 (3,745) Proceeds from sales of loans 0 2,468 2,468 0 0 2,468 Capital expenditures for premises and equipment and other intangible assets (329) (835) (1,164) 0 0 (1,164) Proceeds from sale of premises and equipment and other intangible assets 50 5 55 0 0 55 Other, net 27 723 750 0 (1) 749 Net cash provided by/(used in) investing activities of continuing operations 19,742 (28,168) (8,426) (695) 1,168 (7,953) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 20 10,217 10,237 792 (762) 10,267 Increase/(decrease) in short-term borrowings (5,781) 12,375 6,594 (300) 300 6,594 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (23,838) 9,313 (14,525) 0 0 (14,525) Issuances of long-term debt 1 52,943 52,944 0 40 52,984 Repayments of long-term debt (2,993) (44,139) (47,132) 0 0 (47,132) Issuances of common shares 0 0 0 725 0 725 Sale of treasury shares 0 0 0 323 15,844 16,167 Repurchase of treasury shares 0 0 0 (455) (15,742) (16,197) Dividends paid (1) (144) (145) (493) 145 (493) Other, net (143) 1,187 1,044 93 (760) 377 Net cash provided by/(used in) financing activities of continuing operations (32,735) 41,752 9,017 685 (935) 8,767 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 67 1,146 1,213 28 3 1,244 Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (3,308) 32,120 28,812 (4) 25 28,833 Cash and due from banks at beginning of period 5,799 86,455 92,254 942 (868) 92,328 Cash and due from banks at end of period 2,491 118,575 121,066 938 (843) 121,161 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 145 million and CHF 41 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 10,030 5,149 15,179 129 2 (240) 15,068 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (1) 301 300 (5) 54 349 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 46,634 (9,670) 36,964 0 0 36,964 Purchase of investment securities 0 (376) (376) 0 0 (376) Proceeds from sale of investment securities 1 18 19 0 0 19 Maturities of investment securities 68 840 908 0 0 908 Investments in subsidiaries and other investments (436) (119) (555) (5,310) 5,271 (594) Proceeds from sale of other investments 1,257 639 1,896 18 24 1,938 (Increase)/decrease in loans 4,074 (9,351) (5,277) 210 (379) (5,446) Proceeds from sales of loans 0 1,579 1,579 0 0 1,579 Capital expenditures for premises and equipment and other intangible assets (322) (779) (1,101) 0 (1) (1,102) Proceeds from sale of premises and equipment and other intangible assets 3 10 13 0 0 13 Other, net 33 376 409 0 0 409 Net cash provided by/(used in) investing activities of continuing operations 51,311 (16,532) 34,779 (5,087) 4,969 34,661 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits (1,355) (27,719) (29,074) (475) 400 (29,149) Increase/(decrease) in short-term borrowings 10,090 (28,238) (18,148) 300 (300) (18,148) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (35,303) 13,154 (22,149) 0 0 (22,149) Issuances of long-term debt 8,511 69,373 77,884 0 (26) 77,858 Repayments of long-term debt (41,953) (7,592) (49,545) (30) 210 (49,365) Issuances of common shares 0 0 0 6,035 0 6,035 Sale of treasury shares 0 0 0 3 18,749 18,752 Repurchase of treasury shares 0 0 0 (1,044) (18,717) (19,761) Dividends paid (3) (147) (150) (415) 138 (427) Other, net (497) 5,284 4,787 608 (5,209) 186 Net cash provided by/(used in) financing activities of continuing operations (60,510) 24,115 (36,395) 4,982 (4,755) (36,168) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 18 (598) (580) 1 (3) (582) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 849 12,134 12,983 25 (29) 12,979 Cash and due from banks at beginning of period 4,950 74,321 79,271 917 (839) 79,349 Cash and due from banks at end of period 5,799 86,455 92,254 942 (868) 92,328 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 150 million and CHF 35 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Summary of significant accoun89
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2017yearmonthday | |
Accounting Policies [Line Items] | |
Voting rights percentage threshold used to consolidate subsidiaries | 50.00% |
Classification of cash equivalents, original maturities period (in months) | month | 3 |
Discontinued hedge, expected period beyond contract date for forecasted transaction to not occur while carried at fair value (in months) | month | 2 |
Threshold period for determining whether unrealized loss on equity securities is other-than-temporary (in months) | month | 6 |
Threshold percentage for determining whether unrealized loss on equity securities is other-than-temporary | 20.00% |
Equity method of accounting, low end of range of voting interest (as a percent) | 20.00% |
Equity method of accounting, high end of range of voting interest (as a percent) | 50.00% |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 5.00% |
Real estate held for investment purposes, useful life, low end of range (in years) | year | 40 |
Real estate held for investment purposes, useful life, high end of range (in years) | year | 67 |
Number of loan portfolio segments | 2 |
Actuarial gains and losses threshold over the PBO or market value of plan assets which is amortized (as a percent) | 10.00% |
Non-performing loan classification, past due (in days) | day | 90 |
Non-performing loan classification subprime residential loans, past due (in days) | day | 120 |
Non-performing subprime residential loans typical period for transferring servicing (in days) | day | 30 |
Summary of significant accoun90
Summary of significant accounting policies - Useful lives (Details 2) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings | Minimum | |
Premises and equipment disclosures | |
Useful life | 40 years |
Buildings | Maximum | |
Premises and equipment disclosures | |
Useful life | 67 years |
Building improvements | Minimum | |
Premises and equipment disclosures | |
Useful life | 5 years |
Building improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Other leasehold improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Rented premises improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Other tangible fixed assets | Minimum | |
Premises and equipment disclosures | |
Useful life | 3 years |
Other tangible fixed assets | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Capitalized software | Maximum | |
Premises and equipment disclosures | |
Useful life | 7 years |
Recently issued accounting st91
Recently issued accounting standards (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2018 | Jan. 01, 2017 | Jan. 01, 2016 | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
Net revenues | SFr 20,900 | SFr 20,323 | SFr 23,797 | ||||
Total operating expenses | 18,897 | 22,337 | 25,895 | ||||
Compensation and benefits | 10,177 | 10,572 | 11,546 | ||||
General and administrative expenses | 6,835 | 9,770 | 8,574 | ||||
Retained Earnings (Accumulated Deficit) | 24,973 | 25,954 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (18,738) | (16,272) | |||||
Accounting Standards Update 2014-09 [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
Net revenues | SFr 200 | ||||||
Net revenues, change in presentation, gross to net - decrease | (100) | ||||||
Total operating expenses | 200 | ||||||
Total operating expenses, change in presentation, gross to net - decrease | SFr (100) | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | SFr (44) | ||||||
Accounting Standards Update 2016-01 [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
Retained Earnings (Accumulated Deficit) | 21 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (21) | ||||||
Accounting Standards Update 2016-01 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
Retained Earnings (Accumulated Deficit) | SFr (475) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | SFr 475 | ||||||
Accounting Standards Update 2016-09 [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | SFr 85 | ||||||
Accounting Standards Update 2016-15 [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||||||
Accounting Standards Update 2016-16 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | SFr (81) | ||||||
Accounting Standards Update 2016-18 [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | SFr 0 | ||||||
Accounting Standards Update 2017-07 [Member] | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
Compensation and benefits | 153 | 37 | |||||
General and administrative expenses | (153) | (37) | |||||
Bank | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |||||||
Net revenues | 20,965 | 20,393 | 23,811 | ||||
Total operating expenses | 19,202 | 22,630 | 26,136 | ||||
Compensation and benefits | 9,964 | 10,777 | 11,656 | ||||
General and administrative expenses | 7,413 | 9,885 | SFr 8,735 | ||||
Retained Earnings (Accumulated Deficit) | 8,484 | 9,814 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | SFr (15,932) | SFr (13,242) |
Business developments (Details)
Business developments (Details) - shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition | |||||
Issued shares (in shares) | 2,556,011,720 | 2,089,897,378 | 1,957,379,244 | 1,607,168,947 | |
Neue Aargauer Bank AG | |||||
Business Acquisition | |||||
Transfer of equity investments from Group to subsidiaries | 100.00% | ||||
BANK Now AG [Member] | |||||
Business Acquisition | |||||
Transfer of equity investments from Group to subsidiaries | 100.00% | ||||
Swisscard AECS GmBH [Member] | |||||
Business Acquisition | |||||
Transfer of equity investments from Group to subsidiaries | 50.00% | ||||
Bank | |||||
Business Acquisition | |||||
Issued shares (in shares) | [1] | 4,399,680,200 | 4,399,680,200 | ||
[1] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2017. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Business developments - Share t
Business developments - Share transactions (Details 2) - CHF (SFr) SFr in Millions, shares in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Subsidiary, Sale of Stock [Line Items] | |||
Sale of Stock, Transaction Date | May 18, 2017 | ||
Issuances of common shares | SFr 4,253 | SFr 725 | SFr 6,035 |
Rights Offering [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Sale of Stock, Description of Transaction | On May 18, 2017, the Group held an Extraordinary General Meeting at which shareholders approved a capital increase by way of a rights offering. By the end of the rights exercise period on June 7, 2017, 99.2% of the rights had been exercised and 390,206,406 newly issued shares were subscribed. The remaining 3,026,166 newly issued shares that were not subscribed were sold in the market. The capital increase resulted in 393,232,572 newly issued shares and net proceeds for the Group of CHF 4.1 billion. | ||
Sale of Stock, Number of Shares Issued in Transaction | 393,232,572 | ||
Issuances of common shares | SFr 4,100 | ||
Bank | |||
Subsidiary, Sale of Stock [Line Items] | |||
Issuances of common shares | SFr 0 | SFr 0 | SFr 0 |
Business developments - Registe
Business developments - Registered shares (Details 3) - CHF (SFr) shares in Millions, SFr in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Nov. 28, 2017 | May 08, 2017 | Dec. 31, 2016 | Nov. 04, 2013 | |
Crescent Holding GmbH | Shareholder registered in share register [Member] | |||||
Related party disclosures | |||||
Shares held by related party | 107 | ||||
Investment Owned, Face Amount | SFr 4 | ||||
Portion of registered Group shares held by related party (as a percent) | 5.10% | ||||
Investment Owned, Investment Additional Information | Participation was lower than the disclosure threshold of 5%. | ||||
Chase Nominees Ltd. | Shareholder registered in share register [Member] | |||||
Related party disclosures | |||||
Shares held by related party | 329 | 335 | |||
Investment Owned, Face Amount | SFr 13 | SFr 13 | |||
Portion of registered Group shares held by related party (as a percent) | 12.88% | 16.03% | |||
Investment Owned, Investment Additional Information | Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. | ||||
Harris Associates LP | |||||
Related party disclosures | |||||
Shares held by related party | 81.5 | ||||
Portion of registered Group shares held by related party (as a percent) | 5.17% | ||||
Norges Bank | |||||
Related party disclosures | |||||
Shares held by related party | 106.1 | ||||
Portion of registered Group shares held by related party (as a percent) | 5.08% | ||||
Nortrust Nominees Ltd. | Shareholder registered in share register [Member] | |||||
Related party disclosures | |||||
Shares held by related party | 140 | 113 | |||
Investment Owned, Face Amount | SFr 6 | SFr 5 | |||
Portion of registered Group shares held by related party (as a percent) | 5.49% | 5.39% | |||
The Bank of New York Mellon | Shareholder registered in share register [Member] | |||||
Related party disclosures | |||||
Shares held by related party | 107 | ||||
Investment Owned, Face Amount | SFr 4 | ||||
Portion of registered Group shares held by related party (as a percent) | 5.14% | ||||
Harris Associates Investment Trust | |||||
Related party disclosures | |||||
Portion of registered Group shares held by related party (as a percent) | 4.97% |
Segment information - Income st
Segment information - Income statement related (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017CHF (SFr)BusinessDivision | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | |
Segment Reporting Information | |||
Net revenues | SFr 20,900 | SFr 20,323 | SFr 23,797 |
Number of segments | BusinessDivision | 6 | ||
Income/(loss) before taxes | SFr 1,793 | (2,266) | (2,422) |
Switzerland | |||
Segment Reporting Information | |||
Net revenues | 7,775 | 8,426 | 8,548 |
Income/(loss) before taxes | 1,736 | 2,111 | 1,746 |
EMEA | |||
Segment Reporting Information | |||
Net revenues | 1,231 | 2,064 | 3,846 |
Income/(loss) before taxes | (2,769) | (2,460) | (1,464) |
Americas | |||
Segment Reporting Information | |||
Net revenues | 8,928 | 7,217 | 8,470 |
Income/(loss) before taxes | 2,746 | (1,573) | (2,877) |
Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,966 | 2,616 | 2,933 |
Income/(loss) before taxes | 80 | (344) | 173 |
Operating Segments [Member] | Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,396 | 5,759 | 5,721 |
Income/(loss) before taxes | 1,765 | 2,025 | 1,675 |
Operating Segments [Member] | International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 5,111 | 4,698 | 4,552 |
Income/(loss) before taxes | 1,351 | 1,121 | 723 |
Operating Segments [Member] | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,504 | 3,597 | 3,839 |
Income/(loss) before taxes | 729 | 725 | 377 |
Operating Segments [Member] | Global Markets | |||
Segment Reporting Information | |||
Net revenues | 5,551 | 5,497 | 6,826 |
Income/(loss) before taxes | 450 | 48 | (1,931) |
Operating Segments [Member] | Investment Banking & Capital Markets | |||
Segment Reporting Information | |||
Net revenues | 2,139 | 1,972 | 1,787 |
Income/(loss) before taxes | 369 | 261 | (314) |
Operating Segments [Member] | Strategic Resolution Unit | |||
Segment Reporting Information | |||
Net revenues | (886) | (1,271) | 511 |
Income/(loss) before taxes | (2,135) | (5,759) | (2,652) |
Corporate Center | |||
Segment Reporting Information | |||
Net revenues | 85 | 71 | 561 |
Income/(loss) before taxes | (736) | (687) | (300) |
Bank | |||
Segment Reporting Information | |||
Net revenues | 20,965 | 20,393 | 23,811 |
Income/(loss) before taxes | 1,553 | (2,489) | (2,649) |
Bank | Switzerland | |||
Segment Reporting Information | |||
Net revenues | 8,015 | 8,484 | 8,567 |
Income/(loss) before taxes | 1,648 | 1,955 | 1,604 |
Bank | EMEA | |||
Segment Reporting Information | |||
Net revenues | 1,042 | 2,036 | 3,819 |
Income/(loss) before taxes | (2,825) | (2,487) | (1,493) |
Bank | Americas | |||
Segment Reporting Information | |||
Net revenues | 8,952 | 7,267 | 8,514 |
Income/(loss) before taxes | 2,660 | (1,602) | (2,910) |
Bank | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,956 | 2,606 | 2,911 |
Income/(loss) before taxes | 70 | (355) | 150 |
Bank | Operating Segments [Member] | Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,396 | 5,759 | 5,721 |
Income/(loss) before taxes | 1,765 | 2,025 | 1,675 |
Bank | Operating Segments [Member] | International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 5,111 | 4,698 | 4,552 |
Income/(loss) before taxes | 1,351 | 1,121 | 723 |
Bank | Operating Segments [Member] | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,504 | 3,597 | 3,839 |
Income/(loss) before taxes | 729 | 725 | 377 |
Bank | Operating Segments [Member] | Global Markets | |||
Segment Reporting Information | |||
Net revenues | 5,551 | 5,497 | 6,826 |
Income/(loss) before taxes | 450 | 48 | (1,931) |
Bank | Operating Segments [Member] | Investment Banking & Capital Markets | |||
Segment Reporting Information | |||
Net revenues | 2,139 | 1,972 | 1,787 |
Income/(loss) before taxes | 369 | 261 | (314) |
Bank | Operating Segments [Member] | Strategic Resolution Unit | |||
Segment Reporting Information | |||
Net revenues | (886) | (1,271) | 511 |
Income/(loss) before taxes | (2,135) | (5,759) | (2,652) |
Bank | Adjustments | |||
Segment Reporting Information | |||
Net revenues | 150 | 141 | 575 |
Income/(loss) before taxes | SFr (976) | SFr (910) | SFr (527) |
Segment information - Balance s
Segment information - Balance sheet related (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information | ||
Total assets | SFr 796,289 | SFr 819,861 |
Americas | ||
Segment Reporting Information | ||
Total assets | 318,405 | 333,185 |
Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 82,104 | 81,686 |
EMEA | ||
Segment Reporting Information | ||
Total assets | 154,023 | 156,494 |
Switzerland | ||
Segment Reporting Information | ||
Total assets | 241,757 | 248,496 |
Operating Segments | Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 228,857 | 228,363 |
Operating Segments | International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 94,753 | 91,083 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 96,497 | 97,221 |
Operating Segments | Global Markets | ||
Segment Reporting Information | ||
Total assets | 242,159 | 239,700 |
Operating Segments | Investment Banking & Capital Markets | ||
Segment Reporting Information | ||
Total assets | 20,803 | 20,784 |
Operating Segments | Strategic Resolution Unit | ||
Segment Reporting Information | ||
Total assets | 45,629 | 80,297 |
Corporate Center | ||
Segment Reporting Information | ||
Total assets | 67,591 | 62,413 |
Bank | ||
Segment Reporting Information | ||
Total assets | 798,372 | 822,065 |
Bank | Americas | ||
Segment Reporting Information | ||
Total assets | 318,358 | 333,147 |
Bank | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 82,068 | 81,690 |
Bank | EMEA | ||
Segment Reporting Information | ||
Total assets | 154,179 | 156,669 |
Bank | Switzerland | ||
Segment Reporting Information | ||
Total assets | 243,767 | 250,559 |
Bank | Operating Segments | Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 228,857 | 228,363 |
Bank | Operating Segments | International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 94,753 | 91,083 |
Bank | Operating Segments | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 96,497 | 97,221 |
Bank | Operating Segments | Global Markets | ||
Segment Reporting Information | ||
Total assets | 242,159 | 239,700 |
Bank | Operating Segments | Investment Banking & Capital Markets | ||
Segment Reporting Information | ||
Total assets | 20,803 | 20,784 |
Bank | Operating Segments | Strategic Resolution Unit | ||
Segment Reporting Information | ||
Total assets | 45,629 | 80,297 |
Bank | Adjustments | ||
Segment Reporting Information | ||
Total assets | SFr 69,674 | SFr 64,617 |
Net interest income (Details)
Net interest income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net interest income | |||
Loans | SFr 5,979 | SFr 5,628 | SFr 5,413 |
Investment securities | 47 | 60 | 65 |
Trading assets | 6,697 | 7,483 | 9,046 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,515 | 2,767 | 2,625 |
Other | 1,819 | 1,436 | 2,192 |
Interest and dividend income | 17,057 | 17,374 | 19,341 |
Deposits | (1,354) | (1,043) | (884) |
Short-term borrowings | (166) | (84) | (105) |
Trading liabilities | (3,542) | (3,602) | (3,854) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,284) | (1,387) | (1,264) |
Long-term debt | (3,722) | (3,494) | (3,728) |
Other | (432) | (202) | (207) |
Interest expense | (10,500) | (9,812) | (10,042) |
Net interest income | 6,557 | 7,562 | 9,299 |
Bank | |||
Net interest income | |||
Loans | 5,981 | 5,627 | 5,411 |
Investment securities | 47 | 60 | 65 |
Trading assets | 6,698 | 7,483 | 9,045 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,515 | 2,767 | 2,625 |
Other | 1,820 | 1,438 | 2,196 |
Interest and dividend income | 17,061 | 17,375 | 19,342 |
Deposits | (1,360) | (1,047) | (887) |
Short-term borrowings | (168) | (84) | (105) |
Trading liabilities | (3,546) | (3,602) | (3,855) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,284) | (1,387) | (1,264) |
Long-term debt | (3,580) | (3,460) | (3,726) |
Other | (431) | (201) | (206) |
Interest expense | (10,369) | (9,781) | (10,043) |
Net interest income | SFr 6,692 | SFr 7,594 | SFr 9,299 |
Commissions and fees (Details)
Commissions and fees (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commissions and fees | |||
Lending business | SFr 1,839 | SFr 1,818 | SFr 1,578 |
Investment and portfolio management | 3,494 | 3,209 | 3,436 |
Other securities business | 46 | 46 | 65 |
Fiduciary business | 3,540 | 3,255 | 3,501 |
Underwriting | 1,806 | 1,364 | 1,644 |
Brokerage | 3,004 | 3,028 | 3,648 |
Underwriting and brokerage | 4,810 | 4,392 | 5,292 |
Other services | 1,628 | 1,627 | 1,673 |
Commissions and fees | 11,817 | 11,092 | 12,044 |
Bank | |||
Commissions and fees | |||
Lending business | 1,809 | 1,790 | 1,560 |
Investment and portfolio management | 3,320 | 3,043 | 3,346 |
Other securities business | 82 | 72 | 73 |
Fiduciary business | 3,402 | 3,115 | 3,419 |
Underwriting | 1,817 | 1,364 | 1,659 |
Brokerage | 3,006 | 3,029 | 3,648 |
Underwriting and brokerage | 4,823 | 4,393 | 5,307 |
Other services | 1,638 | 1,640 | 1,680 |
Commissions and fees | SFr 11,672 | SFr 10,938 | SFr 11,966 |
Trading revenues (Details)
Trading revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Trading revenues | |||
Trading revenues | SFr 1,317 | SFr 313 | SFr 1,340 |
Interest rate products | |||
Trading revenues | |||
Trading revenues | 3,228 | 6,231 | 2,965 |
Foreign exchange products | |||
Trading revenues | |||
Trading revenues | 1,989 | (2,529) | (1,121) |
Equity/index-related products | |||
Trading revenues | |||
Trading revenues | (2,888) | (1,796) | (259) |
Credit products | |||
Trading revenues | |||
Trading revenues | (1,096) | (2,124) | 1 |
Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | 86 | 177 | (46) |
Other trading securities | |||
Trading revenues | |||
Trading revenues | (2) | 354 | (200) |
Bank | |||
Trading revenues | |||
Trading revenues | 1,300 | 371 | 1,309 |
Bank | Interest rate products | |||
Trading revenues | |||
Trading revenues | 3,218 | 7,163 | 2,953 |
Bank | Foreign exchange products | |||
Trading revenues | |||
Trading revenues | 1,991 | (3,461) | (1,124) |
Bank | Equity/index-related products | |||
Trading revenues | |||
Trading revenues | (2,895) | (1,738) | (275) |
Bank | Credit products | |||
Trading revenues | |||
Trading revenues | (1,096) | (2,124) | 1 |
Bank | Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | 86 | 177 | (46) |
Bank | Other trading securities | |||
Trading revenues | |||
Trading revenues | SFr (4) | SFr 354 | SFr (200) |
Other revenues (Details)
Other revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Revenues | |||
Noncontrolling interests without SEI | SFr 3 | SFr 4 | SFr 9 |
Loans held-for-sale | 3 | (51) | (19) |
Long-lived assets held-for-sale | (18) | 437 | 36 |
Equity method investments | 233 | 208 | 243 |
Other investments | 80 | 0 | 144 |
Other | 908 | 758 | 701 |
Other revenues | 1,209 | 1,356 | 1,114 |
Bank | |||
Other Revenues | |||
Noncontrolling interests without SEI | 0 | 0 | 3 |
Loans held-for-sale | 3 | (51) | (19) |
Long-lived assets held-for-sale | (18) | 437 | 36 |
Equity method investments | 229 | 205 | 241 |
Other investments | 81 | 7 | 147 |
Other | 1,006 | 892 | 829 |
Other revenues | SFr 1,301 | SFr 1,490 | SFr 1,237 |
Provision for credit losses (De
Provision for credit losses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provision for credit losses | |||
Provision for loan losses | SFr 190 | SFr 249 | SFr 295 |
Provision for lending-related and other exposures | 20 | 3 | 29 |
Provision for credit losses | 210 | 252 | 324 |
Bank | |||
Provision for credit losses | |||
Provision for loan losses | 190 | 249 | 295 |
Provision for lending-related and other exposures | 20 | 3 | 29 |
Provision for credit losses | SFr 210 | SFr 252 | SFr 324 |
Compensation and benefits (Deta
Compensation and benefits (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and benefits | |||
Salaries and variable compensation | SFr 8,906 | SFr 9,165 | SFr 10,051 |
Social security | 671 | 697 | 788 |
Other | 600 | 710 | 707 |
Compensation and benefits | 10,177 | 10,572 | 11,546 |
Pension and other post-retirement expense | 242 | 384 | 359 |
Bank | |||
Compensation and benefits | |||
Salaries and variable compensation | 8,421 | 9,058 | 9,935 |
Social security | 620 | 691 | 780 |
Other | 923 | 1,028 | 941 |
Compensation and benefits | 9,964 | 10,777 | 11,656 |
Pension and other post-retirement expense | SFr 581 | SFr 704 | SFr 594 |
General and administrative e103
General and administrative expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
General and Administrative Expenses | |||
Occupancy expenses | SFr 1,000 | SFr 1,004 | SFr 1,022 |
IT, machinery, etc. | 1,156 | 1,166 | 1,268 |
Provisions and losses | 698 | 3,009 | 1,158 |
Travel and entertainment | 321 | 328 | 381 |
Professional services | 2,446 | 2,984 | 3,241 |
Amortization and impairment of other intangible assets | 9 | 8 | 19 |
Other | 1,205 | 1,271 | 1,485 |
General and administrative expenses | 6,835 | 9,770 | 8,574 |
Bank | |||
General and Administrative Expenses | |||
Occupancy expenses | 935 | 999 | 1,018 |
IT, machinery, etc. | 1,005 | 1,160 | 1,259 |
Provisions and losses | 697 | 3,009 | 1,158 |
Travel and entertainment | 299 | 316 | 369 |
Professional services | 3,019 | 2,966 | 3,217 |
Amortization and impairment of other intangible assets | 9 | 8 | 19 |
Other | 1,449 | 1,427 | 1,695 |
General and administrative expenses | SFr 7,413 | SFr 9,885 | SFr 8,735 |
Restructuring expenses (Details
Restructuring expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr 455 | SFr 540 | SFr 355 |
General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 112 | 155 | 46 |
Compensation and benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 343 | 385 | 309 |
of which severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 192 | 218 | 191 |
of which accelerated deferred compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 102 | 140 | 87 |
of which pensions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 49 | 27 | 31 |
Operating Segments | Swiss Universal Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 59 | 60 | 42 |
Operating Segments | International Wealth Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 70 | 54 | 36 |
Operating Segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 63 | 53 | 3 |
Operating Segments | Global Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 150 | 217 | 96 |
Operating Segments | Investment Banking & Capital Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 42 | 28 | 22 |
Operating Segments | Strategic Resolution Unit | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 57 | 121 | 156 |
Corporate Center | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 14 | 7 | 0 |
Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 396 | 513 | 325 |
Bank | General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 110 | 155 | 46 |
Bank | Compensation and benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 286 | 358 | 279 |
Bank | of which severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 188 | 218 | 191 |
Bank | of which accelerated deferred compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 98 | 140 | 87 |
Bank | of which pensions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 0 | 0 | 1 |
Bank | Operating Segments | Swiss Universal Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 59 | 60 | 42 |
Bank | Operating Segments | International Wealth Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 70 | 54 | 36 |
Bank | Operating Segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 63 | 53 | 3 |
Bank | Operating Segments | Global Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 150 | 217 | 96 |
Bank | Operating Segments | Investment Banking & Capital Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 42 | 28 | 22 |
Bank | Operating Segments | Strategic Resolution Unit | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 57 | 121 | 156 |
Bank | Corporate Center | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 14 | 7 | 0 |
Bank | Adjustments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr (59) | SFr (27) | SFr (30) |
Restructuring provision - Rollf
Restructuring provision - Rollforward (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 311 | SFr 199 | SFr 0 |
Restructuring expenses | 455 | 540 | 355 |
Utilization | 285 | 243 | 38 |
Restructuring Reserve, Ending Balance | SFr 306 | 311 | 199 |
Stock compensation plan | Share awards | |||
Restructuring provision | |||
Vesting period | 3 years | ||
General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 94 | 12 | 0 |
Restructuring expenses | 112 | 155 | 46 |
Utilization | 72 | 55 | 34 |
Restructuring Reserve, Ending Balance | 110 | 94 | 12 |
Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 217 | 187 | 0 |
Restructuring expenses | 192 | 218 | 191 |
Utilization | 213 | 188 | 4 |
Restructuring Reserve, Ending Balance | 196 | 217 | 187 |
Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 71 | 34 | 23 |
Unsettled cash-based compensation obligations classified as compensation liabilities | |||
Restructuring provision | |||
Restructuring expenses | 31 | 106 | 64 |
Unsettled pension obligation classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 49 | 27 | 31 |
Excluding unsettled compensation, pension obligations and accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 280 | 355 | 237 |
Accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 24 | 18 | 0 |
General and Administrative Expense, excluding accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 88 | 137 | 46 |
Bank | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 311 | 199 | 0 |
Restructuring expenses | 396 | 513 | 325 |
Utilization | 284 | 243 | 38 |
Restructuring Reserve, Ending Balance | 301 | 311 | 199 |
Bank | General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 94 | 12 | 0 |
Restructuring expenses | 110 | 155 | 46 |
Utilization | 70 | 55 | 34 |
Restructuring Reserve, Ending Balance | 110 | 94 | 12 |
Bank | Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 217 | 187 | 0 |
Restructuring expenses | 188 | 218 | 191 |
Utilization | 214 | 188 | 4 |
Restructuring Reserve, Ending Balance | 191 | 217 | 187 |
Bank | Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 67 | 34 | 23 |
Bank | Unsettled cash-based compensation obligations classified as compensation liabilities | |||
Restructuring provision | |||
Restructuring expenses | 31 | 106 | 64 |
Bank | Unsettled pension obligation classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 0 | 0 | 1 |
Bank | Excluding unsettled compensation, pension obligations and accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 274 | 355 | 237 |
Bank | Accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 24 | 18 | 0 |
Bank | General and Administrative Expense, excluding accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | SFr 86 | SFr 137 | SFr 46 |
Earnings per share (Details)
Earnings per share (Details) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income/(loss) attributable to shareholders | |||
Net income/(loss) attributable to shareholders | SFr (983) | SFr (2,710) | SFr (2,944) |
Net income attributable to shareholders for basic earnings per share | (983) | (2,710) | (2,944) |
Available for common shares | (983) | (2,713) | (2,958) |
Available for unvested share-based payment awards | 0 | 3 | 14 |
Net income/(loss) attributable to shareholders for diluted earnings per share | (983) | (2,710) | (2,944) |
Available for common shares | (983) | (2,713) | (2,958) |
Available for unvested share-based payment awards | SFr 0 | SFr 3 | SFr 14 |
Weighted-average shares outstanding | |||
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 2,413.8 | 2,136.8 | 1,794.7 |
Dilutive share options and warrants (in shares) | 0 | 0 | 0 |
Dilutive share awards (in shares) | 0 | 0 | 0 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 2,413.8 | 2,136.8 | 1,794.7 |
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards (in shares) | 0.1 | 3 | 25.7 |
Basic earnings per share available for common shares (CHF) | |||
Basic earnings/(loss) per share (in CHF per share) | SFr (0.41) | SFr (1.27) | SFr (1.65) |
Diluted earnings per share available for common shares (CHF) | |||
Diluted earnings/(loss) per share (in CHF per share) | SFr (0.41) | SFr (1.27) | SFr (1.65) |
Weighted-average potential dilutive common shares | 9.8 | 11.3 | 7.6 |
Weighted-average share options and warrants (antidilutive) | 2.9 | 3.2 | 0.9 |
Weighted-average share awards (antidilutive) | 57.7 | 54.6 | 47.8 |
Securities borrowed, lent an107
Securities borrowed, lent and subject to repurchase agreements (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | SFr 70,009 | SFr 81,513 |
Deposits paid for securities borrowed | 45,337 | 53,326 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 115,346 | 134,839 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 20,606 | 26,106 |
Deposits received for securities lent | 5,890 | 6,910 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | 26,496 | 33,016 |
Bank | ||
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | 70,009 | 81,513 |
Deposits paid for securities borrowed | 45,337 | 53,326 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 115,346 | 134,839 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 20,606 | 26,106 |
Deposits received for securities lent | 5,890 | 6,910 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | SFr 26,496 | SFr 33,016 |
Trading assets and liabiliti108
Trading assets and liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Assets and Liabilities | ||
Trading assets | SFr 156,334 | SFr 165,150 |
Trading liabilities | 39,119 | 44,930 |
Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 72,765 | 65,668 |
Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 55,722 | 63,871 |
Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 19,621 | 26,782 |
Trading liabilities | 14,654 | 20,365 |
Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 8,226 | 8,829 |
Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | 24,465 | 24,565 |
Bank | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 156,774 | 165,392 |
Trading liabilities | 39,132 | 44,952 |
Bank | Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 72,826 | 65,675 |
Bank | Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 55,822 | 63,874 |
Bank | Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 19,900 | 27,013 |
Trading liabilities | 14,654 | 20,369 |
Bank | Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 8,226 | 8,830 |
Bank | Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | SFr 24,478 | SFr 24,583 |
Trading assets and liabiliti109
Trading assets and liabilities - Cash collateral - netted (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Cash collateral - netted | ||
Cash collateral paid | SFr 23,288 | SFr 33,429 |
Cash collateral received | 14,996 | 22,948 |
Cash collateral - not netted | ||
Cash collateral paid | 5,141 | 5,705 |
Cash collateral received | 8,644 | 11,497 |
Bank | ||
Cash collateral - netted | ||
Cash collateral paid | 23,587 | 33,688 |
Cash collateral received | 14,996 | 22,951 |
Cash collateral - not netted | ||
Cash collateral paid | 5,142 | 5,706 |
Cash collateral received | SFr 8,644 | SFr 11,497 |
Investment securities (Details)
Investment securities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investment securities disclosures | ||
Securities available-for-sale | SFr 2,191 | SFr 2,489 |
Total investment securities | 2,191 | 2,489 |
Bank | ||
Investment securities disclosures | ||
Securities available-for-sale | 2,189 | 2,486 |
Total investment securities | SFr 2,189 | SFr 2,486 |
Investment securities by type (
Investment securities by type (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale securities | ||
Amortized cost | SFr 2,127 | SFr 2,414 |
Gross unrealized gains, Securities | 64 | 75 |
Gross unrealized losses, Securities | 0 | 0 |
Fair value | 2,191 | 2,489 |
Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,032 | 2,348 |
Gross unrealized gains, Debt securities | 34 | 52 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 2,066 | 2,400 |
Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 199 | 241 |
Gross unrealized gains, Debt securities | 13 | 18 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 212 | 259 |
Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 1,215 | 1,309 |
Gross unrealized gains, Debt securities | 21 | 34 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 1,236 | 1,343 |
Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 238 | 287 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 238 | 287 |
Residential mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 207 | 497 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 207 | 497 |
Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 173 | 14 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 173 | 14 |
Equity securities | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | 66 |
Gross unrealized gains, Equity securities | 30 | 23 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 125 | 89 |
Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | 66 |
Gross unrealized gains, Equity securities | 30 | 23 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 125 | 89 |
Bank | ||
Available-for-sale securities | ||
Amortized cost | 2,125 | 2,411 |
Gross unrealized gains, Securities | 64 | 75 |
Gross unrealized losses, Securities | 0 | 0 |
Fair value | 2,189 | 2,486 |
Bank | Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,030 | 2,346 |
Gross unrealized gains, Debt securities | 34 | 52 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 2,064 | 2,398 |
Bank | Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 197 | 239 |
Gross unrealized gains, Debt securities | 13 | 18 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 210 | 257 |
Bank | Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 1,215 | 1,309 |
Gross unrealized gains, Debt securities | 21 | 34 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 1,236 | 1,343 |
Bank | Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 238 | 287 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 238 | 287 |
Bank | Residential mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 207 | 497 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 207 | 497 |
Bank | Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 173 | 14 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 173 | 14 |
Bank | Equity securities | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | 65 |
Gross unrealized gains, Equity securities | 30 | 23 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 125 | 88 |
Bank | Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | 65 |
Gross unrealized gains, Equity securities | 30 | 23 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | SFr 125 | SFr 88 |
Investment securities - Proceed
Investment securities - Proceeds/realized gains/losses (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | SFr 7 | SFr 9 | SFr 1 |
Realized gains | 0 | 0 | 0 |
Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 7 | 4 | 17 |
Realized gains | 0 | 0 | 2 |
Bank | Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 7 | 9 | 1 |
Realized gains | 0 | 0 | 0 |
Bank | Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 7 | 4 | 17 |
Realized gains | SFr 0 | SFr 0 | SFr 2 |
Investment securities - Maturit
Investment securities - Maturities of amortized costs/FV/Avg yield (Details 5) - Debt securities - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | SFr 728 | |
Due from 1 to 5 years, amortized cost | 838 | |
Due from 5 to 10 years, amortized cost | 252 | |
Due after 10 years, amortized cost | 214 | |
Total, amortized cost | 2,032 | SFr 2,348 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 731 | |
Due from 1 to 5 years, fair value | 861 | |
Due from 5 to 10 years, fair value | 259 | |
Due after 10 years, fair value | 215 | |
Total, fair value | SFr 2,066 | 2,400 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 0.91% | |
Due from 1 to 5 years, average yield (as a percent) | 0.89% | |
Due from 5 to 10 years, average yield (as a percent) | 0.52% | |
Due after 10 years, average yield (as a percent) | 4.28% | |
Total, average yield (as a percent) | 1.21% | |
Bank | ||
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | SFr 728 | |
Due from 1 to 5 years, amortized cost | 838 | |
Due from 5 to 10 years, amortized cost | 250 | |
Due after 10 years, amortized cost | 214 | |
Total, amortized cost | 2,030 | 2,346 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 731 | |
Due from 1 to 5 years, fair value | 861 | |
Due from 5 to 10 years, fair value | 257 | |
Due after 10 years, fair value | 215 | |
Total, fair value | SFr 2,064 | SFr 2,398 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 0.91% | |
Due from 1 to 5 years, average yield (as a percent) | 0.89% | |
Due from 5 to 10 years, average yield (as a percent) | 0.52% | |
Due after 10 years, average yield (as a percent) | 4.28% | |
Total, average yield (as a percent) | 1.21% |
Other investments (Details)
Other investments (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other investments | |||
Other investments | SFr 5,964 | SFr 6,777 | |
Equity method investments | |||
Other investments | |||
Other investments | 3,066 | 3,121 | |
Non-marketable equity securities | |||
Other investments | |||
Other investments | 1,292 | 1,731 | |
Real estate held for investment | |||
Other investments | |||
Other investments | 232 | 268 | |
Accumulated depreciation, real estate held for investment | 389 | 386 | SFr 365 |
Impairment charges | 16 | 31 | 21 |
Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 41 | 29 | |
Real estate held for investment | Residential Foreclosed or Repossessed Real Estate [Member] | |||
Other investments | |||
Other investments | 21 | 27 | |
Life finance instruments | |||
Other investments | |||
Other investments | 1,374 | 1,657 | |
Bank | |||
Other investments | |||
Other investments | 5,893 | 6,717 | |
Bank | Equity method investments | |||
Other investments | |||
Other investments | 3,027 | 3,095 | |
Bank | Non-marketable equity securities | |||
Other investments | |||
Other investments | 1,283 | 1,721 | |
Bank | Real estate held for investment | |||
Other investments | |||
Other investments | 209 | 244 | |
Accumulated depreciation, real estate held for investment | 385 | 382 | 360 |
Impairment charges | 16 | 31 | SFr 21 |
Bank | Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 41 | 29 | |
Bank | Real estate held for investment | Residential Foreclosed or Repossessed Real Estate [Member] | |||
Other investments | |||
Other investments | 21 | 27 | |
Bank | Life finance instruments | |||
Other investments | |||
Other investments | SFr 1,374 | SFr 1,657 |
Loans, allowance for loan lo115
Loans, allowance for loan losses and credit quality (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loans | ||||
Gross loans | SFr 280,137 | SFr 277,043 | ||
of which held at amortized cost | 264,830 | 257,515 | SFr 253,186 | |
of which held at fair value | 15,307 | 19,528 | ||
Net (unearned income)/deferred expenses | (106) | (129) | ||
Allowance for loan losses | (882) | (938) | (866) | SFr (758) |
Net loans | 279,149 | 275,976 | ||
Foreign | ||||
Loans | ||||
Gross loans | 122,441 | 118,277 | ||
Switzerland | ||||
Loans | ||||
Gross loans | 157,696 | 158,766 | ||
Corporate and institutional | ||||
Loans | ||||
Gross loans | 127,840 | 131,950 | ||
of which held at amortized cost | 112,553 | 112,445 | 108,331 | |
Allowance for loan losses | (662) | (722) | (650) | (507) |
Corporate and institutional | Real estate | ||||
Loans | ||||
Gross loans | 26,599 | 26,016 | ||
of which held at amortized cost | 26,003 | 25,556 | ||
Corporate and institutional | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 81,670 | 83,740 | ||
of which held at amortized cost | 76,025 | 73,873 | ||
Corporate and institutional | Financial institutions | ||||
Loans | ||||
Gross loans | 15,697 | 17,921 | ||
of which held at amortized cost | 9,326 | 11,689 | ||
Corporate and institutional | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,874 | 4,273 | ||
of which held at amortized cost | 1,199 | 1,327 | ||
Consumer | ||||
Loans | ||||
Gross loans | 152,297 | 145,093 | ||
of which held at amortized cost | 152,277 | 145,070 | 144,855 | |
Allowance for loan losses | (220) | (216) | (216) | (251) |
Consumer | Mortgages | ||||
Loans | ||||
Gross loans | 106,039 | 104,335 | ||
of which held at amortized cost | 106,039 | 104,335 | ||
Consumer | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 42,016 | 37,268 | ||
of which held at amortized cost | 42,016 | 37,268 | ||
Consumer | Consumer finance | ||||
Loans | ||||
Gross loans | 4,242 | 3,490 | ||
of which held at amortized cost | 4,222 | 3,467 | ||
Bank | ||||
Loans | ||||
Gross loans | 284,224 | 280,026 | ||
of which held at amortized cost | 268,917 | 260,498 | 255,693 | |
of which held at fair value | 15,307 | 19,528 | ||
Net (unearned income)/deferred expenses | (106) | (129) | ||
Allowance for loan losses | (881) | (937) | (865) | (757) |
Net loans | 283,237 | 278,960 | ||
Bank | Foreign | ||||
Loans | ||||
Gross loans | 122,579 | 118,270 | ||
Bank | Switzerland | ||||
Loans | ||||
Gross loans | 161,645 | 161,756 | ||
Bank | Corporate and institutional | ||||
Loans | ||||
Gross loans | 131,927 | 134,933 | ||
of which held at amortized cost | 116,640 | 115,428 | 110,838 | |
Allowance for loan losses | (661) | (721) | (649) | (506) |
Bank | Corporate and institutional | Real estate | ||||
Loans | ||||
Gross loans | 26,599 | 26,016 | ||
of which held at amortized cost | 26,003 | 25,556 | ||
Bank | Corporate and institutional | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 81,792 | 83,760 | ||
of which held at amortized cost | 76,147 | 73,893 | ||
Bank | Corporate and institutional | Financial institutions | ||||
Loans | ||||
Gross loans | 19,662 | 20,884 | ||
of which held at amortized cost | 13,291 | 14,652 | ||
Bank | Corporate and institutional | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,874 | 4,273 | ||
of which held at amortized cost | 1,199 | 1,327 | ||
Bank | Consumer | ||||
Loans | ||||
Gross loans | 152,297 | 145,093 | ||
of which held at amortized cost | 152,277 | 145,070 | 144,855 | |
Allowance for loan losses | (220) | (216) | SFr (216) | SFr (251) |
Bank | Consumer | Mortgages | ||||
Loans | ||||
Gross loans | 106,039 | 104,335 | ||
of which held at amortized cost | 106,039 | 104,335 | ||
Bank | Consumer | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 42,016 | 37,268 | ||
of which held at amortized cost | 42,016 | 37,268 | ||
Bank | Consumer | Consumer finance | ||||
Loans | ||||
Gross loans | 4,242 | 3,490 | ||
of which held at amortized cost | SFr 4,222 | SFr 3,467 |
Loans, allowance for loan lo116
Loans, allowance for loan losses and credit quality - Allowance roll-forward (Details 2) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017CHF (SFr)dayyear | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | |
Allowance for loan losses | |||
Balance at beginning of period | SFr 938 | SFr 866 | SFr 758 |
Net movements recognized in statements of operations | 190 | 249 | 295 |
Gross write-offs | (302) | (278) | (229) |
Recoveries | 53 | 66 | 28 |
Net write-offs | (249) | (212) | (201) |
Provisions for interest | 13 | 18 | 18 |
Foreign currency translation impact and other adjustments, net | (10) | 17 | (4) |
Balance at end of period | 882 | 938 | 866 |
of which individually evaluated for impairment | 654 | 700 | 650 |
of which collectively evaluated for impairment | 228 | 238 | 216 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 264,830 | 257,515 | 253,186 |
of which individually evaluated for impairment | 2,110 | 2,472 | 1,973 |
of which collectively evaluated for impairment | 262,720 | 255,043 | 251,213 |
Loans held at amortized cost | |||
Purchases | 3,381 | 3,435 | 4,683 |
Reclassifications from loans held-for-sale | 63 | 125 | 355 |
Reclassifications to loans held-for-sale | 7,407 | 4,400 | 2,376 |
Sales | SFr 7,051 | 2,159 | 373 |
Value of collateral | |||
Maximum period for fair value determination of collateral on impaired loans (in days) | day | 90 | ||
Period for appraisal of Property values, Minimum (in years) | year | 1 | ||
Corporate and institutional | |||
Allowance for loan losses | |||
Balance at beginning of period | SFr 722 | 650 | 507 |
Net movements recognized in statements of operations | 136 | 186 | 229 |
Gross write-offs | (242) | (192) | (111) |
Recoveries | 41 | 53 | 16 |
Net write-offs | (201) | (139) | (95) |
Provisions for interest | 14 | 8 | 12 |
Foreign currency translation impact and other adjustments, net | (9) | 17 | (3) |
Balance at end of period | 662 | 722 | 650 |
of which individually evaluated for impairment | 475 | 528 | 480 |
of which collectively evaluated for impairment | 187 | 194 | 170 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 112,553 | 112,445 | 108,331 |
of which individually evaluated for impairment | 1,478 | 1,810 | 1,326 |
of which collectively evaluated for impairment | 111,075 | 110,635 | 107,005 |
Loans held at amortized cost | |||
Purchases | 3,381 | 3,405 | 4,294 |
Reclassifications from loans held-for-sale | 63 | 125 | 355 |
Reclassifications to loans held-for-sale | 7,407 | 2,768 | 735 |
Sales | 7,051 | 2,087 | 373 |
Consumer | |||
Allowance for loan losses | |||
Balance at beginning of period | 216 | 216 | 251 |
Net movements recognized in statements of operations | 54 | 63 | 66 |
Gross write-offs | (60) | (86) | (118) |
Recoveries | 12 | 13 | 12 |
Net write-offs | (48) | (73) | (106) |
Provisions for interest | (1) | 10 | 6 |
Foreign currency translation impact and other adjustments, net | (1) | 0 | (1) |
Balance at end of period | 220 | 216 | 216 |
of which individually evaluated for impairment | 179 | 172 | 170 |
of which collectively evaluated for impairment | 41 | 44 | 46 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 152,277 | 145,070 | 144,855 |
of which individually evaluated for impairment | 632 | 662 | 647 |
of which collectively evaluated for impairment | 151,645 | 144,408 | 144,208 |
Loans held at amortized cost | |||
Purchases | 0 | 30 | 389 |
Reclassifications from loans held-for-sale | 0 | 0 | 0 |
Reclassifications to loans held-for-sale | 0 | 1,632 | 1,641 |
Sales | 0 | 72 | 0 |
Bank | |||
Allowance for loan losses | |||
Balance at beginning of period | 937 | 865 | 757 |
Net movements recognized in statements of operations | 190 | 249 | 295 |
Gross write-offs | (302) | (278) | (229) |
Recoveries | 53 | 66 | 28 |
Net write-offs | (249) | (212) | (201) |
Provisions for interest | 13 | 18 | 18 |
Foreign currency translation impact and other adjustments, net | (10) | 17 | (4) |
Balance at end of period | 881 | 937 | 865 |
of which individually evaluated for impairment | 653 | 699 | 649 |
of which collectively evaluated for impairment | 228 | 238 | 216 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 268,917 | 260,498 | 255,693 |
of which individually evaluated for impairment | 2,097 | 2,460 | 1,961 |
of which collectively evaluated for impairment | 266,820 | 258,038 | 253,732 |
Loans held at amortized cost | |||
Purchases | 3,381 | 3,435 | 4,683 |
Reclassifications from loans held-for-sale | 63 | 125 | 355 |
Reclassifications to loans held-for-sale | 7,407 | 4,400 | 2,376 |
Sales | 7,051 | 2,159 | 373 |
Bank | Corporate and institutional | |||
Allowance for loan losses | |||
Balance at beginning of period | 721 | 649 | 506 |
Net movements recognized in statements of operations | 136 | 186 | 229 |
Gross write-offs | (242) | (192) | (111) |
Recoveries | 41 | 53 | 16 |
Net write-offs | (201) | (139) | (95) |
Provisions for interest | 14 | 8 | 12 |
Foreign currency translation impact and other adjustments, net | (9) | 17 | (3) |
Balance at end of period | 661 | 721 | 649 |
of which individually evaluated for impairment | 474 | 527 | 479 |
of which collectively evaluated for impairment | 187 | 194 | 170 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 116,640 | 115,428 | 110,838 |
of which individually evaluated for impairment | 1,465 | 1,798 | 1,314 |
of which collectively evaluated for impairment | 115,175 | 113,630 | 109,524 |
Loans held at amortized cost | |||
Purchases | 3,381 | 3,405 | 4,294 |
Reclassifications from loans held-for-sale | 63 | 125 | 355 |
Reclassifications to loans held-for-sale | 7,407 | 2,768 | 735 |
Sales | 7,051 | 2,087 | 373 |
Bank | Consumer | |||
Allowance for loan losses | |||
Balance at beginning of period | 216 | 216 | 251 |
Net movements recognized in statements of operations | 54 | 63 | 66 |
Gross write-offs | (60) | (86) | (118) |
Recoveries | 12 | 13 | 12 |
Net write-offs | (48) | (73) | (106) |
Provisions for interest | (1) | 10 | 6 |
Foreign currency translation impact and other adjustments, net | (1) | 0 | (1) |
Balance at end of period | 220 | 216 | 216 |
of which individually evaluated for impairment | 179 | 172 | 170 |
of which collectively evaluated for impairment | 41 | 44 | 46 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 152,277 | 145,070 | 144,855 |
of which individually evaluated for impairment | 632 | 662 | 647 |
of which collectively evaluated for impairment | 151,645 | 144,408 | 144,208 |
Loans held at amortized cost | |||
Purchases | 0 | 30 | 389 |
Reclassifications from loans held-for-sale | 0 | 0 | 0 |
Reclassifications to loans held-for-sale | 0 | 1,632 | 1,641 |
Sales | SFr 0 | SFr 72 | SFr 0 |
Loans, allowance for loan lo117
Loans, allowance for loan losses and credit quality - Counterparty rating (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | SFr 264,830 | SFr 257,515 | SFr 253,186 |
Value of collateral | 239,741 | 233,100 | |
Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 202,876 | 194,844 | |
Value of collateral | 189,048 | 180,276 | |
Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 59,971 | 60,418 | |
Value of collateral | 49,271 | 51,344 | |
Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,983 | 2,253 | |
Value of collateral | 1,422 | 1,480 | |
Corporate and institutional | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 112,553 | 112,445 | 108,331 |
Corporate and institutional | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 68,135 | 67,011 | |
Corporate and institutional | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 42,986 | 43,770 | |
Corporate and institutional | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,432 | 1,664 | |
Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 26,003 | 25,556 | |
Corporate and institutional | Real estate | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 20,278 | 19,594 | |
Corporate and institutional | Real estate | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 5,640 | 5,878 | |
Corporate and institutional | Real estate | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 85 | 84 | |
Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 76,025 | 73,873 | |
Corporate and institutional | Commercial and industrial loans | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 39,475 | 36,469 | |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 35,250 | 35,945 | |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,300 | 1,459 | |
Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 9,326 | 11,689 | |
Corporate and institutional | Financial institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 7,258 | 9,695 | |
Corporate and institutional | Financial institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,022 | 1,887 | |
Corporate and institutional | Financial institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 46 | 107 | |
Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,199 | 1,327 | |
Corporate and institutional | Governments and public institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,124 | 1,253 | |
Corporate and institutional | Governments and public institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 74 | 60 | |
Corporate and institutional | Governments and public institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1 | 14 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 152,277 | 145,070 | 144,855 |
Consumer | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 134,741 | 127,833 | |
Consumer | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 16,985 | 16,648 | |
Consumer | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 551 | 589 | |
Consumer | Mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 106,039 | 104,335 | |
Consumer | Mortgages | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 94,553 | 92,533 | |
Consumer | Mortgages | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 11,214 | 11,613 | |
Consumer | Mortgages | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 272 | 189 | |
Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 42,016 | 37,268 | |
Consumer | Loans collateralized by securities | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 38,387 | 34,136 | |
Consumer | Loans collateralized by securities | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 3,530 | 2,916 | |
Consumer | Loans collateralized by securities | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 99 | 216 | |
Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 4,222 | 3,467 | |
Consumer | Consumer finance | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,801 | 1,164 | |
Consumer | Consumer finance | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,241 | 2,119 | |
Consumer | Consumer finance | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 180 | 184 | |
Bank | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 268,917 | 260,498 | 255,693 |
Value of collateral | 239,772 | 233,135 | |
Bank | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 206,976 | 197,839 | |
Value of collateral | 189,092 | 180,323 | |
Bank | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 59,971 | 60,418 | |
Value of collateral | 49,271 | 51,344 | |
Bank | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,970 | 2,241 | |
Value of collateral | 1,409 | 1,468 | |
Bank | Corporate and institutional | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 116,640 | 115,428 | 110,838 |
Bank | Corporate and institutional | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 72,235 | 70,006 | |
Bank | Corporate and institutional | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 42,986 | 43,770 | |
Bank | Corporate and institutional | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,419 | 1,652 | |
Bank | Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 26,003 | 25,556 | |
Bank | Corporate and institutional | Real estate | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 20,278 | 19,594 | |
Bank | Corporate and institutional | Real estate | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 5,640 | 5,878 | |
Bank | Corporate and institutional | Real estate | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 85 | 84 | |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 76,147 | 73,893 | |
Bank | Corporate and institutional | Commercial and industrial loans | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 39,610 | 36,501 | |
Bank | Corporate and institutional | Commercial and industrial loans | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 35,250 | 35,945 | |
Bank | Corporate and institutional | Commercial and industrial loans | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,287 | 1,447 | |
Bank | Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 13,291 | 14,652 | |
Bank | Corporate and institutional | Financial institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 11,223 | 12,658 | |
Bank | Corporate and institutional | Financial institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,022 | 1,887 | |
Bank | Corporate and institutional | Financial institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 46 | 107 | |
Bank | Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,199 | 1,327 | |
Bank | Corporate and institutional | Governments and public institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,124 | 1,253 | |
Bank | Corporate and institutional | Governments and public institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 74 | 60 | |
Bank | Corporate and institutional | Governments and public institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1 | 14 | |
Bank | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 152,277 | 145,070 | SFr 144,855 |
Bank | Consumer | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 134,741 | 127,833 | |
Bank | Consumer | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 16,985 | 16,648 | |
Bank | Consumer | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 551 | 589 | |
Bank | Consumer | Mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 106,039 | 104,335 | |
Bank | Consumer | Mortgages | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 94,553 | 92,533 | |
Bank | Consumer | Mortgages | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 11,214 | 11,613 | |
Bank | Consumer | Mortgages | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 272 | 189 | |
Bank | Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 42,016 | 37,268 | |
Bank | Consumer | Loans collateralized by securities | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 38,387 | 34,136 | |
Bank | Consumer | Loans collateralized by securities | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 3,530 | 2,916 | |
Bank | Consumer | Loans collateralized by securities | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 99 | 216 | |
Bank | Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 4,222 | 3,467 | |
Bank | Consumer | Consumer finance | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,801 | 1,164 | |
Bank | Consumer | Consumer finance | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,241 | 2,119 | |
Bank | Consumer | Consumer finance | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | SFr 180 | SFr 184 |
Loans, allowance for loan lo118
Loans, allowance for loan losses and credit quality - Aging analysis (Details 4) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | SFr 262,103 | SFr 254,355 | |
Gross loans held at amortized cost, past due | 2,727 | 3,160 | |
Gross loans held at amortized cost | 264,830 | 257,515 | SFr 253,186 |
Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,236 | 1,273 | |
Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 119 | 219 | |
Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 272 | 180 | |
Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,100 | 1,488 | |
Corporate and institutional | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 110,846 | 110,426 | |
Gross loans held at amortized cost, past due | 1,707 | 2,019 | |
Gross loans held at amortized cost | 112,553 | 112,445 | 108,331 |
Corporate and institutional | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 800 | 798 | |
Corporate and institutional | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 53 | 148 | |
Corporate and institutional | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 218 | 133 | |
Corporate and institutional | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 636 | 940 | |
Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 25,871 | 25,381 | |
Gross loans held at amortized cost, past due | 132 | 175 | |
Gross loans held at amortized cost | 26,003 | 25,556 | |
Corporate and institutional | Real estate | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 37 | 93 | |
Corporate and institutional | Real estate | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 12 | 17 | |
Corporate and institutional | Real estate | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 15 | 2 | |
Corporate and institutional | Real estate | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 68 | 63 | |
Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 74,831 | 72,234 | |
Gross loans held at amortized cost, past due | 1,194 | 1,639 | |
Gross loans held at amortized cost | 76,025 | 73,873 | |
Corporate and institutional | Commercial and industrial loans | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 429 | 618 | |
Corporate and institutional | Commercial and industrial loans | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 40 | 131 | |
Corporate and institutional | Commercial and industrial loans | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 201 | 131 | |
Corporate and institutional | Commercial and industrial loans | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 524 | 759 | |
Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 8,947 | 11,542 | |
Gross loans held at amortized cost, past due | 379 | 147 | |
Gross loans held at amortized cost | 9,326 | 11,689 | |
Corporate and institutional | Financial institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 333 | 43 | |
Corporate and institutional | Financial institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1 | 0 | |
Corporate and institutional | Financial institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 2 | 0 | |
Corporate and institutional | Financial institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 43 | 104 | |
Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 1,197 | 1,269 | |
Gross loans held at amortized cost, past due | 2 | 58 | |
Gross loans held at amortized cost | 1,199 | 1,327 | |
Corporate and institutional | Governments and public institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1 | 44 | |
Corporate and institutional | Governments and public institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Corporate and institutional | Governments and public institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Corporate and institutional | Governments and public institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1 | 14 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 151,257 | 143,929 | |
Gross loans held at amortized cost, past due | 1,020 | 1,141 | |
Gross loans held at amortized cost | 152,277 | 145,070 | 144,855 |
Consumer | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 436 | 475 | |
Consumer | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 66 | 71 | |
Consumer | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 54 | 47 | |
Consumer | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 464 | 548 | |
Consumer | Mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 105,689 | 104,013 | |
Gross loans held at amortized cost, past due | 350 | 322 | |
Gross loans held at amortized cost | 106,039 | 104,335 | |
Consumer | Mortgages | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 102 | 106 | |
Consumer | Mortgages | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 27 | 34 | |
Consumer | Mortgages | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 14 | 6 | |
Consumer | Mortgages | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 207 | 176 | |
Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 41,867 | 36,953 | |
Gross loans held at amortized cost, past due | 149 | 315 | |
Gross loans held at amortized cost | 42,016 | 37,268 | |
Consumer | Loans collateralized by securities | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 37 | 93 | |
Consumer | Loans collateralized by securities | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 1 | |
Consumer | Loans collateralized by securities | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 1 | |
Consumer | Loans collateralized by securities | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 112 | 220 | |
Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 3,701 | 2,963 | |
Gross loans held at amortized cost, past due | 521 | 504 | |
Gross loans held at amortized cost | 4,222 | 3,467 | |
Consumer | Consumer finance | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 297 | 276 | |
Consumer | Consumer finance | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 39 | 36 | |
Consumer | Consumer finance | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 40 | 40 | |
Consumer | Consumer finance | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 145 | 152 | |
Bank | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 266,203 | 257,350 | |
Gross loans held at amortized cost, past due | 2,714 | 3,148 | |
Gross loans held at amortized cost | 268,917 | 260,498 | 255,693 |
Bank | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,236 | 1,273 | |
Bank | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 119 | 219 | |
Bank | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 272 | 180 | |
Bank | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,087 | 1,476 | |
Bank | Corporate and institutional | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 114,946 | 113,421 | |
Gross loans held at amortized cost, past due | 1,694 | 2,007 | |
Gross loans held at amortized cost | 116,640 | 115,428 | 110,838 |
Bank | Corporate and institutional | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 800 | 798 | |
Bank | Corporate and institutional | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 53 | 148 | |
Bank | Corporate and institutional | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 218 | 133 | |
Bank | Corporate and institutional | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 623 | 928 | |
Bank | Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 25,871 | 25,381 | |
Gross loans held at amortized cost, past due | 132 | 175 | |
Gross loans held at amortized cost | 26,003 | 25,556 | |
Bank | Corporate and institutional | Real estate | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 37 | 93 | |
Bank | Corporate and institutional | Real estate | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 12 | 17 | |
Bank | Corporate and institutional | Real estate | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 15 | 2 | |
Bank | Corporate and institutional | Real estate | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 68 | 63 | |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 74,966 | 72,266 | |
Gross loans held at amortized cost, past due | 1,181 | 1,627 | |
Gross loans held at amortized cost | 76,147 | 73,893 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 429 | 618 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 40 | 131 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 201 | 131 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 511 | 747 | |
Bank | Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 12,912 | 14,505 | |
Gross loans held at amortized cost, past due | 379 | 147 | |
Gross loans held at amortized cost | 13,291 | 14,652 | |
Bank | Corporate and institutional | Financial institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 333 | 43 | |
Bank | Corporate and institutional | Financial institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1 | 0 | |
Bank | Corporate and institutional | Financial institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 2 | 0 | |
Bank | Corporate and institutional | Financial institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 43 | 104 | |
Bank | Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 1,197 | 1,269 | |
Gross loans held at amortized cost, past due | 2 | 58 | |
Gross loans held at amortized cost | 1,199 | 1,327 | |
Bank | Corporate and institutional | Governments and public institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1 | 44 | |
Bank | Corporate and institutional | Governments and public institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Bank | Corporate and institutional | Governments and public institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Bank | Corporate and institutional | Governments and public institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1 | 14 | |
Bank | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 151,257 | 143,929 | |
Gross loans held at amortized cost, past due | 1,020 | 1,141 | |
Gross loans held at amortized cost | 152,277 | 145,070 | SFr 144,855 |
Bank | Consumer | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 436 | 475 | |
Bank | Consumer | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 66 | 71 | |
Bank | Consumer | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 54 | 47 | |
Bank | Consumer | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 464 | 548 | |
Bank | Consumer | Mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 105,689 | 104,013 | |
Gross loans held at amortized cost, past due | 350 | 322 | |
Gross loans held at amortized cost | 106,039 | 104,335 | |
Bank | Consumer | Mortgages | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 102 | 106 | |
Bank | Consumer | Mortgages | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 27 | 34 | |
Bank | Consumer | Mortgages | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 14 | 6 | |
Bank | Consumer | Mortgages | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 207 | 176 | |
Bank | Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 41,867 | 36,953 | |
Gross loans held at amortized cost, past due | 149 | 315 | |
Gross loans held at amortized cost | 42,016 | 37,268 | |
Bank | Consumer | Loans collateralized by securities | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 37 | 93 | |
Bank | Consumer | Loans collateralized by securities | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 1 | |
Bank | Consumer | Loans collateralized by securities | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 1 | |
Bank | Consumer | Loans collateralized by securities | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 112 | 220 | |
Bank | Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 3,701 | 2,963 | |
Gross loans held at amortized cost, past due | 521 | 504 | |
Gross loans held at amortized cost | 4,222 | 3,467 | |
Bank | Consumer | Consumer finance | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 297 | 276 | |
Bank | Consumer | Consumer finance | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 39 | 36 | |
Bank | Consumer | Consumer finance | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 40 | 40 | |
Bank | Consumer | Consumer finance | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | SFr 145 | SFr 152 |
Loans, allowance for loan lo119
Loans, allowance for loan losses and credit quality - Impaired loans (Details 5) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017CHF (SFr)dayquarter | Dec. 31, 2016CHF (SFr) | |
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | SFr 1,271 | SFr 1,501 |
Restructured loans | 290 | 358 |
Potential problem loans | 549 | 613 |
Total other impaired loans | 839 | 971 |
Gross impaired loans | 2,110 | 2,472 |
Non-interest-earning loans | 223 | 265 |
Non-performing loans | 1,048 | 1,236 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | SFr 90 | 62 |
Minimum | ||
Gross impaired loans by category | ||
Loan provision threshold, as percentage of loan notional amount, at which loans are written down to net book value | 80.00% | |
Number of days of default on interest or principal considered to assess credit worthiness | day | 90 | |
Maximum | ||
Gross impaired loans by category | ||
Period of anticipated repayment after which loan is written down to net book value (in quarters) | quarter | 2 | |
Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | SFr 721 | 906 |
Restructured loans | 277 | 345 |
Potential problem loans | 480 | 559 |
Total other impaired loans | 757 | 904 |
Gross impaired loans | 1,478 | 1,810 |
Non-interest-earning loans | 181 | 233 |
Non-performing loans | 540 | 673 |
Corporate and institutional | Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 77 | 67 |
Restructured loans | 0 | 0 |
Potential problem loans | 19 | 19 |
Total other impaired loans | 19 | 19 |
Gross impaired loans | 96 | 86 |
Non-interest-earning loans | 4 | 5 |
Non-performing loans | 73 | 62 |
Corporate and institutional | Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 599 | 721 |
Restructured loans | 277 | 345 |
Potential problem loans | 458 | 513 |
Total other impaired loans | 735 | 858 |
Gross impaired loans | 1,334 | 1,579 |
Non-interest-earning loans | 134 | 182 |
Non-performing loans | 465 | 539 |
Corporate and institutional | Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 44 | 104 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 27 |
Total other impaired loans | 3 | 27 |
Gross impaired loans | 47 | 131 |
Non-interest-earning loans | 43 | 46 |
Non-performing loans | 1 | 58 |
Corporate and institutional | Governments and public institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1 | 14 |
Restructured loans | 0 | 0 |
Potential problem loans | 0 | 0 |
Total other impaired loans | 0 | 0 |
Gross impaired loans | 1 | 14 |
Non-interest-earning loans | 0 | 0 |
Non-performing loans | 1 | 14 |
Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 550 | 595 |
Restructured loans | 13 | 13 |
Potential problem loans | 69 | 54 |
Total other impaired loans | 82 | 67 |
Gross impaired loans | 632 | 662 |
Non-interest-earning loans | 42 | 32 |
Non-performing loans | 508 | 563 |
Consumer | Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 253 | 201 |
Restructured loans | 13 | 13 |
Potential problem loans | 66 | 40 |
Total other impaired loans | 79 | 53 |
Gross impaired loans | 332 | 254 |
Non-interest-earning loans | 17 | 11 |
Non-performing loans | 236 | 190 |
Consumer | Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 112 | 210 |
Restructured loans | 0 | 0 |
Potential problem loans | 2 | 13 |
Total other impaired loans | 2 | 13 |
Gross impaired loans | 114 | 223 |
Non-interest-earning loans | 16 | 17 |
Non-performing loans | 96 | 193 |
Consumer | Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 185 | 184 |
Restructured loans | 0 | 0 |
Potential problem loans | 1 | 1 |
Total other impaired loans | 1 | 1 |
Gross impaired loans | 186 | 185 |
Non-interest-earning loans | 9 | 4 |
Non-performing loans | 176 | 180 |
Bank | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1,258 | 1,489 |
Restructured loans | 290 | 358 |
Potential problem loans | 549 | 613 |
Total other impaired loans | 839 | 971 |
Gross impaired loans | 2,097 | 2,460 |
Non-interest-earning loans | 210 | 253 |
Non-performing loans | 1,048 | 1,236 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 90 | 62 |
Bank | Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 708 | 894 |
Restructured loans | 277 | 345 |
Potential problem loans | 480 | 559 |
Total other impaired loans | 757 | 904 |
Gross impaired loans | 1,465 | 1,798 |
Non-interest-earning loans | 168 | 221 |
Non-performing loans | 540 | 673 |
Bank | Corporate and institutional | Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 77 | 67 |
Restructured loans | 0 | 0 |
Potential problem loans | 19 | 19 |
Total other impaired loans | 19 | 19 |
Gross impaired loans | 96 | 86 |
Non-interest-earning loans | 4 | 5 |
Non-performing loans | 73 | 62 |
Bank | Corporate and institutional | Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 586 | 709 |
Restructured loans | 277 | 345 |
Potential problem loans | 458 | 513 |
Total other impaired loans | 735 | 858 |
Gross impaired loans | 1,321 | 1,567 |
Non-interest-earning loans | 121 | 170 |
Non-performing loans | 465 | 539 |
Bank | Corporate and institutional | Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 44 | 104 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 27 |
Total other impaired loans | 3 | 27 |
Gross impaired loans | 47 | 131 |
Non-interest-earning loans | 43 | 46 |
Non-performing loans | 1 | 58 |
Bank | Corporate and institutional | Governments and public institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1 | 14 |
Restructured loans | 0 | 0 |
Potential problem loans | 0 | 0 |
Total other impaired loans | 0 | 0 |
Gross impaired loans | 1 | 14 |
Non-interest-earning loans | 0 | 0 |
Non-performing loans | 1 | 14 |
Bank | Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 550 | 595 |
Restructured loans | 13 | 13 |
Potential problem loans | 69 | 54 |
Total other impaired loans | 82 | 67 |
Gross impaired loans | 632 | 662 |
Non-interest-earning loans | 42 | 32 |
Non-performing loans | 508 | 563 |
Bank | Consumer | Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 253 | 201 |
Restructured loans | 13 | 13 |
Potential problem loans | 66 | 40 |
Total other impaired loans | 79 | 53 |
Gross impaired loans | 332 | 254 |
Non-interest-earning loans | 17 | 11 |
Non-performing loans | 236 | 190 |
Bank | Consumer | Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 112 | 210 |
Restructured loans | 0 | 0 |
Potential problem loans | 2 | 13 |
Total other impaired loans | 2 | 13 |
Gross impaired loans | 114 | 223 |
Non-interest-earning loans | 16 | 17 |
Non-performing loans | 96 | 193 |
Bank | Consumer | Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 185 | 184 |
Restructured loans | 0 | 0 |
Potential problem loans | 1 | 1 |
Total other impaired loans | 1 | 1 |
Gross impaired loans | 186 | 185 |
Non-interest-earning loans | 9 | 4 |
Non-performing loans | SFr 176 | SFr 180 |
Loans, allowance for loan lo120
Loans, allowance for loan losses and credit quality - Impaired loans details (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Recorded investment | ||
Recorded investment, with a specific allowance | SFr 1,676 | SFr 2,085 |
Recorded investment, without specific allowance | 434 | 387 |
Gross impaired loans | 2,110 | 2,472 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1,581 | 1,996 |
Unpaid principal balance, without specific allowance | 434 | 387 |
Unpaid principal balance | 2,015 | 2,383 |
Associated specific allowance | 654 | 700 |
Corporate and institutional | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 1,131 | 1,488 |
Recorded investment, without specific allowance | 347 | 322 |
Gross impaired loans | 1,478 | 1,810 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1,085 | 1,445 |
Unpaid principal balance, without specific allowance | 347 | 322 |
Unpaid principal balance | 1,432 | 1,767 |
Associated specific allowance | 475 | 528 |
Corporate and institutional | Real estate | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 86 | 65 |
Recorded investment, without specific allowance | 10 | 21 |
Gross impaired loans | 96 | 86 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 79 | 59 |
Unpaid principal balance, without specific allowance | 10 | 21 |
Associated specific allowance | 11 | 10 |
Corporate and institutional | Commercial and industrial loans | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 997 | 1,283 |
Recorded investment, without specific allowance | 337 | 296 |
Gross impaired loans | 1,334 | 1,579 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 959 | 1,250 |
Unpaid principal balance, without specific allowance | 337 | 296 |
Associated specific allowance | 427 | 472 |
Corporate and institutional | Financial institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 47 | 126 |
Recorded investment, without specific allowance | 0 | 5 |
Gross impaired loans | 47 | 131 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 46 | 122 |
Unpaid principal balance, without specific allowance | 0 | 5 |
Associated specific allowance | 37 | 46 |
Corporate and institutional | Governments and public institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 1 | 14 |
Gross impaired loans | 1 | 14 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1 | 14 |
Associated specific allowance | 0 | 0 |
Consumer | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 545 | 597 |
Recorded investment, without specific allowance | 87 | 65 |
Gross impaired loans | 632 | 662 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 496 | 551 |
Unpaid principal balance, without specific allowance | 87 | 65 |
Unpaid principal balance | 583 | 616 |
Associated specific allowance | 179 | 172 |
Consumer | Mortgages | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 254 | 211 |
Recorded investment, without specific allowance | 78 | 43 |
Gross impaired loans | 332 | 254 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 239 | 198 |
Unpaid principal balance, without specific allowance | 78 | 43 |
Associated specific allowance | 36 | 21 |
Consumer | Loans collateralized by securities | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 111 | 209 |
Recorded investment, without specific allowance | 3 | 14 |
Gross impaired loans | 114 | 223 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 97 | 193 |
Unpaid principal balance, without specific allowance | 3 | 14 |
Associated specific allowance | 49 | 54 |
Consumer | Consumer finance | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 180 | 177 |
Recorded investment, without specific allowance | 6 | 8 |
Gross impaired loans | 186 | 185 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 160 | 160 |
Unpaid principal balance, without specific allowance | 6 | 8 |
Associated specific allowance | 94 | 97 |
Bank | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 1,663 | 2,073 |
Recorded investment, without specific allowance | 434 | 387 |
Gross impaired loans | 2,097 | 2,460 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1,569 | 1,985 |
Unpaid principal balance, without specific allowance | 434 | 387 |
Unpaid principal balance | 2,003 | 2,372 |
Associated specific allowance | 653 | 699 |
Bank | Corporate and institutional | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 1,118 | 1,476 |
Recorded investment, without specific allowance | 347 | 322 |
Gross impaired loans | 1,465 | 1,798 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1,073 | 1,434 |
Unpaid principal balance, without specific allowance | 347 | 322 |
Unpaid principal balance | 1,420 | 1,756 |
Associated specific allowance | 474 | 527 |
Bank | Corporate and institutional | Real estate | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 86 | 65 |
Recorded investment, without specific allowance | 10 | 21 |
Gross impaired loans | 96 | 86 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 79 | 59 |
Unpaid principal balance, without specific allowance | 10 | 21 |
Associated specific allowance | 11 | 10 |
Bank | Corporate and institutional | Commercial and industrial loans | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 984 | 1,271 |
Recorded investment, without specific allowance | 337 | 296 |
Gross impaired loans | 1,321 | 1,567 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 947 | 1,239 |
Unpaid principal balance, without specific allowance | 337 | 296 |
Associated specific allowance | 426 | 471 |
Bank | Corporate and institutional | Financial institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 47 | 126 |
Recorded investment, without specific allowance | 0 | 5 |
Gross impaired loans | 47 | 131 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 46 | 122 |
Unpaid principal balance, without specific allowance | 0 | 5 |
Associated specific allowance | 37 | 46 |
Bank | Corporate and institutional | Governments and public institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 1 | 14 |
Gross impaired loans | 1 | 14 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1 | 14 |
Associated specific allowance | 0 | 0 |
Bank | Consumer | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 545 | 597 |
Recorded investment, without specific allowance | 87 | 65 |
Gross impaired loans | 632 | 662 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 496 | 551 |
Unpaid principal balance, without specific allowance | 87 | 65 |
Unpaid principal balance | 583 | 616 |
Associated specific allowance | 179 | 172 |
Bank | Consumer | Mortgages | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 254 | 211 |
Recorded investment, without specific allowance | 78 | 43 |
Gross impaired loans | 332 | 254 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 239 | 198 |
Unpaid principal balance, without specific allowance | 78 | 43 |
Associated specific allowance | 36 | 21 |
Bank | Consumer | Loans collateralized by securities | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 111 | 209 |
Recorded investment, without specific allowance | 3 | 14 |
Gross impaired loans | 114 | 223 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 97 | 193 |
Unpaid principal balance, without specific allowance | 3 | 14 |
Associated specific allowance | 49 | 54 |
Bank | Consumer | Consumer finance | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 180 | 177 |
Recorded investment, without specific allowance | 6 | 8 |
Gross impaired loans | 186 | 185 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 160 | 160 |
Unpaid principal balance, without specific allowance | 6 | 8 |
Associated specific allowance | SFr 94 | SFr 97 |
Loans, allowance for loan lo121
Loans, allowance for loan losses and credit quality - Impaired loans details (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | SFr 1,834 | SFr 1,823 | SFr 1,349 |
Average recorded investment, without specific allowance | 391 | 466 | 205 |
Average recorded investment | 2,225 | 2,289 | 1,554 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 27 | 16 | 11 |
Interest income recognized, without specific allowance | 15 | 11 | 8 |
Interest income recognized | 42 | 27 | 19 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 13 | 7 | 7 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 14 | 8 | 8 |
Corporate and institutional | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,322 | 1,270 | 849 |
Average recorded investment, without specific allowance | 298 | 348 | 114 |
Average recorded investment | 1,620 | 1,618 | 963 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 19 | 12 | 8 |
Interest income recognized, without specific allowance | 12 | 8 | 4 |
Interest income recognized | 31 | 20 | 12 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 6 | 4 | 4 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 7 | 5 | 5 |
Corporate and institutional | Real estate | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 78 | 72 | 74 |
Average recorded investment, without specific allowance | 27 | 31 | 12 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 0 |
Interest income recognized, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Corporate and institutional | Commercial and industrial loans | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,163 | 1,039 | 626 |
Average recorded investment, without specific allowance | 271 | 307 | 98 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 17 | 10 | 7 |
Interest income recognized, without specific allowance | 11 | 7 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 4 | 3 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Corporate and institutional | Financial institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 76 | 154 | 149 |
Average recorded investment, without specific allowance | 0 | 5 | 4 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Corporate and institutional | Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 5 | 5 | 0 |
Average recorded investment, without specific allowance | 0 | 5 | 0 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Consumer | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 512 | 553 | 500 |
Average recorded investment, without specific allowance | 93 | 118 | 91 |
Average recorded investment | 605 | 671 | 591 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 8 | 4 | 3 |
Interest income recognized, without specific allowance | 3 | 3 | 4 |
Interest income recognized | 11 | 7 | 7 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 7 | 3 | 3 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | 7 | 3 | 3 |
Consumer | Mortgages | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 229 | 195 | 190 |
Average recorded investment, without specific allowance | 83 | 83 | 51 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 2 | 2 |
Interest income recognized, without specific allowance | 3 | 3 | 4 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Consumer | Loans collateralized by securities | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 116 | 153 | 82 |
Average recorded investment, without specific allowance | 7 | 24 | 33 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Consumer | Consumer finance | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 167 | 205 | 228 |
Average recorded investment, without specific allowance | 3 | 11 | 7 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 5 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,822 | 1,813 | 1,339 |
Average recorded investment, without specific allowance | 391 | 466 | 205 |
Average recorded investment | 2,213 | 2,279 | 1,544 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 27 | 16 | 11 |
Interest income recognized, without specific allowance | 15 | 11 | 8 |
Interest income recognized | 42 | 27 | 19 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 13 | 7 | 7 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 14 | 8 | 8 |
Bank | Corporate and institutional | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,310 | 1,260 | 839 |
Average recorded investment, without specific allowance | 298 | 348 | 114 |
Average recorded investment | 1,608 | 1,608 | 953 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 19 | 12 | 8 |
Interest income recognized, without specific allowance | 12 | 8 | 4 |
Interest income recognized | 31 | 20 | 12 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 6 | 4 | 4 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 7 | 5 | 5 |
Bank | Corporate and institutional | Real estate | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 78 | 72 | 74 |
Average recorded investment, without specific allowance | 27 | 31 | 12 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 0 |
Interest income recognized, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,151 | 1,029 | 616 |
Average recorded investment, without specific allowance | 271 | 307 | 98 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 17 | 10 | 7 |
Interest income recognized, without specific allowance | 11 | 7 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 4 | 3 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Bank | Corporate and institutional | Financial institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 76 | 154 | 149 |
Average recorded investment, without specific allowance | 0 | 5 | 4 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Corporate and institutional | Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 5 | 5 | 0 |
Average recorded investment, without specific allowance | 0 | 5 | 0 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Consumer | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 512 | 553 | 500 |
Average recorded investment, without specific allowance | 93 | 118 | 91 |
Average recorded investment | 605 | 671 | 591 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 8 | 4 | 3 |
Interest income recognized, without specific allowance | 3 | 3 | 4 |
Interest income recognized | 11 | 7 | 7 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 7 | 3 | 3 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | 7 | 3 | 3 |
Bank | Consumer | Mortgages | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 229 | 195 | 190 |
Average recorded investment, without specific allowance | 83 | 83 | 51 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 2 | 2 |
Interest income recognized, without specific allowance | 3 | 3 | 4 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Consumer | Loans collateralized by securities | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 116 | 153 | 82 |
Average recorded investment, without specific allowance | 7 | 24 | 33 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Consumer | Consumer finance | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 167 | 205 | 228 |
Average recorded investment, without specific allowance | 3 | 11 | 7 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 5 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan lo122
Loans, allowance for loan losses and credit quality - Restructured loans (Details 8) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017CHF (SFr)contract | Dec. 31, 2016CHF (SFr)contract | Dec. 31, 2015CHF (SFr)contract | |
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 15 | 16 | 16 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 123 | SFr 201 | SFr 222 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 119 | SFr 201 | SFr 225 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | ||
Consumer | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 13 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 13 |
Consumer | Loans collateralized by securities | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Corporate and institutional | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 15 | 16 | 13 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 123 | SFr 201 | SFr 207 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 119 | SFr 201 | SFr 210 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | 1 | |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 48 | SFr 65 | |
Corporate and institutional | Financial institutions | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 2 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 2 |
Bank | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 15 | 16 | 16 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 123 | SFr 201 | SFr 222 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 119 | SFr 201 | SFr 225 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | ||
Bank | Consumer | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 13 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 13 |
Bank | Consumer | Loans collateralized by securities | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 15 | 16 | 13 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 123 | SFr 201 | SFr 207 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 119 | SFr 201 | SFr 210 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | 1 | |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 48 | SFr 65 | |
Bank | Corporate and institutional | Financial institutions | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 2 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 2 |
Premises and equipment (Details
Premises and equipment (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Premises and equipment disclosures | |||
Buildings and improvements | SFr 2,163 | SFr 2,197 | |
Land | 346 | 328 | |
Leasehold improvements | 2,102 | 2,164 | |
Software | 5,727 | 6,676 | |
Equipment | 2,149 | 2,119 | |
Premises and equipment | 12,487 | 13,484 | |
Accumulated depreciation | (7,801) | (8,773) | |
Total premises and equipment, net | 4,686 | 4,711 | |
Depreciation and impairment | |||
Depreciation | 826 | 887 | SFr 1,012 |
Impairment | 33 | 25 | 24 |
Bank | |||
Premises and equipment disclosures | |||
Buildings and improvements | 2,139 | 2,179 | |
Land | 346 | 323 | |
Leasehold improvements | 2,041 | 2,162 | |
Software | 5,601 | 6,675 | |
Equipment | 1,547 | 2,051 | |
Premises and equipment | 11,674 | 13,390 | |
Accumulated depreciation | (7,229) | (8,724) | |
Total premises and equipment, net | 4,445 | 4,666 | |
Depreciation and impairment | |||
Depreciation | 770 | 882 | 1,009 |
Impairment | SFr 33 | SFr 25 | SFr 24 |
Goodwill (Details)
Goodwill (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gross amount of goodwill | |||
Balance at beginning of period | SFr 8,804 | SFr 8,699 | |
Goodwill acquired during the period | 5 | ||
Foreign currency translation impact | (158) | 107 | |
Other | (13) | (7) | |
Balance at end of period | 8,633 | 8,804 | SFr 8,699 |
Accumulated impairment | |||
Balance at beginning of period | 3,891 | 3,891 | |
Goodwill impairment | 0 | 0 | 3,797 |
Balance at end of period | 3,891 | 3,891 | 3,891 |
Net book value | |||
Net book value | 4,742 | 4,913 | |
Operating Segments | Swiss Universal Bank | |||
Gross amount of goodwill | |||
Balance at beginning of period | 623 | 610 | |
Goodwill acquired during the period | 5 | ||
Foreign currency translation impact | (13) | 9 | |
Other | 0 | (1) | |
Balance at end of period | 610 | 623 | 610 |
Accumulated impairment | |||
Balance at beginning of period | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Net book value | |||
Net book value | 610 | 623 | |
Operating Segments | International Wealth Management | |||
Gross amount of goodwill | |||
Balance at beginning of period | 1,612 | 1,573 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (55) | 32 | |
Other | (13) | 7 | |
Balance at end of period | 1,544 | 1,612 | 1,573 |
Accumulated impairment | |||
Balance at beginning of period | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Net book value | |||
Net book value | 1,544 | 1,612 | |
Operating Segments | Asia Pacific | |||
Gross amount of goodwill | |||
Balance at beginning of period | 2,318 | 2,294 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (50) | 37 | |
Other | 0 | (13) | |
Balance at end of period | 2,268 | 2,318 | 2,294 |
Accumulated impairment | |||
Balance at beginning of period | 772 | 772 | |
Balance at end of period | 772 | 772 | 772 |
Net book value | |||
Net book value | 1,496 | 1,546 | |
Operating Segments | Global Markets | |||
Gross amount of goodwill | |||
Balance at beginning of period | 3,195 | 3,183 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (17) | 12 | |
Other | 0 | 0 | |
Balance at end of period | 3,178 | 3,195 | 3,183 |
Accumulated impairment | |||
Balance at beginning of period | 2,719 | 2,719 | |
Balance at end of period | 2,719 | 2,719 | 2,719 |
Net book value | |||
Net book value | 459 | 476 | |
Operating Segments | Investment Banking & Capital Markets | |||
Gross amount of goodwill | |||
Balance at beginning of period | 1,044 | 1,027 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (23) | 17 | |
Other | 0 | 0 | |
Balance at end of period | 1,021 | 1,044 | 1,027 |
Accumulated impairment | |||
Balance at beginning of period | 388 | 388 | |
Balance at end of period | 388 | 388 | 388 |
Net book value | |||
Net book value | 633 | 656 | |
Operating Segments | Strategic Resolution Unit | |||
Gross amount of goodwill | |||
Balance at beginning of period | 12 | 12 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | 0 | 0 | |
Other | 0 | 0 | |
Balance at end of period | 12 | 12 | 12 |
Accumulated impairment | |||
Balance at beginning of period | 12 | 12 | |
Balance at end of period | 12 | 12 | 12 |
Net book value | |||
Net book value | 0 | 0 | |
Bank | |||
Gross amount of goodwill | |||
Balance at beginning of period | 8,080 | 7,986 | |
Goodwill acquired during the period | 5 | ||
Foreign currency translation impact | (140) | 95 | |
Other | (13) | (6) | |
Balance at end of period | 7,927 | 8,080 | 7,986 |
Accumulated impairment | |||
Balance at beginning of period | 3,891 | 3,891 | |
Goodwill impairment | 0 | 0 | 3,797 |
Balance at end of period | 3,891 | 3,891 | 3,891 |
Net book value | |||
Net book value | 4,036 | 4,189 | |
Bank | Operating Segments | Swiss Universal Bank | |||
Gross amount of goodwill | |||
Balance at beginning of period | 605 | 591 | |
Goodwill acquired during the period | 5 | ||
Foreign currency translation impact | (13) | 9 | |
Other | 0 | 0 | |
Balance at end of period | 592 | 605 | 591 |
Accumulated impairment | |||
Balance at beginning of period | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Net book value | |||
Net book value | 592 | 605 | |
Bank | Operating Segments | International Wealth Management | |||
Gross amount of goodwill | |||
Balance at beginning of period | 1,598 | 1,559 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (54) | 32 | |
Other | (13) | 7 | |
Balance at end of period | 1,531 | 1,598 | 1,559 |
Accumulated impairment | |||
Balance at beginning of period | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Net book value | |||
Net book value | 1,531 | 1,598 | |
Bank | Operating Segments | Asia Pacific | |||
Gross amount of goodwill | |||
Balance at beginning of period | 2,090 | 2,069 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (46) | 34 | |
Other | 0 | (13) | |
Balance at end of period | 2,044 | 2,090 | 2,069 |
Accumulated impairment | |||
Balance at beginning of period | 772 | 772 | |
Balance at end of period | 772 | 772 | 772 |
Net book value | |||
Net book value | 1,272 | 1,318 | |
Bank | Operating Segments | Global Markets | |||
Gross amount of goodwill | |||
Balance at beginning of period | 2,842 | 2,838 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (5) | 4 | |
Other | 0 | 0 | |
Balance at end of period | 2,837 | 2,842 | 2,838 |
Accumulated impairment | |||
Balance at beginning of period | 2,719 | 2,719 | |
Balance at end of period | 2,719 | 2,719 | 2,719 |
Net book value | |||
Net book value | 118 | 123 | |
Bank | Operating Segments | Investment Banking & Capital Markets | |||
Gross amount of goodwill | |||
Balance at beginning of period | 933 | 917 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | (22) | 16 | |
Other | 0 | 0 | |
Balance at end of period | 911 | 933 | 917 |
Accumulated impairment | |||
Balance at beginning of period | 388 | 388 | |
Balance at end of period | 388 | 388 | 388 |
Net book value | |||
Net book value | 523 | 545 | |
Bank | Operating Segments | Strategic Resolution Unit | |||
Gross amount of goodwill | |||
Balance at beginning of period | 12 | 12 | |
Goodwill acquired during the period | 0 | ||
Foreign currency translation impact | 0 | 0 | |
Other | 0 | 0 | |
Balance at end of period | 12 | 12 | 12 |
Accumulated impairment | |||
Balance at beginning of period | 12 | 12 | |
Balance at end of period | 12 | 12 | SFr 12 |
Net book value | |||
Net book value | SFr 0 | SFr 0 |
Other intangible assets (Detail
Other intangible assets (Details 1) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other intangible assets | |||
Gross carrying amount | SFr 79 | SFr 84 | |
Accumulated amortization | (47) | (43) | |
Net carrying amount | 32 | 41 | |
Non-amortizing other intangible assets | 191 | 172 | |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 | |
Total other intangible assets, net | 223 | 213 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 7 | 8 | SFr 18 |
Impairment | 2 | 0 | 16 |
of which related to restructuring expenses | 0 | 0 | 15 |
Estimated amortization expenses | |||
In the next 12 months | 8 | ||
Year two | 4 | ||
Year three | 3 | ||
Year four | 2 | ||
Year five | 2 | ||
Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 27 | 28 | |
Accumulated amortization | (26) | (26) | |
Net carrying amount | 1 | 2 | |
Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 47 | 50 | |
Accumulated amortization | (18) | (14) | |
Net carrying amount | 29 | 36 | |
Other | |||
Other intangible assets | |||
Gross carrying amount | 5 | 6 | |
Accumulated amortization | (3) | (3) | |
Net carrying amount | 2 | 3 | |
Total other intangible assets, gross | 270 | 256 | |
Bank | |||
Other intangible assets | |||
Gross carrying amount | 79 | 84 | |
Accumulated amortization | (47) | (43) | |
Net carrying amount | 32 | 41 | |
Non-amortizing other intangible assets | 191 | 172 | |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 | |
Total other intangible assets, net | 223 | 213 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 7 | 8 | 18 |
Impairment | 2 | 0 | 16 |
of which related to restructuring expenses | 0 | 0 | SFr 15 |
Estimated amortization expenses | |||
In the next 12 months | 8 | ||
Year two | 4 | ||
Year three | 3 | ||
Year four | 2 | ||
Year five | 2 | ||
Bank | Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 27 | 28 | |
Accumulated amortization | (26) | (26) | |
Net carrying amount | 1 | 2 | |
Bank | Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 47 | 50 | |
Accumulated amortization | (18) | (14) | |
Net carrying amount | 29 | 36 | |
Bank | Other | |||
Other intangible assets | |||
Gross carrying amount | 5 | 6 | |
Accumulated amortization | (3) | (3) | |
Net carrying amount | 2 | 3 | |
Total other intangible assets, gross | SFr 270 | SFr 256 |
Other assets and other liabi126
Other assets and other liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Other assets | ||||
Cash collateral on derivative instruments | SFr 5,141 | SFr 5,705 | ||
Cash collateral on non-derivative transactions | 490 | 1,237 | ||
Derivative instruments used for hedging | 50 | 148 | ||
Assets held-for-sale | 8,300 | 8,214 | ||
of which loans | 8,130 | 8,062 | ||
of which real estate | 141 | 122 | ||
of which long-lived assets | 29 | 30 | ||
Assets held for separate accounts | 190 | 431 | ||
Interest and fees receivable | 4,669 | 4,787 | ||
Deferred tax assets | 5,522 | 5,828 | ||
Prepaid expenses | 379 | 394 | ||
Failed purchases | 1,327 | 2,423 | ||
Defined benefit pension and post-retirement plan assets | 2,170 | 1,061 | ||
Other | 3,833 | 6,637 | ||
Other assets | 32,071 | 36,865 | ||
Other liabilities | ||||
Cash collateral on derivative instruments | 8,644 | 11,497 | ||
Cash collateral on non-derivative transactions | 473 | 369 | ||
Derivative instruments used for hedging | 99 | 2 | ||
Deposits held-for-sale | 0 | 1,577 | ||
Provisions | 1,007 | 4,077 | ||
of which off-balance sheet risk | 106 | 88 | ||
Restructuring liabilities | 306 | 311 | SFr 199 | SFr 0 |
Liabilities held for separate accounts | 190 | 431 | ||
Interest and fees payable | 5,591 | 6,039 | ||
Current tax liabilities | 700 | 636 | ||
Deferred tax liabilities | 394 | 129 | ||
Failed sales | 720 | 737 | ||
Defined benefit pension and post-retirement plan liabilities | 541 | 516 | ||
Other | 12,947 | 13,534 | ||
Other liabilities | 31,612 | 39,855 | ||
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 534 | 681 | ||
Foreclosed or repossessed real estate | 8 | 16 | ||
Foreclosed or repossessed residential real estate | 5 | 13 | ||
Bank | ||||
Other assets | ||||
Cash collateral on derivative instruments | 5,142 | 5,706 | ||
Cash collateral on non-derivative transactions | 490 | 1,237 | ||
Derivative instruments used for hedging | 50 | 148 | ||
Assets held-for-sale | 8,300 | 8,214 | ||
of which loans | 8,130 | 8,062 | ||
of which real estate | 141 | 122 | ||
of which long-lived assets | 29 | 30 | ||
Assets held for separate accounts | 190 | 431 | ||
Interest and fees receivable | 4,819 | 4,801 | ||
Deferred tax assets | 5,457 | 5,815 | ||
Prepaid expenses | 330 | 395 | ||
Failed purchases | 1,327 | 2,423 | ||
Defined benefit pension and post-retirement plan assets | 1,058 | 995 | ||
Other | 3,793 | 6,610 | ||
Other assets | 30,956 | 36,775 | ||
Other liabilities | ||||
Cash collateral on derivative instruments | 8,644 | 11,497 | ||
Cash collateral on non-derivative transactions | 473 | 369 | ||
Derivative instruments used for hedging | 99 | 2 | ||
Deposits held-for-sale | 0 | 1,577 | ||
Provisions | 998 | 4,068 | ||
of which off-balance sheet risk | 106 | 88 | ||
Restructuring liabilities | 301 | 311 | SFr 199 | SFr 0 |
Liabilities held for separate accounts | 190 | 431 | ||
Interest and fees payable | 5,804 | 6,012 | ||
Current tax liabilities | 687 | 624 | ||
Deferred tax liabilities | 152 | 99 | ||
Failed sales | 720 | 737 | ||
Defined benefit pension and post-retirement plan liabilities | 541 | 521 | ||
Other | 13,074 | 13,671 | ||
Other liabilities | 31,683 | 39,919 | ||
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 534 | 681 | ||
Foreclosed or repossessed real estate | 8 | 16 | ||
Foreclosed or repossessed residential real estate | SFr 5 | SFr 13 |
Deposits (Details)
Deposits (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deposits | ||
Non-interest-bearing demand deposits | SFr 4,651 | SFr 4,608 |
Interest-bearing demand deposits | 158,055 | 155,493 |
Savings deposits | 64,086 | 63,007 |
Time deposits | 149,783 | 155,525 |
Total deposits | 376,575 | 378,633 |
of which due to banks | 15,413 | 22,800 |
of which customer deposits | 361,162 | 355,833 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 149,659 | 155,458 |
Overdrawn deposits not included in total deposits, reclassified as loans | 135 | 132 |
Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 2,058 | 1,645 |
Interest-bearing demand deposits | 32,732 | 33,440 |
Savings deposits | 18 | 2 |
Time deposits | 117,252 | 119,807 |
Total deposits | 152,060 | 154,894 |
Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 2,593 | 2,963 |
Interest-bearing demand deposits | 125,323 | 122,053 |
Savings deposits | 64,068 | 63,005 |
Time deposits | 32,531 | 35,718 |
Total deposits | 224,515 | 223,739 |
Bank | ||
Deposits | ||
Non-interest-bearing demand deposits | 4,652 | 4,618 |
Interest-bearing demand deposits | 158,650 | 156,296 |
Savings deposits | 64,086 | 63,007 |
Time deposits | 150,326 | 156,103 |
Total deposits | 377,714 | 380,024 |
of which due to banks | 15,411 | 22,800 |
of which customer deposits | 362,303 | 357,224 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 150,203 | 163,322 |
Overdrawn deposits not included in total deposits, reclassified as loans | 135 | 132 |
Bank | Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 2,058 | 1,646 |
Interest-bearing demand deposits | 32,965 | 33,765 |
Savings deposits | 18 | 2 |
Time deposits | 117,275 | 112,541 |
Total deposits | 152,316 | 147,954 |
Bank | Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 2,594 | 2,972 |
Interest-bearing demand deposits | 125,685 | 122,531 |
Savings deposits | 64,068 | 63,005 |
Time deposits | 33,051 | 43,562 |
Total deposits | SFr 225,398 | SFr 232,070 |
Long-term debt (Details)
Long-term debt (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term debt | ||
Senior | SFr 148,542 | SFr 168,601 |
Subordinated | 23,627 | 22,955 |
Non-recourse liabilities from consolidated VIEs | 863 | 1,759 |
Long-term debt | 173,032 | 193,315 |
of which reported at fair value | 63,628 | 72,868 |
Structured notes | ||
Long-term debt | ||
Long-term debt | 51,465 | 59,544 |
Bank | ||
Long-term debt | ||
Senior | 148,568 | 168,601 |
Subordinated | 22,611 | 22,135 |
Non-recourse liabilities from consolidated VIEs | 863 | 1,759 |
Long-term debt | 172,042 | 192,495 |
of which reported at fair value | 62,622 | 71,970 |
Bank | Structured notes | ||
Long-term debt | ||
Long-term debt | SFr 51,465 | SFr 59,544 |
Long-term debt - Maturities (De
Long-term debt - Maturities (Details 2) SFr in Millions, ¥ in Billions | Dec. 31, 2017CHF (SFr) | Dec. 31, 2017JPY (¥) | Dec. 31, 2016CHF (SFr) |
Long-term debt by maturities | |||
Next twelve months | SFr 33,757 | ||
Year two | 26,039 | ||
Year three | 18,154 | ||
Year four | 14,131 | ||
Year five | 15,454 | ||
Thereafter | 65,497 | ||
Long-term debt | 173,032 | SFr 193,315 | |
Notes with a contractual maturity of greater than one year, but likelihood of redemption within one year | 3,100 | ||
Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | 9,992 | ||
Year two | 7,339 | ||
Year three | 6,385 | ||
Year four | 3,863 | ||
Year five | 3,956 | ||
Thereafter | 19,930 | ||
Long-term debt | 51,465 | 59,544 | |
Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 32,059 | 35,980 | |
Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 14,471 | 16,395 | |
Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 4,678 | 5,713 | |
Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 257 | 1,456 | |
Group parent company | |||
Long-term debt by maturities | |||
Next twelve months | 290 | ||
Year two | 2,700 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 2,546 | ||
Thereafter | 13,821 | ||
Long-term debt | SFr 19,357 | 5,078 | |
Group parent company | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.20% | 0.20% | |
Group parent company | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.90% | 1.90% | |
Group parent company | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.60% | 0.60% | |
Group parent company | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.30% | 4.30% | |
Group parent company | Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.00% | 6.00% | |
Group parent company | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Group parent company | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.90% | 3.90% | |
Group parent company | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.50% | 7.50% | |
Group parent company | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 7,587 | ||
Long-term debt | 7,587 | ||
Group parent company | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 290 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 1,576 | ||
Thereafter | 5,255 | ||
Long-term debt | 7,121 | ||
Group parent company | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 2,700 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 970 | ||
Thereafter | 979 | ||
Long-term debt | 4,649 | ||
Group subsidiaries | |||
Long-term debt by maturities | |||
Next twelve months | 33,467 | ||
Year two | 23,339 | ||
Year three | 18,154 | ||
Year four | 14,131 | ||
Year five | 12,908 | ||
Thereafter | 51,676 | ||
Long-term debt | SFr 153,675 | ||
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.50% | 8.50% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.50% | 7.50% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.20% | 7.20% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.20% | 7.20% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.20% | 8.20% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.90% | 4.90% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 13.30% | 13.30% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.60% | 1.60% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.40% | 3.40% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.60% | 7.60% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.70% | 5.70% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.00% | 8.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.80% | 2.80% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.90% | 2.90% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.00% | 3.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 9.30% | 9.30% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.30% | 10.30% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.60% | 0.60% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.70% | 10.70% | |
Group subsidiaries | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 9,752 | ||
Year two | 16,272 | ||
Year three | 9,210 | ||
Year four | 7,669 | ||
Year five | 8,264 | ||
Thereafter | 26,378 | ||
Long-term debt | 77,545 | ||
Group subsidiaries | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 10,038 | ||
Year two | 0 | ||
Year three | 1,837 | ||
Year four | 0 | ||
Year five | 111 | ||
Thereafter | 4,316 | ||
Long-term debt | 16,302 | ||
Group subsidiaries | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 244 | ||
Year two | 344 | ||
Year three | 0 | ||
Year four | 27 | ||
Year five | 5 | ||
Thereafter | 0 | ||
Long-term debt | 620 | ||
Group subsidiaries | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 13,362 | ||
Year two | 6,522 | ||
Year three | 7,107 | ||
Year four | 6,434 | ||
Year five | 4,525 | ||
Thereafter | 20,811 | ||
Long-term debt | 58,761 | ||
Group subsidiaries | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 201 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 3 | ||
Thereafter | 0 | ||
Long-term debt | 204 | ||
Group subsidiaries | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 71 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 1 | ||
Year five | 0 | ||
Thereafter | 171 | ||
Long-term debt | 243 | ||
Bank | |||
Long-term debt by maturities | |||
Next twelve months | 33,757 | ||
Year two | 26,044 | ||
Year three | 18,154 | ||
Year four | 14,153 | ||
Year five | 15,460 | ||
Thereafter | 64,474 | ||
Long-term debt | 172,042 | 192,495 | |
Notes with a contractual maturity of greater than one year, but likelihood of redemption within one year | SFr 3,100 | ||
Bank | Senior notes | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.50% | 8.50% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.50% | 7.50% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.20% | 7.20% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.20% | 7.20% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.20% | 8.20% | |
Bank | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Bank | Subordinated | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.90% | 4.90% | |
Bank | Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 13.30% | 13.30% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.60% | 1.60% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.40% | 3.40% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.60% | 7.60% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.90% | 3.90% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.00% | 8.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.80% | 2.80% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.90% | 2.90% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.00% | 3.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 9.30% | 9.30% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.30% | 10.30% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.60% | 0.60% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.70% | 10.70% | |
Bank | Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 9,992 | ||
Year two | 7,339 | ||
Year three | 6,385 | ||
Year four | 3,863 | ||
Year five | 3,956 | ||
Thereafter | 19,930 | ||
Long-term debt | 51,465 | 59,544 | |
Bank | Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 32,059 | 35,980 | |
Bank | Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 14,471 | 16,395 | |
Bank | Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 4,678 | 5,713 | |
Bank | Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 257 | SFr 1,456 | |
Bank | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 9,752 | ||
Year two | 16,277 | ||
Year three | 9,210 | ||
Year four | 7,691 | ||
Year five | 8,265 | ||
Thereafter | 34,455 | ||
Long-term debt | 85,650 | ||
Bank | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 10,328 | ||
Year two | 0 | ||
Year three | 1,837 | ||
Year four | 0 | ||
Year five | 1,687 | ||
Thereafter | 8,555 | ||
Long-term debt | 22,407 | ||
Bank | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 244 | ||
Year two | 344 | ||
Year three | 0 | ||
Year four | 27 | ||
Year five | 5 | ||
Thereafter | 0 | ||
Long-term debt | 620 | ||
Bank | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 13,362 | ||
Year two | 9,222 | ||
Year three | 7,107 | ||
Year four | 6,434 | ||
Year five | 5,500 | ||
Thereafter | 21,293 | ||
Long-term debt | 62,918 | ||
Bank | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 201 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 3 | ||
Thereafter | 0 | ||
Long-term debt | 204 | ||
Bank | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 71 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 1 | ||
Year five | 0 | ||
Thereafter | 171 | ||
Long-term debt | SFr 243 | ||
Credit Suisse AG | |||
Long-term debt by maturities | |||
Maximum principal amount of notes that can be issued | ¥ | ¥ 500 |
Accumulated other comprehens130
Accumulated other comprehensive income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | SFr (16,272) | ||
Balance at end of period | (18,738) | SFr (16,272) | |
Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (35) | (15) | SFr (31) |
Increase/(decrease) | (61) | (6) | 0 |
Increase/(decrease) due to equity method investments | 1 | (6) | (15) |
Reclassification adjustments, included in net income | 33 | (8) | 31 |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | (27) | (20) | 16 |
Balance at end of period | (62) | (35) | (15) |
Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (12,095) | (12,615) | (11,478) |
Increase/(decrease) | (1,054) | 441 | (1,142) |
Increase/(decrease) due to equity method investments | 0 | 0 | (1) |
Reclassification adjustments, included in net income | 30 | 79 | 6 |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | (1,024) | 520 | (1,137) |
Balance at end of period | (13,119) | (12,095) | (12,615) |
Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 61 | 60 | 64 |
Increase/(decrease) | (13) | 1 | (3) |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 0 | 0 | (1) |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | (13) | 1 | (4) |
Balance at end of period | 48 | 61 | 60 |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (4,278) | (4,672) | (4,010) |
Increase/(decrease) | 337 | 7 | (1,031) |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 358 | 387 | 369 |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | 695 | 394 | (662) |
Balance at end of period | (3,583) | (4,278) | (4,672) |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 643 | 607 | 452 |
Increase/(decrease) | 0 | 142 | 238 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (121) | (106) | (83) |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | (121) | 36 | 155 |
Balance at end of period | 522 | 643 | 607 |
Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (568) | ||
Increase/(decrease) | (2,008) | (1,043) | |
Increase/(decrease) due to equity method investments | 0 | 0 | |
Reclassification adjustments, included in net income | 32 | 0 | |
Cumulative effect of accounting changes, net of tax | 475 | ||
Total increase/(decrease) | (1,976) | (568) | |
Balance at end of period | (2,544) | (568) | |
Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (16,272) | (16,635) | (15,003) |
Increase/(decrease) | (2,799) | (458) | (1,938) |
Increase/(decrease) due to equity method investments | 1 | (6) | (16) |
Reclassification adjustments, included in net income | 332 | 352 | 322 |
Cumulative effect of accounting changes, net of tax | 475 | ||
Total increase/(decrease) | (2,466) | 363 | (1,632) |
Balance at end of period | (18,738) | (16,272) | (16,635) |
Bank | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (13,242) | ||
Balance at end of period | (15,932) | (13,242) | |
Bank | Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (16) | 6 | (18) |
Increase/(decrease) | (61) | (6) | 0 |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | 26 | (16) | 24 |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | (35) | (22) | 24 |
Balance at end of period | (51) | (16) | 6 |
Bank | Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (12,269) | (12,750) | (11,621) |
Increase/(decrease) | (1,009) | 409 | (1,134) |
Increase/(decrease) due to equity method investments | (1) | ||
Reclassification adjustments, included in net income | 30 | 72 | 6 |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | (979) | 481 | (1,129) |
Balance at end of period | (13,248) | (12,269) | (12,750) |
Bank | Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 61 | 60 | 64 |
Increase/(decrease) | (13) | 1 | (3) |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | 0 | 0 | (1) |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | (13) | 1 | (4) |
Balance at end of period | 48 | 61 | 60 |
Bank | Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (402) | (612) | (656) |
Increase/(decrease) | (40) | 131 | (30) |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | 61 | 79 | 74 |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | 21 | 210 | 44 |
Balance at end of period | (381) | (402) | (612) |
Bank | Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 2 | 2 | 16 |
Increase/(decrease) | 0 | 0 | (1) |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | 0 | 0 | (13) |
Cumulative effect of accounting changes, net of tax | 0 | ||
Total increase/(decrease) | 0 | 0 | (14) |
Balance at end of period | 2 | 2 | 2 |
Bank | Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (618) | ||
Increase/(decrease) | (1,716) | (1,082) | |
Reclassification adjustments, included in net income | 32 | 0 | |
Cumulative effect of accounting changes, net of tax | 464 | ||
Total increase/(decrease) | (1,684) | (618) | |
Balance at end of period | (2,302) | (618) | |
Bank | Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (13,242) | (13,294) | (12,215) |
Increase/(decrease) | (2,839) | (547) | (1,168) |
Increase/(decrease) due to equity method investments | (1) | ||
Reclassification adjustments, included in net income | 149 | 135 | 90 |
Cumulative effect of accounting changes, net of tax | 464 | ||
Total increase/(decrease) | (2,690) | 52 | (1,079) |
Balance at end of period | SFr (15,932) | SFr (13,242) | SFr (13,294) |
AOCI - Additional share informa
AOCI - Additional share information (Details 2) - SFr / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Common shares issued | ||||
Common Stock, Shares, Issued, Beginning Balance | 2,089,897,378 | 1,957,379,244 | 1,607,168,947 | |
Issuance of common shares | 466,114,342 | 132,518,134 | 350,210,297 | |
of which reserved for share-based compensation | 0 | 30,000,000 | 0 | |
Common Stock, Shares, Issued, Ending Balance | 2,556,011,720 | 2,089,897,378 | 1,957,379,244 | |
Treasury shares | ||||
Treasury Stock, Shares, Beginning Balance | 0 | 5,910,224 | 7,666,658 | |
Sale of treasury shares | 809,307,879 | 1,218,245,936 | 766,096,105 | |
Repurchase of treasury shares | 857,049,873 | 1,224,501,214 | 808,768,832 | |
Share-based compensation, net of tax | 41,984,328 | 12,165,502 | 44,429,161 | |
Treasury Stock, Shares, Ending Balance | 5,757,666 | 0 | 5,910,224 | |
Common shares outstanding | 2,550,254,054 | 2,089,897,378 | 1,951,469,020 | |
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | ||
Authorized shares (in shares) | [1] | 3,271,129,950 | 2,797,379,244 | |
Unissued shares (in shares) | 653,000,000 | 653,000,000 | ||
Capital Instrument Reserved | ||||
Treasury shares | ||||
Unissued shares (in shares) | 505,062,294 | 415,099,918 | ||
Bank | ||||
Common shares issued | ||||
Common Stock, Shares, Issued, Beginning Balance | [2] | 4,399,680,200 | ||
Common Stock, Shares, Issued, Ending Balance | [2] | 4,399,680,200 | 4,399,680,200 | |
Treasury shares | ||||
Common shares outstanding | [2] | 4,399,680,200 | 4,399,680,200 | |
Par value (in CHF per share) | [2] | SFr 1 | SFr 1 | |
[1] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | |||
[2] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2017. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
AOCI - Significant reclassifica
AOCI - Significant reclassification adjustments (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification adjustments, included in net income | |||
Income tax expense/(benefit) | SFr 2,741 | SFr 441 | SFr 523 |
Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 33 | (8) | 31 |
Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 30 | 79 | 6 |
Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | 0 | (1) |
Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 332 | 352 | 322 |
Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (121) | (106) | (83) |
Net prior service credit/ (cost) | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income, before tax | (153) | (134) | (110) |
Income tax expense/(benefit) | 32 | 28 | 27 |
Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 358 | 387 | 369 |
Actuarial gains/(losses) | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income, before tax | 444 | 513 | 472 |
Income tax expense/(benefit) | (86) | (126) | (103) |
Credit Suisse (Gibraltar) Limited | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 59 | ||
AJP Cayman Ltd [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 17 | ||
Credit Suisse Monaco SAM [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 23 | ||
Bank | |||
Reclassification adjustments, included in net income | |||
Income tax expense/(benefit) | 2,781 | 400 | 488 |
Bank | Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 26 | (16) | 24 |
Bank | Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 30 | 72 | 6 |
Bank | Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | 0 | (1) |
Bank | Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 149 | 135 | 90 |
Bank | Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | 0 | (13) |
Bank | Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 61 | 79 | 74 |
Bank | Actuarial gains/(losses) | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income, before tax | 68 | 123 | 98 |
Income tax expense/(benefit) | (7) | (44) | SFr (24) |
Bank | Credit Suisse (Gibraltar) Limited | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 59 | ||
Bank | AJP Cayman Ltd [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | SFr 17 | ||
Bank | Credit Suisse Monaco SAM [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | SFr 23 |
Offsetting of financial asse133
Offsetting of financial assets (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 145,000 | SFr 229,500 |
Offsetting | (128,800) | (208,200) |
of which counterparty netting | (113,800) | (184,700) |
of which cash collateral netting | (15,000) | (23,500) |
Total net derivatives subject to enforceable master netting agreements | 16,200 | 21,300 |
Total derivatives not subject to enforceable master netting agreements | 3,400 | 5,600 |
Total net derivatives presented in the consolidated balance sheets | 19,600 | 26,900 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 89,400 | 99,900 |
Securities purchased under resale agreements, offsetting | (28,800) | (26,900) |
Securities purchased under resale agreements, net | 60,600 | 73,000 |
Securities borrowing transactions, gross | 18,700 | 24,000 |
Securities borrowing transactions, offsetting | (5,000) | (4,500) |
Securities borrowing transactions, net | 13,700 | 19,500 |
Total subject to enforceable master netting agreements, gross | 108,100 | 123,900 |
Total subject to enforceable master netting agreements, offsetting | (33,800) | (31,400) |
Total subject to enforceable master netting agreements, net | 74,300 | 92,500 |
Total not subject to enforceable master netting agreements | 41,000 | 42,200 |
Total, gross | 149,100 | 166,100 |
Total, net | 115,300 | 134,700 |
of which reported at fair value | 77,498 | 87,331 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 16,200 | 21,300 |
Derivatives, financial instruments | 5,200 | 6,300 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 11,000 | 15,000 |
Securities purchased under resale agreements, net | 60,600 | 73,000 |
Securities purchased under resale agreements, financial instruments | 60,600 | 73,000 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 13,700 | 19,500 |
Securities borrowing transactions, financial instruments | 13,200 | 18,600 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 500 | 900 |
Total financial assets subject to enforceable master netting agreements, net | 90,500 | 113,800 |
Total financial assets subject to enforceable master netting agreements, financial instruments | 79,000 | 97,900 |
Total financial assets subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 0 |
Total financial assets subject to enforceable master netting agreements, net exposure | 11,500 | 15,900 |
Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 19,600 | 26,800 |
Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 100 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 6,300 | 10,300 |
Offsetting | (5,700) | (8,500) |
Total net derivatives subject to enforceable master netting agreements | 600 | 1,800 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 600 | 1,800 |
OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 129,400 | 207,600 |
Offsetting | (114,500) | (188,600) |
Total net derivatives subject to enforceable master netting agreements | 14,900 | 19,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 14,900 | 19,000 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,300 | 11,600 |
Offsetting | (8,600) | (11,100) |
Total net derivatives subject to enforceable master netting agreements | 700 | 500 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 700 | 500 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 85,900 | 137,400 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,500 | 8,200 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 83,300 | 129,100 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 100 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 29,300 | 59,300 |
Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 200 | 0 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 29,100 | 59,300 |
Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 0 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,900 | 22,700 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 11,700 | 11,200 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,200 | 11,500 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 7,500 | 7,900 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,600 | 2,100 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,900 | 5,800 |
Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,400 | 2,200 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,400 | 2,200 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 0 |
Bank | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 145,000 | 229,500 |
Offsetting | (128,800) | (208,200) |
of which counterparty netting | (113,800) | (184,700) |
of which cash collateral netting | (15,000) | (23,500) |
Total net derivatives subject to enforceable master netting agreements | 16,200 | 21,300 |
Total derivatives not subject to enforceable master netting agreements | 3,700 | 5,800 |
Total net derivatives presented in the consolidated balance sheets | 19,900 | 27,100 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 89,400 | 100,200 |
Securities purchased under resale agreements, offsetting | (28,800) | (26,900) |
Securities purchased under resale agreements, net | 60,600 | 73,300 |
Securities borrowing transactions, gross | 18,700 | 24,000 |
Securities borrowing transactions, offsetting | (5,000) | (4,500) |
Securities borrowing transactions, net | 13,700 | 19,500 |
Total subject to enforceable master netting agreements, gross | 108,100 | 124,200 |
Total subject to enforceable master netting agreements, offsetting | (33,800) | (31,400) |
Total subject to enforceable master netting agreements, net | 74,300 | 92,800 |
Total not subject to enforceable master netting agreements | 41,000 | 42,300 |
Total, gross | 149,100 | 166,500 |
Total, net | 115,300 | 135,100 |
of which reported at fair value | 77,498 | 87,331 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 16,200 | 21,300 |
Derivatives, financial instruments | 5,200 | 6,300 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 11,000 | 15,000 |
Securities purchased under resale agreements, net | 60,600 | 73,300 |
Securities purchased under resale agreements, financial instruments | 60,600 | 73,300 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 13,700 | 19,500 |
Securities borrowing transactions, financial instruments | 13,200 | 18,600 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 500 | 900 |
Total financial assets subject to enforceable master netting agreements, net | 90,500 | 114,100 |
Total financial assets subject to enforceable master netting agreements, financial instruments | 79,000 | 98,200 |
Total financial assets subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 0 |
Total financial assets subject to enforceable master netting agreements, net exposure | 11,500 | 15,900 |
Bank | Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 19,900 | 27,000 |
Bank | Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 100 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 6,300 | 10,300 |
Offsetting | (5,700) | (8,500) |
Total net derivatives subject to enforceable master netting agreements | 600 | 1,800 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 600 | 1,800 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 129,400 | 207,600 |
Offsetting | (114,500) | (188,600) |
Total net derivatives subject to enforceable master netting agreements | 14,900 | 19,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 14,900 | 19,000 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,300 | 11,600 |
Offsetting | (8,600) | (11,100) |
Total net derivatives subject to enforceable master netting agreements | 700 | 500 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 700 | 500 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 85,900 | 137,400 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,500 | 8,200 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 83,300 | 129,100 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 100 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 29,300 | 59,300 |
Bank | Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 200 | 0 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 29,100 | 59,300 |
Bank | Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 0 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,900 | 22,700 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 11,700 | 11,200 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,200 | 11,500 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 7,500 | 7,900 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,600 | 2,100 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,900 | 5,800 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,400 | 2,200 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,400 | 2,200 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 0 | SFr 0 |
Offsetting of financial liabili
Offsetting of financial liabilities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 146,700 | SFr 232,800 |
Offsetting | (137,100) | (218,800) |
of which counterparty netting | (113,800) | (184,700) |
of which cash collateral netting | (23,300) | (34,100) |
Total net derivatives subject to enforceable master netting agreements | 9,600 | 14,000 |
Total derivatives not subject to enforceable master netting agreements | 5,200 | 6,400 |
Total net derivatives presented in the consolidated balance sheets | 14,800 | 20,400 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 49,400 | 51,300 |
Securities sold under repurchase agreements, offsetting | (31,500) | (29,000) |
Securities sold under repurchase agreements, net | 17,900 | 22,300 |
Securities lending transactions, gross | 7,100 | 8,300 |
Securities lending transactions, offsetting | (2,300) | (2,400) |
Securities lending transactions, net | 4,800 | 5,900 |
Obligation to return securities received as collateral, at fair value, gross | 37,000 | 31,900 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 37,000 | 31,900 |
Total subject to enforceable master netting agreements, gross | 93,500 | 91,500 |
Total subject to enforceable master netting agreements, offsetting | (33,800) | (31,400) |
Total subject to enforceable master netting agreements, net | 59,700 | 60,100 |
Total not subject to enforceable master netting agreements | 4,900 | 5,500 |
Total, gross | 98,400 | 97,000 |
Total, net | 64,600 | 65,600 |
of which reported at fair value | 15,262 | 19,634 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 9,600 | 14,000 |
Derivatives, financial instruments | 2,100 | 3,300 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 7,500 | 10,700 |
Securities sold under repurchase agreements, net | 17,900 | 22,300 |
Securities sold under repurchase agreements, financial instruments | 17,900 | 22,300 |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 4,800 | 5,900 |
Securities lending transactions, financial instruments | 4,400 | 5,700 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 400 | 200 |
Obligation to return securities received as collateral, at fair value, net | 37,000 | 31,900 |
Obligation to return securities received as collateral, financial instruments | 32,700 | 30,400 |
Obligation to return securities received as collateral, cash collateral received/pledged | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net exposure | 4,300 | 1,500 |
Total financial liabilities subject to enforceable master netting agreements, net | 69,300 | 74,100 |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 57,100 | 61,700 |
Total financial liabilities subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable master netting agreements, net exposure | 12,200 | 12,400 |
Trading Liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 14,700 | 20,400 |
Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 100 | 0 |
Securities sold under repurchase agreements and securities | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | (33,800) | (31,400) |
Total, gross | 60,300 | 64,400 |
Total, net | 26,500 | 33,000 |
Obligation to return securities received as collateral | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | 0 | 0 |
Total, gross | 38,100 | 32,600 |
Total, net | 38,100 | 32,600 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,800 | 9,800 |
Offsetting | (5,400) | (7,800) |
Total net derivatives subject to enforceable master netting agreements | 400 | 2,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 400 | 2,000 |
OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 130,900 | 209,700 |
Offsetting | (122,100) | (199,100) |
Total net derivatives subject to enforceable master netting agreements | 8,800 | 10,600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 8,800 | 10,600 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 10,000 | 13,300 |
Offsetting | (9,600) | (11,900) |
Total net derivatives subject to enforceable master netting agreements | 400 | 1,400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 400 | 1,400 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 81,000 | 129,300 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,800 | 7,500 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 79,000 | 121,700 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 100 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 34,800 | 69,300 |
Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 0 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 34,600 | 69,200 |
Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 100 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 21,500 | 24,500 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 11,700 | 11,500 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 9,800 | 13,000 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 8,500 | 8,500 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 3,800 | 2,300 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,700 | 6,200 |
Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 900 | 1,200 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 900 | 1,100 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 100 |
Bank | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 147,000 | 233,000 |
Offsetting | (137,400) | (219,000) |
of which counterparty netting | (113,800) | (184,700) |
of which cash collateral netting | (23,600) | (34,300) |
Total net derivatives subject to enforceable master netting agreements | 9,600 | 14,000 |
Total derivatives not subject to enforceable master netting agreements | 5,200 | 6,400 |
Total net derivatives presented in the consolidated balance sheets | 14,800 | 20,400 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 49,400 | 51,600 |
Securities sold under repurchase agreements, offsetting | (31,500) | (29,000) |
Securities sold under repurchase agreements, net | 17,900 | 22,600 |
Securities lending transactions, gross | 7,100 | 8,300 |
Securities lending transactions, offsetting | (2,300) | (2,400) |
Securities lending transactions, net | 4,800 | 5,900 |
Obligation to return securities received as collateral, at fair value, gross | 37,000 | 31,900 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 37,000 | 31,900 |
Total subject to enforceable master netting agreements, gross | 93,500 | 91,800 |
Total subject to enforceable master netting agreements, offsetting | (33,800) | (31,400) |
Total subject to enforceable master netting agreements, net | 59,700 | 60,400 |
Total not subject to enforceable master netting agreements | 4,900 | 5,400 |
Total, gross | 98,400 | 97,200 |
Total, net | 64,600 | 65,800 |
of which reported at fair value | 15,262 | 19,634 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 9,600 | 14,000 |
Derivatives, financial instruments | 2,100 | 3,300 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 7,500 | 10,700 |
Securities sold under repurchase agreements, net | 17,900 | 22,600 |
Securities sold under repurchase agreements, financial instruments | 17,900 | 22,600 |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 4,800 | 5,900 |
Securities lending transactions, financial instruments | 4,400 | 5,700 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 400 | 200 |
Obligation to return securities received as collateral, at fair value, net | 37,000 | 31,900 |
Obligation to return securities received as collateral, financial instruments | 32,700 | 30,400 |
Obligation to return securities received as collateral, cash collateral received/pledged | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net exposure | 4,300 | 1,500 |
Total financial liabilities subject to enforceable master netting agreements, net | 69,300 | 74,400 |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 57,100 | 62,000 |
Total financial liabilities subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable master netting agreements, net exposure | 12,200 | 12,400 |
Bank | Trading Liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 14,700 | 20,400 |
Bank | Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 100 | 0 |
Bank | Securities sold under repurchase agreements and securities | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | (33,800) | (31,400) |
Total, gross | 60,300 | 64,700 |
Total, net | 26,500 | 33,300 |
Bank | Obligation to return securities received as collateral | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | 0 | 0 |
Total, gross | 38,100 | 32,500 |
Total, net | 38,100 | 32,500 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,800 | 9,800 |
Offsetting | (5,400) | (7,800) |
Total net derivatives subject to enforceable master netting agreements | 400 | 2,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 400 | 2,000 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 131,200 | 209,900 |
Offsetting | (122,400) | (199,300) |
Total net derivatives subject to enforceable master netting agreements | 8,800 | 10,600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 8,800 | 10,600 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 10,000 | 13,300 |
Offsetting | (9,600) | (11,900) |
Total net derivatives subject to enforceable master netting agreements | 400 | 1,400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 400 | 1,400 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 81,000 | 129,300 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,800 | 7,500 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 79,000 | 121,700 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 100 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 34,800 | 69,300 |
Bank | Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 0 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 34,600 | 69,200 |
Bank | Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 100 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 21,800 | 24,700 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 12,000 | 11,700 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 9,800 | 13,000 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 8,500 | 8,500 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 3,800 | 2,300 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,700 | 6,200 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 900 | 1,200 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 900 | 1,100 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 0 | SFr 100 |
Tax - Income statement related_
Tax - Income statement related/reconciliation of tax rate (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income from continuing operations before taxes (CHF) | |||
Switzerland | SFr 1,736 | SFr 2,111 | SFr 1,746 |
Foreign | 57 | (4,377) | (4,168) |
Income/(loss) before taxes | 1,793 | (2,266) | (2,422) |
Current and deferred taxes | |||
Switzerland | 82 | 133 | 28 |
Foreign | 421 | 501 | 463 |
Current income tax expense | 503 | 634 | 491 |
Switzerland | 244 | (125) | 196 |
Foreign | 1,994 | (68) | (164) |
Deferred income tax expense | 2,238 | (193) | 32 |
Income tax expense | 2,741 | 441 | 523 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | (24) | (6) | (4) |
Cumulative translation adjustment | 1 | (4) | (14) |
Unrealized gains/(losses) on securities | 1 | 1 | (2) |
Actuarial gains/(losses), Tax | 172 | 136 | (174) |
Net prior service credit/(cost) | (32) | 10 | 37 |
Share-based compensation and treasury shares | 3 | 104 | 25 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate of 22% | 394 | (499) | (533) |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (110) | (498) | (715) |
of which total foreign tax expense | 2,415 | 433 | 299 |
Changes in tax law and rates | 2,095 | 145 | 347 |
Non-deductible amortization of other intangible assets and goodwill impairment | 0 | 1 | 1,432 |
Other non-deductible expenses | 354 | 1,540 | 391 |
of which non-deductible interest expenses | 217 | 420 | 219 |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 27 | 52 | 69 |
of which non-deductible provision accruals | 57 | 983 | 50 |
of which non-deductible leased property provision | 25 | ||
of which non-deductible foreign exchange losses | 10 | 31 | |
of which non-deductible other expenses | 43 | 29 | 53 |
of which contingency accrual relating to non-deductible interest expense | 155 | ||
Additional taxable income | 0 | 87 | 16 |
Lower taxed income | (276) | (219) | (276) |
of which tax benefit in respect to non-taxable dividend income | 78 | 58 | 59 |
of which tax benefit related to non-taxable foreign exchange gains | 49 | ||
of which tax benefit related non-taxable life insurance income | 86 | 71 | 58 |
of which tax benefit from tax taxed at lower than statutory rate | 31 | 19 | 16 |
of which exempt income | 25 | 11 | 50 |
(Income)/loss taxable to non-controlling interests | 7 | (11) | 6 |
Changes in deferred tax valuation allowance | 123 | 76 | (103) |
Tax deductible impairments of Swiss subsidiary investments | 88 | (68) | (258) |
Change in recognition of outside basis difference | (19) | 218 | 262 |
(Windfall tax benefits)/shortfall tax charges on share-based compensation | 91 | ||
Other | (6) | (331) | (46) |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 16 | 22 | 48 |
of which tax benefit from tax settlement | (49) | ||
of which tax (benefit)/charge from the impact of prior year adjustments | (17) | 33 | 28 |
of which tax benefit from the reduction in own-credit revaluation gains/(losses) | 105 | 37 | |
of which tax benefit for the reassessment relating to the tax deductibility on previously taken litigation accruals | 85 | ||
Income tax expense | SFr 2,741 | SFr 441 | 523 |
US | |||
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 21.00% | 35.00% | |
Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 1,736 | SFr 2,111 | SFr 1,746 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | SFr (248) | SFr 392 | SFr 155 |
UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 139 | 175 | |
Changes in deferred tax valuation allowance | 320 | (193) | |
of which releases of valuation allowances due to the change in corporation tax rates | 130 | 162 | |
UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (197) | 256 | |
UK and Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (109) | ||
UK, Hong Kong and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 308 | ||
Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 91 | (88) | |
New York | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (11) | ||
New York City | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 189 | ||
Brazil | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (16) | ||
Italy | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 89 | ||
Other countries | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 6 | 10 | |
Bank | |||
Income from continuing operations before taxes (CHF) | |||
Switzerland | 1,648 | 1,955 | 1,604 |
Foreign | (95) | (4,444) | (4,253) |
Income/(loss) before taxes | 1,553 | (2,489) | (2,649) |
Current and deferred taxes | |||
Switzerland | 76 | 135 | 25 |
Foreign | 420 | 499 | 462 |
Current income tax expense | 496 | 634 | 487 |
Switzerland | 285 | (167) | 165 |
Foreign | 2,000 | (67) | (164) |
Deferred income tax expense | 2,285 | (234) | 1 |
Income tax expense | 2,781 | 400 | 488 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | (24) | (6) | (4) |
Cumulative translation adjustment | 1 | (4) | (14) |
Unrealized gains/(losses) on securities | 1 | 1 | (2) |
Actuarial gains/(losses), Tax | (7) | 87 | 14 |
Net prior service credit/(cost) | 0 | 0 | (9) |
Share-based compensation and treasury shares | 0 | 106 | 28 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate of 22% | 342 | (548) | (583) |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (92) | (559) | (744) |
of which total foreign tax expense | 2,420 | 432 | 298 |
Changes in tax law and rates | 2,095 | 145 | 347 |
Non-deductible amortization of other intangible assets and goodwill impairment | 0 | 1 | 1,432 |
Other non-deductible expenses | 354 | 1,533 | 389 |
of which non-deductible interest expenses | 217 | 420 | 219 |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 27 | 52 | 69 |
of which non-deductible provision accruals | 57 | 983 | 50 |
of which non-deductible leased property provision | 25 | ||
of which non-deductible foreign exchange losses | 10 | 31 | |
of which non-deductible other expenses | 43 | 22 | 51 |
of which contingency accrual relating to non-deductible interest expense | 155 | ||
Additional taxable income | 0 | 87 | 15 |
Lower taxed income | (272) | (216) | (273) |
of which tax benefit in respect to non-taxable dividend income | 78 | 58 | 59 |
of which tax benefit related to non-taxable foreign exchange gains | 49 | ||
of which tax benefit related non-taxable life insurance income | 86 | 71 | 58 |
of which tax benefit from tax taxed at lower than statutory rate | 31 | 19 | 16 |
of which exempt income | 25 | 11 | 50 |
(Income)/loss taxable to non-controlling interests | 7 | (10) | 7 |
Changes in deferred tax valuation allowance | 88 | 76 | (108) |
Tax deductible impairments of Swiss subsidiary investments | 88 | (68) | (258) |
Change in recognition of outside basis difference | (12) | 211 | 262 |
(Windfall tax benefits)/shortfall tax charges on share-based compensation | 91 | ||
Other | 92 | (252) | 2 |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 26 | 22 | 48 |
of which tax benefit from tax settlement | (49) | ||
of which tax (benefit)/charge from the impact of prior year adjustments | (17) | 33 | 28 |
of which tax benefit for the reassessment relating to the tax deductibility on previously taken litigation accruals | 85 | ||
Income tax expense | SFr 2,781 | SFr 400 | 488 |
Bank | US | |||
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 21.00% | 35.00% | |
Bank | Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 1,648 | SFr 1,955 | SFr 1,604 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | SFr (231) | SFr 340 | SFr 109 |
Bank | UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 139 | 175 | |
Changes in deferred tax valuation allowance | 285 | (193) | |
of which releases of valuation allowances due to the change in corporation tax rates | 130 | 162 | |
Bank | UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | SFr (197) | 251 | |
Bank | UK and Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (109) | ||
Bank | UK, Hong Kong and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 308 | ||
Bank | Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 91 | (88) | |
Bank | New York | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (11) | ||
Bank | New York City | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 189 | ||
Bank | Brazil | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (16) | ||
Bank | Italy | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 89 | ||
Bank | Other countries | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | SFr 6 | SFr 10 |
Tax - Balance sheet related (De
Tax - Balance sheet related (Details 2) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | |
Tax effect of temporary differences | ||||||
Compensation and benefits | SFr 1,103 | SFr 1,992 | ||||
Loans | 330 | 326 | ||||
Investment securities | 1,039 | 469 | ||||
Provisions | 441 | 1,341 | ||||
Derivatives | 97 | 105 | ||||
Real estate | 337 | 347 | ||||
Net operating loss carry-forwards | 6,829 | 6,548 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 2,213 | 2,178 | ||||
Goodwill and intangible assets | 696 | 44 | ||||
Other | 135 | 75 | ||||
Gross deferred tax assets before valuation allowance | 11,007 | 11,247 | ||||
Less valuation allowance | SFr (4,279) | SFr (4,188) | SFr (4,107) | (4,279) | (4,188) | SFr (3,905) |
Gross deferred tax assets net of valuation allowance | 6,728 | 7,059 | ||||
Compensation and benefits | (512) | (252) | ||||
Loans | (36) | (29) | ||||
Investment securities | (197) | (267) | ||||
Provisions | (520) | (360) | ||||
Business combinations | (1) | (1) | ||||
Derivatives | (154) | (238) | ||||
Leasing | 0 | (8) | ||||
Real estate | (54) | (51) | ||||
Other | (126) | (154) | ||||
Gross deferred tax liabilities | (1,600) | (1,360) | ||||
Net deferred tax assets | 5,128 | 5,699 | 6,125 | |||
Net deferred tax assets change | (571) | |||||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | (125) | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (221) | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | 330 | |||||
Net deferred tax increase (decrease) from adoption of new accounting standards | 2,070 | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 1,403 | |||||
Due to expire within 2 to 5 years | 4,714 | |||||
Due to expire within 6 to 10 years | 5,157 | |||||
Due to expire within 11 to 20 years | 8,659 | |||||
Amount due to expire | 19,933 | |||||
Amount not due to expire | 19,263 | |||||
Total net operating loss carry-forwards | 39,196 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,188 | 3,905 | 4,107 | |||
Net changes | 91 | 283 | (202) | |||
Balance at end of period | 4,279 | 4,188 | 3,905 | |||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | 314 | 391 | 448 | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | (110) | (28) | ||||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 410 | 369 | 389 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 131 | 52 | 44 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (104) | (43) | (3) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 117 | 17 | 15 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | (73) | (2) | 0 | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (3) | (7) | (22) | |||
Other (including foreign currency translation) | 3 | 24 | (54) | |||
Balance at end of period | 481 | 410 | 369 | |||
of which, if recognized, would affect the effective tax rate | 481 | 410 | 369 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations | SFr 29 | 2 | 13 | |||
Interest and penalties recognized in the consolidated balance sheets | 115 | 86 | 86 | |||
US | ||||||
Tax effect of temporary differences | ||||||
Write-down of net deferred tax assets as a result of changes to corporation tax rates | 2,097 | |||||
Movements in the valuation allowance | ||||||
Net operating loss carryforward period as per US tax law (in years) | 20 | |||||
Switzerland | ||||||
Movements in the valuation allowance | ||||||
Net operating loss carryforward period as per Swiss tax law (in years) | 7 | |||||
US and Switzerland | ||||||
Tax effect of temporary differences | ||||||
Less valuation allowance | SFr (541) | (829) | (541) | (829) | ||
Net deferred tax assets | 4,809 | 5,105 | ||||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | 132 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 829 | |||||
Balance at end of period | 541 | 829 | ||||
Bank | ||||||
Tax effect of temporary differences | ||||||
Compensation and benefits | 1,095 | 1,990 | ||||
Loans | 330 | 326 | ||||
Investment securities | 1,039 | 469 | ||||
Provisions | 441 | 1,341 | ||||
Derivatives | 96 | 102 | ||||
Real estate | 333 | 347 | ||||
Net operating loss carry-forwards | 6,762 | 6,523 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 2,200 | 2,172 | ||||
Goodwill and intangible assets | 664 | 44 | ||||
Other | 127 | 72 | ||||
Gross deferred tax assets before valuation allowance | 10,887 | 11,214 | ||||
Less valuation allowance | (4,224) | (4,168) | (4,107) | (4,224) | (4,168) | (3,898) |
Gross deferred tax assets net of valuation allowance | 6,663 | 7,046 | ||||
Compensation and benefits | (278) | (238) | ||||
Loans | (36) | (29) | ||||
Investment securities | (197) | (260) | ||||
Provisions | (519) | (359) | ||||
Business combinations | (1) | (1) | ||||
Derivatives | (154) | (238) | ||||
Leasing | 0 | (8) | ||||
Real estate | (54) | (51) | ||||
Other | (119) | (146) | ||||
Gross deferred tax liabilities | (1,358) | (1,330) | ||||
Net deferred tax assets | 5,305 | 5,716 | ||||
Net deferred tax assets change | (411) | |||||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | (127) | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (221) | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | 374 | |||||
Net deferred tax increase (decrease) from adoption of new accounting standards | 2,022 | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 1,403 | |||||
Due to expire within 2 to 5 years | 4,708 | |||||
Due to expire within 6 to 10 years | 4,577 | |||||
Due to expire within 11 to 20 years | 8,659 | |||||
Amount due to expire | 19,347 | |||||
Amount not due to expire | 19,262 | |||||
Total net operating loss carry-forwards | 38,609 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,168 | 3,898 | 4,107 | |||
Net changes | 56 | 270 | (209) | |||
Balance at end of period | 4,224 | 4,168 | 3,898 | |||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | 310 | 390 | 447 | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | (110) | (28) | ||||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 401 | 360 | 382 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 131 | 52 | 44 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (95) | (43) | (3) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 117 | 17 | 15 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | (73) | (2) | 0 | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (3) | (7) | (22) | |||
Other (including foreign currency translation) | 3 | 24 | (56) | |||
Balance at end of period | 481 | 401 | 360 | |||
of which, if recognized, would affect the effective tax rate | 481 | 401 | 360 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations | 30 | SFr 2 | SFr 13 | |||
Interest and penalties recognized in the consolidated balance sheets | 115 | SFr 85 | SFr 85 | |||
Bank | US | ||||||
Tax effect of temporary differences | ||||||
Write-down of net deferred tax assets as a result of changes to corporation tax rates | SFr 2,097 | |||||
Bank | US and Switzerland | ||||||
Tax effect of temporary differences | ||||||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | SFr 132 |
Tax - Net deferred tax assets_l
Tax - Net deferred tax assets/liabilities by type (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net deferred tax assets | |||
Deferred tax assets | SFr 5,522 | SFr 5,828 | |
Net operating loss carry-forwards | 6,829 | 6,548 | |
Net operating loss carry-forwards, after allocation of valuation allowances | 2,213 | 2,178 | |
Temporary differences | 3,309 | 3,650 | |
Deferred tax liabilities | 394 | 129 | |
Deferred Tax Assets (Liabilities), Net | 5,128 | 5,699 | SFr 6,125 |
Net deferred tax assets change - Net operating losses | 35 | ||
Net deferred tax assets change | (571) | ||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (221) | ||
Accumulated undistributed earnings from foreign subsidiaries | 5,100 | ||
Minimum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | ||
Maximum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 5 | ||
Bank | |||
Net deferred tax assets | |||
Deferred tax assets | 5,457 | 5,815 | |
Net operating loss carry-forwards | 6,762 | 6,523 | |
Net operating loss carry-forwards, after allocation of valuation allowances | 2,200 | 2,172 | |
Temporary differences | 3,257 | 3,643 | |
Deferred tax liabilities | 152 | 99 | |
Deferred Tax Assets (Liabilities), Net | 5,305 | SFr 5,716 | |
Net deferred tax assets change | (411) | ||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (221) | ||
Accumulated undistributed earnings from foreign subsidiaries | 4,600 | ||
Bank | Minimum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | ||
Bank | Maximum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | SFr 5 |
Deferred compensation expense (
Deferred compensation expense (Details) shares in Millions | 12 Months Ended | |||
Dec. 31, 2017CHF (SFr)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016CHF (SFr)shares | Dec. 31, 2015CHF (SFr)shares | |
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 1,636,000,000 | SFr 1,629,000,000 | SFr 2,372,000,000 | |
Total shares delivered | ||||
Minimum total compensation of certain employees to whom share awards are granted | SFr 250,000 | $ 250,000 | ||
Moratorium period on early retirement, determined from grant date (in years) | 2 years | 2 years | ||
2011 Partner Asset Facility (PAF2) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 2,000,000 | |||
Restricted Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 39,000,000 | |||
Other Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 440,000,000 | 335,000,000 | 414,000,000 | |
2008 Partner Asset Facility (PAF) awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 7,000,000 | 13,000,000 | 34,000,000 | |
Plus Bond awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 5,000,000 | 22,000,000 | ||
Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 280,000,000 | 235,000,000 | 430,000,000 | |
Capital Opportunity Facility (COF) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 14,000,000 | 13,000,000 | 16,000,000 | |
Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 348,000,000 | SFr 370,000,000 | SFr 563,000,000 | |
Stock compensation plan | ||||
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 42 | 42 | 42.1 | 44.4 |
Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 529,000,000 | SFr 628,000,000 | SFr 852,000,000 | |
Stock compensation plan | Contingent Capital share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 18,000,000 | 30,000,000 | ||
Bank | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 1,593,000,000 | 1,620,000,000 | 2,353,000,000 | |
Bank | 2011 Partner Asset Facility (PAF2) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 2,000,000 | |||
Bank | Restricted Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 39,000,000 | |||
Bank | Other Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 417,000,000 | 331,000,000 | 398,000,000 | |
Bank | 2008 Partner Asset Facility (PAF) awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 7,000,000 | 13,000,000 | 34,000,000 | |
Bank | Plus Bond awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 5,000,000 | 22,000,000 | ||
Bank | Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 277,000,000 | 234,000,000 | 430,000,000 | |
Bank | Capital Opportunity Facility (COF) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 14,000,000 | 13,000,000 | 16,000,000 | |
Bank | Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 342,000,000 | SFr 370,000,000 | SFr 562,000,000 | |
Bank | Stock compensation plan | ||||
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 41.2 | 41.2 | 41.5 | 43.8 |
Bank | Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 519,000,000 | SFr 624,000,000 | SFr 850,000,000 | |
Bank | Stock compensation plan | Contingent Capital share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 17,000,000 | SFr 30,000,000 |
Estimated unrecognized deferred
Estimated unrecognized deferred compensation (Details 2) SFr in Millions | 12 Months Ended |
Dec. 31, 2017CHF (SFr) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 946 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 4 months 26 days |
Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 194 |
Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 119 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 158 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 472 |
Stock compensation plan | Contingent Capital share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 3 |
Bank | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 912 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 4 months 26 days |
Bank | Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 178 |
Bank | Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 116 |
Bank | Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 153 |
Bank | Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 462 |
Bank | Stock compensation plan | Contingent Capital share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 3 |
Share-based awards (Details 3)
Share-based awards (Details 3) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 15, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 946 | |||
Performance shares | Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Managing directors and all material risk takers and controllers (employees whose activities are considered to have a potentially material impact on the Group's risk profile) received a portion of their deferred variable compensation in the form of performance share awards. Performance share awards are similar to share awards, except that the full balance of outstanding performance share awards, including those awarded in prior years, are subject to performance-based malus provisions. Performance share awards granted in 2015 were subject to a negative adjustment in the event of a negative strategic ROE of the Group, which was calculated based on Core Results, adjusted for the goodwill impairment charge related to the re-organization of the former Investment Banking division. However, following the change in the Group's financial reporting structure in 2015, the strategic ROE is no longer calculated, and consequently, any negative adjustment to performance share awards is subject to the discretion of the Compensation Committee. Starting in 2016, the ROE calculation is based on adjusted results, which the Compensation Committee considered as the most accurate reflection of the operating performance of the businesses. Performance share awards granted from 2016 and onward are subject to a negative adjustment in the event of a divisional loss by the division in which the employees worked as of December 31, 2017, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Strategic Resolution Unit, the negative adjustment only applies in the event of a negative ROE of the Group and is not linked to the performance of the divisions. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee's determination for the year in which the performance shares are granted. | |||
Negative adjustment applied | SFr 0 | |||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. | |||
Total estimated unrecognized compensation expense | SFr 158 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 15.88 | SFr 19.11 | SFr 21.01 | SFr 26.89 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 14.41 | 18.62 | 16.11 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 20.41 | 22.67 | 26.24 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.38 | 19.64 | 21.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 15.88 | SFr 19.11 | SFr 21.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 54.2 | 48.4 | 55.9 | 48.2 |
Granted (in shares) | 31.8 | 21.4 | 32.5 | |
Settled (in shares) | (23.9) | (26.5) | (23.4) | |
Forfeited (in shares) | (2.1) | (2.4) | (1.4) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 54.2 | 48.4 | 55.9 | |
of which vested (in shares) | 6.7 | 6.8 | 3.3 | |
of which unvested (in shares) | 47.5 | 41.6 | 52.6 | |
Performance shares | Performance share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 478 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 17.22 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 26.5 | |||
Performance shares | Performance share awards | Grant Date, February 2018 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 445 | |||
Performance shares | Performance share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 451 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 15.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 29.7 | |||
Performance shares | Performance share awards | Grant Date, 2017 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | The number of performance share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as performance share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2018. The fair value of each performance share award was CHF 17.22, the Group share price on the grant date. The majority of performance share awards granted include the right to receive dividend equivalents on vested shares. | |||
Performance shares | Performance share awards | Grant Date, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 429 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 18.62 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 21.3 | |||
Performance shares | Performance share awards | Grant Date, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. | |||
Stock compensation plan | Share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Share awards granted in February 2018 are similar to those granted in February 2017. Each share award granted entitles the holder of the award to receive one Group share, subject to service conditions. Share awards vest over three years with one third of the share awards vesting on each of the three anniversaries of the grant date (ratable vesting), with the exception of awards granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code. Share awards granted to risk managers vest over five years with one fifth of the award vesting on each of the five anniversaries of the grant date, while share awards granted to senior managers vest over five years commencing on the third anniversary of the grant date, with one fifth of the award vesting on each of the third to seventh anniversaries of the grant date. Share awards are expensed over the service period of the awards. The value of the share awards is solely dependent on the Group share price at the time of delivery. | |||
Vesting period | 3 years | |||
Method of Measuring Cost of Award | Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Total estimated unrecognized compensation expense | SFr 472 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 15.73 | SFr 18.77 | SFr 21.58 | SFr 28.64 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 14.53 | 17.47 | 16.67 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 19.74 | 22.64 | 29 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.47 | 21.87 | 24.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 15.73 | SFr 18.77 | SFr 21.58 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 84.9 | 73.2 | 80.3 | 77.1 |
Granted (in shares) | 54.3 | 39.7 | 47.5 | |
Settled (in shares) | (38.2) | (37.7) | (40.3) | |
Forfeited (in shares) | (4.4) | (9.1) | (4) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 84.9 | 73.2 | 80.3 | |
of which vested (in shares) | 8.5 | 8.1 | 4.7 | |
of which unvested (in shares) | 76.4 | 65.1 | 75.6 | |
Stock compensation plan | Share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 613 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 17.22 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 34.1 | |||
Stock compensation plan | Share awards | Grant Date, February 2018 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 569 | |||
Stock compensation plan | Share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 566 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 15.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 37.8 | |||
Stock compensation plan | Share awards | Grant Date, 2017 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | The number of share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2018. The fair value of each share award was CHF 17.22, the Group share price on the grant date. The majority of share awards granted include the right to receive dividend equivalents on vested shares. | |||
Stock compensation plan | Share awards | Grant Date, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 549 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 18.62 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 28.8 | |||
Stock compensation plan | Share awards | Grant Date, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Stock compensation plan | Share awards | UK PRA Staff, Risk takers | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Stock compensation plan | Share awards | UK PRA Staff, Senior management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 7 years | |||
Stock compensation plan | Contingent Capital share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. | |||
Total estimated unrecognized compensation expense | SFr 3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 8.4 | 13.5 | ||
Granted (in shares) | 0.3 | 16.4 | ||
Settled (in shares) | (5) | (2.6) | ||
Forfeited (in shares) | (0.4) | (0.3) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 8.4 | 13.5 | ||
of which vested (in shares) | 1.3 | 1 | ||
of which unvested (in shares) | 7.1 | 12.5 | ||
Stock compensation plan | Contingent Capital share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 241 | |||
Stock compensation plan | Contingent Capital share awards | Grant Date, February 2018 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | 229 | |||
Stock compensation plan | Contingent Capital share awards | Grant Date, 2017 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 229 | |||
Stock compensation plan | Contingent Capital share awards | Grant Date, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 226 | |||
Stock compensation plan | Special awards and blocked shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The Group's share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share and are generally subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. | |||
Stock compensation plan | Special awards and blocked shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 0 years | |||
Stock compensation plan | Special awards and blocked shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Stock compensation plan | European Union and blocked share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | In order to comply with Capital Requirements Directive IV requirements, employees who hold key roles in respect of certain Group subsidiaries receive shares that are subject to transfer restrictions for 50% of the amount that would have been paid to them in cash. These shares are vested at the time of grant but remain blocked, that is, subject to transfer restrictions, for six months to three years from the date of grant, depending on the location. | |||
Stock compensation plan | European Union and blocked share awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 6 months | |||
Stock compensation plan | European Union and blocked share awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.1 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 37 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.5 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 0.6 | |||
Bank | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 912 | |||
Bank | Performance shares | Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. | |||
Total estimated unrecognized compensation expense | SFr 153 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 15.88 | SFr 19.12 | SFr 21.01 | SFr 26.89 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 14.41 | 18.62 | 16.11 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 20.41 | 22.66 | 26.25 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.37 | 18.98 | 21.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 15.88 | SFr 19.12 | SFr 21.01 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 52.8 | 48.1 | 55.5 | 47.6 |
Granted (in shares) | 31.1 | 21.3 | 32.2 | |
Settled (in shares) | (23.6) | (26.4) | (23) | |
Forfeited (in shares) | (2.8) | (2.3) | (1.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 52.8 | 48.1 | 55.5 | |
of which vested (in shares) | 6.6 | 6.8 | 3.3 | |
of which unvested (in shares) | 46.2 | 41.3 | 52.2 | |
Bank | Performance shares | Performance share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 462 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 25.6 | |||
Bank | Performance shares | Performance share awards | Grant Date, February 2018 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 430 | |||
Bank | Performance shares | Performance share awards | Grant Date, 2017 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 449 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 29.6 | |||
Bank | Performance shares | Performance share awards | Grant Date, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 427 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 21.2 | |||
Bank | Performance shares | Performance share awards | Grant Date, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. | |||
Bank | Stock compensation plan | Share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Total estimated unrecognized compensation expense | SFr 462 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 15.77 | SFr 18.78 | SFr 21.56 | SFr 28.63 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 14.54 | 17.59 | 16.49 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 19.75 | 22.68 | 29.02 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.47 | 21.88 | 24.03 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 15.77 | SFr 18.78 | SFr 21.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 79.9 | 70.8 | 79 | 76.6 |
Granted (in shares) | 51.5 | 38.1 | 46.2 | |
Settled (in shares) | (36.8) | (37.2) | (39.9) | |
Forfeited (in shares) | (5.6) | (9.1) | (3.9) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 79.9 | 70.8 | 79 | |
of which vested (in shares) | 7.8 | 8.1 | 4.7 | |
of which unvested (in shares) | 72.1 | 62.7 | 74.3 | |
Bank | Stock compensation plan | Share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 596 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 33.1 | |||
Bank | Stock compensation plan | Share awards | Grant Date, February 2018 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 553 | |||
Bank | Stock compensation plan | Share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 563 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 37.6 | |||
Bank | Stock compensation plan | Share awards | Grant Date, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 548 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 28.8 | |||
Bank | Stock compensation plan | Share awards | Grant Date, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Bank | Stock compensation plan | Contingent Capital share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. | |||
Total estimated unrecognized compensation expense | SFr 3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 7.5 | 12.8 | ||
Granted (in shares) | 0.3 | 15.6 | ||
Settled (in shares) | (4.9) | (2.5) | ||
Forfeited (in shares) | (0.7) | (0.3) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 7.5 | 12.8 | ||
of which vested (in shares) | 1.3 | 1 | ||
of which unvested (in shares) | 6.2 | 11.8 | ||
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 233 | |||
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, February 2018 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | 221 | |||
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, 2017 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 228 | |||
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 217 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, February 2018 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 1.9 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 37 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.4 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, 2016 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 0.6 |
Cash-based awards (Details 5)
Cash-based awards (Details 5) - CHF (SFr) SFr / shares in Units, SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Estimated unrecognized compensation expense | SFr 946 | |
Contingent Capital Awards (CCA) | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | CCA were granted in February 2018, February 2017 and January 2016 to managing directors and directors as part of the 2017, 2016 and 2015 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA are scheduled to vest on the third anniversary of the grant date, other than those granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code, where CCA vest on the fifth and seventh anniversaries of the grant date, respectively, and will be expensed over the vesting period. CCA provide a conditional right to receive semi-annual cash payments of interest equivalents until settled, with rates being dependent upon the vesting period and currency of denomination: p CCA granted in 2018, 2017 and 2016 that are denominated in US dollars receive interest equivalents at a rate of 3.05%, 4.27% and 5.41%, respectively, per annum over the six-month US dollar London Interbank Offered Rate (LIBOR) and vest three, five or seven years from the date of grant; p CCA granted in 2018, 2017 and 2016 that are denominated in Swiss francs receive interest equivalents at a rate of 2.24%, 3.17% and 4.23%, respectively, per annum over the six-month Swiss franc LIBOR and vest three years from the date of grant; p CCA granted in 2017 that are denominated in Swiss francs and vest five years from the date of grant receive interest equivalents at a rate of 3.03% per annum over the six-month Swiss franc LIBOR; and p CCA granted in 2017 that are denominated in Swiss francs and vest seven years from the date of grant receive interest equivalents at a rate of 2.93% per annum over the six-month Swiss franc LIBOR. The rates were set in line with market conditions at the time of grant and existing high-trigger and low-trigger contingent capital instruments that the Group has issued. For CCA granted in February 2018, employees who received compensation in Swiss francs received CCA denominated in Swiss francs and all other employees received CCA denominated in US dollars. As CCA qualify as going concern loss-absorbing capital of the Group, the timing and form of distribution upon settlement is subject to approval by FINMA. At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The fair value will be determined by the Group. In the case of a cash settlement, the CCA award will be converted into the local currency of each respective employee. CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero and forfeited if any of the following trigger events were to occur: p the Group's reported common equity tier 1 (CET1) ratio falls below 7%; or p FINMA determines that cancellation of the CCA and other similar contingent capital instruments is necessary, or that the Group requires public sector capital support, in either case to prevent it from becoming insolvent or otherwise failing. | |
Estimated unrecognized compensation expense | SFr 119 | |
Contingent Capital Awards (CCA) | Cliff vesting [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | |
Contingent Capital Awards (CCA) | UK PRA Staff, Risk takers | Cliff vesting [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 5 years | |
Contingent Capital Awards (CCA) | UK PRA Staff, Senior management | Cliff vesting [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | |
Contingent Capital Share Awards Conversion | Grant Date, March, 2016 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | In March 2016, the Group executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 226 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. | |
Percentage of employees electing to exchange their existing awards for new awards | 15.00% | |
Conversion price | SFr 14.57 | |
Grant-date fair value | SFr 14.45 | |
Amount of cash awards that were converted into share awards | SFr 226 | |
Other Cash Awards | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | Other cash awards consist of voluntary deferred compensation plans and employee investment plans. The compensation expense related to these awards was primarily driven by mark to market and performance adjustments, as the majority of the awards are fully vested. | |
Estimated unrecognized compensation expense | SFr 194 | |
Plus Bond awards | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | Managing directors and directors in the former Investment Banking division received a portion of 2012 deferred variable compensation in the form of Plus Bond awards. The Plus Bond award was essentially a fixed income instrument, denominated in US dollars, which provided a coupon payment that was commensurate with market-based pricing. Plus Bond award holders were entitled to receive semi-annual cash payments on their adjusted award amounts at the rate of LIBOR plus 7.875% per annum until settlement. The Plus Bond settled in July 2016 based on the amount of the initial award less any portfolio losses in excess of a first loss portion retained by the Group of USD 600 million. The value of the Plus Bond awards was based on the performance of a portfolio of unrated and sub-investment-grade asset-backed securities (ABS) that were held in inventory by various trading desks. The Plus Bond award plan contributed to a reduction of the Group's risk-weighted assets and constituted a risk transfer from the Group to the Plus Bond award holders. Final payout upon settlement of these awards was 100% of the amount awarded. | |
Final payout upon settlement (in %) | 100.00% | |
Plus Bond awards | Cliff vesting [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | |
Capital Opportunity Facility (COF) | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; | |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | |
2008 Partner Asset Facility (PAF) awards | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | As part of the 2008 annual compensation process, the Group granted employees in the former Investment Banking division with the corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards are indexed to, and represent a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in the former Investment Banking division. The notional value of the Asset Pool was based on the fair market value of the assets within the Asset Pool on December 31, 2008, and those assets will remain static throughout the contractual term of the award or until liquidated. The PAF holders will participate in the potential gains on the Asset Pool if the assets within the pool are liquidated at prices above the initial fair market value. If the assets within the Asset Pool are liquidated at prices below the initial fair market value, the PAF holders will bear the first loss on the Asset Pool. As a result, a significant portion of risk positions associated with the Asset Pool has been transferred to the employees and removed from the Group's risk-weighted assets, resulting in a reduction in capital usage. The PAF awards, which had a contractual term of eight years, are fully vested. Each PAF holder received a semi-annual cash interest payment of LIBOR plus 250 basis points applied to the notional value of the PAF award granted throughout the contractual term of the award. Beginning in the fifth year after the grant date, the PAF holders received an annual cash payment equal to 20% of the notional value of the PAF awards if the fair market value of the Asset Pool in that year has not declined below the initial fair market value of the Asset Pool. In the final year of the contractual term, the PAF holders received a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. During 2017, the final settlement of the outstanding PAF awards of CHF 789 million was made. | |
Final payout upon settlement | SFr 789 | |
2011 Partner Asset Facility (PAF2) | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | As part of the 2011 annual compensation process, the Group awarded a portion of deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units are essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group's derivative activities, including both current and possible future swaps and other derivative transactions. The value of the award (for both the interest accrual and the final redemption) will be reduced if the amount of realized credit losses from a specific reference portfolio exceeds a pre-defined threshold. The Group will bear the first USD 500 million of such losses and the PAF2 holders will bear any losses in excess of USD 500 million, up to the full amount of the deferred compensation awarded. As a result, the PAF2 plan is a transfer of risk from the Group to employees. Employees at the managing director and director levels, including certain members of the Executive Board, received PAF2 awards. The PAF2 awards vested in the first quarter of 2012. | |
Final payout upon settlement (in %) | 94.00% | |
2011 Partner Asset Facility Conversion (PAF2) | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | PAF2 awards were linked to a portfolio of the Group's credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards in March 2014, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: i) Capital Opportunity Facility (COF): participants elected for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; and ii) CCA: participants elected to receive CCA, with similar terms to the instruments granted as part of the 2013 compensation awards | |
Bank | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Estimated unrecognized compensation expense | SFr 912 | |
Bank | Contingent Capital Awards (CCA) | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Estimated unrecognized compensation expense | SFr 116 | |
Bank | Contingent Capital Share Awards Conversion | Grant Date, March, 2016 | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Description | In March 2016, the Bank executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 213 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. | |
Percentage of employees electing to exchange their existing awards for new awards | 15.00% | |
Conversion price | SFr 14.57 | |
Grant-date fair value | SFr 14.45 | |
Amount of cash awards that were converted into share awards | SFr 213 | |
Bank | Other Cash Awards | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Estimated unrecognized compensation expense | SFr 178 | |
Bank | Plus Bond awards | Cliff vesting [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | |
Bank | 2008 Partner Asset Facility (PAF) awards | Cliff vesting [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Final payout upon settlement | SFr 789 |
Other variable compensation (De
Other variable compensation (Details 8) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Compensation expense relating to deferred compensation | SFr 1,636 | SFr 1,629 | SFr 2,372 |
Other variable compensation | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | During 2017, the Group granted deferred cash retention awards of CHF 65 million relating to the reorganization of the Asia Pacific business. These awards will be expensed over a two-year period from the grant date. Amortization of these awards totaled CHF 28 million in 2017 and was recognized in the Corporate Center. The Group granted deferred fixed cash awards of CHF 90 million to certain employees in the US. These awards will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year period from the grant date. Amortization of these awards totaled CHF 48 million in 2017. | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 249 | ||
Compensation expense relating to deferred compensation | 118 | ||
Other variable compensation | Grant Date, 2016 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | In 2016, the Group granted deferred share and cash retention awards of CHF 249 million relating to the reorganization of the Global Markets and Investment Banking & Capital Markets businesses. These awards will be expensed over a period of up to seven years from the grant date. Amortization of these awards in 2016 of CHF 118 million was recognized in the Corporate Center. | ||
Deferred cash retention awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 2 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 65 | ||
Compensation expense relating to deferred compensation | SFr 28 | ||
Deferred fixed cash awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 90 | ||
Compensation expense relating to deferred compensation | 48 | ||
Bank | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Compensation expense relating to deferred compensation | SFr 1,593 | 1,620 | SFr 2,353 |
Bank | Other variable compensation | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 249 | ||
Compensation expense relating to deferred compensation | SFr 118 | ||
Bank | Deferred cash retention awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 2 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 65 | ||
Compensation expense relating to deferred compensation | SFr 28 | ||
Bank | Deferred fixed cash awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 90 | ||
Compensation expense relating to deferred compensation | SFr 48 |
Related parties - Executive Boa
Related parties - Executive Board/Board of directors loans (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017CHF (SFr)memberyear | Dec. 31, 2016CHF (SFr)member | Dec. 31, 2015CHF (SFr) | |
Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 25 | SFr 26 | SFr 5 |
Additions | 3 | 6 | 21 |
Reductions | (2) | (7) | 0 |
Balance at end of period | SFr 26 | SFr 25 | 26 |
Loans to members of the Executive Board, number of members | member | 8 | 8 | |
Loans to members of the Executive Board, term (in years) | year | 10 | ||
Highest loan outstanding with an individual Executive Board member | SFr 7 | ||
Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | 10 | SFr 8 | 16 |
Additions | 1 | 3 | 1 |
Reductions | 0 | (1) | (9) |
Balance at end of period | SFr 11 | SFr 10 | 8 |
Loans to members of the Board of Directors, number of members | member | 4 | 4 | |
Loans made by Group or any of its subsidiaries to equity method investees | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 173 | SFr 135 | 13 |
Net borrowings/(repayments) | 0 | 38 | 122 |
Balance at end of period | 173 | 173 | 135 |
Bank | |||
Activity in loans to related parties | |||
Balance at beginning of period | 2,995 | ||
Balance at end of period | 4,100 | 2,995 | |
Bank | Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | 25 | 26 | 5 |
Additions | 3 | 6 | 21 |
Reductions | (2) | (7) | 0 |
Balance at end of period | SFr 26 | SFr 25 | 26 |
Loans to members of the Executive Board, number of members | member | 7 | 7 | |
Bank | Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 10 | SFr 8 | 16 |
Additions | 1 | 3 | 1 |
Reductions | 0 | (1) | (9) |
Balance at end of period | SFr 11 | SFr 10 | SFr 8 |
Loans to members of the Board of Directors, number of members | member | 4 | 4 |
Related parties - Liabilities t
Related parties - Liabilities to own pension funds (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 336 | SFr 521 |
Other unconsolidated SPEs | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | 53 | |
Bank | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 336 | SFr 521 |
Related parties - Tier 1 capita
Related parties - Tier 1 capital instruments (Details 3) SFr in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017CHF (SFr) | Dec. 31, 2017USD ($) | Dec. 31, 2016CHF (SFr) | |
Capital transactions | |||
Recorded investment, with a specific allowance | SFr 1,676 | SFr 2,085 | |
Qatar Investment Authority (QIA) and The Olayan Group | Tier 1 capital instrument | |||
Capital transactions | |||
Related Party Transaction, Arms Length, Basis of Transactions | Beginning in February 2011, the Group entered into agreements with entities affiliated with Qatar Investment Authority (QIA) and The Olayan Group, each of which has significant holdings of Group shares and other Group financial products. The agreements were amended in 2012 and 2013 and, as a result, QIA and The Olayan Group agreed to purchase new tier 1 high-trigger capital instruments (new Tier 1 Capital Notes) in exchange for their holdings of previously issued notes. The following new Tier 1 Capital Notes were outstanding as of December 31, 2017: p USD 1.725 billion 9.5%, held by an affiliate of The Olayan Group; p USD 1.72 billion 9.5%, held by an affiliate of QIA; and p CHF 2.5 billion 9.0%, held by an affiliate of QIA. Under their terms, the new Tier 1 Capital Notes will be converted into Group ordinary shares if the Group's reported CET1 ratio, as determined under Basel Committee on Banking Supervision regulations as of the end of any calendar quarter, falls below 7% (or any lower applicable minimum threshold), unless FINMA, at the Group’s request, has agreed on or prior to the publication of the Group’s quarterly results that actions, circumstances or events have restored, or will imminently restore, the ratio to above the applicable threshold. The new Tier 1 Capital Notes will also be converted if FINMA determines that conversion is necessary, or that the Group requires public sector capital support, to prevent the Group from becoming insolvent, bankrupt or unable to pay a material amount of the Group's debts, or other similar circumstances. In addition, conversion of the new Tier 1 Capital Notes issued to the entities affiliated with The Olayan Group will be triggered if, in the event of a request by FINMA for an interim report prior to the end of any calendar quarter, the Group's reported CET1 ratio, as of the end of any such interim period, falls below 5%. The conversion price will be the higher of a given floor price per share (subject to customary adjustments) or the daily volume weighted average sales price of the Group's ordinary shares over a five-day period preceding the notice of conversion. The new Tier 1 Capital Notes are deeply subordinated, perpetual and callable by the Group no earlier than 2018 and in certain other circumstances with FINMA approval. Interest, which is payable on the USD 1.725 billion and the USD 1.72 billion new Tier 1 Capital Notes at a fixed rate of 9.5% and on the CHF 2.5 billion new Tier 1 Capital Notes at a fixed rate of 9.0%, will reset after the first call date. Interest payments will generally be discretionary (unless triggered), subject to suspension in certain circumstances and non-cumulative. At the time of the original transaction, the Group determined that this was a material transaction and deemed QIA and The Olayan Group to be related parties of the Group’s then Board of Directors members Jassim Bin Hamad J.J. Al Thani and Aziz R.D. Syriani for purposes of evaluating the terms and corporate governance of the original transaction. At that time, the Board of Directors (except for Mr. Bin Hamad J.J. Al Thani and Mr. Syriani, who abstained from participating in the determination process) determined that the terms of the original transaction, given its size, the nature of the contingent capital instrument, for which there was no established market, and the terms of the notes issued and held by QIA and The Olayan Group, were fair. As of April 26, 2013 and April 28, 2017, respectively, Mr. Syriani and Mr. Bin Hamad J.J. Al Thani retired from the Board of Directors and no other person affiliated with The Olayan Group or with QIA has been elected as a member of the Board of Directors. | ||
Affiliate of The Olayan Group | Tier 1 capital instrument | Tier 1 Capital Instrument, USD | |||
Capital transactions | |||
Subordinated debt | $ | $ 1,725 | ||
Subordinated debt interest rate | 9.50% | ||
Affiliate of Qatar Investment Authority [Member] | Tier 1 capital instrument | Tier 1 Capital Instrument, CHF | |||
Capital transactions | |||
Subordinated debt | SFr 2,500 | ||
Subordinated debt interest rate | 9.00% | ||
Affiliate of Qatar Investment Authority [Member] | Tier 1 capital instrument | Tier 1 Capital Instrument, USD | |||
Capital transactions | |||
Subordinated debt | $ | $ 1,720 | ||
Subordinated debt interest rate | 9.50% | ||
Bank | |||
Capital transactions | |||
Recorded investment, with a specific allowance | SFr 1,663 | SFr 2,073 |
Related parties - Bank (Details
Related parties - Bank (Details 4) - Bank - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Net loans | SFr 4,100 | SFr 2,995 | |
Other assets | 208 | 44 | |
Total assets | 4,308 | 3,039 | |
Liabilities | |||
Due to banks/customer deposits | 1,141 | 1,391 | |
Short-term borrowings | 489 | 0 | |
Long-term debt | 15,612 | 4,263 | |
Other liabilities | 851 | 244 | |
Total liabilities | 18,093 | 5,898 | |
Related party revenues and expenses | |||
Interest and dividend income | 2 | (2) | SFr 0 |
Interest expense | (574) | (280) | (276) |
Net interest income | (572) | (282) | (276) |
Commissions and fees | 46 | 41 | 0 |
Other revenues | 67 | 119 | 121 |
Net revenues | (459) | (122) | (155) |
Total operating expenses | 320 | 152 | SFr 201 |
Related party guarantees | |||
Guarantees | 4 | 35 | |
Credit guarantees and similar instruments | |||
Related party guarantees | |||
Guarantees | 4 | 1 | |
Other guarantees | |||
Related party guarantees | |||
Guarantees | SFr 0 | SFr 34 |
Pension and other post-retir147
Pension and other post-retirement benefits - Obligation and funded status (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2018 | Jan. 01, 2018 | |
Defined benefit plan, Disclosure | |||||
Planning horizon of conversion rates | 8 years | ||||
Total benefit costs | |||||
Net periodic benefit/(costs) | SFr 112 | SFr 271 | SFr 228 | ||
Total amount recognized | |||||
Noncurrent assets | 2,170 | 1,061 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (3,583) | (4,278) | |||
Prior service credit/(cost) | 522 | 643 | |||
Total | (3,061) | (3,635) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Tax | (172) | (136) | 174 | ||
Actuarial gains/(losses), Net | 323 | 3 | |||
Prior service credit/(cost), Net | 142 | ||||
Amortization of actuarial losses/ (gains), Net | 328 | 323 | |||
Amortization of prior service cost/(credit), Net | (105) | (92) | |||
Immediate recognition due to curtailment/settlement, Net | 28 | 54 | |||
Total amounts recognized in other comprehensive income, Net | 574 | 430 | |||
Defined benefit pension plans | |||||
Fair value of plan assets | |||||
Beginning of the measurement period | 19,951 | ||||
End of the measurement period | 21,084 | 19,951 | |||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | 1,809 | 729 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (3,547) | (4,239) | |||
Prior service credit/(cost) | 519 | 640 | |||
Total | (3,028) | (3,599) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | 406 | 13 | |||
Actuarial gains/(losses), Tax | (82) | (9) | |||
Actuarial gains/(losses), Net | 324 | 4 | |||
Prior service credit/(cost), Gross | 180 | ||||
Prior service credit/(cost), Tax | (38) | ||||
Prior service credit/(cost), Net | 142 | ||||
Amortization of actuarial losses/(gains), Gross | 400 | 408 | |||
Amortization of actuarial losses/(gains), Tax | (76) | (91) | |||
Amortization of actuarial losses/ (gains), Net | 324 | 317 | |||
Amortization of prior service cost/(credit), Gross | (131) | (116) | |||
Amortization of prior service cost/(credit), Tax | 26 | 24 | |||
Amortization of prior service cost/(credit), Net | (105) | (92) | |||
Immediate recognition due to curtailment/settlement, Gross | 36 | 82 | |||
Immediate recognition due to curtailment/settlement, Tax | (8) | (28) | |||
Immediate recognition due to curtailment/settlement, Net | 28 | 54 | |||
Total amounts recognized in other comprehensive income, Gross | 711 | 567 | |||
Total amounts recognized in other comprehensive income, Tax | (140) | (142) | |||
Total amounts recognized in other comprehensive income, Net | 571 | 425 | |||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 282 | ||||
Amortization of prior service cost/(credit) | (100) | ||||
Total | 182 | ||||
Defined benefit pension plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | SFr 396 | ||||
Other post-retirement defined benefit plans | |||||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (36) | (39) | |||
Prior service credit/(cost) | 3 | 3 | |||
Total | (33) | (36) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | (2) | (1) | |||
Actuarial gains/(losses), Tax | 1 | 0 | |||
Actuarial gains/(losses), Net | (1) | (1) | |||
Prior service credit/(cost), Gross | 0 | ||||
Prior service credit/(cost), Tax | 0 | ||||
Prior service credit/(cost), Net | 0 | ||||
Amortization of actuarial losses/(gains), Gross | 7 | 10 | |||
Amortization of actuarial losses/(gains), Tax | (3) | (4) | |||
Amortization of actuarial losses/ (gains), Net | 4 | 6 | |||
Amortization of prior service cost/(credit), Gross | 0 | 0 | |||
Amortization of prior service cost/(credit), Tax | 0 | 0 | |||
Amortization of prior service cost/(credit), Net | 0 | 0 | |||
Immediate recognition due to curtailment/settlement, Gross | 0 | 0 | |||
Immediate recognition due to curtailment/settlement, Tax | 0 | 0 | |||
Immediate recognition due to curtailment/settlement, Net | 0 | 0 | |||
Total amounts recognized in other comprehensive income, Gross | 5 | 9 | |||
Total amounts recognized in other comprehensive income, Tax | (2) | (4) | |||
Total amounts recognized in other comprehensive income, Net | 3 | SFr 5 | |||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 6 | ||||
Amortization of prior service cost/(credit) | 0 | ||||
Total | SFr 6 | ||||
Other post-retirement defined benefit plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | SFr 11 | ||||
Switzerland | Defined benefit pension plans | |||||
Defined benefit plan, Disclosure | |||||
Employees participating in defined benefit plans (as a percent) | 73.00% | 73.00% | |||
Value of plan assets (as a percent) | 81.00% | 80.00% | |||
Pension benefit obligation (as a percent) | 82.00% | 82.00% | |||
Employee contributions, number of contribution levels | 3 | ||||
Total benefit costs | |||||
Service costs on benefit obligation | SFr 243 | SFr 288 | 298 | ||
Interest costs on benefit obligation | 57 | 141 | 189 | ||
Expected return on plan assets | (473) | (536) | (592) | ||
Amortization of recognized prior service cost/(credit) | (131) | (116) | (85) | ||
Amortization of recognized actuarial losses/(gains) | 340 | 366 | 351 | ||
Settlement losses/(gains) | 37 | 24 | 24 | ||
Curtailment losses/(gains) | (23) | (18) | (2) | ||
Special termination benefits | 19 | 22 | 9 | ||
Net periodic benefit/(costs) | 69 | 171 | 192 | ||
PBO | |||||
Beginning of the measurement period | 15,885 | 16,088 | |||
Plan participant contributions | 205 | 202 | |||
Service costs | 243 | 288 | 298 | ||
Interest costs | 57 | 141 | 189 | ||
Plan amendments | 0 | (179) | |||
Settlements | (144) | (70) | |||
Curtailments | (22) | (4) | |||
Special termination benefits | 19 | 22 | |||
Actuarial losses/(gains) | 471 | 134 | |||
Benefit payments | (829) | (737) | |||
Exchange rate losses/(gains) | 0 | 0 | |||
End of the measurement period | 15,885 | 15,885 | 16,088 | ||
Fair value of plan assets | |||||
Beginning of the measurement period | 15,951 | 15,602 | |||
Actual return on plan assets | 1,398 | 510 | |||
Employer contributions | 415 | 444 | |||
Plan participant contributions | 205 | 202 | |||
Settlements | (144) | (70) | |||
Benefit payments | (829) | (737) | |||
Exchange rate gains/(losses) | 0 | 0 | |||
End of the measurement period | 16,996 | 15,951 | SFr 15,602 | ||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | 1,111 | 66 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | 1,111 | 66 | |||
Total amount recognized | |||||
Noncurrent assets | 1,111 | 66 | |||
Current liabilities | 0 | 0 | |||
Noncurrent liabilities | 0 | 0 | |||
Total amount recognized in the consolidated balance sheet at December 31 | 1,111 | 66 | |||
ABO | |||||
End of the measurement period | SFr 14,841 | SFr 14,962 | |||
Net benefit pension cost (%) | |||||
Discount rate - service costs (as a percent) | 1.01% | 0.90% | 1.25% | ||
Discount rate - interest costs (as a percent) | 0.37% | 0.90% | 1.25% | ||
Salary increases (as a percent) | 0.50% | 0.80% | 1.00% | ||
Expected long-term rate of return on plan assets (as a percent) | 3.00% | 3.50% | 4.00% | ||
Interest rate on savings plan (as a percent) | 0.85% | 1.25% | 1.25% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 0.86% | 0.85% | 0.90% | ||
Salary increases (as a percent) | 0.50% | 0.50% | 0.80% | ||
Interest rate on savings plan (as a percent) | 0.86% | 0.85% | 1.25% | ||
Switzerland | Defined benefit pension plans | Minimum | |||||
Defined benefit plan, Disclosure | |||||
Employee contributions (as a percent) | 5.00% | ||||
Employer contributions (as a percent) | 7.50% | ||||
Benefit obligation (%) | |||||
Interest rate on savings plan (as a percent) | 1.00% | 1.00% | |||
Switzerland | Defined benefit pension plans | Maximum | |||||
Defined benefit plan, Disclosure | |||||
Employee contributions (as a percent) | 14.00% | ||||
Employer contributions (as a percent) | 25.00% | ||||
International | Defined benefit pension plans | |||||
Total benefit costs | |||||
Service costs on benefit obligation | SFr 22 | SFr 20 | SFr 21 | ||
Interest costs on benefit obligation | 91 | 124 | 129 | ||
Expected return on plan assets | (133) | (175) | (195) | ||
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | ||
Amortization of recognized actuarial losses/(gains) | 60 | 41 | 84 | ||
Settlement losses/(gains) | 0 | 72 | (1) | ||
Curtailment losses/(gains) | (10) | 0 | 0 | ||
Special termination benefits | 0 | 0 | 0 | ||
Net periodic benefit/(costs) | 30 | 82 | 38 | ||
PBO | |||||
Beginning of the measurement period | 3,337 | 3,366 | |||
Plan participant contributions | 0 | 0 | |||
Service costs | 22 | 20 | 21 | ||
Interest costs | 91 | 124 | 129 | ||
Plan amendments | 0 | 0 | |||
Settlements | 0 | (278) | |||
Curtailments | (11) | 0 | |||
Special termination benefits | 1 | 1 | |||
Actuarial losses/(gains) | 171 | 476 | |||
Benefit payments | (287) | (150) | |||
Exchange rate losses/(gains) | 66 | (222) | |||
End of the measurement period | 3,390 | 3,337 | 3,366 | ||
Fair value of plan assets | |||||
Beginning of the measurement period | 4,000 | 3,712 | |||
Actual return on plan assets | 256 | 824 | |||
Employer contributions | 22 | 232 | |||
Plan participant contributions | 0 | 0 | |||
Settlements | 0 | (278) | |||
Benefit payments | (287) | (150) | |||
Exchange rate gains/(losses) | 97 | (340) | |||
End of the measurement period | 4,088 | 4,000 | SFr 3,712 | ||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | 698 | 663 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | 698 | 663 | |||
Total amount recognized | |||||
Noncurrent assets | 1,058 | 995 | |||
Current liabilities | (11) | (11) | |||
Noncurrent liabilities | (349) | (321) | |||
Total amount recognized in the consolidated balance sheet at December 31 | 698 | 663 | |||
ABO | |||||
End of the measurement period | SFr 3,351 | SFr 3,281 | |||
Net benefit pension cost (%) | |||||
Discount rate - service costs (as a percent) | 2.92% | 4.05% | 3.82% | ||
Discount rate - interest costs (as a percent) | 2.79% | 4.05% | 3.82% | ||
Salary increases (as a percent) | 3.55% | 3.56% | 4.19% | ||
Expected long-term rate of return on plan assets (as a percent) | 3.88% | 5.07% | 6.00% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 2.83% | 3.10% | 4.05% | ||
Salary increases (as a percent) | 2.97% | 3.55% | 3.56% | ||
International | Other post-retirement defined benefit plans | |||||
Total benefit costs | |||||
Service costs on benefit obligation | SFr 0 | SFr 0 | SFr 0 | ||
Interest costs on benefit obligation | 6 | 8 | 7 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of recognized prior service cost/(credit) | 0 | 0 | (23) | ||
Amortization of recognized actuarial losses/(gains) | 7 | 10 | 14 | ||
Settlement losses/(gains) | 0 | 0 | 0 | ||
Curtailment losses/(gains) | 0 | 0 | 0 | ||
Special termination benefits | 0 | 0 | 0 | ||
Net periodic benefit/(costs) | 13 | 18 | (2) | ||
PBO | |||||
Beginning of the measurement period | 184 | 180 | |||
Plan participant contributions | 0 | 0 | |||
Service costs | 0 | 0 | 0 | ||
Interest costs | 6 | 8 | 7 | ||
Plan amendments | 0 | 0 | |||
Settlements | 0 | 0 | |||
Curtailments | 0 | 0 | |||
Special termination benefits | 0 | 0 | |||
Actuarial losses/(gains) | 2 | 1 | |||
Benefit payments | (11) | (11) | |||
Exchange rate losses/(gains) | (8) | 6 | |||
End of the measurement period | 173 | 184 | 180 | ||
Fair value of plan assets | |||||
Beginning of the measurement period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 11 | 11 | |||
Plan participant contributions | 0 | 0 | |||
Settlements | 0 | 0 | |||
Benefit payments | (11) | (11) | |||
Exchange rate gains/(losses) | 0 | 0 | |||
End of the measurement period | 0 | 0 | SFr 0 | ||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | (173) | (184) | |||
Total funded status recognized in the consolidated balance sheet at December 31 | (173) | (184) | |||
Total amount recognized | |||||
Noncurrent assets | 0 | 0 | |||
Current liabilities | (11) | (12) | |||
Noncurrent liabilities | (162) | (172) | |||
Total amount recognized in the consolidated balance sheet at December 31 | (173) | (184) | |||
ABO | |||||
End of the measurement period | SFr 173 | SFr 184 | |||
Net benefit pension cost (%) | |||||
Discount rate - service costs (as a percent) | 4.03% | 4.50% | 4.20% | ||
Discount rate - interest costs (as a percent) | 3.48% | 4.50% | 4.20% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 3.70% | 4.21% | 4.50% | ||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.30% | 8.30% | 8.00% | ||
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | ||||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | SFr 0.1 | SFr 0.2 | SFr 0.2 | ||
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 3 | 4 | 4 | ||
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.1 | 0.2 | 0.2 | ||
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | 3 | 4 | 4 | ||
International | Other post-retirement defined benefit plans | Forecast/Estimate | |||||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.20% | ||||
Bank | |||||
Total benefit costs | |||||
Net periodic benefit/(costs) | 43 | 100 | 36 | ||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | 525 | 479 | |||
Total amount recognized | |||||
Noncurrent assets | 1,058 | 995 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (381) | (402) | |||
Prior service credit/(cost) | 2 | 2 | |||
Total | (379) | (400) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Tax | 7 | (87) | SFr (14) | ||
Actuarial gains/(losses), Net | (35) | 129 | |||
Amortization of actuarial losses/ (gains), Net | 57 | 35 | |||
Immediate recognition due to curtailment/settlement, Net | 45 | ||||
Total amounts recognized in other comprehensive income, Net | SFr 22 | SFr 209 | |||
Bank | Switzerland | Defined benefit pension plans | |||||
PBO | |||||
Entity contribution to the group plan (as a percent) | 87.00% | ||||
Bank | Switzerland | Defined benefit pension plans | Minimum | |||||
Defined benefit plan, Disclosure | |||||
Employer contributions (as a percent) | 7.50% | ||||
Bank | Switzerland | Defined benefit pension plans | Maximum | |||||
Defined benefit plan, Disclosure | |||||
Employer contributions (as a percent) | 25.00% | ||||
Bank | Switzerland | Defined benefit pension plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contributions by the entity to the group plan | SFr 331 | ||||
Bank | Switzerland | Other post-retirement defined benefit plans | |||||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.30% | 8.30% | 8.00% | ||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | SFr 0.1 | SFr 0.2 | SFr 0.2 | ||
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 3 | 4 | 4 | ||
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.1 | 0.2 | 0.2 | ||
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | 3 | 4 | 4 | ||
Bank | International | Defined benefit pension plans | |||||
Total benefit costs | |||||
Service costs on benefit obligation | 22 | 20 | 21 | ||
Interest costs on benefit obligation | 91 | 124 | 129 | ||
Expected return on plan assets | (133) | (175) | (195) | ||
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | ||
Amortization of recognized actuarial losses/(gains) | 60 | 41 | 84 | ||
Settlement losses/(gains) | 0 | 72 | (1) | ||
Curtailment losses/(gains) | (10) | 0 | 0 | ||
Net periodic benefit/(costs) | 30 | 82 | 38 | ||
PBO | |||||
Beginning of the measurement period | 3,337 | 3,366 | |||
Service costs | 22 | 20 | 21 | ||
Interest costs | 91 | 124 | 129 | ||
Settlements | 0 | (278) | |||
Curtailments | (11) | 0 | |||
Special termination benefits | 1 | 1 | |||
Actuarial losses/(gains) | 171 | 476 | |||
Benefit payments | (287) | (150) | |||
Exchange rate losses/(gains) | 66 | (222) | |||
End of the measurement period | 3,390 | 3,337 | 3,366 | ||
Fair value of plan assets | |||||
Beginning of the measurement period | 4,000 | 3,712 | |||
Actual return on plan assets | 256 | 824 | |||
Employer contributions | 22 | 232 | |||
Settlements | 0 | (278) | |||
Benefit payments | (287) | (150) | |||
Exchange rate gains/(losses) | 97 | (340) | |||
End of the measurement period | 4,088 | 4,000 | SFr 3,712 | ||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | 698 | 663 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | 698 | 663 | |||
Total amount recognized | |||||
Noncurrent assets | 1,058 | 995 | |||
Current liabilities | (11) | (11) | |||
Noncurrent liabilities | (349) | (321) | |||
Total amount recognized in the consolidated balance sheet at December 31 | 698 | 663 | |||
ABO | |||||
End of the measurement period | 3,351 | 3,281 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (345) | (363) | |||
Prior service credit/(cost) | (1) | (1) | |||
Total | (346) | (364) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | (48) | 174 | |||
Actuarial gains/(losses), Tax | 14 | (44) | |||
Actuarial gains/(losses), Net | (34) | 130 | |||
Amortization of actuarial losses/(gains), Gross | 60 | 41 | |||
Amortization of actuarial losses/(gains), Tax | (7) | (12) | |||
Amortization of actuarial losses/ (gains), Net | 53 | 29 | |||
Immediate recognition due to curtailment/settlement, Gross | 72 | ||||
Immediate recognition due to curtailment/settlement, Tax | (27) | ||||
Immediate recognition due to curtailment/settlement, Net | 45 | ||||
Total amounts recognized in other comprehensive income, Gross | 12 | 287 | |||
Total amounts recognized in other comprehensive income, Tax | 7 | (83) | |||
Total amounts recognized in other comprehensive income, Net | 19 | SFr 204 | |||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 40 | ||||
Total | SFr 40 | ||||
Net benefit pension cost (%) | |||||
Discount rate - service costs (as a percent) | 2.92% | 4.05% | 3.82% | ||
Discount rate - interest costs (as a percent) | 2.79% | 4.05% | 3.82% | ||
Salary increases (as a percent) | 3.55% | 3.56% | 4.19% | ||
Expected long-term rate of return on plan assets (as a percent) | 3.88% | 5.07% | 6.00% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 2.83% | 3.10% | 4.05% | ||
Salary increases (as a percent) | 2.97% | 3.55% | 3.56% | ||
Bank | International | Defined benefit pension plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | 16 | ||||
Bank | International | Other post-retirement defined benefit plans | |||||
Total benefit costs | |||||
Service costs on benefit obligation | SFr 0 | SFr 0 | SFr 0 | ||
Interest costs on benefit obligation | 6 | 8 | 7 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of recognized prior service cost/(credit) | 0 | 0 | (23) | ||
Amortization of recognized actuarial losses/(gains) | 7 | 10 | 14 | ||
Settlement losses/(gains) | 0 | 0 | 0 | ||
Curtailment losses/(gains) | 0 | 0 | 0 | ||
Net periodic benefit/(costs) | 13 | 18 | (2) | ||
PBO | |||||
Beginning of the measurement period | 184 | 180 | |||
Service costs | 0 | 0 | 0 | ||
Interest costs | 6 | 8 | 7 | ||
Settlements | 0 | 0 | |||
Curtailments | 0 | 0 | |||
Special termination benefits | 0 | 0 | |||
Actuarial losses/(gains) | 2 | 1 | |||
Benefit payments | (11) | (11) | |||
Exchange rate losses/(gains) | (8) | 6 | |||
End of the measurement period | 173 | 184 | 180 | ||
Fair value of plan assets | |||||
Beginning of the measurement period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 11 | 11 | |||
Settlements | 0 | 0 | |||
Benefit payments | (11) | (11) | |||
Exchange rate gains/(losses) | 0 | 0 | |||
End of the measurement period | 0 | 0 | SFr 0 | ||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | (173) | (184) | |||
Total funded status recognized in the consolidated balance sheet at December 31 | (173) | (184) | |||
Total amount recognized | |||||
Noncurrent assets | 0 | 0 | |||
Current liabilities | (11) | (12) | |||
Noncurrent liabilities | (162) | (172) | |||
Total amount recognized in the consolidated balance sheet at December 31 | (173) | (184) | |||
ABO | |||||
End of the measurement period | 173 | 184 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (36) | (39) | |||
Prior service credit/(cost) | 3 | 3 | |||
Total | (33) | (36) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | (2) | (1) | |||
Actuarial gains/(losses), Tax | 1 | 0 | |||
Actuarial gains/(losses), Net | (1) | (1) | |||
Amortization of actuarial losses/(gains), Gross | 7 | 10 | |||
Amortization of actuarial losses/(gains), Tax | (3) | (4) | |||
Amortization of actuarial losses/ (gains), Net | 4 | 6 | |||
Immediate recognition due to curtailment/settlement, Gross | 0 | ||||
Immediate recognition due to curtailment/settlement, Tax | 0 | ||||
Immediate recognition due to curtailment/settlement, Net | 0 | ||||
Total amounts recognized in other comprehensive income, Gross | 5 | 9 | |||
Total amounts recognized in other comprehensive income, Tax | (2) | (4) | |||
Total amounts recognized in other comprehensive income, Net | 3 | SFr 5 | |||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | |||||
Amortization of actuarial losses/(gains) | 6 | ||||
Total | SFr 6 | ||||
Net benefit pension cost (%) | |||||
Discount rate - service costs (as a percent) | 4.03% | 4.50% | 4.20% | ||
Discount rate - interest costs (as a percent) | 3.48% | 4.50% | 4.20% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 3.70% | 4.21% | 4.50% | ||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | ||||
Bank | International | Other post-retirement defined benefit plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | SFr 11 | ||||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.20% |
Pension and other post-retir148
Pension and other post-retirement benefits - PBO/ABO/Fair value (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | SFr 15,885 | SFr 15,885 | SFr 16,088 |
ABO | 14,841 | 14,962 | |
Switzerland | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
Switzerland | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | 3,390 | 3,337 | 3,366 |
ABO | 3,351 | 3,281 | |
International | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,464 | 1,426 | |
ABO | 1,433 | 1,391 | |
Fair value of plan assets | 1,104 | 1,095 | |
International | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,447 | 1,407 | |
ABO | 1,420 | 1,378 | |
Fair value of plan assets | 1,088 | 1,079 | |
International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
PBO | 173 | 184 | 180 |
ABO | 173 | 184 | |
Bank | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | 3,390 | 3,337 | 3,366 |
ABO | 3,351 | 3,281 | |
Bank | International | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,464 | 1,426 | |
ABO | 1,433 | 1,391 | |
Fair value of plan assets | 1,104 | 1,095 | |
Bank | International | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,447 | 1,407 | |
ABO | 1,420 | 1,378 | |
Fair value of plan assets | 1,088 | 1,079 | |
Bank | International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
PBO | 173 | 184 | SFr 180 |
ABO | SFr 173 | SFr 184 |
Pension and other post-retir149
Pension and other post-retirement benefits - Plan assets measured at fair value (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined benefit plan, Disclosure | |||
Plan assets at fair value, measured at net asset value per share | SFr 2,908 | SFr 3,449 | |
Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 21,084 | 19,951 | |
Plan assets at fair value, measured at net asset value per share | 4,425 | 4,384 | |
Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 16,996 | 15,951 | SFr 15,602 |
Plan assets at fair value, measured at net asset value per share | 3,805 | 3,649 | |
International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,088 | 4,000 | 3,712 |
Plan assets at fair value, measured at net asset value per share | 620 | 735 | |
International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | 0 |
Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 13,664 | 12,364 | |
Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 11,548 | 10,695 | |
Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,116 | 1,669 | |
Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,701 | 1,992 | |
Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 349 | 403 | |
Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,352 | 1,589 | |
Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,294 | 1,211 | 1,157 |
Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,294 | 1,204 | 1,156 |
Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 7 | 1 |
Group debt securities | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 54 | ||
Group equity securities and options | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 118 | 90 | |
Group equity securities and options | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 6,790 | 6,011 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Impact of exchange-traded futures not carried at fair value | |||
Plan Assets not carried at fair value | (1,329) | (194) | |
Group equity securities and options | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 216 | 609 | |
Plan assets at fair value, measured at net asset value per share | 147 | 226 | |
Group equity securities and options | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 6,780 | 6,011 | |
Group equity securities and options | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 55 | 240 | |
Group equity securities and options | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 10 | 0 | |
Group equity securities and options | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 14 | 143 | |
Group equity securities and options | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Group equity securities and options | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 384 | 440 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Impact of exchange-traded futures not carried at fair value | |||
Plan Assets not carried at fair value | 1,405 | 194 | |
Cash and cash equivalents | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 203 | 219 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Cash and cash equivalents | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 384 | 440 | |
Cash and cash equivalents | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 70 | 49 | |
Cash and cash equivalents | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 133 | 170 | |
Cash and cash equivalents | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Debt securities | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,248 | 4,372 | |
Plan assets at fair value, measured at net asset value per share | 742 | 748 | |
Impact of exchange-traded futures not carried at fair value | |||
Plan Assets not carried at fair value | (76) | ||
Debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,441 | 2,526 | |
Plan assets at fair value, measured at net asset value per share | 370 | 274 | |
Debt securities | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,144 | 3,186 | |
Debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,991 | 1,380 | |
Debt securities | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 325 | 438 | |
Debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,080 | 865 | |
Debt securities | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 37 | 0 | |
Debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 7 | |
Government debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,631 | 1,016 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Government debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,622 | 1,009 | |
Government debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 9 | 7 | |
Government debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Corporate debt securities | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,248 | 4,372 | |
Plan assets at fair value, measured at net asset value per share | 742 | 748 | |
Corporate debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,810 | 1,510 | |
Plan assets at fair value, measured at net asset value per share | 370 | 274 | |
Corporate debt securities | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,144 | 3,186 | |
Corporate debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 369 | 371 | |
Corporate debt securities | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 325 | 438 | |
Corporate debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,071 | 858 | |
Corporate debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 37 | 7 | 1 |
Corporate debt securities | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 37 | 0 | |
Corporate debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 7 | |
Real estate | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,984 | 1,933 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Real estate | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 727 | 729 | |
Real estate | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,257 | 1,204 | 1,156 |
Real estate | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,257 | 1,204 | |
Real estate - direct | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,244 | 1,204 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Real estate - direct | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - direct | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - direct | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,244 | 1,204 | 1,156 |
Real estate - direct | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,244 | 1,204 | |
Real estate - indirect | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 740 | 729 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Real estate - indirect | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 27 | 58 | |
Plan assets at fair value, measured at net asset value per share | 27 | 58 | |
Real estate - indirect | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 727 | 729 | |
Real estate - indirect | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 13 | 0 | |
Real estate - indirect | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 13 | 0 | |
Real estate - indirect | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,590 | 3,195 | |
Plan assets at fair value, measured at net asset value per share | 3,063 | 2,901 | |
Alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 109 | 498 | |
Plan assets at fair value, measured at net asset value per share | 76 | 177 | |
Alternative investments | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 513 | 329 | |
Alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 14 | (35) | |
Alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 321 | |
Alternative investments | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,313 | 1,107 | |
Plan assets at fair value, measured at net asset value per share | 1,313 | 1,107 | |
Private equity - alternative investments | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,445 | 1,293 | |
Plan assets at fair value, measured at net asset value per share | 1,292 | 1,293 | |
Hedge funds | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 76 | 177 | |
Plan assets at fair value, measured at net asset value per share | 76 | 177 | |
Hedge funds | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 153 | 0 | |
Hedge funds | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 832 | 795 | |
Plan assets at fair value, measured at net asset value per share | 458 | 501 | |
Other alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 321 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Other alternative investments | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 360 | 329 | |
Other alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 14 | (35) | |
Other alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 321 | |
Other alternative investments | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 92 | 90 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Other investments, plan assets | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 92 | 90 | |
Other investments, plan assets | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value, measured at net asset value per share | 2,899 | 3,441 | |
Bank | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,088 | 4,000 | 3,712 |
Plan assets at fair value, measured at net asset value per share | 620 | 735 | |
Bank | International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | 0 |
Bank | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,116 | 1,669 | |
Bank | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,352 | 1,589 | |
Bank | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 7 | 1 |
Bank | Group equity securities and options | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 216 | 609 | |
Plan assets at fair value, measured at net asset value per share | 147 | 226 | |
Bank | Group equity securities and options | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 55 | 240 | |
Bank | Group equity securities and options | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 14 | 143 | |
Bank | Group equity securities and options | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Cash and cash equivalents | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 203 | 219 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Cash and cash equivalents | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 70 | 49 | |
Bank | Cash and cash equivalents | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 133 | 170 | |
Bank | Cash and cash equivalents | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,441 | 2,526 | |
Plan assets at fair value, measured at net asset value per share | 370 | 274 | |
Bank | Debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,991 | 1,380 | |
Bank | Debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,080 | 865 | |
Bank | Debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 7 | |
Bank | Government debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,631 | 1,016 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Government debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,622 | 1,009 | |
Bank | Government debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 9 | 7 | |
Bank | Government debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Corporate debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,810 | 1,510 | |
Plan assets at fair value, measured at net asset value per share | 370 | 274 | |
Bank | Corporate debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 369 | 371 | |
Bank | Corporate debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,071 | 858 | |
Bank | Corporate debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 7 | SFr 1 |
Bank | Real estate - indirect | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 27 | 58 | |
Plan assets at fair value, measured at net asset value per share | 27 | 58 | |
Bank | Real estate - indirect | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Real estate - indirect | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Real estate - indirect | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 109 | 498 | |
Plan assets at fair value, measured at net asset value per share | 76 | 177 | |
Bank | Alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 321 | |
Bank | Alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Hedge funds | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 76 | 177 | |
Plan assets at fair value, measured at net asset value per share | 76 | 177 | |
Bank | Hedge funds | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Hedge funds | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Hedge funds | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 321 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Other alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 321 | |
Bank | Other alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other investments, plan assets | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 92 | 90 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Other investments, plan assets | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other investments, plan assets | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 92 | 90 | |
Bank | Other investments, plan assets | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 0 | SFr 0 |
Pension and other post-retir150
Pension and other post-retirement benefits - Plan assets measured at fair value roll-forward (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | SFr 90 | |
End of the measurement period | 118 | SFr 90 |
Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 19,951 | |
End of the measurement period | 21,084 | 19,951 |
Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,211 | 1,157 |
Transfers In | 48 | 6 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 43 | 48 |
On assets sold during the period | 1 | 0 |
Purchases, sales, settlements | (9) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,294 | 1,211 |
Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 7 | 1 |
Transfers In | 35 | 6 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 1 | 0 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | (6) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 37 | 7 |
Defined benefit pension plans | Level 3 | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,204 | 1,156 |
Transfers In | 13 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 42 | 48 |
On assets sold during the period | 1 | 0 |
Purchases, sales, settlements | (3) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,257 | 1,204 |
Defined benefit pension plans | Level 3 | Real estate - direct | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,204 | 1,156 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 42 | 48 |
On assets sold during the period | 1 | 0 |
Purchases, sales, settlements | (3) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,244 | 1,204 |
Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
Transfers In | 13 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 13 | 0 |
Switzerland | Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 15,951 | 15,602 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 16,996 | 15,951 |
Switzerland | Defined benefit pension plans | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,372 | |
End of the measurement period | 4,248 | 4,372 |
Switzerland | Defined benefit pension plans | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,372 | |
End of the measurement period | 4,248 | 4,372 |
Switzerland | Defined benefit pension plans | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 6,011 | |
End of the measurement period | 6,790 | 6,011 |
Switzerland | Defined benefit pension plans | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,933 | |
End of the measurement period | 1,984 | 1,933 |
Switzerland | Defined benefit pension plans | Real estate - direct | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,204 | |
End of the measurement period | 1,244 | 1,204 |
Switzerland | Defined benefit pension plans | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 729 | |
End of the measurement period | 740 | 729 |
Switzerland | Defined benefit pension plans | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 3,195 | |
End of the measurement period | 3,590 | 3,195 |
Switzerland | Defined benefit pension plans | Private equity - alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,107 | |
End of the measurement period | 1,313 | 1,107 |
Switzerland | Defined benefit pension plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,293 | |
End of the measurement period | 1,445 | 1,293 |
Switzerland | Defined benefit pension plans | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 795 | |
End of the measurement period | 832 | 795 |
Switzerland | Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,204 | 1,156 |
Transfers In | 48 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 43 | 48 |
On assets sold during the period | 1 | 0 |
Purchases, sales, settlements | (2) | 0 |
Exchange rate gains/(losses) on investments | 0 | 0 |
End of the measurement period | 1,294 | 1,204 |
Switzerland | Defined benefit pension plans | Level 3 | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 37 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 37 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,204 | |
End of the measurement period | 1,257 | 1,204 |
Switzerland | Defined benefit pension plans | Level 3 | Real estate - direct | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,204 | |
End of the measurement period | 1,244 | 1,204 |
Switzerland | Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 13 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Private equity - alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,000 | 3,712 |
Foreign currency translation impact | 97 | (340) |
End of the measurement period | 4,088 | 4,000 |
International | Defined benefit pension plans | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 2,526 | |
End of the measurement period | 3,441 | 2,526 |
International | Defined benefit pension plans | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,510 | |
End of the measurement period | 1,810 | 1,510 |
International | Defined benefit pension plans | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,016 | |
End of the measurement period | 1,631 | 1,016 |
International | Defined benefit pension plans | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 609 | |
End of the measurement period | 216 | 609 |
International | Defined benefit pension plans | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 58 | |
End of the measurement period | 27 | 58 |
International | Defined benefit pension plans | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 498 | |
End of the measurement period | 109 | 498 |
International | Defined benefit pension plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 177 | |
End of the measurement period | 76 | 177 |
International | Defined benefit pension plans | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 321 | |
End of the measurement period | 33 | 321 |
International | Defined benefit pension plans | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 90 | |
End of the measurement period | 92 | 90 |
International | Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 7 | 1 |
Transfers In | 0 | 6 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 0 | 0 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | (7) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 0 | 7 |
International | Defined benefit pension plans | Level 3 | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 7 | |
End of the measurement period | 0 | 7 |
International | Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 7 | |
End of the measurement period | 0 | 7 |
International | Defined benefit pension plans | Level 3 | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Other post-retirement defined benefit plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,000 | 3,712 |
Foreign currency translation impact | 97 | (340) |
End of the measurement period | 4,088 | 4,000 |
Bank | International | Defined benefit pension plans | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 2,526 | |
End of the measurement period | 3,441 | 2,526 |
Bank | International | Defined benefit pension plans | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,510 | |
End of the measurement period | 1,810 | 1,510 |
Bank | International | Defined benefit pension plans | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,016 | |
End of the measurement period | 1,631 | 1,016 |
Bank | International | Defined benefit pension plans | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 609 | |
End of the measurement period | 216 | 609 |
Bank | International | Defined benefit pension plans | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 58 | |
End of the measurement period | 27 | 58 |
Bank | International | Defined benefit pension plans | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 498 | |
End of the measurement period | 109 | 498 |
Bank | International | Defined benefit pension plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 177 | |
End of the measurement period | 76 | 177 |
Bank | International | Defined benefit pension plans | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 321 | |
End of the measurement period | 33 | 321 |
Bank | International | Defined benefit pension plans | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 90 | |
End of the measurement period | 92 | 90 |
Bank | International | Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 7 | 1 |
Transfers In | 0 | 6 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 0 | 0 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | (7) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 0 | 7 |
Bank | International | Defined benefit pension plans | Level 3 | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 7 | |
End of the measurement period | 0 | 7 |
Bank | International | Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 7 | 1 |
Transfers In | 0 | 6 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 0 | 0 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | (7) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 0 | 7 |
Bank | International | Defined benefit pension plans | Level 3 | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Other post-retirement defined benefit plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | SFr 0 | SFr 0 |
Pension and other post-retir151
Pension and other post-retirement benefits - Weighted-average assumptions (Details 5) - Defined benefit pension plans | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Switzerland | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Switzerland | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Switzerland | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.30% | 2.80% | |
Switzerland | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.00% | ||
Switzerland | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 25.00% | 27.40% | |
Switzerland | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 32.00% | ||
Switzerland | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 39.90% | 37.70% | |
Switzerland | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 30.00% | ||
Switzerland | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 11.70% | 12.10% | |
Switzerland | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.00% | ||
Switzerland | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 21.10% | 20.00% | |
Switzerland | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 18.00% | ||
Switzerland | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.00% | 0.00% | |
Switzerland | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.00% | ||
International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 5.00% | 5.50% | |
International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 84.00% | 63.20% | |
International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 89.00% | ||
International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 5.30% | 15.30% | |
International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 5.10% | ||
International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.70% | 1.40% | |
International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.60% | ||
International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.70% | 12.40% | |
International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.70% | ||
International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.30% | 2.20% | |
International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.30% | ||
Bank | International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Bank | International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Bank | International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 5.00% | 5.50% | |
Bank | International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
Bank | International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 84.00% | 63.20% | |
Bank | International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 89.00% | ||
Bank | International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 5.30% | 15.30% | |
Bank | International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 5.10% | ||
Bank | International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.70% | 1.40% | |
Bank | International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.60% | ||
Bank | International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.70% | 12.40% | |
Bank | International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.70% | ||
Bank | International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.30% | 2.20% | |
Bank | International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.30% |
Pension and other post-retir152
Pension and other post-retirement benefits - Estimated future benefit payments (Details 6) SFr in Millions | Dec. 31, 2017CHF (SFr) |
Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | SFr 1,195 |
Year two | 931 |
Year three | 922 |
Year four | 926 |
Year five | 896 |
For five years thereafter | 4,652 |
Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 11 |
Year three | 12 |
Year four | 12 |
Year five | 12 |
For five years thereafter | 55 |
Bank | International | Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | 92 |
Year two | 90 |
Year three | 102 |
Year four | 122 |
Year five | 104 |
For five years thereafter | 630 |
Bank | International | Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 11 |
Year three | 12 |
Year four | 12 |
Year five | 12 |
For five years thereafter | SFr 55 |
Pension and other post-retir153
Pension and other post-retirement benefits - Contributions (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | SFr 165 | SFr 161 | SFr 157 |
Bank | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | 156 | 160 | 156 |
Contributions made by the Entity to the group defined benefit plan | SFr 379 | SFr 438 | SFr 404 |
Pension and other post-retir154
Pension and other post-retirement benefits - Mortality tables and life expectancies (Details 9) - year | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined benefit plan, Disclosure | ||
Assumptions pertaining to mortality tables | The BVG 2015 tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.25% per annum. 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included proposed CMI projections in 2016 and final CMI projections in 2017, with a long-term rate of improvement of 1.5% per annum. | |
Number of years in which mortality tables are reviewed | 5 years | |
BVG 2015 [Member] | ||
Defined benefit plan, Disclosure | ||
Continuous Mortality Investigation (CMI) model, long-term improvement rate | 1.25% | |
RP-2014 [Member] | ||
Defined benefit plan, Disclosure | ||
Continuous Mortality Investigation (CMI) model, long-term improvement rate | 1.50% | |
Switzerland | BVG 2015 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.6 | 21.2 |
Life expectancy rate at age 65, Female | 23.5 | 23 |
Switzerland | BVG 2015 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.1 | 22.4 |
Life expectancy rate at age 65, Female | 25.1 | 24.4 |
UK | SAPS S2 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.8 | 24 |
Life expectancy rate at age 65, Female | 24.8 | 25.1 |
UK | SAPS S2 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 25.4 | 25.5 |
Life expectancy rate at age 65, Female | 26.6 | 26.8 |
US | RP-2014 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.5 | 21.4 |
Life expectancy rate at age 65, Female | 23.3 | 23.3 |
US | RP-2014 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 22.7 | 22.6 |
Life expectancy rate at age 65, Female | 24.4 | 24.4 |
Bank | ||
Defined benefit plan, Disclosure | ||
Assumptions pertaining to mortality tables | 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included proposed CMI projections with a long-term rate of improvement of 1.5% per annum. | |
Bank | Switzerland | BVG 2015 [Member] | ||
Defined benefit plan, Disclosure | ||
Continuous Mortality Investigation (CMI) model, long-term improvement rate | 1.50% | |
Bank | UK | SAPS S2 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.8 | 24 |
Life expectancy rate at age 65, Female | 24.8 | 25.1 |
Bank | UK | SAPS S2 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 25.4 | 25.5 |
Life expectancy rate at age 65, Female | 26.6 | 26.8 |
Bank | US | RP-2014 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.5 | 21.4 |
Life expectancy rate at age 65, Female | 23.3 | 23.3 |
Bank | US | RP-2014 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 22.7 | 22.6 |
Life expectancy rate at age 65, Female | 24.4 | 24.4 |
Pension and other post-retir155
Pension and other post-retirement benefits - PBO Models/Approaches (Details 10) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Change in discount rate | ||
Defined benefit plan, Disclosure | ||
Defined Benefit Plan, Projected Benefit Obligation, Increase/(Decrease) | SFr (440) | |
Implementation of spot rate approach | ||
Defined benefit plan, Disclosure | ||
Defined Benefit Plan, Net Periodic Benefit Plan, Increase/(Decrease) | SFr (87) | |
Adoption of CMI model | ||
Defined benefit plan, Disclosure | ||
Defined Benefit Plan, Projected Benefit Obligation, Increase/(Decrease) | SFr 140 | |
Improvement in life expectancy methodology | ||
Defined benefit plan, Disclosure | ||
Defined Benefit Plan, Projected Benefit Obligation, Increase/(Decrease) | SFr 175 |
Derivatives and hedging acti156
Derivatives and hedging activities - Fair value - balance sheet related (Details) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value of derivative instruments | ||
Notional amount | SFr 28,767.5 | SFr 28,619.5 |
Positive replacement value (PRV) | 148.4 | 235.1 |
Negative replacement value (NRV) | SFr 151.9 | 239.2 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years | |
Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 28,705.3 | 28,556.2 |
Positive replacement value (PRV) | 148.2 | 234 |
Negative replacement value (NRV) | 151.5 | 238.2 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 24,898.6 | 24,666.4 |
Positive replacement value (PRV) | 87 | 137.6 |
Negative replacement value (NRV) | 82.1 | 130 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 8,509.3 | 8,321.9 |
Positive replacement value (PRV) | 1.2 | 3.3 |
Negative replacement value (NRV) | 1.2 | 3.2 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 13,047.8 | 13,190 |
Positive replacement value (PRV) | 60.4 | 91 |
Negative replacement value (NRV) | 56.6 | 85.5 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2,374.5 | 2,164.4 |
Positive replacement value (PRV) | 25.2 | 43.1 |
Negative replacement value (NRV) | 24 | 41.1 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 547.8 | 522.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 419.2 | 468 |
Positive replacement value (PRV) | 0.2 | 0.2 |
Negative replacement value (NRV) | 0.3 | 0.2 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 2,402.2 | 2,469.7 |
Positive replacement value (PRV) | 30.5 | 61.8 |
Negative replacement value (NRV) | 35.8 | 71.2 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,387.9 | 1,211.6 |
Positive replacement value (PRV) | 10.7 | 19.2 |
Negative replacement value (NRV) | 11.1 | 20.8 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 581.1 | 819.4 |
Positive replacement value (PRV) | 15.2 | 34.5 |
Negative replacement value (NRV) | 19.9 | 42 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 414.8 | 416.8 |
Positive replacement value (PRV) | 4.6 | 8.1 |
Negative replacement value (NRV) | 4.8 | 8.4 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 13 | 17.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 5.4 | 4.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 524.9 | 558.7 |
Positive replacement value (PRV) | 7.7 | 8.1 |
Negative replacement value (NRV) | 8.9 | 9.2 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 826.9 | 796.2 |
Positive replacement value (PRV) | 21.4 | 24 |
Negative replacement value (NRV) | 23.2 | 25.8 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0.9 | 1.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0 |
Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 198.7 | 191 |
Positive replacement value (PRV) | 3.8 | 4.7 |
Negative replacement value (NRV) | 4.9 | 5.3 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 221.3 | 206.5 |
Positive replacement value (PRV) | 8.3 | 7.7 |
Negative replacement value (NRV) | 7.9 | 7.4 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 32.8 | 41.5 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 373.2 | 355.9 |
Positive replacement value (PRV) | 9.3 | 11.6 |
Negative replacement value (NRV) | 10.3 | 13.1 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 52.7 | 65.2 |
Positive replacement value (PRV) | 1.6 | 2.5 |
Negative replacement value (NRV) | 1.5 | 2 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 7 | 7.2 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 17.9 | 20.1 |
Positive replacement value (PRV) | 1.5 | 2 |
Negative replacement value (NRV) | 1.4 | 1.4 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 10.1 | 20.2 |
Positive replacement value (PRV) | 0.1 | 0.4 |
Negative replacement value (NRV) | 0 | 0.3 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 15.6 | 14.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 2.1 | 3.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0.1 |
Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 62.2 | 63.3 |
Positive replacement value (PRV) | 0.2 | 1.1 |
Negative replacement value (NRV) | 0.4 | 1 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 46.8 | 47.5 |
Positive replacement value (PRV) | 0.2 | 1 |
Negative replacement value (NRV) | 0.2 | 1 |
Designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 46.8 | 47.5 |
Positive replacement value (PRV) | 0.2 | 1 |
Negative replacement value (NRV) | 0.2 | 1 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 15.4 | 15.8 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 13.3 | 11 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2.1 | 4.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | ||
Fair value of derivative instruments | ||
Notional amount | 28,769.4 | 28,621.2 |
Positive replacement value (PRV) | 148.7 | 235.1 |
Negative replacement value (NRV) | SFr 152.2 | 239.4 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years | |
Bank | Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 28,707.2 | 28,557.9 |
Positive replacement value (PRV) | 148.5 | 234 |
Negative replacement value (NRV) | 151.8 | 238.4 |
Bank | Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 24,899.6 | 24,667.4 |
Positive replacement value (PRV) | 87 | 137.6 |
Negative replacement value (NRV) | 81.8 | 130 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 8,509.3 | 8,321.9 |
Positive replacement value (PRV) | 1.2 | 3.3 |
Negative replacement value (NRV) | 1.2 | 3.2 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 13,048.8 | 13,191 |
Positive replacement value (PRV) | 60.4 | 91 |
Negative replacement value (NRV) | 56.3 | 85.5 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2,374.5 | 2,164.4 |
Positive replacement value (PRV) | 25.2 | 43.1 |
Negative replacement value (NRV) | 24 | 41.1 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 547.8 | 522.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 419.2 | 468 |
Positive replacement value (PRV) | 0.2 | 0.2 |
Negative replacement value (NRV) | 0.3 | 0.2 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 2,402.2 | 2,469.7 |
Positive replacement value (PRV) | 30.5 | 61.8 |
Negative replacement value (NRV) | 35.8 | 71.2 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,387.9 | 1,211.6 |
Positive replacement value (PRV) | 10.7 | 19.2 |
Negative replacement value (NRV) | 11.1 | 20.8 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 581.1 | 819.4 |
Positive replacement value (PRV) | 15.2 | 34.5 |
Negative replacement value (NRV) | 19.9 | 42 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 414.8 | 416.8 |
Positive replacement value (PRV) | 4.6 | 8.1 |
Negative replacement value (NRV) | 4.8 | 8.4 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 13 | 17.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 5.4 | 4.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 524.9 | 558.7 |
Positive replacement value (PRV) | 7.7 | 8.1 |
Negative replacement value (NRV) | 8.9 | 9.2 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 827.8 | 796.9 |
Positive replacement value (PRV) | 21.7 | 24 |
Negative replacement value (NRV) | 23.8 | 26 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0.9 | 1.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 199.1 | 191.3 |
Positive replacement value (PRV) | 3.8 | 4.7 |
Negative replacement value (NRV) | 4.9 | 5.3 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 221.8 | 206.9 |
Positive replacement value (PRV) | 8.6 | 7.7 |
Negative replacement value (NRV) | 8.5 | 7.6 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 32.8 | 41.5 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 373.2 | 355.9 |
Positive replacement value (PRV) | 9.3 | 11.6 |
Negative replacement value (NRV) | 10.3 | 13.1 |
Bank | Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 52.7 | 65.2 |
Positive replacement value (PRV) | 1.6 | 2.5 |
Negative replacement value (NRV) | 1.5 | 2 |
Bank | Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 7 | 7.2 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Bank | Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 17.9 | 20.1 |
Positive replacement value (PRV) | 1.5 | 2 |
Negative replacement value (NRV) | 1.4 | 1.4 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 10.1 | 20.2 |
Positive replacement value (PRV) | 0.1 | 0.4 |
Negative replacement value (NRV) | 0 | 0.3 |
Bank | Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 15.6 | 14.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 2.1 | 3.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0.1 |
Bank | Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 62.2 | 63.3 |
Positive replacement value (PRV) | 0.2 | 1.1 |
Negative replacement value (NRV) | 0.4 | 1 |
Bank | Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 46.8 | 47.5 |
Positive replacement value (PRV) | 0.2 | 1 |
Negative replacement value (NRV) | 0.2 | 1 |
Bank | Designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 46.8 | 47.5 |
Positive replacement value (PRV) | 0.2 | 1 |
Negative replacement value (NRV) | 0.2 | 1 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 15.4 | 15.8 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 13.3 | 11 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2.1 | 4.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | SFr 0 | SFr 0 |
Derivatives and hedging acti157
Derivatives and hedging activities - Movements (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | SFr (285) | SFr (116) | SFr (117) |
Gains/(losses) recognized in income on hedged items | 290 | 111 | 101 |
Net gains/(losses) on the ineffective portion | 5 | (5) | (16) |
Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (285) | (116) | (117) |
Gains/(losses) recognized in income on hedged items | 290 | 111 | 101 |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | (1) | (1) | (12) |
Gains/(losses) recognized in AOCI on derivatives | (86) | (14) | (11) |
Gains/(losses) reclassified from AOCI into income | (35) | 13 | (24) |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | (39) | ||
Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (56) | (5) | 21 |
Gains/(losses) reclassified from AOCI into income | (11) | 29 | 37 |
Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (30) | (9) | (32) |
Gains/(losses) reclassified from AOCI into income | (24) | (16) | (61) |
Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (475) | (536) | 440 |
Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (475) | (536) | 440 |
Bank | Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (285) | (116) | (117) |
Gains/(losses) recognized in income on hedged items | 290 | 111 | 101 |
Net gains/(losses) on the ineffective portion | 5 | (5) | (16) |
Bank | Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (285) | (116) | (117) |
Gains/(losses) recognized in income on hedged items | 290 | 111 | 101 |
Bank | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | (1) | (1) | (12) |
Gains/(losses) recognized in AOCI on derivatives | (87) | (8) | 4 |
Gains/(losses) reclassified from AOCI into income | (28) | 22 | (16) |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | (32) | ||
Bank | Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (56) | (5) | 21 |
Gains/(losses) reclassified from AOCI into income | (11) | 29 | 37 |
Bank | Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (31) | (3) | (17) |
Gains/(losses) reclassified from AOCI into income | (17) | (7) | (53) |
Bank | Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (475) | (537) | 443 |
Bank | Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | SFr (475) | SFr (537) | SFr 443 |
Derivatives and hedging acti158
Derivatives and hedging activities - Contingent credit risk (Details 3) - CHF (SFr) SFr in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Contingent credit risk | ||
Current net exposure | SFr 6.7 | SFr 11.8 |
Collateral posted | 4.5 | 9.7 |
Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.4 | 0.5 |
Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1.6 | 2.2 |
Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 2.1 | 2.9 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 5.4 | 10.5 |
Collateral posted | 4.4 | 9.5 |
Bilateral counterparties | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.3 |
Bilateral counterparties | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.9 | 1.3 |
Bilateral counterparties | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1 | 1.5 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.1 | 0.2 |
Collateral posted | 0.1 | 0.2 |
Special purpose entities | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0.2 |
Special purpose entities | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.4 |
Special purpose entities | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.4 | 0.7 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 1.2 | 1.1 |
Accelerated terminations | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0 |
Accelerated terminations | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.5 | 0.5 |
Accelerated terminations | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.7 | 0.7 |
Bank | ||
Contingent credit risk | ||
Current net exposure | 6.7 | 11.8 |
Collateral posted | 4.5 | 9.7 |
Bank | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.4 | 0.5 |
Bank | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1.6 | 2.2 |
Bank | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 2.1 | 2.9 |
Bank | Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 5.4 | 10.5 |
Collateral posted | 4.4 | 9.5 |
Bank | Bilateral counterparties | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.3 |
Bank | Bilateral counterparties | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.9 | 1.3 |
Bank | Bilateral counterparties | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1 | 1.5 |
Bank | Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.1 | 0.2 |
Collateral posted | 0.1 | 0.2 |
Bank | Special purpose entities | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0.2 |
Bank | Special purpose entities | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.4 |
Bank | Special purpose entities | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.4 | 0.7 |
Bank | Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 1.2 | 1.1 |
Bank | Accelerated terminations | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0 |
Bank | Accelerated terminations | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.5 | 0.5 |
Bank | Accelerated terminations | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | SFr 0.7 | SFr 0.7 |
Derivatives and hedging acti159
Derivatives and hedging activities - Credit protection sold/purchased (Details 4) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Credit protection sold/purchased | ||
Credit protection sold | SFr (213.9) | SFr (238.6) |
Credit protection purchased | 203.6 | 228.9 |
Net credit protection (sold)/purchased | (10.3) | (9.7) |
Other protection purchased | 100.9 | 83.4 |
Fair value of credit protection sold | 3 | 0 |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (6.7) | (7.8) |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.8) | (51.7) |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (139.3) | (157.4) |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (21.8) | (29.5) |
Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (21.3) | (28) |
Credit protection purchased | 19.5 | 25.8 |
Net credit protection (sold)/purchased | (1.8) | (2.2) |
Other protection purchased | 6.5 | 7.2 |
Fair value of credit protection sold | 0.2 | (0.8) |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (192.6) | (210.6) |
Credit protection purchased | 184.1 | 203.1 |
Net credit protection (sold)/purchased | (8.5) | (7.5) |
Other protection purchased | 94.4 | 76.2 |
Fair value of credit protection sold | 2.8 | 0.8 |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (164.7) | (187.4) |
Credit protection purchased | 158.5 | 181.3 |
Net credit protection (sold)/purchased | (6.2) | (6.1) |
Other protection purchased | 74.6 | 55.5 |
Fair value of credit protection sold | 1.6 | 0.7 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (49.2) | (51.2) |
Credit protection purchased | 45.1 | 47.6 |
Net credit protection (sold)/purchased | (4.1) | (3.6) |
Other protection purchased | 26.3 | 27.9 |
Fair value of credit protection sold | 1.4 | (0.7) |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (85.8) | (102.7) |
Credit protection purchased | 79.3 | 95.5 |
Net credit protection (sold)/purchased | (6.5) | (7.2) |
Other protection purchased | 29.6 | 32.4 |
Fair value of credit protection sold | 1.4 | (0.3) |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (21.6) | (24.2) |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (59.4) | (72.7) |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (4.8) | (5.8) |
Single-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (21) | (27.7) |
Credit protection purchased | 19.2 | 25.6 |
Net credit protection (sold)/purchased | (1.8) | (2.1) |
Other protection purchased | 6.2 | 6.5 |
Fair value of credit protection sold | 0.2 | (0.9) |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (64.8) | (75) |
Credit protection purchased | 60.1 | 69.9 |
Net credit protection (sold)/purchased | (4.7) | (5.1) |
Other protection purchased | 23.4 | 25.9 |
Fair value of credit protection sold | 1.2 | 0.6 |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (57.6) | (72.4) |
Credit protection purchased | 53.8 | 67.4 |
Net credit protection (sold)/purchased | (3.8) | (5) |
Other protection purchased | 15.3 | 14.3 |
Fair value of credit protection sold | 0.9 | 0.7 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (28.2) | (30.3) |
Credit protection purchased | 25.5 | 28.1 |
Net credit protection (sold)/purchased | (2.7) | (2.2) |
Other protection purchased | 14.3 | 18.1 |
Fair value of credit protection sold | 0.5 | (1) |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (128.1) | (135.9) |
Credit protection purchased | 124.3 | 133.4 |
Net credit protection (sold)/purchased | (3.8) | (2.5) |
Other protection purchased | 71.3 | 51 |
Fair value of credit protection sold | 1.6 | 0.3 |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (31.2) | (27.5) |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (79.9) | (84.7) |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (17) | (23.7) |
Multi-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (0.3) | (0.3) |
Credit protection purchased | 0.3 | 0.2 |
Net credit protection (sold)/purchased | 0 | (0.1) |
Other protection purchased | 0.3 | 0.7 |
Fair value of credit protection sold | 0 | 0.1 |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (127.8) | (135.6) |
Credit protection purchased | 124 | 133.2 |
Net credit protection (sold)/purchased | (3.8) | (2.4) |
Other protection purchased | 71 | 50.3 |
Fair value of credit protection sold | 1.6 | 0.2 |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (107.1) | (115) |
Credit protection purchased | 104.7 | 113.9 |
Net credit protection (sold)/purchased | (2.4) | (1.1) |
Other protection purchased | 59.3 | 41.2 |
Fair value of credit protection sold | 0.7 | 0 |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (21) | (20.9) |
Credit protection purchased | 19.6 | 19.5 |
Net credit protection (sold)/purchased | (1.4) | (1.4) |
Other protection purchased | 12 | 9.8 |
Fair value of credit protection sold | 0.9 | 0.3 |
Bank | ||
Credit protection sold/purchased | ||
Credit protection sold | (213.9) | (238.6) |
Credit protection purchased | 203.6 | 228.9 |
Net credit protection (sold)/purchased | (10.3) | (9.7) |
Other protection purchased | 100.9 | 83.4 |
Fair value of credit protection sold | 3 | 0 |
Bank | Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (6.7) | (7.8) |
Bank | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.8) | (51.7) |
Bank | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (139.3) | (157.4) |
Bank | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (21.8) | (29.5) |
Bank | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (21.3) | (28) |
Credit protection purchased | 19.5 | 25.8 |
Net credit protection (sold)/purchased | (1.8) | (2.2) |
Other protection purchased | 6.5 | 7.2 |
Fair value of credit protection sold | 0.2 | (0.8) |
Bank | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (192.6) | (210.6) |
Credit protection purchased | 184.1 | 203.1 |
Net credit protection (sold)/purchased | (8.5) | (7.5) |
Other protection purchased | 94.4 | 76.2 |
Fair value of credit protection sold | 2.8 | 0.8 |
Bank | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (164.7) | (187.4) |
Credit protection purchased | 158.5 | 181.3 |
Net credit protection (sold)/purchased | (6.2) | (6.1) |
Other protection purchased | 74.6 | 55.5 |
Fair value of credit protection sold | 1.6 | 0.7 |
Bank | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (49.2) | (51.2) |
Credit protection purchased | 45.1 | 47.6 |
Net credit protection (sold)/purchased | (4.1) | (3.6) |
Other protection purchased | 26.3 | 27.9 |
Fair value of credit protection sold | 1.4 | (0.7) |
Bank | Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (85.8) | (102.7) |
Credit protection purchased | 79.3 | 95.5 |
Net credit protection (sold)/purchased | (6.5) | (7.2) |
Other protection purchased | 29.6 | 32.4 |
Fair value of credit protection sold | 1.4 | (0.3) |
Bank | Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (21.6) | (24.2) |
Bank | Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (59.4) | (72.7) |
Bank | Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (4.8) | (5.8) |
Bank | Single-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (21) | (27.7) |
Credit protection purchased | 19.2 | 25.6 |
Net credit protection (sold)/purchased | (1.8) | (2.1) |
Other protection purchased | 6.2 | 6.5 |
Fair value of credit protection sold | 0.2 | (0.9) |
Bank | Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (64.8) | (75) |
Credit protection purchased | 60.1 | 69.9 |
Net credit protection (sold)/purchased | (4.7) | (5.1) |
Other protection purchased | 23.4 | 25.9 |
Fair value of credit protection sold | 1.2 | 0.6 |
Bank | Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (57.6) | (72.4) |
Credit protection purchased | 53.8 | 67.4 |
Net credit protection (sold)/purchased | (3.8) | (5) |
Other protection purchased | 15.3 | 14.3 |
Fair value of credit protection sold | 0.9 | 0.7 |
Bank | Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (28.2) | (30.3) |
Credit protection purchased | 25.5 | 28.1 |
Net credit protection (sold)/purchased | (2.7) | (2.2) |
Other protection purchased | 14.3 | 18.1 |
Fair value of credit protection sold | 0.5 | (1) |
Bank | Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (128.1) | (135.9) |
Credit protection purchased | 124.3 | 133.4 |
Net credit protection (sold)/purchased | (3.8) | (2.5) |
Other protection purchased | 71.3 | 51 |
Fair value of credit protection sold | 1.6 | 0.3 |
Bank | Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (31.2) | (27.5) |
Bank | Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (79.9) | (84.7) |
Bank | Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (17) | (23.7) |
Bank | Multi-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (0.3) | (0.3) |
Credit protection purchased | 0.3 | 0.2 |
Net credit protection (sold)/purchased | 0 | (0.1) |
Other protection purchased | 0.3 | 0.7 |
Fair value of credit protection sold | 0 | 0.1 |
Bank | Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (127.8) | (135.6) |
Credit protection purchased | 124 | 133.2 |
Net credit protection (sold)/purchased | (3.8) | (2.4) |
Other protection purchased | 71 | 50.3 |
Fair value of credit protection sold | 1.6 | 0.2 |
Bank | Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (107.1) | (115) |
Credit protection purchased | 104.7 | 113.9 |
Net credit protection (sold)/purchased | (2.4) | (1.1) |
Other protection purchased | 59.3 | 41.2 |
Fair value of credit protection sold | 0.7 | 0 |
Bank | Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (21) | (20.9) |
Credit protection purchased | 19.6 | 19.5 |
Net credit protection (sold)/purchased | (1.4) | (1.4) |
Other protection purchased | 12 | 9.8 |
Fair value of credit protection sold | SFr 0.9 | SFr 0.3 |
Derivatives and hedging acti160
Derivatives and hedging activities - Credit derivatives (Details 5) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Credit Derivatives [Line Items] | ||
Credit protection sold | SFr 213.9 | SFr 238.6 |
Credit protection purchased | 203.6 | 228.9 |
Other protection purchased | 100.9 | 83.4 |
Other instruments | 6.5 | 7.8 |
Total credit derivatives | 524.9 | 558.7 |
Bank | ||
Credit Derivatives [Line Items] | ||
Credit protection sold | 213.9 | 238.6 |
Credit protection purchased | 203.6 | 228.9 |
Other protection purchased | 100.9 | 83.4 |
Other instruments | 6.5 | 7.8 |
Total credit derivatives | SFr 524.9 | SFr 558.7 |
Guarantees and commitments - Gu
Guarantees and commitments - Guarantees maturity (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Guarantees | ||
Maturity less than 1 year | SFr 26,729 | SFr 26,395 |
Maturity between 1 to 3 years | 10,025 | 6,336 |
Maturity between 3 to 5 years | 2,792 | 4,577 |
Maturity greater than 5 years | 1,865 | 2,206 |
Total gross amount | 41,411 | 39,514 |
Total net amount | 40,230 | 38,300 |
Carrying value | 506 | 817 |
Collateral received | 8,448 | 8,801 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 1,817 | 1,962 |
Maturity between 1 to 3 years | 520 | 500 |
Maturity between 3 to 5 years | 314 | 262 |
Maturity greater than 5 years | 435 | 409 |
Total gross amount | 3,086 | 3,133 |
Total net amount | 2,837 | 2,913 |
Carrying value | 12 | 13 |
Collateral received | 1,603 | 2,043 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,931 | 5,109 |
Maturity between 1 to 3 years | 1,639 | 1,571 |
Maturity between 3 to 5 years | 373 | 194 |
Maturity greater than 5 years | 200 | 240 |
Total gross amount | 7,143 | 7,114 |
Total net amount | 6,216 | 6,124 |
Carrying value | 44 | 76 |
Collateral received | 3,012 | 3,090 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 15,520 | 15,864 |
Maturity between 1 to 3 years | 6,860 | 3,377 |
Maturity between 3 to 5 years | 1,397 | 3,590 |
Maturity greater than 5 years | 727 | 976 |
Total gross amount | 24,504 | 23,807 |
Total net amount | 24,504 | 23,807 |
Carrying value | 403 | 684 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 4,461 | 3,460 |
Maturity between 1 to 3 years | 1,006 | 888 |
Maturity between 3 to 5 years | 708 | 531 |
Maturity greater than 5 years | 503 | 581 |
Total gross amount | 6,678 | 5,460 |
Total net amount | 6,673 | 5,456 |
Carrying value | 47 | 44 |
Collateral received | 3,833 | 3,668 |
Bank | ||
Guarantees | ||
Maturity less than 1 year | 26,732 | 26,395 |
Maturity between 1 to 3 years | 10,025 | 6,337 |
Maturity between 3 to 5 years | 2,792 | 4,611 |
Maturity greater than 5 years | 1,865 | 2,200 |
Total gross amount | 41,414 | 39,543 |
Total net amount | 40,233 | 38,329 |
Carrying value | 506 | 817 |
Collateral received | 8,448 | 8,801 |
Bank | Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 1,820 | 1,962 |
Maturity between 1 to 3 years | 520 | 501 |
Maturity between 3 to 5 years | 314 | 262 |
Maturity greater than 5 years | 435 | 403 |
Total gross amount | 3,089 | 3,128 |
Total net amount | 2,840 | 2,908 |
Carrying value | 12 | 13 |
Collateral received | 1,603 | 2,043 |
Bank | Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,931 | 5,109 |
Maturity between 1 to 3 years | 1,639 | 1,571 |
Maturity between 3 to 5 years | 373 | 194 |
Maturity greater than 5 years | 200 | 240 |
Total gross amount | 7,143 | 7,114 |
Total net amount | 6,216 | 6,124 |
Carrying value | 44 | 76 |
Collateral received | 3,012 | 3,090 |
Bank | Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 15,520 | 15,864 |
Maturity between 1 to 3 years | 6,860 | 3,377 |
Maturity between 3 to 5 years | 1,397 | 3,590 |
Maturity greater than 5 years | 727 | 976 |
Total gross amount | 24,504 | 23,807 |
Total net amount | 24,504 | 23,807 |
Carrying value | 403 | 684 |
Bank | Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 4,461 | 3,460 |
Maturity between 1 to 3 years | 1,006 | 888 |
Maturity between 3 to 5 years | 708 | 565 |
Maturity greater than 5 years | 503 | 581 |
Total gross amount | 6,678 | 5,494 |
Total net amount | 6,673 | 5,490 |
Carrying value | 47 | 44 |
Collateral received | SFr 3,833 | SFr 3,668 |
Guarantees and commitments - Ot
Guarantees and commitments - Other guarantees (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Guarantees | ||
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 6 | |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 0.5 | |
Bank | ||
Guarantees | ||
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 6 | |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 0.5 |
Guarantees and commitments - Le
Guarantees and commitments - Lease commitments maturity (Details 5) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Lease commitments | |||
In one year | SFr 570 | ||
In two years | 541 | ||
In three years | 498 | ||
In four years | 388 | ||
In five years | 353 | ||
Thereafter | 2,884 | ||
Future operating lease commitments | 5,234 | ||
Less minimum non-cancellable sublease rentals | 216 | ||
Total net future minimum lease commitments | 5,018 | ||
Rental expense for operating leases | |||
Minimum rental expense | 575 | SFr 550 | SFr 558 |
Sublease rental income | (65) | (89) | (92) |
Total net expenses for operating leases | 510 | 461 | 466 |
Bank | |||
Lease commitments | |||
In one year | 504 | ||
In two years | 472 | ||
In three years | 429 | ||
In four years | 323 | ||
In five years | 295 | ||
Thereafter | 2,139 | ||
Future operating lease commitments | 4,162 | ||
Less minimum non-cancellable sublease rentals | 216 | ||
Total net future minimum lease commitments | 3,946 | ||
Rental expense for operating leases | |||
Minimum rental expense | 528 | 550 | 558 |
Sublease rental income | (65) | (89) | (92) |
Total net expenses for operating leases | SFr 463 | SFr 461 | SFr 466 |
Guarantees and commitments - Sa
Guarantees and commitments - Sale-leaseback transactions (Details 6) - Other transactions - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Date | During 2016, 2015 and 2014 | ||
Sale Leaseback Transaction, Description | own property | ||
Sale Leaseback Transaction, Lease Terms | The Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between one and five years, between two and ten years and between five and ten years, respectively. | ||
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | SFr 0 | SFr 30 | SFr 80 |
Bank | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Date | During 2015, 2014 and 2013 | ||
Sale Leaseback Transaction, Description | own property | ||
Sale Leaseback Transaction, Lease Terms | The Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of two years, between two and ten years and between five and ten years, respectively. | ||
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | SFr 0 | SFr 19 | SFr 67 |
Guarantees and commitments -165
Guarantees and commitments - Other commitments maturity (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other commitments | ||
Maturity less than 1 year | SFr 29,503 | SFr 35,309 |
Maturity between 1 to 3 years | 33,775 | 34,488 |
Maturity between 3 to 5 years | 40,437 | 44,598 |
Maturity greater than 5 years | 8,136 | 7,657 |
Total gross amount | 111,851 | 122,052 |
Total net amount | 106,629 | 118,018 |
Collateral received | 45,537 | 48,900 |
Unused revocable credit limits | 108,663 | 95,743 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 4,976 | 4,356 |
Maturity between 1 to 3 years | 113 | 0 |
Maturity between 3 to 5 years | 1 | 0 |
Maturity greater than 5 years | 1 | 0 |
Total gross amount | 5,091 | 4,356 |
Total net amount | 5,000 | 4,281 |
Collateral received | 3,218 | 2,748 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 24,296 | 30,382 |
Maturity between 1 to 3 years | 33,649 | 34,464 |
Maturity between 3 to 5 years | 40,425 | 44,523 |
Maturity greater than 5 years | 8,031 | 7,606 |
Total gross amount | 106,401 | 116,975 |
Total net amount | 101,270 | 113,016 |
Collateral received | 42,307 | 46,068 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 12 | 84 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 12 | 84 |
Total net amount | 12 | 84 |
Collateral received | 12 | 84 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 219 | 487 |
Maturity between 1 to 3 years | 13 | 24 |
Maturity between 3 to 5 years | 11 | 75 |
Maturity greater than 5 years | 104 | 51 |
Total gross amount | 347 | 637 |
Total net amount | 347 | 637 |
Collateral received | 0 | 0 |
Bank | ||
Other commitments | ||
Maturity less than 1 year | 29,503 | 35,308 |
Maturity between 1 to 3 years | 33,775 | 34,488 |
Maturity between 3 to 5 years | 40,437 | 44,598 |
Maturity greater than 5 years | 8,136 | 7,657 |
Total gross amount | 111,851 | 122,051 |
Total net amount | 106,629 | 118,017 |
Collateral received | 45,537 | 48,900 |
Unused revocable credit limits | 108,665 | 95,745 |
Bank | Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 4,976 | 4,356 |
Maturity between 1 to 3 years | 113 | 0 |
Maturity between 3 to 5 years | 1 | 0 |
Maturity greater than 5 years | 1 | 0 |
Total gross amount | 5,091 | 4,356 |
Total net amount | 5,000 | 4,281 |
Collateral received | 3,218 | 2,748 |
Bank | Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 24,296 | 30,382 |
Maturity between 1 to 3 years | 33,649 | 34,464 |
Maturity between 3 to 5 years | 40,425 | 44,523 |
Maturity greater than 5 years | 8,031 | 7,606 |
Total gross amount | 106,401 | 116,975 |
Total net amount | 101,270 | 113,016 |
Collateral received | 42,307 | 46,068 |
Bank | Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 12 | 84 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 12 | 84 |
Total net amount | 12 | 84 |
Collateral received | 12 | 84 |
Bank | Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 219 | 486 |
Maturity between 1 to 3 years | 13 | 24 |
Maturity between 3 to 5 years | 11 | 75 |
Maturity greater than 5 years | 104 | 51 |
Total gross amount | 347 | 636 |
Total net amount | 347 | 636 |
Collateral received | SFr 0 | SFr 0 |
Transfers of financial assets (
Transfers of financial assets (TFA) - Securitizations (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | SFr 37 | SFr (2) | SFr 1 |
Proceeds from transfer of assets | 6,604 | 3,954 | 9,813 |
Cash received on interests that continue to be held | 28 | 69 | 148 |
RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 0 | (4) | 5 |
Proceeds from transfer of assets | 14,817 | 9,866 | 20,062 |
Purchases of previously transferred financial assets or their underlying collateral | (2) | 0 | (1) |
Servicing fees | 3 | 2 | 3 |
Cash received on interests that continue to be held | 368 | 529 | 457 |
Other asset-backed financings | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 31 | 26 | 24 |
Proceeds from transfer of assets | 7,664 | 2,813 | 1,740 |
Servicing fees | 135 | 137 | 0 |
Cash received on interests that continue to be held | 4 | 2 | 3 |
Bank | CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 37 | (2) | 1 |
Proceeds from transfer of assets | 6,604 | 3,954 | 9,813 |
Cash received on interests that continue to be held | 28 | 69 | 148 |
Bank | RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 0 | (4) | 5 |
Proceeds from transfer of assets | 14,817 | 9,866 | 20,062 |
Purchases of previously transferred financial assets or their underlying collateral | (2) | 0 | (1) |
Servicing fees | 3 | 2 | 3 |
Cash received on interests that continue to be held | 368 | 529 | 457 |
Bank | Other asset-backed financings | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 31 | 26 | 24 |
Proceeds from transfer of assets | 7,664 | 2,813 | 1,740 |
Servicing fees | 135 | 137 | 0 |
Cash received on interests that continue to be held | SFr 4 | SFr 2 | SFr 3 |
TFA - Principal amounts outstan
TFA - Principal amounts outstanding / total assets - continuing involvement (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | SFr 19,918 | SFr 28,779 |
Total assets of SPE | 31,586 | 40,234 |
RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 35,645 | 38,319 |
Total assets of SPE | 36,770 | 39,680 |
Other asset-backed financings | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 20,916 | 19,777 |
Total assets of SPE | 39,330 | 36,049 |
Bank | CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 19,918 | 28,779 |
Total assets of SPE | 31,586 | 40,234 |
Bank | RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 35,645 | 38,319 |
Total assets of SPE | 36,770 | 39,680 |
Bank | Other asset-backed financings | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 20,916 | 19,777 |
Total assets of SPE | SFr 39,330 | SFr 36,049 |
TFA - Key economic assumptions
TFA - Key economic assumptions at time of transfer (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100.00% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans in the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans after the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Constant prepayment rate assumed using a 100% prepayment assumption (as a percent) | 6.00% | ||
CMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 445 | SFr 69 | SFr 1,512 |
Weighted-average life, in years | 10 years | 8 years 4 months 26 days | 8 years 2 months 14 days |
CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 2.40% | 2.40% | 1.70% |
Expected credit losses (rate per annum), in % (as a percent) | 0.60% | 0.00% | 0.70% |
CMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 9.00% | 4.90% | 7.20% |
Expected credit losses (rate per annum), in % (as a percent) | 3.40% | 0.00% | 5.90% |
CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 444 | SFr 69 | SFr 1,442 |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 1 | 0 | 70 |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,400 | SFr 2,068 | SFr 2,110 |
Weighted-average life, in years | 6 years | 7 years 2 months 13 days | 9 years |
RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 1.00% | 5.00% | 1.10% |
Cash flow discount rate (rate per annum), in % (as a percent) | 2.00% | 1.20% | 1.70% |
Expected credit losses (rate per annum), in % (as a percent) | 0.80% | 2.50% | 0.50% |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 22.90% | 33.00% | 30.10% |
Cash flow discount rate (rate per annum), in % (as a percent) | 29.50% | 24.40% | 33.70% |
Expected credit losses (rate per annum), in % (as a percent) | 6.30% | 11.20% | 15.90% |
RMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,221 | SFr 1,827 | SFr 1,695 |
RMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 179 | 241 | 415 |
Bank | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100.00% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans in the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans after the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Constant prepayment rate assumed using a 100% prepayment assumption (as a percent) | 6.00% | ||
Bank | CMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 445 | SFr 69 | SFr 1,512 |
Weighted-average life, in years | 10 years | 8 years 4 months 26 days | 8 years 2 months 14 days |
Bank | CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 2.40% | 2.40% | 1.70% |
Expected credit losses (rate per annum), in % (as a percent) | 0.60% | 0.00% | 0.70% |
Bank | CMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 9.00% | 4.90% | 7.20% |
Expected credit losses (rate per annum), in % (as a percent) | 3.40% | 0.00% | 5.90% |
Bank | CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 444 | SFr 69 | SFr 1,442 |
Bank | CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 1 | 0 | 70 |
Bank | RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,400 | SFr 2,068 | SFr 2,110 |
Weighted-average life, in years | 6 years | 7 years 2 months 13 days | 9 years |
Bank | RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 1.00% | 5.00% | 1.10% |
Cash flow discount rate (rate per annum), in % (as a percent) | 2.00% | 1.20% | 1.70% |
Expected credit losses (rate per annum), in % (as a percent) | 0.80% | 2.50% | 0.50% |
Bank | RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 22.90% | 33.00% | 30.10% |
Cash flow discount rate (rate per annum), in % (as a percent) | 29.50% | 24.40% | 33.70% |
Expected credit losses (rate per annum), in % (as a percent) | 6.30% | 11.20% | 15.90% |
Bank | RMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,221 | SFr 1,827 | SFr 1,695 |
Bank | RMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 179 | SFr 241 | SFr 415 |
TFA - Key economic assumptio169
TFA - Key economic assumptions at balance sheet date (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 579 | SFr 258 |
Weighted-average life, in years | 4 years 8 months 12 days | 7 years 2 months 13 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (8.8) | SFr (6) |
Impact on fair value from 20% adverse change in cash flow discount rate | (17) | (11.7) |
Impact on fair value from 10% adverse change in expected credit losses | (3.9) | (3.5) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (7.8) | SFr (6.9) |
CMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 2.70% | 2.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.60% | 0.70% |
CMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 12.30% | 28.80% |
Expected credit losses rate (rate per annum), in % (as a percent) | 6.30% | 28.00% |
CMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 100 | SFr 70 |
RMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 1,985 | SFr 1,851 |
Weighted-average life, in years | 8 years 1 month 5 days | 8 years 1 month 5 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (35) | SFr (28.7) |
Impact on fair value from 20% adverse change in prepayment speed | (68.1) | (55.9) |
Impact on fair value from 10% adverse change in cash flow discount rate | (49.2) | (48.1) |
Impact on fair value from 20% adverse change in cash flow discount rate | (95.3) | (93.5) |
Impact on fair value from 10% adverse change in expected credit losses | (23.6) | (27.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (46.1) | SFr (53.3) |
RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 1.00% | 2.00% |
Cash flow discount rate per annum, in % (as a percent) | 1.90% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.50% | 0.90% |
RMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 25.00% | 26.90% |
Cash flow discount rate per annum, in % (as a percent) | 30.60% | 47.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 28.20% | 44.90% |
RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 508 | SFr 523 |
Other asset-backed financings | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 665 | SFr 443 |
Weighted-average life, in years | 6 years 4 months 26 days | 5 years 7 months 7 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (12.4) | SFr (8.3) |
Impact on fair value from 20% adverse change in cash flow discount rate | (24.5) | (16.4) |
Impact on fair value from 10% adverse change in expected credit losses | (6.6) | (5.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (12.9) | SFr (10) |
Other asset-backed financings | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 1.00% | 0.80% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.70% | 0.90% |
Other asset-backed financings | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 11.70% | 21.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 10.20% | 21.20% |
Other asset-backed financings | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 50 | SFr 32 |
Bank | CMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 579 | SFr 258 |
Weighted-average life, in years | 4 years 8 months 12 days | 7 years 2 months 13 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (8.8) | SFr (6) |
Impact on fair value from 20% adverse change in cash flow discount rate | (17) | (11.7) |
Impact on fair value from 10% adverse change in expected credit losses | (3.9) | (3.5) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (7.8) | SFr (6.9) |
Bank | CMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 2.70% | 2.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.60% | 0.70% |
Bank | CMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 12.30% | 28.80% |
Expected credit losses rate (rate per annum), in % (as a percent) | 6.30% | 28.00% |
Bank | CMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 100 | SFr 70 |
Bank | RMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 1,985 | SFr 1,851 |
Weighted-average life, in years | 8 years 1 month 5 days | 8 years 1 month 5 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (35) | SFr (28.7) |
Impact on fair value from 20% adverse change in prepayment speed | (68.1) | (55.9) |
Impact on fair value from 10% adverse change in cash flow discount rate | (49.2) | (48.1) |
Impact on fair value from 20% adverse change in cash flow discount rate | (95.3) | (93.5) |
Impact on fair value from 10% adverse change in expected credit losses | (23.6) | (27.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (46.1) | SFr (53.3) |
Bank | RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 1.00% | 2.00% |
Cash flow discount rate per annum, in % (as a percent) | 1.90% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.50% | 0.90% |
Bank | RMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 25.00% | 26.90% |
Cash flow discount rate per annum, in % (as a percent) | 30.60% | 47.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 28.20% | 44.90% |
Bank | RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 508 | SFr 523 |
Bank | Other asset-backed financings | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 665 | SFr 443 |
Weighted-average life, in years | 6 years 4 months 26 days | 5 years 7 months 7 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (12.4) | SFr (8.3) |
Impact on fair value from 20% adverse change in cash flow discount rate | (24.5) | (16.4) |
Impact on fair value from 10% adverse change in expected credit losses | (6.6) | (5.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (12.9) | SFr (10) |
Bank | Other asset-backed financings | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 1.00% | 0.80% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.70% | 0.90% |
Bank | Other asset-backed financings | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 11.70% | 21.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 10.20% | 21.20% |
Bank | Other asset-backed financings | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 50 | SFr 32 |
TFA - Carrying amounts for sale
TFA - Carrying amounts for sale treatmen not achieved (Details 5) - Other asset-backed financings - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trading assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | SFr 347 | SFr 240 |
Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 48 | 12 |
Other liabilities | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Liability to SPE, transfer of financial interest, sale treatment not achieved | (395) | (252) |
Bank | Trading assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 347 | 240 |
Bank | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 48 | 12 |
Bank | Other liabilities | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Liability to SPE, transfer of financial interest, sale treatment not achieved | SFr (395) | SFr (252) |
TFA - Accounted for as sales -
TFA - Accounted for as sales - by transaction type (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | SFr 277 | |
Gross cash proceeds received for assets derecognized | 340 | |
Fair value of transferred assets | 374 | |
Gross derivative assets recorded | SFr 145,000 | 229,500 |
Gross derivative liabilities recorded | 146,700 | 232,800 |
Interest rate derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 85,900 | 137,400 |
Gross derivative liabilities recorded | 81,000 | 129,300 |
Foreign exchange derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 29,300 | 59,300 |
Gross derivative liabilities recorded | 34,800 | 69,300 |
Equity/index-related derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 20,900 | 22,700 |
Gross derivative liabilities recorded | 21,500 | 24,500 |
Credit derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 7,500 | 7,900 |
Gross derivative liabilities recorded | 8,500 | 8,500 |
Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 1,400 | 2,200 |
Gross derivative liabilities recorded | 900 | 1,200 |
Sales with longevity swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 277 | |
Gross cash proceeds received for assets derecognized | 340 | |
Fair value of transferred assets | 374 | |
Derivatives related to Transfers of Assets accounted for as sale | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 556 | |
Derivatives related to Transfers of Assets accounted for as sale | Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 556 | |
Derivatives related to Transfers of Assets accounted for as sale | Sales with longevity swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 556 | |
Bank | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 277 | |
Gross cash proceeds received for assets derecognized | 340 | |
Fair value of transferred assets | 374 | |
Gross derivative assets recorded | 145,000 | 229,500 |
Gross derivative liabilities recorded | 147,000 | 233,000 |
Bank | Interest rate derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 85,900 | 137,400 |
Gross derivative liabilities recorded | 81,000 | 129,300 |
Bank | Foreign exchange derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 29,300 | 59,300 |
Gross derivative liabilities recorded | 34,800 | 69,300 |
Bank | Equity/index-related derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 20,900 | 22,700 |
Gross derivative liabilities recorded | 21,800 | 24,700 |
Bank | Credit derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 7,500 | 7,900 |
Gross derivative liabilities recorded | 8,500 | 8,500 |
Bank | Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 1,400 | 2,200 |
Gross derivative liabilities recorded | 900 | 1,200 |
Bank | Sales with longevity swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 277 | |
Gross cash proceeds received for assets derecognized | 340 | |
Fair value of transferred assets | 374 | |
Bank | Derivatives related to Transfers of Assets accounted for as sale | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 556 | |
Bank | Derivatives related to Transfers of Assets accounted for as sale | Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | SFr 0 | 556 |
Bank | Derivatives related to Transfers of Assets accounted for as sale | Sales with longevity swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | SFr 556 |
TFA - Transfer of certain finan
TFA - Transfer of certain financial assets accounted for as secured borrowings (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | SFr 52,100 | SFr 55,000 |
Securities lending transactions | 8,200 | 9,400 |
Obligation to return securities received as collateral, at fair value | 38,074 | 32,564 |
Total | 98,400 | 97,000 |
Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 15,100 | 13,900 |
Securities lending transactions | 400 | 500 |
Obligation to return securities received as collateral, at fair value | 600 | 400 |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,000 | 10,300 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 0 | 1,100 |
Securities lending transactions | 4,800 | 6,000 |
Obligation to return securities received as collateral, at fair value | 35,600 | 31,500 |
Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 600 | 300 |
Securities lending transactions | 300 | 400 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Government debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 31,400 | 29,400 |
Securities lending transactions | 2,700 | 2,500 |
Obligation to return securities received as collateral, at fair value | 1,800 | 700 |
Maturity on Demand [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,200 | 6,800 |
Securities lending transactions | 5,700 | 6,700 |
Obligation to return securities received as collateral, at fair value | 37,900 | 32,200 |
Total | 50,800 | 45,700 |
Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 32,500 | 31,900 |
Securities lending transactions | 2,200 | 2,400 |
Obligation to return securities received as collateral, at fair value | 0 | 400 |
Total | 34,700 | 34,700 |
Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,200 | 8,400 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 5,200 | 8,400 |
Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,200 | 7,900 |
Securities lending transactions | 300 | 300 |
Obligation to return securities received as collateral, at fair value | 200 | 0 |
Total | 7,700 | 8,200 |
Bank | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 52,100 | 55,300 |
Securities lending transactions | 8,200 | 9,400 |
Obligation to return securities received as collateral, at fair value | 38,074 | 32,564 |
Total | 98,400 | 97,300 |
Bank | Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 15,100 | 13,900 |
Securities lending transactions | 400 | 500 |
Obligation to return securities received as collateral, at fair value | 600 | 400 |
Bank | Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,000 | 10,300 |
Bank | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 0 | 1,100 |
Securities lending transactions | 4,800 | 6,000 |
Obligation to return securities received as collateral, at fair value | 35,600 | 31,500 |
Bank | Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 600 | 300 |
Securities lending transactions | 300 | 400 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Bank | Government debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 31,400 | 29,700 |
Securities lending transactions | 2,700 | 2,500 |
Obligation to return securities received as collateral, at fair value | 1,800 | 700 |
Bank | Maturity on Demand [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,200 | 6,800 |
Securities lending transactions | 5,700 | 6,700 |
Obligation to return securities received as collateral, at fair value | 37,900 | 32,200 |
Total | 50,800 | 45,700 |
Bank | Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 32,500 | 32,200 |
Securities lending transactions | 2,200 | 2,400 |
Obligation to return securities received as collateral, at fair value | 0 | 400 |
Total | 34,700 | 35,000 |
Bank | Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,200 | 8,400 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 5,200 | 8,400 |
Bank | Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,200 | 7,900 |
Securities lending transactions | 300 | 300 |
Obligation to return securities received as collateral, at fair value | 200 | 0 |
Total | SFr 7,700 | SFr 8,200 |
Variable interest entities (VIE
Variable interest entities (VIE) - Consolidated (Details 8) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2017CHF (SFr)day | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | |
VIE Disclosures | ||||
Percentage of control in which Group is determined to have power (percent) | 50.00% | |||
Minimum percentage of outstanding issuances held by primary beneficiary used under the previous consolidation model | 50.00% | |||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 109,815 | SFr 121,161 | SFr 92,328 | SFr 79,349 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 115,346 | 134,839 | ||
Trading assets | 156,334 | 165,150 | ||
Investment securities | 2,191 | 2,489 | ||
Other investments | 5,964 | 6,777 | ||
Net loans | 279,149 | 275,976 | ||
Premises and equipment | 4,686 | 4,711 | ||
Other assets | 32,071 | 36,865 | ||
of which loans held-for-sale | 8,130 | 8,062 | ||
Customer deposits | 361,162 | 355,833 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 26,496 | 33,016 | ||
Trading liabilities | 39,119 | 44,930 | ||
Short-term borrowings | 25,889 | 15,385 | ||
Long-term debt | 173,032 | 193,315 | ||
Other liabilities | SFr 31,612 | 39,855 | ||
CP Conduit | ||||
VIE Disclosures | ||||
Average maturity of CP (in days) | day | 148 | |||
Consolidated VIEs | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 232 | 369 | ||
Trading assets | 1,348 | 2,744 | ||
Investment securities | 381 | 511 | ||
Other investments | 1,833 | 2,006 | ||
Net loans | 267 | 284 | ||
Premises and equipment | 151 | 199 | ||
Other assets | 2,398 | 2,617 | ||
of which loans held-for-sale | 238 | 422 | ||
Total assets of consolidated VIEs | 6,610 | 8,730 | ||
Trading liabilities | 3 | 18 | ||
Short-term borrowings | 0 | 1 | ||
Long-term debt | 863 | 1,759 | ||
Other liabilities | 204 | 244 | ||
Total liabilities of consolidated VIEs | 1,070 | 2,022 | ||
Consolidated VIEs | Collateralized debt obligations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 22 | 43 | ||
Trading assets | 17 | 0 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 83 | 0 | ||
of which loans held-for-sale | 83 | 0 | ||
Total assets of consolidated VIEs | 122 | 43 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 51 | 54 | ||
Other liabilities | 0 | 0 | ||
Total liabilities of consolidated VIEs | 51 | 54 | ||
Consolidated VIEs | CP Conduit | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 0 | 1 | ||
Trading assets | 0 | 0 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 4 | 1 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 4 | 2 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities of consolidated VIEs | 0 | 0 | ||
Consolidated VIEs | Financial intermediation - Securitizations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 96 | 41 | ||
Trading assets | 10 | 0 | ||
Investment securities | 381 | 511 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,070 | 1,483 | ||
of which loans held-for-sale | 152 | 415 | ||
Total assets of consolidated VIEs | 1,557 | 2,035 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 752 | 1,639 | ||
Other liabilities | 1 | 1 | ||
Total liabilities of consolidated VIEs | 753 | 1,640 | ||
Consolidated VIEs | Financial intermediation - Funds | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 32 | 52 | ||
Trading assets | 179 | 478 | ||
Investment securities | 0 | 0 | ||
Other investments | 350 | 228 | ||
Net loans | 3 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 21 | 48 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 585 | 806 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 1 | |||
Long-term debt | 0 | 7 | ||
Other liabilities | 26 | 15 | ||
Total liabilities of consolidated VIEs | 26 | 23 | ||
Consolidated VIEs | Financial intermediation - Loans | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 70 | 50 | ||
Trading assets | 1,122 | 933 | ||
Investment securities | 0 | 0 | ||
Other investments | 1,197 | 1,446 | ||
Net loans | 21 | 30 | ||
Premises and equipment | 151 | 199 | ||
Other assets | 32 | 51 | ||
of which loans held-for-sale | 3 | 7 | ||
Total assets of consolidated VIEs | 2,593 | 2,709 | ||
Trading liabilities | 3 | 18 | ||
Short-term borrowings | 0 | |||
Long-term debt | 26 | 57 | ||
Other liabilities | 111 | 124 | ||
Total liabilities of consolidated VIEs | 140 | 199 | ||
Consolidated VIEs | Financial intermediation - Other | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 12 | 182 | ||
Trading assets | 20 | 1,333 | ||
Investment securities | 0 | 0 | ||
Other investments | 286 | 332 | ||
Net loans | 243 | 254 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,188 | 1,034 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 1,749 | 3,135 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 34 | 2 | ||
Other liabilities | 66 | 104 | ||
Total liabilities of consolidated VIEs | 100 | 106 | ||
Bank | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 109,510 | 121,066 | SFr 92,254 | SFr 79,271 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 115,346 | 134,839 | ||
Trading assets | 156,774 | 165,392 | ||
Investment securities | 2,189 | 2,486 | ||
Other investments | 5,893 | 6,717 | ||
Net loans | 283,237 | 278,960 | ||
Premises and equipment | 4,445 | 4,666 | ||
Other assets | 30,956 | 36,775 | ||
of which loans held-for-sale | 8,130 | 8,062 | ||
Customer deposits | 362,303 | 357,224 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 26,496 | 33,016 | ||
Trading liabilities | 39,132 | 44,952 | ||
Short-term borrowings | 26,378 | 15,385 | ||
Long-term debt | 172,042 | 192,495 | ||
Other liabilities | SFr 31,683 | 39,919 | ||
Bank | CP Conduit | ||||
VIE Disclosures | ||||
Average maturity of CP (in days) | day | 148 | |||
Bank | Consolidated VIEs | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 232 | 369 | ||
Trading assets | 1,348 | 2,744 | ||
Investment securities | 381 | 511 | ||
Other investments | 1,833 | 2,006 | ||
Net loans | 267 | 284 | ||
Premises and equipment | 128 | 173 | ||
Other assets | 2,396 | 2,616 | ||
of which loans held-for-sale | 238 | 422 | ||
Total assets of consolidated VIEs | 6,585 | 8,703 | ||
Trading liabilities | 3 | 18 | ||
Short-term borrowings | 0 | 1 | ||
Long-term debt | 863 | 1,759 | ||
Other liabilities | 204 | 243 | ||
Total liabilities of consolidated VIEs | 1,070 | 2,021 | ||
Bank | Consolidated VIEs | Collateralized debt obligations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 22 | 43 | ||
Trading assets | 17 | 0 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 83 | 0 | ||
of which loans held-for-sale | 83 | 0 | ||
Total assets of consolidated VIEs | 122 | 43 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 51 | 54 | ||
Other liabilities | 0 | 0 | ||
Total liabilities of consolidated VIEs | 51 | 54 | ||
Bank | Consolidated VIEs | CP Conduit | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 0 | 1 | ||
Trading assets | 0 | 0 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 4 | 1 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 4 | 2 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities of consolidated VIEs | 0 | 0 | ||
Bank | Consolidated VIEs | Financial intermediation - Securitizations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 96 | 41 | ||
Trading assets | 10 | 0 | ||
Investment securities | 381 | 511 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,070 | 1,483 | ||
of which loans held-for-sale | 152 | 415 | ||
Total assets of consolidated VIEs | 1,557 | 2,035 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 752 | 1,639 | ||
Other liabilities | 1 | 1 | ||
Total liabilities of consolidated VIEs | 753 | 1,640 | ||
Bank | Consolidated VIEs | Financial intermediation - Funds | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 32 | 52 | ||
Trading assets | 179 | 478 | ||
Investment securities | 0 | 0 | ||
Other investments | 350 | 228 | ||
Net loans | 3 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 21 | 48 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 585 | 806 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 1 | |||
Long-term debt | 0 | 7 | ||
Other liabilities | 26 | 15 | ||
Total liabilities of consolidated VIEs | 26 | 23 | ||
Bank | Consolidated VIEs | Financial intermediation - Loans | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 70 | 50 | ||
Trading assets | 1,122 | 933 | ||
Investment securities | 0 | 0 | ||
Other investments | 1,197 | 1,446 | ||
Net loans | 21 | 30 | ||
Premises and equipment | 128 | 173 | ||
Other assets | 31 | 50 | ||
of which loans held-for-sale | 3 | 7 | ||
Total assets of consolidated VIEs | 2,569 | 2,682 | ||
Trading liabilities | 3 | 18 | ||
Short-term borrowings | 0 | |||
Long-term debt | 26 | 57 | ||
Other liabilities | 111 | 124 | ||
Total liabilities of consolidated VIEs | 140 | 199 | ||
Bank | Consolidated VIEs | Financial intermediation - Other | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 12 | 182 | ||
Trading assets | 20 | 1,333 | ||
Investment securities | 0 | 0 | ||
Other investments | 286 | 332 | ||
Net loans | 243 | 254 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,187 | 1,034 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 1,748 | 3,135 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | |||
Long-term debt | 34 | 2 | ||
Other liabilities | 66 | 103 | ||
Total liabilities of consolidated VIEs | SFr 100 | SFr 105 |
VIE - Non-consolidated (Details
VIE - Non-consolidated (Details 9) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Non-consolidated VIEs | ||
Trading assets | SFr 156,334 | SFr 165,150 |
Net loans | 279,149 | 275,976 |
Other assets | 32,071 | 36,865 |
Other liabilities | 31,612 | 39,855 |
Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 8,945 | 6,566 |
Net loans | 9,540 | 9,312 |
Other assets | 525 | 563 |
Total variable interest assets, non-consolidated VIEs | 19,010 | 16,441 |
Maximum exposure to loss | 23,658 | 24,163 |
Non-consolidated VIE assets | 198,884 | 215,443 |
Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 746 | 440 |
Net loans | 620 | 4 |
Other assets | 9 | 5 |
Total variable interest assets, non-consolidated VIEs | 1,375 | 449 |
Maximum exposure to loss | 1,375 | 449 |
Non-consolidated VIE assets | 15,874 | 9,774 |
Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 4,573 | 3,881 |
Net loans | 1,563 | 105 |
Other assets | 11 | 14 |
Total variable interest assets, non-consolidated VIEs | 6,147 | 4,000 |
Maximum exposure to loss | 7,617 | 7,171 |
Non-consolidated VIE assets | 64,839 | 65,820 |
Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 1,014 | 1,526 |
Net loans | 2,438 | 2,007 |
Other assets | 67 | 20 |
Total variable interest assets, non-consolidated VIEs | 3,519 | 3,553 |
Maximum exposure to loss | 3,526 | 3,553 |
Non-consolidated VIE assets | 66,703 | 68,546 |
Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 224 | 528 |
Net loans | 4,591 | 6,588 |
Other assets | 1 | 4 |
Total variable interest assets, non-consolidated VIEs | 4,816 | 7,120 |
Maximum exposure to loss | 7,061 | 11,169 |
Non-consolidated VIE assets | 16,270 | 34,216 |
Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 2,388 | 191 |
Net loans | 328 | 608 |
Other assets | 437 | 520 |
Total variable interest assets, non-consolidated VIEs | 3,153 | 1,319 |
Maximum exposure to loss | 4,079 | 1,821 |
Non-consolidated VIE assets | 35,198 | 37,087 |
Bank | ||
Non-consolidated VIEs | ||
Trading assets | 156,774 | 165,392 |
Net loans | 283,237 | 278,960 |
Other assets | 30,956 | 36,775 |
Other liabilities | 31,683 | 39,919 |
Bank | Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 8,945 | 6,566 |
Net loans | 9,540 | 9,312 |
Other assets | 513 | 547 |
Total variable interest assets, non-consolidated VIEs | 18,998 | 16,425 |
Maximum exposure to loss | 23,646 | 24,147 |
Non-consolidated VIE assets | 166,752 | 181,623 |
Bank | Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 746 | 440 |
Net loans | 620 | 4 |
Other assets | 9 | 5 |
Total variable interest assets, non-consolidated VIEs | 1,375 | 449 |
Maximum exposure to loss | 1,375 | 449 |
Non-consolidated VIE assets | 15,874 | 9,774 |
Bank | Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 4,573 | 3,881 |
Net loans | 1,563 | 105 |
Other assets | 11 | 14 |
Total variable interest assets, non-consolidated VIEs | 6,147 | 4,000 |
Maximum exposure to loss | 7,617 | 7,171 |
Non-consolidated VIE assets | 64,839 | 65,820 |
Bank | Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 1,014 | 1,526 |
Net loans | 2,438 | 2,007 |
Other assets | 55 | 4 |
Total variable interest assets, non-consolidated VIEs | 3,507 | 3,537 |
Maximum exposure to loss | 3,514 | 3,537 |
Non-consolidated VIE assets | 63,504 | 65,057 |
Bank | Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 224 | 528 |
Net loans | 4,591 | 6,588 |
Other assets | 1 | 4 |
Total variable interest assets, non-consolidated VIEs | 4,816 | 7,120 |
Maximum exposure to loss | 7,061 | 11,169 |
Non-consolidated VIE assets | 16,270 | 34,216 |
Bank | Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 2,388 | 191 |
Net loans | 328 | 608 |
Other assets | 437 | 520 |
Total variable interest assets, non-consolidated VIEs | 3,153 | 1,319 |
Maximum exposure to loss | 4,079 | 1,821 |
Non-consolidated VIE assets | SFr 6,265 | SFr 6,756 |
Financial instruments (FI) - As
Financial instruments (FI) - Assets measured at fair value on recurring basis (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and Due from Banks | SFr 212 | SFr 200 |
Interest-bearing deposits with banks | 0 | 26 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Securities received as collateral | 38,074 | 32,564 |
Trading assets | 156,334 | 165,150 |
Investment securities | 2,191 | 2,489 |
Other investments | 3,506 | 4,096 |
Loans | 15,307 | 19,528 |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 |
Other assets | 9,018 | 9,383 |
Netting impact | (128,800) | (208,200) |
Total assets at fair value, measured at net asset value per share | 2,908 | 3,449 |
Recurring basis | ||
Assets | ||
Cash and Due from Banks | 212 | 200 |
Interest-bearing deposits with banks | 0 | 26 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Securities received as collateral | 38,074 | 32,564 |
Trading assets | 156,334 | 165,150 |
Trading assets, measured at net asset value per share | 1,053 | 1,346 |
Investment securities | 2,191 | 2,489 |
Other investments | 3,506 | 4,096 |
Other investments, measured at net asset value per share | 1,864 | 2,104 |
Loans | 15,307 | 19,528 |
Loans - of which commercial and industrial | 5,644 | 9,867 |
Loans - of which financial institutions | 6,370 | 6,232 |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 |
Other assets | 9,018 | 9,383 |
Other assets - of which loans held-for-sale | 7,150 | 5,956 |
Netting impact | (128,756) | (208,211) |
Total assets at fair value | 302,298 | 320,905 |
Total assets at fair value, measured at net asset value per share | 2,917 | 3,450 |
Recurring basis | Private equity | ||
Assets | ||
Other investments | 380 | 582 |
Other investments, measured at net asset value per share | 351 | 574 |
Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 163 | 240 |
Other investments, measured at net asset value per share | 141 | 240 |
Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 391 | 546 |
Other investments, measured at net asset value per share | 391 | 546 |
Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 239 | 292 |
Other investments, measured at net asset value per share | 239 | 292 |
Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,427 | 1,380 |
Other investments, measured at net asset value per share | 1,122 | 984 |
Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,420 | 1,373 |
Other investments, measured at net asset value per share | 1,122 | 984 |
Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,308 | 1,588 |
Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 1,378 | 1,039 |
Trading assets | 72,765 | 65,668 |
Investment securities | 2,066 | 2,400 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 34,087 | 31,926 |
Investment securities | 1,236 | 1,343 |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | 377 |
Trading assets | 11,822 | 14,180 |
Investment securities | 238 | 287 |
Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,719 | 14,758 |
Investment securities | 207 | 497 |
Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,517 | 2,292 |
Investment securities | 173 | 14 |
Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,381 | 2,239 |
Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,696 | 31,525 |
Trading assets | 55,722 | 63,871 |
Trading assets, measured at net asset value per share | 1,053 | 1,346 |
Investment securities | 125 | 89 |
Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 19,621 | 26,782 |
Netting impact | (128,592) | (207,296) |
Recurring basis | Other | ||
Assets | ||
Trading assets | 8,226 | 8,829 |
Recurring basis | Other assets | ||
Assets | ||
Netting impact | (164) | (915) |
Level 1 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 36,697 | 31,325 |
Trading assets | 87,352 | 95,886 |
Investment securities | 250 | 297 |
Other investments | 25 | 22 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 101 | 260 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 124,425 | 127,790 |
Level 1 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 25 | 22 |
Level 1 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 18 | 15 |
Level 1 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 576 | 619 |
Trading assets | 29,828 | 29,498 |
Investment securities | 244 | 294 |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 29,561 | 29,226 |
Investment securities | 97 | 103 |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 1 |
Trading assets | 179 | 180 |
Investment securities | 0 | 0 |
Level 1 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | 0 |
Level 1 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | 0 |
Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 0 | 0 |
Level 1 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,121 | 30,706 |
Trading assets | 51,025 | 58,490 |
Investment securities | 6 | 3 |
Level 1 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 3,577 | 5,631 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 1,219 | 3,074 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 19 | 18 |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 2,338 | 2,538 |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | 0 |
Level 1 | Recurring basis | Other | ||
Assets | ||
Trading assets | 2,922 | 2,267 |
Level 2 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 212 | 200 |
Interest-bearing deposits with banks | 0 | 25 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,157 |
Securities received as collateral | 1,331 | 1,169 |
Trading assets | 187,767 | 262,449 |
Investment securities | 1,899 | 2,120 |
Other investments | 16 | 64 |
Loans | 10,777 | 12,943 |
Loans - of which commercial and industrial | 3,437 | 6,051 |
Loans - of which financial institutions | 4,890 | 4,403 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 7,570 | 8,359 |
Other assets - of which loans held-for-sale | 5,800 | 4,640 |
Total assets at fair value | 287,070 | 374,486 |
Level 2 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | 0 |
Level 2 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 2 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 2 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 9 | 64 |
Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 9 | 64 |
Level 2 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 7 | 0 |
Level 2 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 802 | 419 |
Trading assets | 40,645 | 32,193 |
Investment securities | 1,780 | 2,034 |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 4,256 | 2,408 |
Investment securities | 1,139 | 1,240 |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | 375 |
Trading assets | 10,231 | 12,326 |
Investment securities | 238 | 287 |
Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,399 | 14,153 |
Investment securities | 167 | 425 |
Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,501 | 2,227 |
Investment securities | 171 | 14 |
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,255 | 1,074 |
Level 2 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 529 | 750 |
Trading assets | 3,481 | 3,795 |
Investment securities | 119 | 86 |
Level 2 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 141,347 | 224,142 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 84,932 | 133,834 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 30,302 | 61,448 |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 18,251 | 20,519 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 7,107 | 7,388 |
Level 2 | Recurring basis | Other | ||
Assets | ||
Trading assets | 2,294 | 2,319 |
Level 3 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 1 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 174 |
Securities received as collateral | 46 | 70 |
Trading assets | 8,754 | 12,765 |
Investment securities | 42 | 72 |
Other investments | 1,601 | 1,906 |
Loans | 4,530 | 6,585 |
Loans - of which commercial and industrial | 2,207 | 3,816 |
Loans - of which financial institutions | 1,480 | 1,829 |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 |
Other assets | 1,511 | 1,679 |
Other assets - of which loans held-for-sale | 1,350 | 1,316 |
Total assets at fair value | 16,642 | 23,390 |
Level 3 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 29 | 8 |
Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 22 | 0 |
Level 3 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | 0 |
Level 3 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 271 | 310 |
Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 271 | 310 |
Level 3 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,301 | 1,588 |
Level 3 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 0 | 1 |
Trading assets | 2,292 | 3,977 |
Investment securities | 42 | 72 |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 270 | 292 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 1 |
Trading assets | 1,412 | 1,674 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 320 | 605 |
Investment securities | 40 | 72 |
Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 16 | 65 |
Investment securities | 2 | 0 |
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 126 | 1,165 |
Level 3 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 46 | 69 |
Trading assets | 163 | 240 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 3,289 | 4,305 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 801 | 748 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 188 | 355 |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 833 | 914 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 634 | 688 |
Level 3 | Recurring basis | Other | ||
Assets | ||
Trading assets | 3,010 | 4,243 |
Bank | ||
Assets | ||
Cash and Due from Banks | 212 | 208 |
Interest-bearing deposits with banks | 0 | 26 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Securities received as collateral | 38,074 | 32,564 |
Trading assets | 156,774 | 165,392 |
Investment securities | 2,189 | 2,486 |
Other investments | 3,497 | 4,088 |
Loans | 15,307 | 19,528 |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 |
Other assets | 9,018 | 9,420 |
Netting impact | (128,800) | (208,200) |
Total assets at fair value, measured at net asset value per share | 2,899 | 3,441 |
Bank | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 212 | 208 |
Interest-bearing deposits with banks | 26 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Securities received as collateral | 38,074 | 32,564 |
Trading assets | 156,774 | 165,392 |
Trading assets, measured at net asset value per share | 1,053 | 1,346 |
Investment securities | 2,189 | 2,486 |
Other investments | 3,497 | 4,088 |
Other investments, measured at net asset value per share | 1,855 | 2,096 |
Loans | 15,307 | 19,528 |
Loans - of which commercial and industrial | 5,644 | 9,867 |
Loans - of which financial institutions | 6,370 | 6,232 |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 |
Other assets | 9,018 | 9,420 |
Other assets - of which loans held-for-sale | 7,150 | 5,956 |
Netting impact | (128,771) | (208,238) |
Total assets at fair value | 302,727 | 321,181 |
Total assets at fair value, measured at net asset value per share | 2,908 | 3,442 |
Bank | Recurring basis | Private equity | ||
Assets | ||
Other investments | 372 | 574 |
Other investments, measured at net asset value per share | 343 | 566 |
Bank | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 155 | 232 |
Other investments, measured at net asset value per share | 133 | 232 |
Bank | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 391 | 546 |
Other investments, measured at net asset value per share | 391 | 546 |
Bank | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 239 | 292 |
Other investments, measured at net asset value per share | 239 | 292 |
Bank | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,426 | 1,380 |
Other investments, measured at net asset value per share | 1,121 | 984 |
Bank | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,419 | 1,373 |
Other investments, measured at net asset value per share | 1,121 | 984 |
Bank | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,308 | 1,588 |
Bank | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 1,378 | 1,038 |
Trading assets | 72,826 | 65,675 |
Investment securities | 2,064 | 2,398 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 34,087 | 31,926 |
Investment securities | 1,236 | 1,343 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | 380 |
Trading assets | 11,883 | 14,186 |
Investment securities | 238 | 287 |
Bank | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,719 | 14,758 |
Investment securities | 207 | 497 |
Bank | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,517 | 2,292 |
Investment securities | 173 | 14 |
Bank | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,381 | 2,239 |
Bank | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,696 | 31,526 |
Trading assets | 55,822 | 63,874 |
Trading assets, measured at net asset value per share | 1,053 | 1,346 |
Investment securities | 125 | 88 |
Bank | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 19,900 | 27,013 |
Netting impact | (128,607) | (207,323) |
Bank | Recurring basis | Other | ||
Assets | ||
Trading assets | 8,226 | 8,830 |
Bank | Recurring basis | Other assets | ||
Assets | ||
Netting impact | (164) | (915) |
Bank | Level 1 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 36,697 | 31,325 |
Trading assets | 87,452 | 95,890 |
Investment securities | 250 | 297 |
Other investments | 25 | 22 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 101 | 260 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 124,525 | 127,794 |
Bank | Level 1 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 25 | 22 |
Bank | Level 1 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 18 | 15 |
Bank | Level 1 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 576 | 619 |
Trading assets | 29,827 | 29,498 |
Investment securities | 244 | 294 |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 29,561 | 29,226 |
Investment securities | 98 | 103 |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 1 |
Trading assets | 179 | 180 |
Investment securities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,121 | 30,706 |
Trading assets | 51,125 | 58,493 |
Investment securities | 6 | 3 |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 3,577 | 5,631 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 1,219 | 3,074 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 19 | 18 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 2,339 | 2,538 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Other | ||
Assets | ||
Trading assets | 2,923 | 2,268 |
Bank | Level 2 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 212 | 208 |
Interest-bearing deposits with banks | 25 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,157 |
Securities received as collateral | 1,331 | 1,169 |
Trading assets | 188,122 | 262,714 |
Investment securities | 1,897 | 2,117 |
Other investments | 16 | 64 |
Loans | 10,777 | 12,943 |
Loans - of which commercial and industrial | 3,437 | 6,051 |
Loans - of which financial institutions | 4,890 | 4,403 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 7,570 | 8,396 |
Other assets - of which loans held-for-sale | 5,800 | 4,640 |
Total assets at fair value | 287,423 | 374,793 |
Bank | Level 2 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 9 | 64 |
Bank | Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 9 | 64 |
Bank | Level 2 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 7 | 0 |
Bank | Level 2 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 802 | 418 |
Trading assets | 40,707 | 32,200 |
Investment securities | 1,778 | 2,032 |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 4,256 | 2,408 |
Investment securities | 1,138 | 1,240 |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | 378 |
Trading assets | 10,292 | 12,332 |
Investment securities | 238 | 287 |
Bank | Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,399 | 14,153 |
Investment securities | 167 | 425 |
Bank | Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,501 | 2,227 |
Investment securities | 171 | 14 |
Bank | Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,255 | 1,074 |
Bank | Level 2 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 529 | 751 |
Trading assets | 3,481 | 3,795 |
Investment securities | 119 | 85 |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 141,641 | 224,400 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 84,932 | 133,928 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 30,302 | 61,459 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 18,544 | 20,777 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 7,107 | 7,388 |
Bank | Level 2 | Recurring basis | Other | ||
Assets | ||
Trading assets | 2,293 | 2,319 |
Bank | Level 3 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 1 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 174 |
Securities received as collateral | 46 | 70 |
Trading assets | 8,754 | 12,765 |
Investment securities | 42 | 72 |
Other investments | 1,601 | 1,906 |
Loans | 4,530 | 6,585 |
Loans - of which commercial and industrial | 2,207 | 3,816 |
Loans - of which financial institutions | 1,480 | 1,829 |
Other intangible assets (mortgage servicing rights), at fair value | 158 | 138 |
Other assets | 1,511 | 1,679 |
Other assets - of which loans held-for-sale | 1,350 | 1,316 |
Total assets at fair value | 16,642 | 23,390 |
Bank | Level 3 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 29 | 8 |
Bank | Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 22 | 0 |
Bank | Level 3 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 3 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 271 | 310 |
Bank | Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 271 | 310 |
Bank | Level 3 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,301 | 1,588 |
Bank | Level 3 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 0 | 1 |
Trading assets | 2,292 | 3,977 |
Investment securities | 42 | 72 |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 270 | 292 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 1 |
Trading assets | 1,412 | 1,674 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 320 | 605 |
Investment securities | 40 | 72 |
Bank | Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 16 | 65 |
Investment securities | 2 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 126 | 1,165 |
Bank | Level 3 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 46 | 69 |
Trading assets | 163 | 240 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 3,289 | 4,305 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 801 | 748 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 188 | 355 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 833 | 914 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 634 | 688 |
Bank | Level 3 | Recurring basis | Other | ||
Assets | ||
Trading assets | SFr 3,010 | SFr 4,243 |
FI - Liabilities measured at fa
FI - Liabilities measured at fair value on recurring basis (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Liabilities | ||
Due to banks | SFr 197 | SFr 437 |
Customer deposits | 3,511 | 3,576 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Obligation to return securities received as collateral | 38,074 | 32,564 |
Trading liabilities | 39,119 | 44,930 |
Short-term borrowings | 11,019 | 4,061 |
Long-term debt | 63,628 | 72,868 |
Other liabilities | 8,624 | 9,493 |
Netting impact | (137,100) | (218,800) |
Recurring basis | ||
Liabilities | ||
Due to banks | 197 | 437 |
Customer deposits | 3,511 | 3,576 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Obligation to return securities received as collateral | 38,074 | 32,564 |
Trading liabilities | 39,119 | 44,930 |
Trading liabilities, measured at net asset value per share | 9 | 1 |
Short-term borrowings | 11,019 | 4,061 |
Long-term debt | 63,628 | 72,868 |
Other liabilities | 8,624 | 9,493 |
Netting impact | (137,094) | (218,776) |
Total liabilities at fair value | 179,434 | 187,563 |
Total liabilities at fair value, measured at net asset value per share | 9 | 1 |
Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | 3,217 |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,365 | 7,178 |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 45,041 | 52,258 |
Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,282 | 2,945 |
Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 5,567 | 5,483 |
Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 863 | 1,759 |
Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 662 | 726 |
Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 1,378 | 1,039 |
Trading liabilities | 9,301 | 7,963 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 5,854 | 4,921 |
Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | 377 |
Trading liabilities | 3,348 | 2,783 |
Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,696 | 31,525 |
Trading liabilities | 15,164 | 16,598 |
Trading liabilities, measured at net asset value per share | 9 | 1 |
Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 14,654 | 20,369 |
Netting impact | (136,861) | (217,762) |
Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (233) | (1,014) |
Level 1 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 0 | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 36,697 | 31,325 |
Trading liabilities | 23,108 | 26,148 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 59,805 | 57,473 |
Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Level 1 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 576 | 619 |
Trading liabilities | 5,160 | 4,376 |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 5,108 | 4,374 |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 1 |
Trading liabilities | 12 | 0 |
Level 1 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,121 | 30,706 |
Trading liabilities | 14,217 | 16,365 |
Level 1 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,731 | 5,407 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 1,254 | 2,946 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 8 | 18 |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 2,468 | 2,442 |
Level 2 | Recurring basis | ||
Liabilities | ||
Due to banks | 197 | 437 |
Customer deposits | 3,056 | 3,166 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Obligation to return securities received as collateral | 1,331 | 1,169 |
Trading liabilities | 149,637 | 232,806 |
Short-term borrowings | 10,174 | 3,545 |
Long-term debt | 51,127 | 59,453 |
Other liabilities | 7,379 | 8,823 |
Total liabilities at fair value | 238,163 | 329,033 |
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | 3,217 |
Level 2 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,216 | 6,852 |
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 32,782 | 39,824 |
Level 2 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,221 | 2,311 |
Level 2 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 5,567 | 5,482 |
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 833 | 1,742 |
Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 439 | 507 |
Level 2 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 802 | 419 |
Trading liabilities | 4,139 | 3,564 |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 746 | 547 |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | 375 |
Trading liabilities | 3,334 | 2,760 |
Level 2 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 529 | 750 |
Trading liabilities | 883 | 191 |
Level 2 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 144,615 | 229,051 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 80,534 | 126,422 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 35,707 | 71,006 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 7,982 | 8,350 |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 19,459 | 22,219 |
Level 3 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 455 | 410 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 46 | 70 |
Trading liabilities | 3,226 | 3,737 |
Short-term borrowings | 845 | 516 |
Long-term debt | 12,501 | 13,415 |
Other liabilities | 1,478 | 1,684 |
Total liabilities at fair value | 18,551 | 19,832 |
Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 3 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 149 | 326 |
Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 12,259 | 12,434 |
Level 3 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 61 | 634 |
Level 3 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | 1 |
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 30 | 17 |
Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 223 | 219 |
Level 3 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 1 |
Trading liabilities | 2 | 23 |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 1 |
Trading liabilities | 2 | 23 |
Level 3 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 46 | 69 |
Trading liabilities | 55 | 41 |
Level 3 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,169 | 3,673 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 317 | 538 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 100 | 150 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 898 | 851 |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 1,301 | 1,181 |
Bank | ||
Liabilities | ||
Due to banks | 197 | 445 |
Customer deposits | 3,511 | 3,576 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Obligation to return securities received as collateral | 38,074 | 32,564 |
Trading liabilities | 39,132 | 44,952 |
Short-term borrowings | 11,019 | 4,061 |
Long-term debt | 62,622 | 71,970 |
Other liabilities | 8,590 | 9,557 |
Netting impact | (137,400) | (219,000) |
Bank | Recurring basis | ||
Liabilities | ||
Due to banks | 197 | 445 |
Customer deposits | 3,511 | 3,576 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Obligation to return securities received as collateral | 38,074 | 32,564 |
Trading liabilities | 39,132 | 44,952 |
Trading liabilities, measured at net asset value per share | 9 | 1 |
Short-term borrowings | 11,019 | 4,061 |
Long-term debt | 62,622 | 71,970 |
Other liabilities | 8,590 | 9,557 |
Netting impact | (137,408) | (219,059) |
Total liabilities at fair value | 178,407 | 186,759 |
Total liabilities at fair value, measured at net asset value per share | 9 | 1 |
Bank | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | 3,217 |
Bank | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,365 | 7,178 |
Bank | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 45,041 | 52,258 |
Bank | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,282 | 2,945 |
Bank | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 4,557 | 4,585 |
Bank | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 863 | 1,759 |
Bank | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 662 | 726 |
Bank | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 1,378 | 1,038 |
Trading liabilities | 9,301 | 7,963 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 5,854 | 4,921 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | 380 |
Trading liabilities | 3,348 | 2,783 |
Bank | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,696 | 31,526 |
Trading liabilities | 15,177 | 16,620 |
Trading liabilities, measured at net asset value per share | 9 | 1 |
Bank | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 14,654 | 20,369 |
Netting impact | (137,175) | (218,045) |
Bank | Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (233) | (1,014) |
Bank | Level 1 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 0 | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 36,697 | 31,325 |
Trading liabilities | 23,121 | 26,170 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 59,818 | 57,495 |
Bank | Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 576 | 619 |
Trading liabilities | 5,160 | 4,376 |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 5,108 | 4,374 |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 1 |
Trading liabilities | 12 | 0 |
Bank | Level 1 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,121 | 30,706 |
Trading liabilities | 14,230 | 16,387 |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,731 | 5,407 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 1,254 | 2,946 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 8 | 18 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 2,468 | 2,442 |
Bank | Level 2 | Recurring basis | ||
Liabilities | ||
Due to banks | 197 | 445 |
Customer deposits | 3,056 | 3,166 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Obligation to return securities received as collateral | 1,331 | 1,169 |
Trading liabilities | 149,951 | 233,089 |
Short-term borrowings | 10,174 | 3,545 |
Long-term debt | 50,121 | 58,555 |
Other liabilities | 7,356 | 8,892 |
Total liabilities at fair value | 237,448 | 328,495 |
Bank | Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | 3,217 |
Bank | Level 2 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,216 | 6,852 |
Bank | Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 32,782 | 39,824 |
Bank | Level 2 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,221 | 2,311 |
Bank | Level 2 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 4,557 | 4,584 |
Bank | Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 833 | 1,742 |
Bank | Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 439 | 507 |
Bank | Level 2 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 802 | 418 |
Trading liabilities | 4,139 | 3,564 |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 746 | 547 |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | 378 |
Trading liabilities | 3,334 | 2,760 |
Bank | Level 2 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 529 | 751 |
Trading liabilities | 883 | 191 |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 144,929 | 229,334 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 80,290 | 126,298 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 35,707 | 71,017 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 7,982 | 8,350 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 20,017 | 22,687 |
Bank | Level 3 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 455 | 410 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 46 | 70 |
Trading liabilities | 3,226 | 3,737 |
Short-term borrowings | 845 | 516 |
Long-term debt | 12,501 | 13,415 |
Other liabilities | 1,467 | 1,679 |
Total liabilities at fair value | 18,540 | 19,827 |
Bank | Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 3 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 149 | 326 |
Bank | Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 12,259 | 12,434 |
Bank | Level 3 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 61 | 634 |
Bank | Level 3 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | 1 |
Bank | Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 30 | 17 |
Bank | Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 223 | 219 |
Bank | Level 3 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 1 |
Trading liabilities | 2 | 23 |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 1 |
Trading liabilities | 2 | 23 |
Bank | Level 3 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 46 | 69 |
Trading liabilities | 55 | 41 |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,169 | 3,673 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 317 | 538 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 100 | 150 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 898 | 851 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | SFr 1,301 | SFr 1,181 |
FI - Roll-forward of assets mea
FI - Roll-forward of assets measured at fair value on recurring basis (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Assets measured at fair value on a recurring basis for level 3 | ||
Transfers in, assets | SFr 2,702 | SFr 5,792 |
Transfers out, assets | (3,165) | (7,340) |
Recurring basis | Interest-bearing deposits with banks | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1 | 0 |
Transfers in, assets | 40 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 0 | 49 |
Sales, assets | (41) | (49) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 1 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 0 | 0 |
Balance at end of period, assets | 0 | 1 |
Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 174 | 158 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 26 | 279 |
Settlements, assets | (193) | (270) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 1 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (7) | 6 |
Balance at end of period, assets | 0 | 174 |
Recurring basis | Securities received as collateral | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 70 | 0 |
Transfers in, assets | 3 | 0 |
Transfers out, assets | (1) | 0 |
Purchases, assets | 65 | 100 |
Sales, assets | (86) | (33) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (5) | 3 |
Balance at end of period, assets | 46 | 70 |
Recurring basis | Trading assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 12,765 | 14,531 |
Transfers in, assets | 1,159 | 4,226 |
Transfers out, assets | (2,046) | (3,861) |
Purchases, assets | 15,810 | 8,128 |
Sales, assets | (18,032) | (9,215) |
Issuances, assets | 1,317 | 1,484 |
Settlements, assets | (2,068) | (3,286) |
Gain (loss) on transfers in/out included in trading revenues, assets | 121 | (32) |
Gain (loss) on all other activity included in trading revenues, assets | 252 | 291 |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 1 | (12) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (531) | 511 |
Balance at end of period, assets | 8,754 | 12,765 |
Recurring basis | Trading assets | Debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,977 | 4,563 |
Transfers in, assets | 608 | 1,574 |
Transfers out, assets | (1,074) | (1,487) |
Purchases, assets | 2,747 | 3,753 |
Sales, assets | (3,705) | (4,514) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (4) | (1) |
Gain (loss) on all other activity included in trading revenues, assets | (80) | (134) |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 1 | 10 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (184) | 213 |
Balance at end of period, assets | 2,292 | 3,977 |
Recurring basis | Trading assets | Debt securities | Corporate debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,674 | 1,745 |
Transfers in, assets | 276 | 836 |
Transfers out, assets | (654) | (677) |
Purchases, assets | 2,203 | 2,642 |
Sales, assets | (2,005) | (2,945) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (4) | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 14 | (42) |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 8 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (98) | 107 |
Balance at end of period, assets | 1,412 | 1,674 |
Recurring basis | Trading assets | Debt securities | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 605 | 814 |
Transfers in, assets | 280 | 587 |
Transfers out, assets | (229) | (573) |
Purchases, assets | 85 | 525 |
Sales, assets | (305) | (668) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 3 | (6) |
Gain (loss) on all other activity included in trading revenues, assets | (95) | (91) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (24) | 17 |
Balance at end of period, assets | 320 | 605 |
Recurring basis | Trading assets | Debt securities | CMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 65 | 215 |
Transfers in, assets | 6 | 26 |
Transfers out, assets | (17) | (12) |
Purchases, assets | 2 | 51 |
Sales, assets | (13) | (169) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (3) | (1) |
Gain (loss) on all other activity included in trading revenues, assets | (21) | (45) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (3) | 0 |
Balance at end of period, assets | 16 | 65 |
Recurring basis | Trading assets | Debt securities | Collateralized debt obligations | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,165 | 1,298 |
Transfers in, assets | 39 | 82 |
Transfers out, assets | (157) | (166) |
Purchases, assets | 174 | 488 |
Sales, assets | (1,047) | (578) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 2 |
Gain (loss) on all other activity included in trading revenues, assets | (16) | 2 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 2 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (32) | 35 |
Balance at end of period, assets | 126 | 1,165 |
Recurring basis | Trading assets | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 240 | 871 |
Transfers in, assets | 49 | 111 |
Transfers out, assets | (35) | (136) |
Purchases, assets | 146 | 527 |
Sales, assets | (260) | (1,057) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (45) |
Gain (loss) on all other activity included in trading revenues, assets | 33 | (38) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (10) | 7 |
Balance at end of period, assets | 163 | 240 |
Recurring basis | Trading assets | Derivative instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,305 | 4,831 |
Transfers in, assets | 416 | 1,683 |
Transfers out, assets | (839) | (1,017) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 1,317 | 1,484 |
Settlements, assets | (1,817) | (2,972) |
Gain (loss) on transfers in/out included in trading revenues, assets | 123 | 7 |
Gain (loss) on all other activity included in trading revenues, assets | (63) | 173 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | (22) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (153) | 138 |
Balance at end of period, assets | 3,289 | 4,305 |
Recurring basis | Trading assets | Derivative instruments | Interest rate derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 748 | 791 |
Transfers in, assets | 56 | 48 |
Transfers out, assets | (53) | (60) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 118 | 130 |
Settlements, assets | (183) | (293) |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 104 | 117 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 5 | 15 |
Balance at end of period, assets | 801 | 748 |
Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 914 | 936 |
Transfers in, assets | 142 | 282 |
Transfers out, assets | (98) | (328) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 443 | 428 |
Settlements, assets | (597) | (473) |
Gain (loss) on transfers in/out included in trading revenues, assets | 14 | 9 |
Gain (loss) on all other activity included in trading revenues, assets | 58 | 32 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | (22) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (43) | 50 |
Balance at end of period, assets | 833 | 914 |
Recurring basis | Trading assets | Derivative instruments | Credit derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 688 | 1,568 |
Transfers in, assets | 216 | 961 |
Transfers out, assets | (252) | (617) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 381 | 543 |
Settlements, assets | (297) | (1,710) |
Gain (loss) on transfers in/out included in trading revenues, assets | 38 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | (110) | (64) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (30) | 6 |
Balance at end of period, assets | 634 | 688 |
Recurring basis | Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,243 | 4,266 |
Transfers in, assets | 86 | 858 |
Transfers out, assets | (98) | (1,221) |
Purchases, assets | 12,917 | 3,848 |
Sales, assets | (14,067) | (3,644) |
Issuances, assets | 0 | 0 |
Settlements, assets | (251) | (314) |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | 7 |
Gain (loss) on all other activity included in trading revenues, assets | 362 | 290 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (184) | 153 |
Balance at end of period, assets | 3,010 | 4,243 |
Recurring basis | Investment securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 72 | 148 |
Transfers in, assets | 0 | 18 |
Transfers out, assets | (17) | (38) |
Purchases, assets | 100 | 95 |
Sales, assets | (113) | (121) |
Issuances, assets | 0 | 0 |
Settlements, assets | (90) | (124) |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | (10) |
Gain (loss) on all other activity included in trading revenues, assets | 95 | 100 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (4) | 4 |
Balance at end of period, assets | 42 | 72 |
Recurring basis | Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,906 | 2,035 |
Transfers in, assets | 23 | 7 |
Transfers out, assets | (22) | (2) |
Purchases, assets | 350 | 332 |
Sales, assets | (589) | (634) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 9 | 64 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 9 | 22 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (85) | 82 |
Balance at end of period, assets | 1,601 | 1,906 |
Recurring basis | Other investments | Life finance instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,588 | 1,669 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 185 | 186 |
Sales, assets | (418) | (353) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 16 | 33 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (70) | 53 |
Balance at end of period, assets | 1,301 | 1,588 |
Recurring basis | Other investments | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 318 | 366 |
Transfers in, assets | 23 | 7 |
Transfers out, assets | (22) | (2) |
Purchases, assets | 165 | 146 |
Sales, assets | (171) | (281) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | (7) | 31 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 9 | 22 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (15) | 29 |
Balance at end of period, assets | 300 | 318 |
Recurring basis | Loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,585 | 8,950 |
Transfers in, assets | 1,130 | 969 |
Transfers out, assets | (947) | (1,942) |
Purchases, assets | 106 | 524 |
Sales, assets | (580) | (1,443) |
Issuances, assets | 1,151 | 3,574 |
Settlements, assets | (2,743) | (4,281) |
Gain (loss) on transfers in/out included in trading revenues, assets | 15 | (43) |
Gain (loss) on all other activity included in trading revenues, assets | 85 | (11) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (272) | 288 |
Balance at end of period, assets | 4,530 | 6,585 |
Recurring basis | Commercial and industrial loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,816 | 5,735 |
Transfers in, assets | 448 | 486 |
Transfers out, assets | (482) | (583) |
Purchases, assets | 71 | 97 |
Sales, assets | (395) | (1,007) |
Issuances, assets | 590 | 1,994 |
Settlements, assets | (1,705) | (2,987) |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | (14) |
Gain (loss) on all other activity included in trading revenues, assets | 21 | (74) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (155) | 169 |
Balance at end of period, assets | 2,207 | 3,816 |
Recurring basis | Financial institutions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,829 | 1,729 |
Transfers in, assets | 352 | 77 |
Transfers out, assets | (126) | (348) |
Purchases, assets | 33 | 335 |
Sales, assets | (176) | (348) |
Issuances, assets | 444 | 974 |
Settlements, assets | (821) | (701) |
Gain (loss) on transfers in/out included in trading revenues, assets | 28 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | (6) | 41 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (77) | 69 |
Balance at end of period, assets | 1,480 | 1,829 |
Recurring basis | Other intangible assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 138 | 112 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 23 | 16 |
Sales, assets | (1) | (1) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 4 | 6 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (6) | 5 |
Balance at end of period, assets | 158 | 138 |
Recurring basis | Other assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,679 | 7,087 |
Transfers in, assets | 347 | 572 |
Transfers out, assets | (132) | (1,497) |
Purchases, assets | 759 | 2,464 |
Sales, assets | (1,056) | (6,801) |
Issuances, assets | 1,054 | 898 |
Settlements, assets | (885) | (975) |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | (46) |
Gain (loss) on all other activity included in trading revenues, assets | (172) | (208) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (4) | (9) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (78) | 194 |
Balance at end of period, assets | 1,511 | 1,679 |
Recurring basis | Other assets - of which loans held-for-sale | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,316 | 6,768 |
Transfers in, assets | 286 | 355 |
Transfers out, assets | (113) | (1,251) |
Purchases, assets | 667 | 2,192 |
Sales, assets | (904) | (6,696) |
Issuances, assets | 1,053 | 898 |
Settlements, assets | (885) | (975) |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | (59) |
Gain (loss) on all other activity included in trading revenues, assets | 0 | (88) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (4) | (8) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (64) | 180 |
Balance at end of period, assets | 1,350 | 1,316 |
Recurring basis | Other assets - of which loans held-for-sale | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Gain (loss) on all other activity included in trading revenues, assets | (39) | |
Recurring basis | Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 23,390 | 33,021 |
Transfers in, assets | 2,702 | 5,792 |
Transfers out, assets | (3,165) | (7,340) |
Purchases, assets | 17,213 | 11,708 |
Sales, assets | (20,498) | (18,297) |
Issuances, assets | 3,548 | 6,235 |
Settlements, assets | (5,979) | (8,936) |
Gain (loss) on transfers in/out included in trading revenues, assets | 134 | (131) |
Gain (loss) on all other activity included in trading revenues, assets | 269 | 238 |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 10 | 7 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (988) | 1,093 |
Balance at end of period, assets | 16,642 | 23,390 |
Bank | Recurring basis | Interest-bearing deposits with banks | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1 | |
Transfers in, assets | 40 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | 49 |
Sales, assets | (41) | (49) |
Issuances, assets | 0 | |
Settlements, assets | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 1 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 0 | |
Balance at end of period, assets | 0 | 1 |
Bank | Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 174 | 158 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 26 | 279 |
Settlements, assets | (193) | (270) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 1 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (7) | 6 |
Balance at end of period, assets | 0 | 174 |
Bank | Recurring basis | Securities received as collateral | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 70 | 0 |
Transfers in, assets | 3 | 0 |
Transfers out, assets | (1) | 0 |
Purchases, assets | 65 | 100 |
Sales, assets | (86) | (33) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (5) | 3 |
Balance at end of period, assets | 46 | 70 |
Bank | Recurring basis | Trading assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 12,765 | 14,532 |
Transfers in, assets | 1,159 | 4,226 |
Transfers out, assets | (2,046) | (3,861) |
Purchases, assets | 15,810 | 8,128 |
Sales, assets | (18,032) | (9,215) |
Issuances, assets | 1,317 | 1,484 |
Settlements, assets | (2,068) | (3,286) |
Gain (loss) on transfers in/out included in trading revenues, assets | 121 | (32) |
Gain (loss) on all other activity included in trading revenues, assets | 252 | 291 |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 1 | (12) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (531) | 510 |
Balance at end of period, assets | 8,754 | 12,765 |
Bank | Recurring basis | Trading assets | Debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,977 | 4,564 |
Transfers in, assets | 608 | 1,574 |
Transfers out, assets | (1,074) | (1,487) |
Purchases, assets | 2,747 | 3,753 |
Sales, assets | (3,705) | (4,514) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (4) | (1) |
Gain (loss) on all other activity included in trading revenues, assets | (80) | (134) |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 1 | 10 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (184) | 212 |
Balance at end of period, assets | 2,292 | 3,977 |
Bank | Recurring basis | Trading assets | Debt securities | Corporate debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,674 | 1,746 |
Transfers in, assets | 276 | 836 |
Transfers out, assets | (654) | (677) |
Purchases, assets | 2,203 | 2,642 |
Sales, assets | (2,005) | (2,945) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (4) | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 14 | (42) |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 8 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (98) | 106 |
Balance at end of period, assets | 1,412 | 1,674 |
Bank | Recurring basis | Trading assets | Debt securities | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 605 | 814 |
Transfers in, assets | 280 | 587 |
Transfers out, assets | (229) | (573) |
Purchases, assets | 85 | 525 |
Sales, assets | (305) | (668) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 3 | (6) |
Gain (loss) on all other activity included in trading revenues, assets | (95) | (91) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (24) | 17 |
Balance at end of period, assets | 320 | 605 |
Bank | Recurring basis | Trading assets | Debt securities | CMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 65 | 215 |
Transfers in, assets | 6 | 26 |
Transfers out, assets | (17) | (12) |
Purchases, assets | 2 | 51 |
Sales, assets | (13) | (169) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (3) | (1) |
Gain (loss) on all other activity included in trading revenues, assets | (21) | (45) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (3) | 0 |
Balance at end of period, assets | 16 | 65 |
Bank | Recurring basis | Trading assets | Debt securities | Collateralized debt obligations | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,165 | 1,298 |
Transfers in, assets | 39 | 82 |
Transfers out, assets | (157) | (166) |
Purchases, assets | 174 | 488 |
Sales, assets | (1,047) | (578) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 2 |
Gain (loss) on all other activity included in trading revenues, assets | (16) | 2 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 2 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (32) | 35 |
Balance at end of period, assets | 126 | 1,165 |
Bank | Recurring basis | Trading assets | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 240 | 871 |
Transfers in, assets | 49 | 111 |
Transfers out, assets | (35) | (136) |
Purchases, assets | 146 | 527 |
Sales, assets | (260) | (1,057) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (45) |
Gain (loss) on all other activity included in trading revenues, assets | 33 | (38) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (10) | 7 |
Balance at end of period, assets | 163 | 240 |
Bank | Recurring basis | Trading assets | Derivative instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,305 | 4,831 |
Transfers in, assets | 416 | 1,683 |
Transfers out, assets | (839) | (1,017) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 1,317 | 1,484 |
Settlements, assets | (1,817) | (2,972) |
Gain (loss) on transfers in/out included in trading revenues, assets | 123 | 7 |
Gain (loss) on all other activity included in trading revenues, assets | (63) | 173 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | (22) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (153) | 138 |
Balance at end of period, assets | 3,289 | 4,305 |
Bank | Recurring basis | Trading assets | Derivative instruments | Interest rate derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 748 | 791 |
Transfers in, assets | 56 | 48 |
Transfers out, assets | (53) | (60) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 118 | 130 |
Settlements, assets | (183) | (293) |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 104 | 117 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 5 | 15 |
Balance at end of period, assets | 801 | 748 |
Bank | Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 914 | 936 |
Transfers in, assets | 142 | 282 |
Transfers out, assets | (98) | (328) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 443 | 428 |
Settlements, assets | (597) | (473) |
Gain (loss) on transfers in/out included in trading revenues, assets | 14 | 9 |
Gain (loss) on all other activity included in trading revenues, assets | 58 | 32 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | (22) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (43) | 50 |
Balance at end of period, assets | 833 | 914 |
Bank | Recurring basis | Trading assets | Derivative instruments | Credit derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 688 | 1,568 |
Transfers in, assets | 216 | 961 |
Transfers out, assets | (252) | (617) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 381 | 543 |
Settlements, assets | (297) | (1,710) |
Gain (loss) on transfers in/out included in trading revenues, assets | 38 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | (110) | (64) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (30) | 6 |
Balance at end of period, assets | 634 | 688 |
Bank | Recurring basis | Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,243 | 4,266 |
Transfers in, assets | 86 | 858 |
Transfers out, assets | (98) | (1,221) |
Purchases, assets | 12,917 | 3,848 |
Sales, assets | (14,067) | (3,644) |
Issuances, assets | 0 | 0 |
Settlements, assets | (251) | (314) |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | 7 |
Gain (loss) on all other activity included in trading revenues, assets | 362 | 290 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (184) | 153 |
Balance at end of period, assets | 3,010 | 4,243 |
Bank | Recurring basis | Investment securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 72 | 148 |
Transfers in, assets | 0 | 18 |
Transfers out, assets | (17) | (38) |
Purchases, assets | 100 | 95 |
Sales, assets | (113) | (121) |
Issuances, assets | 0 | 0 |
Settlements, assets | (90) | (124) |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | (10) |
Gain (loss) on all other activity included in trading revenues, assets | 95 | 100 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (4) | 4 |
Balance at end of period, assets | 42 | 72 |
Bank | Recurring basis | Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,906 | 2,034 |
Transfers in, assets | 23 | 8 |
Transfers out, assets | (22) | (2) |
Purchases, assets | 324 | 309 |
Sales, assets | (562) | (611) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 9 | 64 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 9 | 22 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (86) | 82 |
Balance at end of period, assets | 1,601 | 1,906 |
Bank | Recurring basis | Other investments | Life finance instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,588 | 1,669 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 185 | 186 |
Sales, assets | (418) | (353) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 16 | 33 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (70) | 53 |
Balance at end of period, assets | 1,301 | 1,588 |
Bank | Recurring basis | Other investments | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 318 | 365 |
Transfers in, assets | 23 | 8 |
Transfers out, assets | (22) | (2) |
Purchases, assets | 139 | 123 |
Sales, assets | (144) | (258) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | (7) | 31 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 9 | 22 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (16) | 29 |
Balance at end of period, assets | 300 | 318 |
Bank | Recurring basis | Loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,585 | 8,950 |
Transfers in, assets | 1,130 | 969 |
Transfers out, assets | (947) | (1,942) |
Purchases, assets | 106 | 524 |
Sales, assets | (580) | (1,443) |
Issuances, assets | 1,151 | 3,574 |
Settlements, assets | (2,743) | (4,281) |
Gain (loss) on transfers in/out included in trading revenues, assets | 15 | (43) |
Gain (loss) on all other activity included in trading revenues, assets | 85 | (11) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (272) | 288 |
Balance at end of period, assets | 4,530 | 6,585 |
Bank | Recurring basis | Commercial and industrial loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,816 | 5,735 |
Transfers in, assets | 448 | 486 |
Transfers out, assets | (482) | (583) |
Purchases, assets | 71 | 97 |
Sales, assets | (395) | (1,007) |
Issuances, assets | 590 | 1,994 |
Settlements, assets | (1,705) | (2,987) |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | (14) |
Gain (loss) on all other activity included in trading revenues, assets | 21 | (74) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (155) | 169 |
Balance at end of period, assets | 2,207 | 3,816 |
Bank | Recurring basis | Financial institutions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,829 | 1,729 |
Transfers in, assets | 352 | 77 |
Transfers out, assets | (126) | (348) |
Purchases, assets | 33 | 335 |
Sales, assets | (176) | (348) |
Issuances, assets | 444 | 974 |
Settlements, assets | (821) | (701) |
Gain (loss) on transfers in/out included in trading revenues, assets | 28 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | (6) | 41 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (77) | 69 |
Balance at end of period, assets | 1,480 | 1,829 |
Bank | Recurring basis | Other intangible assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 138 | 112 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 23 | 16 |
Sales, assets | (1) | (1) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 4 | 6 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (6) | 5 |
Balance at end of period, assets | 158 | 138 |
Bank | Recurring basis | Other assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,679 | 7,087 |
Transfers in, assets | 347 | 572 |
Transfers out, assets | (132) | (1,497) |
Purchases, assets | 759 | 2,464 |
Sales, assets | (1,056) | (6,801) |
Issuances, assets | 1,054 | 898 |
Settlements, assets | (885) | (975) |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | (46) |
Gain (loss) on all other activity included in trading revenues, assets | (172) | (208) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (4) | (9) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (78) | 194 |
Balance at end of period, assets | 1,511 | 1,679 |
Bank | Recurring basis | Other assets - of which loans held-for-sale | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,316 | 6,768 |
Transfers in, assets | 286 | 355 |
Transfers out, assets | (113) | (1,251) |
Purchases, assets | 667 | 2,192 |
Sales, assets | (904) | (6,696) |
Issuances, assets | 1,053 | 898 |
Settlements, assets | (885) | (975) |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | (59) |
Gain (loss) on all other activity included in trading revenues, assets | 0 | (88) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (4) | (8) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (64) | 180 |
Balance at end of period, assets | 1,350 | 1,316 |
Bank | Recurring basis | Other assets - of which loans held-for-sale | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Gain (loss) on all other activity included in trading revenues, assets | (39) | |
Bank | Recurring basis | Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 23,390 | 33,021 |
Transfers in, assets | 2,702 | 5,793 |
Transfers out, assets | (3,165) | (7,340) |
Purchases, assets | 17,187 | 11,685 |
Sales, assets | (20,471) | (18,274) |
Issuances, assets | 3,548 | 6,235 |
Settlements, assets | (5,979) | (8,936) |
Gain (loss) on transfers in/out included in trading revenues, assets | 134 | (131) |
Gain (loss) on all other activity included in trading revenues, assets | 269 | 238 |
Gain (loss) on transfers in/out included in other revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 10 | 7 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (989) | 1,092 |
Balance at end of period, assets | SFr 16,642 | SFr 23,390 |
FI - Roll-forward of liabilitie
FI - Roll-forward of liabilities measured at fair value on recurring basis (Details 5) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 410 | SFr 254 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | (41) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 35 | 240 |
Settlements, liabilities | (3) | (20) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (61) | (64) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 42 | 41 |
Foreign currency translation impact, liabilities | 32 | 0 |
Balance at end of period, liabilities | 455 | 410 |
Obligation to return securities received as collateral | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 70 | 0 |
Transfers in, liabilities | 3 | 0 |
Transfers out, liabilities | (1) | 0 |
Purchases, liabilities | 65 | 100 |
Sales, liabilities | (86) | (33) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (5) | 3 |
Balance at end of period, liabilities | 46 | 70 |
Trading Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,737 | 4,615 |
Transfers in, liabilities | 566 | 1,588 |
Transfers out, liabilities | (1,049) | (1,026) |
Purchases, liabilities | 113 | 51 |
Sales, liabilities | (134) | (52) |
Issuances, liabilities | 1,193 | 1,259 |
Settlements, liabilities | (1,625) | (3,494) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 140 | 100 |
Gain (loss) on all other activity included in trading revenues, liabilities | 461 | 589 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (9) | (12) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (167) | 119 |
Balance at end of period, liabilities | 3,226 | 3,737 |
Trading Liabilities | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 538 | 578 |
Transfers in, liabilities | 57 | 87 |
Transfers out, liabilities | (36) | (28) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 45 | 141 |
Settlements, liabilities | (258) | (244) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 6 | 14 |
Gain (loss) on all other activity included in trading revenues, liabilities | (14) | (25) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (21) | 15 |
Balance at end of period, liabilities | 317 | 538 |
Trading Liabilities | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 150 | 329 |
Transfers in, liabilities | 11 | 55 |
Transfers out, liabilities | (1) | (5) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 9 | 14 |
Settlements, liabilities | (12) | (408) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 2 |
Gain (loss) on all other activity included in trading revenues, liabilities | (52) | 160 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (5) | 3 |
Balance at end of period, liabilities | 100 | 150 |
Trading Liabilities | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,181 | 1,347 |
Transfers in, liabilities | 54 | 130 |
Transfers out, liabilities | (188) | (293) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 543 | 423 |
Settlements, liabilities | (692) | (748) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 17 | 32 |
Gain (loss) on all other activity included in trading revenues, liabilities | 441 | 227 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (55) | 63 |
Balance at end of period, liabilities | 1,301 | 1,181 |
Trading Liabilities | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 851 | 1,757 |
Transfers in, liabilities | 377 | 940 |
Transfers out, liabilities | (392) | (689) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 350 | 421 |
Settlements, liabilities | (376) | (1,806) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 61 | 50 |
Gain (loss) on all other activity included in trading revenues, liabilities | 66 | 162 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (39) | 16 |
Balance at end of period, liabilities | 898 | 851 |
Short-term borrowings | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 516 | 72 |
Transfers in, liabilities | 95 | 45 |
Transfers out, liabilities | (172) | (30) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 865 | 598 |
Settlements, liabilities | (472) | (205) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (2) | 1 |
Gain (loss) on all other activity included in trading revenues, liabilities | 19 | 17 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 4 | (3) |
Gain (loss) on all other activity included in other revenues, liabilities | 10 | 3 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 6 | 0 |
Foreign currency translation impact, liabilities | (24) | 18 |
Balance at end of period, liabilities | 845 | 516 |
Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 13,415 | 14,123 |
Transfers in, liabilities | 1,172 | 3,865 |
Transfers out, liabilities | (3,004) | (2,393) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 4,540 | 4,510 |
Settlements, liabilities | (4,479) | (7,149) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (12) | (64) |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,400 | (124) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 88 | 1 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 21 | 240 |
Foreign currency translation impact, liabilities | (640) | 406 |
Balance at end of period, liabilities | 12,501 | 13,415 |
Long-term debt | Long-term debt - of which structured notes over two years | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 12,434 | 9,924 |
Transfers in, liabilities | 995 | 3,484 |
Transfers out, liabilities | (2,886) | (2,166) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 3,913 | 4,044 |
Settlements, liabilities | (3,079) | (3,004) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (14) | (78) |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,390 | (403) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 87 | 1 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 17 | 240 |
Foreign currency translation impact, liabilities | (598) | 392 |
Balance at end of period, liabilities | 12,259 | 12,434 |
Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,684 | 2,491 |
Transfers in, liabilities | 150 | 208 |
Transfers out, liabilities | (102) | (226) |
Purchases, liabilities | 211 | 219 |
Sales, liabilities | (304) | (376) |
Issuances, liabilities | 9 | 17 |
Settlements, liabilities | (403) | (612) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (25) | (72) |
Gain (loss) on all other activity included in trading revenues, liabilities | (6) | (160) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | (1) |
Gain (loss) on all other activity included in other revenues, liabilities | 330 | 139 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (66) | 57 |
Balance at end of period, liabilities | 1,478 | 1,684 |
Other liabilities | Other liabilities - of which failed sales | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 219 | 454 |
Transfers in, liabilities | 80 | 44 |
Transfers out, liabilities | (70) | (121) |
Purchases, liabilities | 189 | 142 |
Sales, liabilities | (218) | (308) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | (3) |
Gain (loss) on all other activity included in trading revenues, liabilities | 40 | 3 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (10) | 8 |
Balance at end of period, liabilities | 223 | 219 |
Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 19,832 | 21,555 |
Transfers in, liabilities | 1,986 | 5,706 |
Transfers out, liabilities | (4,328) | (3,716) |
Purchases, liabilities | 389 | 370 |
Sales, liabilities | (524) | (461) |
Issuances, liabilities | 6,642 | 6,624 |
Settlements, liabilities | (6,982) | (11,480) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 101 | (35) |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,813 | 258 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 4 | (4) |
Gain (loss) on all other activity included in other revenues, liabilities | 331 | 130 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 88 | 1 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 69 | 281 |
Foreign currency translation impact, liabilities | (870) | 603 |
Balance at end of period, liabilities | 18,551 | 19,832 |
Bank | Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 410 | 254 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | (41) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 35 | 240 |
Settlements, liabilities | (3) | (20) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (61) | (64) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 42 | 41 |
Foreign currency translation impact, liabilities | 32 | 0 |
Balance at end of period, liabilities | 455 | 410 |
Bank | Obligation to return securities received as collateral | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 70 | 0 |
Transfers in, liabilities | 3 | 0 |
Transfers out, liabilities | (1) | 0 |
Purchases, liabilities | 65 | 100 |
Sales, liabilities | (86) | (33) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (5) | 3 |
Balance at end of period, liabilities | 46 | 70 |
Bank | Trading Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,737 | 4,615 |
Transfers in, liabilities | 566 | 1,588 |
Transfers out, liabilities | (1,049) | (1,026) |
Purchases, liabilities | 113 | 51 |
Sales, liabilities | (134) | (52) |
Issuances, liabilities | 1,193 | 1,259 |
Settlements, liabilities | (1,625) | (3,494) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 140 | 100 |
Gain (loss) on all other activity included in trading revenues, liabilities | 461 | 589 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (9) | (12) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (167) | 119 |
Balance at end of period, liabilities | 3,226 | 3,737 |
Bank | Trading Liabilities | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 538 | 578 |
Transfers in, liabilities | 57 | 87 |
Transfers out, liabilities | (36) | (28) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 45 | 141 |
Settlements, liabilities | (258) | (244) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 6 | 14 |
Gain (loss) on all other activity included in trading revenues, liabilities | (14) | (25) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (21) | 15 |
Balance at end of period, liabilities | 317 | 538 |
Bank | Trading Liabilities | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 150 | 329 |
Transfers in, liabilities | 11 | 55 |
Transfers out, liabilities | (1) | (5) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 9 | 14 |
Settlements, liabilities | (12) | (408) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 2 |
Gain (loss) on all other activity included in trading revenues, liabilities | (52) | 160 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (5) | 3 |
Balance at end of period, liabilities | 100 | 150 |
Bank | Trading Liabilities | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,181 | 1,347 |
Transfers in, liabilities | 54 | 130 |
Transfers out, liabilities | (188) | (293) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 543 | 423 |
Settlements, liabilities | (692) | (748) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 17 | 32 |
Gain (loss) on all other activity included in trading revenues, liabilities | 441 | 227 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (55) | 63 |
Balance at end of period, liabilities | 1,301 | 1,181 |
Bank | Trading Liabilities | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 851 | 1,757 |
Transfers in, liabilities | 377 | 940 |
Transfers out, liabilities | (392) | (689) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 350 | 421 |
Settlements, liabilities | (376) | (1,806) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 61 | 50 |
Gain (loss) on all other activity included in trading revenues, liabilities | 66 | 162 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (39) | 16 |
Balance at end of period, liabilities | 898 | 851 |
Bank | Short-term borrowings | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 516 | 72 |
Transfers in, liabilities | 95 | 45 |
Transfers out, liabilities | (172) | (30) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 865 | 598 |
Settlements, liabilities | (472) | (205) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (2) | 1 |
Gain (loss) on all other activity included in trading revenues, liabilities | 19 | 17 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 4 | (3) |
Gain (loss) on all other activity included in other revenues, liabilities | 10 | 3 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 6 | 0 |
Foreign currency translation impact, liabilities | (24) | 18 |
Balance at end of period, liabilities | 845 | 516 |
Bank | Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 13,415 | 14,123 |
Transfers in, liabilities | 1,172 | 3,865 |
Transfers out, liabilities | (3,004) | (2,393) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 4,540 | 4,510 |
Settlements, liabilities | (4,479) | (7,149) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (12) | (64) |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,400 | (124) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 88 | 1 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 21 | 240 |
Foreign currency translation impact, liabilities | (640) | 406 |
Balance at end of period, liabilities | 12,501 | 13,415 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 12,434 | 9,924 |
Transfers in, liabilities | 995 | 3,484 |
Transfers out, liabilities | (2,886) | (2,166) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 3,913 | 4,044 |
Settlements, liabilities | (3,079) | (3,004) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (14) | (78) |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,390 | (403) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 87 | 1 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 17 | 240 |
Foreign currency translation impact, liabilities | (598) | 392 |
Balance at end of period, liabilities | 12,259 | 12,434 |
Bank | Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,679 | 2,483 |
Transfers in, liabilities | 150 | 208 |
Transfers out, liabilities | (102) | (226) |
Purchases, liabilities | 211 | 219 |
Sales, liabilities | (304) | (376) |
Issuances, liabilities | 7 | 17 |
Settlements, liabilities | (398) | (611) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (25) | (72) |
Gain (loss) on all other activity included in trading revenues, liabilities | (8) | (160) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | (1) |
Gain (loss) on all other activity included in other revenues, liabilities | 327 | 139 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (70) | 59 |
Balance at end of period, liabilities | 1,467 | 1,679 |
Bank | Other liabilities | Other liabilities - of which failed sales | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 219 | 454 |
Transfers in, liabilities | 80 | 44 |
Transfers out, liabilities | (70) | (121) |
Purchases, liabilities | 189 | 142 |
Sales, liabilities | (218) | (308) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | (3) |
Gain (loss) on all other activity included in trading revenues, liabilities | 40 | 3 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (10) | 8 |
Balance at end of period, liabilities | 223 | 219 |
Bank | Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 19,827 | 21,547 |
Transfers in, liabilities | 1,986 | 5,706 |
Transfers out, liabilities | (4,328) | (3,716) |
Purchases, liabilities | 389 | 370 |
Sales, liabilities | (524) | (461) |
Issuances, liabilities | 6,640 | 6,624 |
Settlements, liabilities | (6,977) | (11,479) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 101 | (35) |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,811 | 258 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 4 | (4) |
Gain (loss) on all other activity included in other revenues, liabilities | 328 | 130 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 88 | 1 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 69 | 281 |
Foreign currency translation impact, liabilities | (874) | 605 |
Balance at end of period, liabilities | SFr 18,540 | SFr 19,827 |
FI - Roll-forward of net assets
FI - Roll-forward of net assets measured at fair value on recurring basis (Details 6) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | SFr 3,558 | SFr 11,466 |
Transfers in, net assets/liabilities | 716 | 86 |
Transfers out, net assets/liabilities | 1,163 | (3,624) |
Purchases, net assets/liabilities | 16,824 | 11,338 |
Sales, net assets/liabilities | (19,974) | (17,836) |
Issuances, net assets/liabilities | (3,094) | (389) |
Settlements, net assets/liabilities | 1,003 | 2,544 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | 33 | (96) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | (1,544) | (20) |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 2 | 4 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (321) | (123) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | (88) | (1) |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | (69) | (281) |
Foreign currency translation impact, net assets/liabilities | (118) | 490 |
Balance at beginning of period, net assets/liabilities | (1,909) | 3,558 |
Bank | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | 3,563 | 11,474 |
Transfers in, net assets/liabilities | 716 | 87 |
Transfers out, net assets/liabilities | 1,163 | (3,624) |
Purchases, net assets/liabilities | 16,798 | 11,315 |
Sales, net assets/liabilities | (19,947) | (17,813) |
Issuances, net assets/liabilities | (3,092) | (389) |
Settlements, net assets/liabilities | 998 | 2,543 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | 33 | (96) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | (1,542) | (20) |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 2 | 4 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (318) | (123) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | (88) | (1) |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | (69) | (281) |
Foreign currency translation impact, net assets/liabilities | (115) | 487 |
Balance at beginning of period, net assets/liabilities | SFr (1,898) | SFr 3,563 |
FI - Gains_losses on assets_lia
FI - Gains/losses on assets/liabilities using unobservable inputs (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | SFr (1,830) | SFr (235) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (2,066) | 151 |
Transfers into level 3 assets | 2,702 | 5,792 |
Transfers out of level 3 assets | 3,165 | 7,340 |
Trading revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (1,511) | (116) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (2,088) | 125 |
Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (319) | (119) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 22 | 26 |
Bank | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (1,825) | (235) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (2,068) | 152 |
Bank | Trading revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (1,509) | (116) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (2,088) | 123 |
Bank | Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (316) | (119) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | SFr 20 | SFr 29 |
FI - Non-recurring fair value c
FI - Non-recurring fair value changes (Details 8) - Nonrecurring basis - CHF (SFr) SFr in Billions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets and liabilities recorded at fair value | ||
Loans | SFr 0.1 | SFr 0.1 |
Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0.1 | 0.1 |
Bank | ||
Assets and liabilities recorded at fair value | ||
Loans | 0.1 | 0.1 |
Bank | Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | SFr 0.1 | SFr 0.1 |
FI - Difference between fair va
FI - Difference between fair value and unpaid principle balances (Details 9) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Financial instruments | ||
Cash and Due from Banks | SFr 212 | SFr 200 |
Interest-bearing deposits with banks | 0 | 26 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Loans | 15,307 | 19,528 |
Other assets | 9,018 | 9,383 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (15,262) | (19,634) |
Short-term borrowings | (11,019) | (4,061) |
Long-term debt | (63,628) | (72,868) |
Other liabilities | (8,624) | (9,493) |
Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 708 | 1,276 |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 26 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Loans | 15,307 | 19,528 |
Other assets | 8,468 | 8,369 |
Due to banks and customer deposits | (907) | (1,120) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (15,262) | (19,634) |
Short-term borrowings | (11,019) | (4,061) |
Long-term debt | (63,628) | (72,868) |
Other liabilities | (661) | (727) |
Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 3,375 | 4,495 |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 25 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 76,643 | 87,208 |
Loans | 15,372 | 20,144 |
Other assets | 10,910 | 11,296 |
Due to banks and customer deposits | (861) | (1,059) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (15,180) | (19,638) |
Short-term borrowings | (11,104) | (4,017) |
Long-term debt | (63,759) | (76,123) |
Other liabilities | (1,716) | (2,331) |
Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (2,667) | (3,219) |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 1 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 855 | 123 |
Loans | (65) | (616) |
Other assets | (2,442) | (2,927) |
Due to banks and customer deposits | (46) | (61) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (82) | 4 |
Short-term borrowings | 85 | (44) |
Long-term debt | 131 | 3,255 |
Other liabilities | 1,055 | 1,604 |
Bank | ||
Financial instruments | ||
Cash and Due from Banks | 212 | 208 |
Interest-bearing deposits with banks | 0 | 26 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Loans | 15,307 | 19,528 |
Other assets | 9,018 | 9,420 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (15,262) | (19,634) |
Short-term borrowings | (11,019) | (4,061) |
Long-term debt | (62,622) | (71,970) |
Other liabilities | (8,590) | (9,557) |
Bank | Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 708 | 1,276 |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 26 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Loans | 15,307 | 19,528 |
Other assets | 8,468 | 8,369 |
Due to banks and customer deposits | (907) | (1,120) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (15,262) | (19,634) |
Short-term borrowings | (11,019) | (4,061) |
Long-term debt | (62,622) | (71,970) |
Other liabilities | (661) | (727) |
Bank | Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 3,375 | 4,495 |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 25 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 76,643 | 87,208 |
Loans | 15,372 | 20,144 |
Other assets | 10,910 | 11,296 |
Due to banks and customer deposits | (861) | (1,059) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (15,180) | (19,638) |
Short-term borrowings | (11,104) | (4,017) |
Long-term debt | (62,813) | (75,106) |
Other liabilities | (1,716) | (2,331) |
Bank | Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (2,667) | (3,219) |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 1 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 855 | 123 |
Loans | (65) | (616) |
Other assets | (2,442) | (2,927) |
Due to banks and customer deposits | (46) | (61) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (82) | 4 |
Short-term borrowings | 85 | (44) |
Long-term debt | 191 | 3,136 |
Other liabilities | SFr 1,055 | SFr 1,604 |
FI - Gains_losses on financial
FI - Gains/losses on financial instruments (Details 10) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | SFr 13 | SFr 4 | SFr 2 |
Net gains/(losses) of which related to credit risk - on assets | 0 | 1 | (1) |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,493 | 1,440 | 1,279 |
Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 216 | 212 | 242 |
Net gains/(losses) of which related to credit risk - on assets | (4) | (3) | 0 |
Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,542 | 1,643 | 439 |
Net gains/(losses) of which related to credit risk - on assets | 7 | (16) | (236) |
Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 480 | (518) | 111 |
Net gains/(losses) of which related to credit risk - on assets | 96 | (199) | (511) |
Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1 | (12) | 4 |
Net gains/(losses) of which related to credit risk - on liabilities | 5 | (22) | 19 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (118) | (112) | 55 |
Short-term borrowings | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (512) | 323 | 439 |
Net gains/(losses) of which related to credit risk - on liabilities | (23) | 0 | 0 |
Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (6,857) | (1,235) | 5,317 |
Net gains/(losses) of which related to credit risk - on liabilities | (32) | 22 | 207 |
Fair Value, Option, Credit Risk, Changes in debt valuation adjustments on structured notes | 261 | ||
Vanilla debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) of which related to credit risk - on liabilities | (108) | ||
Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 183 | 456 | 316 |
Net gains/(losses) of which related to credit risk - on liabilities | 83 | 306 | (93) |
Bank | Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 13 | 4 | (38) |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,493 | 1,440 | 1,279 |
Bank | Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 215 | 214 | 240 |
Net gains/(losses) of which related to credit risk - on assets | (4) | (3) | 0 |
Bank | Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,542 | 1,643 | 439 |
Net gains/(losses) of which related to credit risk - on assets | 7 | (16) | (236) |
Bank | Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 480 | (507) | 111 |
Net gains/(losses) of which related to credit risk - on assets | 96 | (200) | (511) |
Bank | Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1 | (12) | 4 |
Net gains/(losses) of which related to credit risk - on liabilities | 5 | (22) | 19 |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (118) | (112) | 55 |
Bank | Short-term borrowings | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (512) | 323 | 439 |
Bank | Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (6,615) | (1,136) | 5,398 |
Net gains/(losses) of which related to credit risk - on liabilities | (32) | 22 | 224 |
Bank | Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 181 | 443 | 314 |
Net gains/(losses) of which related to credit risk - on liabilities | SFr 88 | SFr 312 | SFr (95) |
FI - Fair value, unfunded commi
FI - Fair value, unfunded commitments, term of redemption conditions (Details 11) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 651 | SFr 1,203 |
Redeemable | 2,257 | 2,246 |
Total fair value | 2,908 | 3,449 |
Unfunded commitments | 137 | 388 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 229 | 334 |
Redeemable attributable to non-controlling interest | 167 | 231 |
Unfunded commitments attributable to non-controlling interest | SFr 53 | 88 |
High end of period of time, in years, that the underlying assets of non-redeemable funds are expected to be liquidated | 10 | |
Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 61 | 65 |
Redeemable | 983 | 1,280 |
Total fair value | 1,044 | 1,345 |
Unfunded commitments | 0 | 0 |
Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 61 | 65 |
Redeemable | 992 | 1,281 |
Total fair value | 1,053 | 1,346 |
Unfunded commitments | SFr 0 | SFr 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 54.00% | 58.00% |
Percentage of investment subject to monthly redemption | 35.00% | 23.00% |
Percentage of investment subject to quarterly redemption | 9.00% | 17.00% |
Percentage of investment subject to annual redemption | 2.00% | 2.00% |
Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 0 | SFr 0 |
Redeemable | (9) | (1) |
Total fair value | (9) | (1) |
Unfunded commitments | 0 | 0 |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 590 | 1,138 |
Redeemable | 1,274 | 966 |
Total fair value | 1,864 | 2,104 |
Unfunded commitments | 137 | 388 |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 168 | 217 |
Redeemable | 223 | 329 |
Total fair value | 391 | 546 |
Unfunded commitments | SFr 9 | SFr 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 6.00% | 5.00% |
Percentage of investment subject to monthly redemption | 43.00% | 26.00% |
Percentage of investment subject to quarterly redemption | 51.00% | 68.00% |
Percentage of investment subject to annual redemption | 1.00% | |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 351 | SFr 574 |
Redeemable | 0 | 0 |
Total fair value | 351 | 574 |
Unfunded commitments | 123 | 170 |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 71 | 347 |
Redeemable | 1,051 | 637 |
Total fair value | 1,122 | 984 |
Unfunded commitments | 5 | 218 |
Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 164 | 215 |
Redeemable | 75 | 77 |
Total fair value | 239 | 292 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1 | 5 |
Redeemable | 0 | 0 |
Total fair value | 1 | 5 |
Unfunded commitments | 0 | 20 |
Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | 2 |
Redeemable | 53 | 51 |
Total fair value | 55 | 53 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 141 | 240 |
Redeemable | 0 | 0 |
Total fair value | 141 | 240 |
Unfunded commitments | 64 | 42 |
Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 178 | 212 |
Redeemable | 0 | 0 |
Total fair value | 178 | 212 |
Unfunded commitments | 44 | 50 |
Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | 0 |
Redeemable | 95 | 201 |
Total fair value | 97 | 201 |
Unfunded commitments | 9 | 0 |
Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 31 | 117 |
Redeemable | 0 | 0 |
Total fair value | 31 | 117 |
Unfunded commitments | 15 | 58 |
Bank | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 643 | 1,197 |
Redeemable | 2,256 | 2,244 |
Total fair value | 2,899 | 3,441 |
Unfunded commitments | 137 | 387 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 229 | 334 |
Redeemable attributable to non-controlling interest | 167 | 231 |
Unfunded commitments attributable to non-controlling interest | 53 | 88 |
Bank | Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 61 | 65 |
Redeemable | 983 | 1,280 |
Total fair value | 1,044 | 1,345 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 0 | 0 |
Total fair value | 0 | 0 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 61 | 65 |
Redeemable | 992 | 1,281 |
Total fair value | 1,053 | 1,346 |
Unfunded commitments | SFr 0 | SFr 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 54.00% | 58.00% |
Percentage of investment subject to monthly redemption | 35.00% | 23.00% |
Percentage of investment subject to quarterly redemption | 9.00% | 17.00% |
Percentage of investment subject to annual redemption | 2.00% | 2.00% |
Bank | Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 0 | SFr 0 |
Redeemable | (9) | (1) |
Total fair value | (9) | (1) |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 582 | 1,132 |
Redeemable | 1,273 | 964 |
Total fair value | 1,855 | 2,096 |
Unfunded commitments | 137 | 387 |
Bank | Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 168 | 217 |
Redeemable | 223 | 329 |
Total fair value | 391 | 546 |
Unfunded commitments | SFr 9 | SFr 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 6.00% | 5.00% |
Percentage of investment subject to monthly redemption | 43.00% | 26.00% |
Percentage of investment subject to quarterly redemption | 51.00% | 68.00% |
Percentage of investment subject to annual redemption | 1.00% | |
Bank | Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 343 | SFr 566 |
Redeemable | 0 | 0 |
Total fair value | 343 | 566 |
Unfunded commitments | 123 | 169 |
Bank | Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 71 | 349 |
Redeemable | 1,050 | 635 |
Total fair value | 1,121 | 984 |
Unfunded commitments | 5 | 218 |
Bank | Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 164 | 215 |
Redeemable | 75 | 77 |
Total fair value | 239 | 292 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1 | 5 |
Redeemable | 0 | 0 |
Total fair value | 1 | 5 |
Unfunded commitments | 0 | 20 |
Bank | Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | 2 |
Redeemable | 53 | 51 |
Total fair value | 55 | 53 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 133 | 232 |
Redeemable | 0 | 0 |
Total fair value | 133 | 232 |
Unfunded commitments | 63 | 41 |
Bank | Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 178 | 212 |
Redeemable | 0 | 0 |
Total fair value | 178 | 212 |
Unfunded commitments | 44 | 50 |
Bank | Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | 0 |
Redeemable | 95 | 201 |
Total fair value | 97 | 201 |
Unfunded commitments | 9 | 0 |
Bank | Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 31 | 117 |
Redeemable | 0 | 0 |
Total fair value | 31 | 117 |
Unfunded commitments | SFr 16 | SFr 58 |
FI - Transfers between levels 1
FI - Transfers between levels 1 and 2 (Details 14) - Recurring basis - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Obligation to return securities received as collateral | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | SFr 0 | SFr 0 |
Transfers out of level 1 to level 2 | 136 | 0 |
Trading Liabilities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3,919 | 4,157 |
Transfers out of level 1 to level 2 | 300 | 241 |
Trading Liabilities | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3 | 2 |
Transfers out of level 1 to level 2 | 44 | 46 |
Trading Liabilities | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 102 | 108 |
Transfers out of level 1 to level 2 | 165 | 166 |
Trading Liabilities | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3,814 | 4,047 |
Transfers out of level 1 to level 2 | 91 | 29 |
Securities received as collateral | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 0 | 0 |
Transfers out of level 1 to level 2 | 136 | 0 |
Trading assets | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 4,142 | 6,139 |
Transfers out of level 1 to level 2 | 662 | 2,772 |
Trading assets | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 16 | 2,012 |
Transfers out of level 1 to level 2 | 237 | 1,698 |
Trading assets | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 924 | 723 |
Transfers out of level 1 to level 2 | 412 | 1,074 |
Trading assets | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3,202 | 3,404 |
Transfers out of level 1 to level 2 | 13 | 0 |
Investment securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 0 | 0 |
Transfers out of level 1 to level 2 | 0 | 1,229 |
Bank | Obligation to return securities received as collateral | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 0 | 0 |
Transfers out of level 1 to level 2 | 136 | 0 |
Bank | Trading Liabilities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3,919 | 4,157 |
Transfers out of level 1 to level 2 | 300 | 241 |
Bank | Trading Liabilities | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3 | 2 |
Transfers out of level 1 to level 2 | 44 | 46 |
Bank | Trading Liabilities | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 102 | 108 |
Transfers out of level 1 to level 2 | 165 | 166 |
Bank | Trading Liabilities | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3,814 | 4,047 |
Transfers out of level 1 to level 2 | 91 | 29 |
Bank | Securities received as collateral | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 0 | 0 |
Transfers out of level 1 to level 2 | 136 | 0 |
Bank | Trading assets | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 4,142 | 6,139 |
Transfers out of level 1 to level 2 | 662 | 2,772 |
Bank | Trading assets | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 16 | 2,012 |
Transfers out of level 1 to level 2 | 237 | 1,698 |
Bank | Trading assets | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 924 | 723 |
Transfers out of level 1 to level 2 | 412 | 1,074 |
Bank | Trading assets | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2 | 3,202 | 3,404 |
Transfers out of level 1 to level 2 | SFr 13 | SFr 0 |
FI - Qualitative information ab
FI - Qualitative information about level 3 assets at fair value (Details 15) - Recurring basis SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | |
Interest-bearing deposits with banks | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 0 | SFr 1 | SFr 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 0 | SFr 174 | 158 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 10 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 450 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 259 | ||
Securities received as collateral | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 46 | SFr 70 | 0 |
Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 8,754 | 12,765 | 14,531 |
Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,292 | 3,977 | 4,563 |
Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,412 | 1,674 | 1,745 |
Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 387 | SFr 448 | |
Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (60.00%) | (85.00%) | |
Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | 98.00% | |
Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 55.00% | 23.00% | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 444 | SFr 101 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 37 | 3 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 952 | 1,004 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 230 | 308 | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 545 | SFr 817 | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 139.00% | 117.00% | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 84.00% | 86.00% | |
Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 320 | SFr 605 | 814 |
Trading assets | Debt securities | RMBS | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 445 | ||
Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 1.00% | 2.00% | |
Discount rate (in %) | 1.00% | 0.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 36.00% | 30.00% | |
Discount rate (in %) | 24.00% | 47.00% | |
Default rate (in %) | 12.00% | 10.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 10.00% | 12.00% | |
Discount rate (in %) | 11.00% | 8.00% | |
Default rate (in %) | 4.00% | 3.00% | |
Loss severity (in %) | 57.00% | 43.00% | |
Trading assets | Debt securities | RMBS | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 120 | ||
Trading assets | Debt securities | RMBS | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 21.00% | ||
Trading assets | Debt securities | RMBS | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 30.00% | ||
Trading assets | Debt securities | RMBS | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 26.00% | ||
Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16 | SFr 65 | 215 |
Trading assets | Debt securities | CMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | 8.00% | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 8.00% | 2.00% | |
Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | 9.00% | |
Prepayment rate (in %) | 5.00% | 15.00% | |
Discount rate (in %) | 16.00% | 27.00% | |
Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | 9.00% | |
Prepayment rate (in %) | 4.00% | 9.00% | |
Discount rate (in %) | 14.00% | 10.00% | |
Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 126 | SFr 1,165 | 1,298 |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 195 | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 464 | 328 | |
Prepayment rate (in %) | 5.00% | 0.00% | |
Discount rate (in %) | 5.00% | 7.00% | |
Default rate (in %) | 2.00% | 0.00% | |
Loss severity (in %) | 0.00% | 3.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 669 | 328 | |
Prepayment rate (in %) | 20.00% | 30.00% | |
Discount rate (in %) | 13.00% | 27.00% | |
Default rate (in %) | 5.00% | 5.00% | |
Loss severity (in %) | 80.00% | 100.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 553 | 328 | |
Prepayment rate (in %) | 13.00% | 10.00% | |
Discount rate (in %) | 8.00% | 15.00% | |
Default rate (in %) | 3.00% | 2.00% | |
Loss severity (in %) | 34.00% | 45.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 851 | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 208.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 208.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 208.00% | ||
Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 163 | SFr 240 | 871 |
Trading assets | Equity securities | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 67 | ||
Trading assets | Equity securities | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Trading assets | Equity securities | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 2,080 | ||
Trading assets | Equity securities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 10 | ||
Trading assets | Equity securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 81 | ||
Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 2 | 3 | |
Price (in %) | 18.00% | 0.00% | |
Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 9 | 8 | |
Price (in %) | 100.00% | 100.00% | |
Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 7 | 6 | |
Price (in %) | 67.00% | 70.00% | |
Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,289 | SFr 4,305 | 4,831 |
Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 801 | SFr 748 | 791 |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 20.00% | 20.00% | |
Prepayment rate (in %) | 6.00% | 1.00% | |
Volatility skew (in %) | (4.00%) | (7.00%) | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Prepayment rate (in %) | 34.00% | 32.00% | |
Volatility skew (in %) | 1.00% | 1.00% | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 72.00% | 65.00% | |
Prepayment rate (in %) | 17.00% | 16.00% | |
Volatility skew (in %) | (1.00%) | (2.00%) | |
Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 634 | SFr 688 | 1,568 |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 1 | 0 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 3.00% | 1.00% | |
Default rate (in %) | 1.00% | 0.00% | |
Loss severity (in %) | 1.00% | 15.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 956 | 1,635 | |
Prepayment rate (in %) | 14.00% | 13.00% | |
Recovery rate (in %) | 45.00% | 45.00% | |
Discount rate (in %) | 50.00% | 45.00% | |
Default rate (in %) | 20.00% | 33.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 217 | 396 | |
Prepayment rate (in %) | 6.00% | 5.00% | |
Recovery rate (in %) | 20.00% | 10.00% | |
Discount rate (in %) | 16.00% | 21.00% | |
Default rate (in %) | 5.00% | 5.00% | |
Loss severity (in %) | 64.00% | 69.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 833 | SFr 914 | 936 |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (85.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 0.00% | 2.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Gap risk (in %) | 2.00% | 2.00% | |
Volatility (in %) | 105.00% | 180.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 90.00% | 62.00% | |
Correlation (in %) | 65.00% | 21.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Volatility (in %) | 64.00% | 32.00% | |
Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,010 | SFr 4,243 | 4,266 |
Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,095 | SFr 882 | |
Trading assets | Other | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 3 | 3 | |
Trading assets | Other | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 18 | 19 | |
Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 8 | 8 | |
Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,605 | SFr 3,005 | |
Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 110.00% | 116.00% | |
Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 23.00% | 39.00% | |
Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,601 | SFr 1,906 | 2,035 |
Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 29 | 8 | |
Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 271 | 310 | |
Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,301 | SFr 1,588 | 1,669 |
Other investments | Life finance instruments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | 2 | |
Other investments | Life finance instruments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 18 | 19 | |
Other investments | Life finance instruments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 6 | 6 | |
Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 300 | SFr 318 | 366 |
Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,530 | 6,585 | 8,950 |
Other intangible assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 158 | 138 | 112 |
Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,511 | 1,679 | 7,087 |
Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,350 | 1,316 | 6,768 |
Other assets - of which loans held-for-sale | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 849 | SFr 760 | |
Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 117 | 117 | |
Recovery rate (in %) | 18.00% | 6.00% | |
Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 973 | 1,082 | |
Recovery rate (in %) | 87.00% | 100.00% | |
Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 292 | 334 | |
Recovery rate (in %) | 73.00% | 74.00% | |
Other assets - of which loans held-for-sale | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 280 | SFr 356 | |
Other assets - of which loans held-for-sale | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Other assets - of which loans held-for-sale | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 102.00% | 102.00% | |
Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 88.00% | 78.00% | |
Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16,642 | SFr 23,390 | 33,021 |
Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 42 | 72 | 148 |
Commercial and industrial loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,207 | 3,816 | 5,735 |
Commercial and industrial loans | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,924 | SFr 2,959 | |
Commercial and industrial loans | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 89 | 5 | |
Commercial and industrial loans | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,116 | 5,400 | |
Commercial and industrial loans | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 420 | 544 | |
Commercial and industrial loans | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 250 | SFr 852 | |
Commercial and industrial loans | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Commercial and industrial loans | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 99.00% | 100.00% | |
Commercial and industrial loans | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 56.00% | 51.00% | |
Financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,480 | SFr 1,829 | 1,729 |
Financial institutions | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,426 | SFr 1,588 | |
Financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 43 | 67 | |
Financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | 952 | |
Financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 371 | 342 | |
Financial institutions | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 149 | ||
Financial institutions | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Financial institutions | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 550.00% | ||
Financial institutions | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 483.00% | ||
Bank | Interest-bearing deposits with banks | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 0 | SFr 1 | |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 0 | SFr 174 | 158 |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 10 | ||
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 450 | ||
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 259 | ||
Bank | Securities received as collateral | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 46 | SFr 70 | 0 |
Bank | Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 8,754 | 12,765 | 14,532 |
Bank | Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,292 | 3,977 | 4,564 |
Bank | Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,412 | 1,674 | 1,746 |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 387 | SFr 448 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (60.00%) | (85.00%) | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | 98.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 55.00% | 23.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 444 | SFr 101 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 37 | 3 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 952 | 1,004 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 230 | 308 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 545 | SFr 817 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 139.00% | 117.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 84.00% | 86.00% | |
Bank | Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 320 | SFr 605 | 814 |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 445 | ||
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 1.00% | 2.00% | |
Discount rate (in %) | 1.00% | 0.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 36.00% | 30.00% | |
Discount rate (in %) | 24.00% | 47.00% | |
Default rate (in %) | 12.00% | 10.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 10.00% | 12.00% | |
Discount rate (in %) | 11.00% | 8.00% | |
Default rate (in %) | 4.00% | 3.00% | |
Loss severity (in %) | 57.00% | 43.00% | |
Bank | Trading assets | Debt securities | RMBS | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 120 | ||
Bank | Trading assets | Debt securities | RMBS | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 21.00% | ||
Bank | Trading assets | Debt securities | RMBS | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 30.00% | ||
Bank | Trading assets | Debt securities | RMBS | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 26.00% | ||
Bank | Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16 | SFr 65 | 215 |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | 8.00% | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 8.00% | 2.00% | |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | 9.00% | |
Prepayment rate (in %) | 5.00% | 15.00% | |
Discount rate (in %) | 16.00% | 27.00% | |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | 9.00% | |
Prepayment rate (in %) | 4.00% | 9.00% | |
Discount rate (in %) | 14.00% | 10.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 126 | SFr 1,165 | 1,298 |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 195 | ||
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 464 | 328 | |
Prepayment rate (in %) | 5.00% | 0.00% | |
Discount rate (in %) | 5.00% | 7.00% | |
Default rate (in %) | 2.00% | 0.00% | |
Loss severity (in %) | 0.00% | 3.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 669 | 328 | |
Prepayment rate (in %) | 20.00% | 30.00% | |
Discount rate (in %) | 13.00% | 27.00% | |
Default rate (in %) | 5.00% | 5.00% | |
Loss severity (in %) | 80.00% | 100.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 553 | 328 | |
Prepayment rate (in %) | 13.00% | 10.00% | |
Discount rate (in %) | 8.00% | 15.00% | |
Default rate (in %) | 3.00% | 2.00% | |
Loss severity (in %) | 34.00% | 45.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 851 | ||
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 208.00% | ||
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 208.00% | ||
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 208.00% | ||
Bank | Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 163 | SFr 240 | 871 |
Bank | Trading assets | Equity securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 81 | ||
Bank | Trading assets | Equity securities | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 67 | ||
Bank | Trading assets | Equity securities | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Bank | Trading assets | Equity securities | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 2,080 | ||
Bank | Trading assets | Equity securities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 10 | ||
Bank | Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 2 | 3 | |
Price (in %) | 18.00% | 0.00% | |
Bank | Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 9 | 8 | |
Price (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 7 | 6 | |
Price (in %) | 67.00% | 70.00% | |
Bank | Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,289 | SFr 4,305 | 4,831 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 801 | SFr 748 | 791 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 20.00% | 20.00% | |
Prepayment rate (in %) | 6.00% | 1.00% | |
Volatility skew (in %) | (4.00%) | (7.00%) | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Prepayment rate (in %) | 34.00% | 32.00% | |
Volatility skew (in %) | 1.00% | 1.00% | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 72.00% | 65.00% | |
Prepayment rate (in %) | 17.00% | 16.00% | |
Volatility skew (in %) | (1.00%) | (2.00%) | |
Bank | Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 634 | SFr 688 | 1,568 |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 1 | 0 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 3.00% | 1.00% | |
Default rate (in %) | 1.00% | 0.00% | |
Loss severity (in %) | 1.00% | 15.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 956 | 1,635 | |
Prepayment rate (in %) | 14.00% | 13.00% | |
Recovery rate (in %) | 45.00% | 45.00% | |
Discount rate (in %) | 50.00% | 45.00% | |
Default rate (in %) | 20.00% | 33.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 217 | 396 | |
Prepayment rate (in %) | 6.00% | 5.00% | |
Recovery rate (in %) | 20.00% | 10.00% | |
Discount rate (in %) | 16.00% | 21.00% | |
Default rate (in %) | 5.00% | 5.00% | |
Loss severity (in %) | 64.00% | 69.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 833 | SFr 914 | 936 |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (85.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 0.00% | 2.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Gap risk (in %) | 2.00% | 2.00% | |
Volatility (in %) | 105.00% | 180.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 90.00% | 62.00% | |
Correlation (in %) | 65.00% | 21.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Volatility (in %) | 64.00% | 32.00% | |
Bank | Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,010 | SFr 4,243 | 4,266 |
Bank | Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,095 | SFr 882 | |
Bank | Trading assets | Other | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 3 | 3 | |
Bank | Trading assets | Other | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 18 | 19 | |
Bank | Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 8 | 8 | |
Bank | Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,605 | SFr 3,005 | |
Bank | Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 110.00% | 116.00% | |
Bank | Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 23.00% | 39.00% | |
Bank | Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,601 | SFr 1,906 | 2,034 |
Bank | Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 29 | 8 | |
Bank | Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 271 | 310 | |
Bank | Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,301 | SFr 1,588 | 1,669 |
Bank | Other investments | Life finance instruments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | 2 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 18 | 19 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 6 | 6 | |
Bank | Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 300 | SFr 318 | 365 |
Bank | Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,530 | 6,585 | 8,950 |
Bank | Other intangible assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 158 | 138 | 112 |
Bank | Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,511 | 1,679 | 7,087 |
Bank | Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,350 | 1,316 | 6,768 |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 849 | SFr 760 | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 117 | 117 | |
Recovery rate (in %) | 18.00% | 6.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 973 | 1,082 | |
Recovery rate (in %) | 87.00% | 100.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 292 | 334 | |
Recovery rate (in %) | 73.00% | 74.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 280 | SFr 356 | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 102.00% | 102.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 88.00% | 78.00% | |
Bank | Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16,642 | SFr 23,390 | 33,021 |
Bank | Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 42 | 72 | 148 |
Bank | Commercial and industrial loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,207 | 3,816 | 5,735 |
Bank | Commercial and industrial loans | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,924 | SFr 2,959 | |
Bank | Commercial and industrial loans | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 89 | 5 | |
Bank | Commercial and industrial loans | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,116 | 5,400 | |
Bank | Commercial and industrial loans | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 420 | 544 | |
Bank | Commercial and industrial loans | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 250 | SFr 852 | |
Bank | Commercial and industrial loans | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Commercial and industrial loans | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 99.00% | 100.00% | |
Bank | Commercial and industrial loans | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 56.00% | 51.00% | |
Bank | Financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,480 | SFr 1,829 | SFr 1,729 |
Bank | Financial institutions | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,426 | SFr 1,588 | |
Bank | Financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 43 | 67 | |
Bank | Financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | 952 | |
Bank | Financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 371 | 342 | |
Bank | Financial institutions | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 149 | ||
Bank | Financial institutions | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Bank | Financial institutions | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 550.00% | ||
Bank | Financial institutions | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 483.00% |
FI - Qualitative information187
FI - Qualitative information about level 3 liabilities at fair value (Details 16) - Recurring basis SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | |
Obligation to return securities received as collateral | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 46 | SFr 70 | SFr 0 |
Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 455 | 410 | 254 |
Trading Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 3,226 | 3,737 | 4,615 |
Trading Liabilities | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 317 | SFr 538 | 578 |
Trading Liabilities | Interest rate derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 205 | ||
Trading Liabilities | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | (25) | (2) | |
Funding spread (in bp) | 237 | ||
Correlation (in %) | 20.00% | 20.00% | |
Gap risk (in %) | 20.00% | ||
Prepayment rate (in %) | 6.00% | 1.00% | |
Trading Liabilities | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 52 | 66 | |
Funding spread (in bp) | 237 | ||
Correlation (in %) | 100.00% | 100.00% | |
Gap risk (in %) | 20.00% | ||
Prepayment rate (in %) | 34.00% | 32.00% | |
Trading Liabilities | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 19 | 33 | |
Funding spread (in bp) | 237 | ||
Correlation (in %) | 60.00% | 57.00% | |
Gap risk (in %) | 20.00% | ||
Prepayment rate (in %) | 9.00% | 9.00% | |
Trading Liabilities | Interest rate derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 81 | ||
Trading Liabilities | Interest rate derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 1.00% | ||
Trading Liabilities | Interest rate derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 102.00% | ||
Trading Liabilities | Interest rate derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 44.00% | ||
Trading Liabilities | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 100 | SFr 150 | 329 |
Trading Liabilities | Foreign exchange derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 64 | SFr 65 | |
Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (10.00%) | (10.00%) | |
Prepayment rate (in %) | 27.00% | 22.00% | |
Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 34.00% | 32.00% | |
Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 51.00% | 49.00% | |
Prepayment rate (in %) | 30.00% | 27.00% | |
Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 7 | SFr 69 | |
Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | 95.00% | |
Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | 95.00% | |
Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | 95.00% | |
Trading Liabilities | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 898 | SFr 851 | 1,757 |
Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 38.00% | 43.00% | |
Credit spread (in bp) | 2 | 0 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 10.00% | 20.00% | |
Discount rate (in %) | 3.00% | 2.00% | |
Default rate (in %) | 1.00% | 0.00% | |
Loss severity (in %) | 25.00% | 15.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 85.00% | 85.00% | |
Credit spread (in bp) | 973 | 1,635 | |
Prepayment rate (in %) | 20.00% | 13.00% | |
Recovery rate (in %) | 60.00% | 60.00% | |
Discount rate (in %) | 50.00% | 45.00% | |
Default rate (in %) | 20.00% | 33.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 54.00% | 63.00% | |
Credit spread (in bp) | 172 | 163 | |
Prepayment rate (in %) | 7.00% | 5.00% | |
Recovery rate (in %) | 38.00% | 35.00% | |
Discount rate (in %) | 16.00% | 21.00% | |
Default rate (in %) | 5.00% | 5.00% | |
Loss severity (in %) | 67.00% | 70.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Trading Liabilities | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,301 | SFr 1,181 | 1,347 |
Trading Liabilities | Equity/Index-related products | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 947 | ||
Trading Liabilities | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (85.00%) | |
Volatility (in %) | 0.00% | 2.00% | |
Trading Liabilities | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Volatility (in %) | 105.00% | 180.00% | |
Trading Liabilities | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 90.00% | 62.00% | |
Correlation (in %) | 55.00% | 23.00% | |
Volatility (in %) | 25.00% | 28.00% | |
Trading Liabilities | Equity/Index-related products | Vendor price | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 62 | ||
Trading Liabilities | Equity/Index-related products | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Trading Liabilities | Equity/Index-related products | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 53 | ||
Trading Liabilities | Equity/Index-related products | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 18 | ||
Short-term borrowings | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 845 | SFr 516 | 72 |
Short-term borrowings | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 288 | ||
Short-term borrowings | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (40.00%) | ||
Volatility (in %) | 4.00% | ||
Short-term borrowings | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | ||
Volatility (in %) | 105.00% | ||
Short-term borrowings | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 60.00% | ||
Volatility (in %) | 26.00% | ||
Short-term borrowings | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 527 | ||
Short-term borrowings | Discounted cash flow | Minimum | |||
Unobservable input | |||
Recovery rate (in %) | 25.00% | ||
Discount rate (in %) | 200.00% | ||
Short-term borrowings | Discounted cash flow | Maximum | |||
Unobservable input | |||
Recovery rate (in %) | 40.00% | ||
Discount rate (in %) | 27800.00% | ||
Short-term borrowings | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Recovery rate (in %) | 29.00% | ||
Discount rate (in %) | 17500.00% | ||
Short-term borrowings | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 24 | ||
Short-term borrowings | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 11.00% | ||
Short-term borrowings | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Short-term borrowings | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 12,501 | 13,415 | 14,123 |
Long-term debt | Long-term debt - of which structured notes over two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 12,259 | 12,434 | 9,924 |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 9,739 | SFr 12,008 | |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (85.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Mean reversion (in %) | (14.00%) | (14.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 99.00% | 99.00% | |
Gap risk (in %) | 2.00% | 2.00% | |
Mean reversion (in %) | (1.00%) | (1.00%) | |
Volatility (in %) | 105.00% | 180.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 90.00% | 62.00% | |
Correlation (in %) | 55.00% | 23.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Mean reversion (in %) | (6.00%) | (6.00%) | |
Volatility (in %) | 21.00% | 23.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,571 | SFr 286 | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 2 | 1 | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 729 | 452 | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 105 | 89 | |
Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,478 | SFr 1,684 | 2,491 |
Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 223 | 219 | 454 |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 25 | SFr 39 | |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Discount rate (in %) | 11.00% | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Discount rate (in %) | 29.00% | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Discount rate (in %) | 21.00% | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 122 | SFr 163 | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 100.00% | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 51.00% | 68.00% | |
Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 18,551 | SFr 19,832 | 21,555 |
Bank | Obligation to return securities received as collateral | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 46 | 70 | 0 |
Bank | Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 455 | 410 | 254 |
Bank | Trading Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 3,226 | 3,737 | 4,615 |
Bank | Trading Liabilities | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 317 | SFr 538 | 578 |
Bank | Trading Liabilities | Interest rate derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 205 | ||
Bank | Trading Liabilities | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | (25) | (2) | |
Funding spread (in bp) | 237 | ||
Correlation (in %) | 20.00% | 20.00% | |
Gap risk (in %) | 20.00% | ||
Prepayment rate (in %) | 6.00% | 1.00% | |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 52 | 66 | |
Funding spread (in bp) | 237 | ||
Correlation (in %) | 100.00% | 100.00% | |
Gap risk (in %) | 20.00% | ||
Prepayment rate (in %) | 34.00% | 32.00% | |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 19 | 33 | |
Funding spread (in bp) | 237 | ||
Correlation (in %) | 60.00% | 57.00% | |
Gap risk (in %) | 20.00% | ||
Prepayment rate (in %) | 9.00% | 9.00% | |
Bank | Trading Liabilities | Interest rate derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 81 | ||
Bank | Trading Liabilities | Interest rate derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 1.00% | ||
Bank | Trading Liabilities | Interest rate derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 102.00% | ||
Bank | Trading Liabilities | Interest rate derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 44.00% | ||
Bank | Trading Liabilities | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 100 | SFr 150 | 329 |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 64 | SFr 65 | |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (10.00%) | (10.00%) | |
Prepayment rate (in %) | 27.00% | 22.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 34.00% | 32.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 51.00% | 49.00% | |
Prepayment rate (in %) | 30.00% | 27.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 7 | SFr 69 | |
Bank | Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | 95.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | 95.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | 95.00% | |
Bank | Trading Liabilities | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 898 | SFr 851 | 1,757 |
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 38.00% | 43.00% | |
Credit spread (in bp) | 2 | 0 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 10.00% | 20.00% | |
Discount rate (in %) | 3.00% | 2.00% | |
Default rate (in %) | 1.00% | 0.00% | |
Loss severity (in %) | 25.00% | 15.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 85.00% | 85.00% | |
Credit spread (in bp) | 973 | 1,635 | |
Prepayment rate (in %) | 20.00% | 13.00% | |
Recovery rate (in %) | 60.00% | 60.00% | |
Discount rate (in %) | 50.00% | 45.00% | |
Default rate (in %) | 20.00% | 33.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 54.00% | 63.00% | |
Credit spread (in bp) | 172 | 163 | |
Prepayment rate (in %) | 7.00% | 5.00% | |
Recovery rate (in %) | 38.00% | 35.00% | |
Discount rate (in %) | 16.00% | 21.00% | |
Default rate (in %) | 5.00% | 5.00% | |
Loss severity (in %) | 67.00% | 70.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Bank | Trading Liabilities | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,301 | SFr 1,181 | 1,347 |
Bank | Trading Liabilities | Equity/Index-related products | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 947 | ||
Bank | Trading Liabilities | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (85.00%) | |
Volatility (in %) | 0.00% | 2.00% | |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Volatility (in %) | 105.00% | 180.00% | |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 90.00% | 62.00% | |
Correlation (in %) | 55.00% | 23.00% | |
Volatility (in %) | 25.00% | 28.00% | |
Bank | Trading Liabilities | Equity/Index-related products | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Bank | Trading Liabilities | Equity/Index-related products | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 53 | ||
Bank | Trading Liabilities | Equity/Index-related products | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 18 | ||
Bank | Trading Liabilities | Equity/Index-related products | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 62 | ||
Bank | Short-term borrowings | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 845 | SFr 516 | 72 |
Bank | Short-term borrowings | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 288 | ||
Bank | Short-term borrowings | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (40.00%) | ||
Volatility (in %) | 4.00% | ||
Bank | Short-term borrowings | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | ||
Volatility (in %) | 105.00% | ||
Bank | Short-term borrowings | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 60.00% | ||
Volatility (in %) | 26.00% | ||
Bank | Short-term borrowings | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 527 | ||
Bank | Short-term borrowings | Discounted cash flow | Minimum | |||
Unobservable input | |||
Recovery rate (in %) | 25.00% | ||
Discount rate (in %) | 200.00% | ||
Bank | Short-term borrowings | Discounted cash flow | Maximum | |||
Unobservable input | |||
Recovery rate (in %) | 40.00% | ||
Discount rate (in %) | 27800.00% | ||
Bank | Short-term borrowings | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Recovery rate (in %) | 29.00% | ||
Discount rate (in %) | 17500.00% | ||
Bank | Short-term borrowings | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 24 | ||
Bank | Short-term borrowings | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 11.00% | ||
Bank | Short-term borrowings | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Bank | Short-term borrowings | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Bank | Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 12,501 | 13,415 | 14,123 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 12,259 | 12,434 | 9,924 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 9,739 | SFr 12,008 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (85.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Mean reversion (in %) | (14.00%) | (14.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 99.00% | 99.00% | |
Gap risk (in %) | 2.00% | 2.00% | |
Mean reversion (in %) | (1.00%) | (1.00%) | |
Volatility (in %) | 105.00% | 180.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 90.00% | 62.00% | |
Correlation (in %) | 55.00% | 23.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Mean reversion (in %) | (6.00%) | (6.00%) | |
Volatility (in %) | 21.00% | 23.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,571 | SFr 286 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 2 | 1 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 729 | 452 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 105 | 89 | |
Bank | Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,467 | SFr 1,679 | 2,483 |
Bank | Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 223 | 219 | 454 |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 25 | SFr 39 | |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Discount rate (in %) | 11.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Discount rate (in %) | 29.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Discount rate (in %) | 21.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 122 | SFr 163 | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 100.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 51.00% | 68.00% | |
Bank | Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 18,540 | SFr 19,827 | SFr 21,547 |
FI - Carrying value and fair va
FI - Carrying value and fair value not held at fair value (Details 17) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | SFr 77,498 | SFr 87,331 |
Investment securities | 2,191 | 2,489 |
Loans | 15,307 | 19,528 |
Other assets | 9,018 | 9,383 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Short-term borrowings | 11,019 | 4,061 |
Long-term debt | 63,628 | 72,868 |
Other liabilities | 8,624 | 9,493 |
Carrying value of financial instruments not carried at fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 37,848 | 47,508 |
Loans | 260,093 | 252,535 |
Other assets | 170,870 | 171,514 |
Financial liabilities | ||
Due to banks and deposits | 372,867 | 374,620 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 11,233 | 13,382 |
Short-term borrowings | 14,871 | 11,324 |
Long-term debt | 109,403 | 120,448 |
Other liabilities | 61,316 | 62,291 |
Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 37,848 | 47,508 |
Loans | 267,502 | 260,622 |
Other assets | 171,223 | 171,864 |
Financial liabilities | ||
Due to banks and deposits | 372,856 | 374,598 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 11,233 | 13,382 |
Short-term borrowings | 14,870 | 11,327 |
Long-term debt | 112,723 | 122,741 |
Other liabilities | 61,303 | 62,293 |
Estimate of fair value | Level 1 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 0 | 0 |
Other assets | 109,645 | 121,075 |
Financial liabilities | ||
Due to banks and deposits | 201,575 | 199,721 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 1,595 |
Estimate of fair value | Level 2 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 37,848 | 47,508 |
Loans | 264,290 | 256,020 |
Other assets | 60,469 | 49,353 |
Financial liabilities | ||
Due to banks and deposits | 171,281 | 174,877 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 11,233 | 13,382 |
Short-term borrowings | 14,870 | 11,327 |
Long-term debt | 112,488 | 122,220 |
Other liabilities | 61,131 | 60,573 |
Estimate of fair value | Level 3 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 3,212 | 4,602 |
Other assets | 1,109 | 1,436 |
Financial liabilities | ||
Due to banks and deposits | 0 | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 235 | 521 |
Other liabilities | 172 | 125 |
Bank | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 77,498 | 87,331 |
Investment securities | 2,189 | 2,486 |
Loans | 15,307 | 19,528 |
Other assets | 9,018 | 9,420 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,262 | 19,634 |
Short-term borrowings | 11,019 | 4,061 |
Long-term debt | 62,622 | 71,970 |
Other liabilities | 8,590 | 9,557 |
Bank | Carrying value of financial instruments not carried at fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 37,848 | 47,797 |
Loans | 264,181 | 259,211 |
Other assets | 170,687 | 175,011 |
Financial liabilities | ||
Due to banks and deposits | 374,006 | 383,289 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 11,233 | 13,671 |
Short-term borrowings | 15,359 | 11,324 |
Long-term debt | 109,420 | 120,525 |
Other liabilities | 61,701 | 62,436 |
Bank | Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 37,848 | 47,797 |
Loans | 271,592 | 267,368 |
Other assets | 171,040 | 175,362 |
Financial liabilities | ||
Due to banks and deposits | 373,995 | 383,337 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 11,233 | 13,671 |
Short-term borrowings | 15,359 | 11,327 |
Long-term debt | 112,799 | 122,811 |
Other liabilities | 61,689 | 62,432 |
Bank | Estimate of fair value | Level 1 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 0 | 0 |
Other assets | 109,414 | 122,217 |
Financial liabilities | ||
Due to banks and deposits | 202,164 | 200,534 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 1,595 |
Bank | Estimate of fair value | Level 2 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 37,848 | 47,797 |
Loans | 268,380 | 262,766 |
Other assets | 60,518 | 51,710 |
Financial liabilities | ||
Due to banks and deposits | 171,831 | 182,803 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 11,233 | 13,671 |
Short-term borrowings | 15,359 | 11,327 |
Long-term debt | 112,564 | 122,290 |
Other liabilities | 61,543 | 60,720 |
Bank | Estimate of fair value | Level 3 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 3,212 | 4,602 |
Other assets | 1,108 | 1,435 |
Financial liabilities | ||
Due to banks and deposits | 0 | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 235 | 521 |
Other liabilities | SFr 146 | SFr 117 |
FI - Own credit gains_(losses)
FI - Own credit gains/(losses) on fair value option elected instruments (Details 18) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financial instruments | ||
Gains/(losses) recorded into AOCI | SFr (2,035) | SFr (1,156) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,673) | |
Gains/(losses) recorded into AOCI transferred to net income | 32 | 0 |
Due to banks and customer deposits | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (15) | (35) |
Gains/(losses) recorded into AOCI, Cumulatively | (50) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Short-term borrowings | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (63) | (1) |
Gains/(losses) recorded into AOCI, Cumulatively | (63) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Long-term debt | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (1,957) | (1,120) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,560) | |
Gains/(losses) recorded into AOCI transferred to net income | 32 | 0 |
Long-term debt - of which structured notes over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (1,246) | (893) |
Gains/(losses) recorded into AOCI, Cumulatively | (1,872) | |
Gains/(losses) recorded into AOCI transferred to net income | 27 | 0 |
Long-term debt - of which treasury debt over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (702) | (204) |
Gains/(losses) recorded into AOCI, Cumulatively | (675) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Bank | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (1,846) | (1,224) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,542) | |
Gains/(losses) recorded into AOCI transferred to net income | 32 | 0 |
Bank | Due to banks and customer deposits | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (15) | (36) |
Gains/(losses) recorded into AOCI, Cumulatively | (50) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Bank | Short-term borrowings | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (63) | (1) |
Gains/(losses) recorded into AOCI, Cumulatively | (63) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Bank | Long-term debt | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (1,768) | (1,187) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,429) | |
Gains/(losses) recorded into AOCI transferred to net income | 32 | 0 |
Bank | Long-term debt - of which structured notes over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (1,246) | (892) |
Gains/(losses) recorded into AOCI, Cumulatively | (1,872) | |
Gains/(losses) recorded into AOCI transferred to net income | 27 | 0 |
Bank | Long-term debt - of which treasury debt over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (513) | (271) |
Gains/(losses) recorded into AOCI, Cumulatively | (544) | |
Gains/(losses) recorded into AOCI transferred to net income | SFr 0 | SFr 0 |
Assets pledged and collatera190
Assets pledged and collateral (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | SFr 130,038 | SFr 122,805 |
of which encumbered | 73,189 | 83,473 |
Fair value of collateral received with the right to sell or repledge | 433,190 | 402,690 |
of which sold or repledged | 212,155 | 184,066 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 26,969 | 27,590 |
Swiss National Bank required minimum liquidity reserves | 2,043 | 2,001 |
Bank | ||
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | 130,038 | 122,811 |
of which encumbered | 73,189 | 83,478 |
Fair value of collateral received with the right to sell or repledge | 433,190 | 402,702 |
of which sold or repledged | 212,155 | 184,078 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 26,928 | 27,590 |
Swiss National Bank required minimum liquidity reserves | SFr 2,043 | SFr 2,001 |
Capital adequacy (Details)
Capital adequacy (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Swiss capital | ||
Swiss CET1 capital | SFr 36,567 | SFr 36,417 |
Going concern capital | 53,131 | 52,392 |
Gone concern capital | 35,712 | 26,783 |
Total loss-absorbing capacity (TLAC) | 88,843 | 79,175 |
Swiss risk-weighted assets and leverage exposure | ||
Swiss risk-weighted assets | 273,436 | 272,090 |
Leverage exposure | SFr 919,053 | SFr 957,067 |
Swiss capital ratios | ||
Swiss CET1 ratio | 13.40% | 13.40% |
Going concern capital ratio | 19.40% | 19.30% |
Gone concern capital ratio | 13.10% | 9.80% |
TLAC ratio | 32.50% | 29.10% |
Swiss leverage ratios | ||
Swiss CET1 leverage ratio | 4.00% | 3.80% |
Going concern leverage ratio | 5.80% | 5.50% |
Gone concern leverage ratio | 3.90% | 2.80% |
TLAC leverage ratio | 9.70% | 8.30% |
Capital ratio requirements % | ||
Swiss CET1 ratio requirement | 9.00% | 8.125% |
Going concern capital ratio requirement | 12.00% | 10.75% |
Gone concern capital ratio requirement | 6.20% | 3.50% |
TLAC ratio requirement | 18.20% | 14.25% |
Leverage ratio requirements % | ||
Swiss CET1 leverage ratio requirement | 2.60% | 2.30% |
Going concern leverage ratio requirement | 3.50% | 3.00% |
Gone concern leverage ratio requirement | 2.00% | 1.00% |
TLAC leverage ratio requirement | 5.50% | 4.00% |
Description of Other Regulatory Limitations | Certain of the Group's 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). Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits from previous business years, or if the free reserves of the corporation are sufficient to allow distribution of a dividend. In addition, at least 5% of the annual net profits must be retained and booked as general legal reserves for so long as these reserves amount to less than 20% of the paid-in share capital. The reserves currently exceed this 20% threshold. Furthermore, dividends may be paid out only after shareholder approval at the Annual General Meeting. | |
Bank | ||
Swiss capital | ||
Swiss CET1 capital | SFr 38,288 | SFr 37,196 |
Going concern capital | 53,995 | 52,344 |
Gone concern capital | 35,771 | 26,904 |
Total loss-absorbing capacity (TLAC) | 89,766 | 79,248 |
Swiss risk-weighted assets and leverage exposure | ||
Swiss risk-weighted assets | 273,332 | 271,359 |
Leverage exposure | SFr 921,793 | SFr 958,296 |
Swiss capital ratios | ||
Swiss CET1 ratio | 14.00% | 13.70% |
Going concern capital ratio | 19.80% | 19.30% |
Gone concern capital ratio | 13.10% | 9.90% |
TLAC ratio | 32.80% | 29.20% |
Swiss leverage ratios | ||
Swiss CET1 leverage ratio | 4.20% | 3.90% |
Going concern leverage ratio | 5.90% | 5.50% |
Gone concern leverage ratio | 3.90% | 2.80% |
TLAC leverage ratio | 9.70% | 8.30% |
Capital ratio requirements % | ||
Swiss CET1 ratio requirement | 9.00% | 8.125% |
Going concern capital ratio requirement | 12.00% | 10.75% |
Gone concern capital ratio requirement | 6.20% | 3.50% |
TLAC ratio requirement | 18.20% | 14.25% |
Leverage ratio requirements % | ||
Swiss CET1 leverage ratio requirement | 2.60% | 2.30% |
Going concern leverage ratio requirement | 3.50% | 3.00% |
Gone concern leverage ratio requirement | 2.00% | 1.00% |
TLAC leverage ratio requirement | 5.50% | 4.00% |
Assets under management (Detail
Assets under management (Details) - CHF (SFr) SFr in Billions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | SFr 185.2 | SFr 165.7 | |
Assets with discretionary mandates | 267.3 | 238.6 | |
Other assets under management | 923.6 | 846.8 | |
Assets under management (including double counting) | 1,376.1 | 1,251.1 | SFr 1,214.1 |
of which double counting | 46.2 | 32.8 | |
Bank | |||
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | 177.4 | 158.5 | |
Assets with discretionary mandates | 267.3 | 238.6 | |
Other assets under management | 923.6 | 846.8 | |
Assets under management (including double counting) | 1,368.3 | 1,243.9 | SFr 1,214.1 |
of which double counting | SFr 44.6 | SFr 31.3 |
Assets under management - Chang
Assets under management - Change (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in Assets under management | ||
Assets under management at beginning of period | SFr 1,251.1 | SFr 1,214.1 |
Net new assets/(net asset outflows) | 37.8 | 26.8 |
Market movements, interest, dividends and foreign exchange | 86.7 | 34.8 |
of which market movements, interest and dividends | 88.9 | 16.4 |
of which foreign exchange | (2.2) | 18.4 |
Other effects | 0.5 | (24.6) |
Assets under management at end of period | 1,376.1 | 1,251.1 |
Bank | ||
Changes in Assets under management | ||
Assets under management at beginning of period | 1,243.9 | 1,214.1 |
Net new assets/(net asset outflows) | 36.2 | 26.3 |
Market movements, interest, dividends and foreign exchange | 87.6 | 34.7 |
of which market movements, interest and dividends | 89.8 | 16.2 |
of which foreign exchange | (2.2) | 18.5 |
Other effects | 0.6 | (31.2) |
Assets under management at end of period | SFr 1,368.3 | SFr 1,243.9 |
Litigation (Details)
Litigation (Details) € in Millions, SFr in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Pending Litigation | |||||||
Litigation provisions | |||||||
Balance at beginning of period | SFr | SFr 3,839 | ||||||
Increases in litigation accruals | SFr | 774 | ||||||
Decreases in litigation accruals | SFr | (90) | ||||||
Decreases for settlement and other cash payments | SFr | (3,638) | ||||||
Foreign exchange translation | SFr | (136) | ||||||
Balance at end of period | SFr | 749 | ||||||
Pending Litigation | Minimum | |||||||
Litigation provisions | |||||||
Range of possible losses that are not covered by existing provisions | SFr | 0 | ||||||
Pending Litigation | Maximum | |||||||
Litigation provisions | |||||||
Range of possible losses that are not covered by existing provisions | SFr | SFr 1,500 | ||||||
Litigation foreign exchange matters | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
Loss Contingency, Pending Claims, Number | 4 | ||||||
Credit Suisse Securities (USA) LLC | Enron-related litigation | Silvercreek Management Inc v. Citigroup, Inc., et al | US District Court for the Southern District of Texas (SDT) | |||||||
Litigation disclosures | |||||||
Estimated damages | $ 280 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters | United States Department of Justice (DOJ) | |||||||
Litigation provisions | |||||||
Balance at beginning of period | 550 | ||||||
Increases in litigation accruals | 2,000 | ||||||
Balance at end of period | $ 550 | ||||||
Litigation disclosures | |||||||
of which civil money penalty | 2,480 | ||||||
of which consumer relief | 2,800 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | IKB Deutsche Industriebank AG | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 97 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Citizens National Bank and Strategic Capital Bank | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 141 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 20.00% | 20.00% | 20.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 28 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Phoenix Light SF Ltd. | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 281 | 362 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Royal Park Investments SA/NV | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 360 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Colonial Bank | Circuit court of Montgomery County, Alabama | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 311 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 45.00% | 45.00% | 45.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 139 | 153 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Colonial Bank | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 394 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 23.00% | 23.00% | 23.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 92 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Banks of Seattle, and Boston - Seatle action | Washington State Court | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 104 | $ 249 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Banks of Seattle, and Boston - Boston action | US District Court for the District of Massachusetts | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 5,700 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 6.00% | 6.00% | 6.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 333 | $ 373 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Tennessee Consolidated Retirement System | Tennessee State Court | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 644 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 4.00% | 4.00% | 4.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 24 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions - dismissed case | Massachusetts Mutual Life Insurance Company | US District Court for the District of Massachusetts | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 110 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 97.00% | 97.00% | 97.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 107 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions - dismissed case | National Credit Union Administration Board as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union | US District Court for the District of Kansas | |||||||
Litigation disclosures | |||||||
Litigation Settlement, Amount Awarded to Other Party | 400 | ||||||
Value of RMBS issued by third party underwritten by CSS LLC | 715 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions - dismissed case | Deutsche Zentral-Genossenschaftsbank AG, New York Branch | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 111 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions - dismissed case | CMFG Life Insurance Company | US District Court for the Western District of Wisconsin | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 62 | $ 70 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Monoline insurer disputes | MBIA Insurance Corp. | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 770 | ||||||
Original principal balance of loans demanded to be repurchased | 549 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-5 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 500 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-1, 2006-3 and 2006-4 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 730 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Loan Trust Series 2006-HE7 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 341 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2006-8 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 436 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-1 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 420 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-2 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 495 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-3 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 206 | ||||||
Bank parent company and other subsidiaries | Bank loan litigation | Homeowners in four real estate developments Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer | US District Court for the District of Idaho | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 24,000 | ||||||
Bank parent company and other subsidiaries | Bank loan litigation | Highland Capital Management LP | Texas State Court | |||||||
Litigation disclosures | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 287 | ||||||
Credit Suisse AG | ATA litigation | US District Court for the Eastern District of New York (EDNY) | |||||||
Litigation disclosures | |||||||
Number of Plaintiffs | 200 | 200 | 200 | ||||
Credit Suisse AG | ATA litigation | US District Court for the Southern District of Illinois | |||||||
Litigation disclosures | |||||||
Number of Plaintiffs | 100 | 100 | 100 | ||||
Credit Suisse AG | Rates Related Matters | New York State Department of Financial Services | |||||||
Litigation disclosures | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 135 | ||||||
Credit Suisse AG | Customer acount matters, against former relationship manager | Credit Suisse AG | Geneva Prosecutor's Office | |||||||
Litigation disclosures | |||||||
Estimated damages | $ 130 | ||||||
Credit Suisse International | Caspian Energy litigation | Rosserlane Consultants Limited And Swingbrook Developments Limited | English Court | |||||||
Litigation disclosures | |||||||
Investment in Kyurovdag Oil and Energy Field, Held by Plaintiff | 51.00% | 51.00% | 51.00% | ||||
Sale price of investment | $ 245 | ||||||
Credit Suisse International | Caspian Energy litigation | Rosserlane Consultants Limited And Swingbrook Developments Limited | English Court | Minimum | |||||||
Litigation disclosures | |||||||
Sale price of investment | 700 | ||||||
Credit Suisse Securities (Europe) Limited | Fondazione MPS litigation | Fondazione Monte dei Paschi di Siena | Civil Court of Milan, Italy | |||||||
Litigation disclosures | |||||||
Estimated damages | € | € 3,000 | ||||||
Purchase price paid by plaintiff | € | 9,000 | ||||||
Purchase price funded by rights offer and issuance of unredeemable securities | € | 5,000 | ||||||
Purchase price funded by rights offer of which invested by plaintiff | € | 2,900 | ||||||
Purchase price funded by issuance of unredeemable securities, of which invested by plaintiff | € | € 490 | ||||||
Credit Suisse AG, New York Branch | Rates Related Matters | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 50 |
Significant subsidiaries and195
Significant subsidiaries and equity method investments (Details) - 12 months ended Dec. 31, 2017 ₽ in Millions, ₺ in Millions, € in Millions, ₨ in Millions, ฿ in Millions, ر.س in Millions, ¥ in Millions, £ in Millions, zł in Millions, SFr in Millions, Rp in Millions, RM in Millions, R$ in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | CHF (SFr) | USD ($) | EUR (€) | JPY (¥) | GBP (£) | BRL (R$) | MXN ($) | AUD ($) | HKD ($) | SGD ($) | INR (₨) | TRY (₺) | SAR (ر.س) | CAD ($) | ZAR (R) | MYR (RM) | RUB (₽) | THB (฿) | IDR (Rp) | PLN (zł) |
BANK-now AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 30 | |||||||||||||||||||
Credit Suisse Group Finance (U.S.) Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 100 | |||||||||||||||||||
Credit Suisse Insurance Linked Strategies Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.2 | |||||||||||||||||||
Credit Suisse (Poland) SP. z o.o | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | zł | zł 20 | |||||||||||||||||||
Credit Suisse Services AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 1 | |||||||||||||||||||
Credit Suisse Trust AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 5 | |||||||||||||||||||
Credit Suisse Trust Holdings Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | £ 2 | |||||||||||||||||||
CS LP Holdings AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Inreska Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 3 | |||||||||||||||||||
Savoy Hotel Baur en Ville AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 88.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 7.5 | |||||||||||||||||||
Credit Suisse AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 4,399.7 | |||||||||||||||||||
AJP Cayman Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ¥ | ¥ 8,025.6 | |||||||||||||||||||
Alpine Securitization LTD | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Banco Credit Suisse (Brasil) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | R$ 53.6 | |||||||||||||||||||
Banco Credit Suisse (Mexico), S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 1,716.7 | |||||||||||||||||||
Banco de Investimentos Credit Suisse (Brasil) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | 164.8 | |||||||||||||||||||
Boston Re Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 2 | |||||||||||||||||||
Column Financial, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 34.1 | |||||||||||||||||||
Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliarios | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | 98.4 | |||||||||||||||||||
Credit Suisse (Deutschland) Aktiengesellschaft | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | € 130 | |||||||||||||||||||
Credit Suisse (Hong Kong) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 13,758 | |||||||||||||||||||
Credit Suisse Istanbul Menkul Degerler A.S. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₺ | ₺ 6.8 | |||||||||||||||||||
Credit Suisse (Italy) S.P.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | 139.6 | |||||||||||||||||||
Credit Suisse (Luxembourg) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 230.9 | |||||||||||||||||||
Credit Suisse (Qatar) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 29 | |||||||||||||||||||
Credit Suisse (Schweiz) AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 100 | |||||||||||||||||||
Credit Suisse (Singapore) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 743.3 | |||||||||||||||||||
Credit Suisse (UK) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 245.2 | |||||||||||||||||||
Credit Suisse (USA), Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Fund Service Luxembourg SA | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 1.5 | |||||||||||||||||||
Credit Suisse Asset Management (UK) Holding Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 144.2 | |||||||||||||||||||
Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | 6.1 | |||||||||||||||||||
Credit Suisse Asset Management International Holding Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 20 | |||||||||||||||||||
Credit Suisse Asset Management Investments Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Credit Suisse Asset Management Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | £ 45 | |||||||||||||||||||
Credit Suisse Asset Management, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1,086.8 | |||||||||||||||||||
Credit Suisse Atlas I Investments (Luxembourg) S.a.r.l. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Business Analytics (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | ₨ 40 | |||||||||||||||||||
Credit Suisse Capital LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 937.6 | |||||||||||||||||||
Credit Suisse Energy LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Equities (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 62.5 | |||||||||||||||||||
Credit Suisse Finance (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | 1,050.1 | |||||||||||||||||||
Credit Suisse First Boston (Latam Holdings) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 23.8 | |||||||||||||||||||
Credit Suisse First Boston Finance B.V. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | € 0 | |||||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 356.6 | |||||||||||||||||||
Credit Suisse First Boston Next Fund, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 10 | |||||||||||||||||||
Credit Suisse Fund Management S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.3 | |||||||||||||||||||
Credit Suisse Funds AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 7 | |||||||||||||||||||
Credit Suisse Hedging-Griffo Corretora de Valores S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | R$ 29.6 | |||||||||||||||||||
Credit Suisse Holding Europe (Luxembourg) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 32.6 | |||||||||||||||||||
Credit Suisse Holdings (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 42 | |||||||||||||||||||
Credit Suisse Holdings (USA), Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 550 | |||||||||||||||||||
Voting rights held by other subsidiary in % | 43.00% | |||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 12,366.1 | |||||||||||||||||||
Equity interest held by other subsidiary in % | 98.00% | |||||||||||||||||||
Voting rights held by other subsidiary in % | 98.00% | |||||||||||||||||||
Credit Suisse InvestLab AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 1 | |||||||||||||||||||
Credit Suisse International (Bank) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 98.00% | |||||||||||||||||||
Nominal capital | 12,366.1 | |||||||||||||||||||
Equity interest held by other subsidiary in % | 98.00% | |||||||||||||||||||
Voting rights held by other subsidiary in % | 98.00% | |||||||||||||||||||
Remaining voting interests held by parent in % | 2.00% | |||||||||||||||||||
Credit Suisse Leasing 92A, L.P. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 43.9 | |||||||||||||||||||
Credit Suisse Life and Pensions AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 15 | |||||||||||||||||||
Credit Suisse Life (Bermuda) Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1 | |||||||||||||||||||
Credit Suisse Loan Funding LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Management LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 896.4 | |||||||||||||||||||
Credit Suisse Principal Investments Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ¥ | 3,324 | |||||||||||||||||||
Credit Suisse Prime Securities Services (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 263.3 | |||||||||||||||||||
Credit Suisse Private Equity, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 42.2 | |||||||||||||||||||
Credit Suisse PSL GmbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0 | |||||||||||||||||||
Credit Suisse Securities (Canada), Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 3.4 | |||||||||||||||||||
Credit Suisse Securities (Europe) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 3,859.3 | |||||||||||||||||||
Credit Suisse Securities (Hong Kong) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 2,080.9 | |||||||||||||||||||
Credit Suisse Securities (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | 2,214.7 | |||||||||||||||||||
Credit Suisse Securities (Japan) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ¥ | ¥ 78,100 | |||||||||||||||||||
Credit Suisse Securities (Johannesburg) (Proprietary) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R | R 0 | |||||||||||||||||||
Credit Suisse Securities (Malaysia) Sdn. Bhd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | RM | RM 100 | |||||||||||||||||||
Credit Suisse Securities (Moscow) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₽ | ₽ 97.1 | |||||||||||||||||||
Credit Suisse Securities (Singapore) Pte Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 30 | |||||||||||||||||||
Credit Suisse Securities (Thailand) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ฿ | ฿ 500 | |||||||||||||||||||
Credit Suisse Securities (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1,131.7 | |||||||||||||||||||
Credit Suisse Services (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | ₨ 0.1 | |||||||||||||||||||
Credit Suisse Services (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
CSAM Americas Holding Corp. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
DLJ Merchant Banking Funding, Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
CS Non-Traditional Products Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0.1 | |||||||||||||||||||
DLJ Mortgage Capital, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Fides Treasury Services AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 2 | |||||||||||||||||||
JSC "Bank Credit Suisse (Moscow)" | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 37.8 | |||||||||||||||||||
Merban Equity AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Merchant Holding, Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Neue Aargauer Bank AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 134.1 | |||||||||||||||||||
Solar Investco II Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
SPS Holding Corporation | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
SVC - AG fuer KMU Risikokapital | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 15 | |||||||||||||||||||
PT Credit Suisse Securities Indonesia | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 99.00% | |||||||||||||||||||
Nominal capital | Rp | Rp 235,000 | |||||||||||||||||||
Credit Suisse Hypotheken AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 98.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Asset Management Finance LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 341.8 | |||||||||||||||||||
Credit Suisse Saudi Arabia | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ر.س | ر.س 625.0 | |||||||||||||||||||
Credit Suisse Founder Securities Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 33.00% | |||||||||||||||||||
E.L. and C. Baillieu Stockbroking (Holdings) Pty Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 23.00% | |||||||||||||||||||
ICBC Credit Suisse Asset Management Co., Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 20.00% | |||||||||||||||||||
York Capital Management Global Advisors, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 5.00% | |||||||||||||||||||
Holding Verde Empreendimentos e Participacoes S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 0.00% | |||||||||||||||||||
Credit Suisse Group Finance (Guernsey) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Credit Suisse Group (Guernsey) II Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Credit Suisse Group Funding (Guernsey) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Swisscard AECS GmBH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 50.00% | |||||||||||||||||||
SECB Swiss Euro Clearing Bank GmbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 25.00% |
Subsidiary guarantee informa196
Subsidiary guarantee information - Income statement related (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed consolidating statements of operations | |||
Interest and dividend income | SFr 17,057 | SFr 17,374 | SFr 19,341 |
Interest expense | (10,500) | (9,812) | (10,042) |
Net interest income | 6,557 | 7,562 | 9,299 |
Commissions and fees | 11,817 | 11,092 | 12,044 |
Trading revenues | 1,317 | 313 | 1,340 |
Other revenues | 1,209 | 1,356 | 1,114 |
Net revenues | 20,900 | 20,323 | 23,797 |
Provision for credit losses | 210 | 252 | 324 |
Compensation and benefits | 10,177 | 10,572 | 11,546 |
General and administrative expenses | 6,835 | 9,770 | 8,574 |
Commission expenses | 1,430 | 1,455 | 1,623 |
Goodwill impairment | 0 | 0 | 3,797 |
Restructuring expenses | 455 | 540 | 355 |
Total other operating expenses | 8,720 | 11,765 | 14,349 |
Total operating expenses | 18,897 | 22,337 | 25,895 |
Income/(loss) before taxes | 1,793 | (2,266) | (2,422) |
Income tax expense/(benefit) | 2,741 | 441 | 523 |
Net income/(loss) | (948) | (2,707) | (2,945) |
Net income/(loss) attributable to noncontrolling interests | 35 | 3 | (1) |
Net income/(loss) attributable to shareholders | (983) | (2,710) | (2,944) |
Eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | (581) | (285) | (278) |
Interest expense | 501 | 307 | 331 |
Net interest income | (80) | 22 | 53 |
Commissions and fees | 117 | 127 | 60 |
Trading revenues | 72 | (37) | 3 |
Other revenues | 819 | 2,550 | 2,846 |
Net revenues | 928 | 2,662 | 2,962 |
Provision for credit losses | 0 | 0 | 0 |
Compensation and benefits | 139 | (262) | (186) |
General and administrative expenses | (498) | (27) | (51) |
Commission expenses | (2) | (1) | (1) |
Goodwill impairment | 0 | ||
Restructuring expenses | 59 | 27 | 30 |
Total other operating expenses | (441) | (1) | (22) |
Total operating expenses | (302) | (263) | (208) |
Income/(loss) before taxes | 1,230 | 2,925 | 3,170 |
Income tax expense/(benefit) | (33) | 33 | 34 |
Net income/(loss) | 1,263 | 2,892 | 3,136 |
Net income/(loss) attributable to noncontrolling interests | 8 | 9 | 6 |
Net income/(loss) attributable to shareholders | 1,255 | 2,883 | 3,130 |
Group parent company | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 577 | 284 | 277 |
Interest expense | (632) | (338) | (330) |
Net interest income | (55) | (54) | (53) |
Commissions and fees | 28 | 27 | 18 |
Trading revenues | (55) | (21) | 28 |
Other revenues | (911) | (2,684) | (2,969) |
Net revenues | (993) | (2,732) | (2,976) |
Provision for credit losses | 0 | 0 | 0 |
Compensation and benefits | 74 | 57 | 76 |
General and administrative expenses | (80) | (88) | (110) |
Commission expenses | 3 | 1 | 1 |
Goodwill impairment | 0 | ||
Restructuring expenses | 0 | 0 | 0 |
Total other operating expenses | (77) | (87) | (109) |
Total operating expenses | (3) | (30) | (33) |
Income/(loss) before taxes | (990) | (2,702) | (2,943) |
Income tax expense/(benefit) | (7) | 8 | 1 |
Net income/(loss) | (983) | (2,710) | (2,944) |
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Net income/(loss) attributable to shareholders | (983) | (2,710) | (2,944) |
Bank | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 17,061 | 17,375 | 19,342 |
Interest expense | (10,369) | (9,781) | (10,043) |
Net interest income | 6,692 | 7,594 | 9,299 |
Commissions and fees | 11,672 | 10,938 | 11,966 |
Trading revenues | 1,300 | 371 | 1,309 |
Other revenues | 1,301 | 1,490 | 1,237 |
Net revenues | 20,965 | 20,393 | 23,811 |
Provision for credit losses | 210 | 252 | 324 |
Compensation and benefits | 9,964 | 10,777 | 11,656 |
General and administrative expenses | 7,413 | 9,885 | 8,735 |
Commission expenses | 1,429 | 1,455 | 1,623 |
Goodwill impairment | 0 | 0 | 3,797 |
Restructuring expenses | 396 | 513 | 325 |
Total other operating expenses | 9,238 | 11,853 | 14,480 |
Total operating expenses | 19,202 | 22,630 | 26,136 |
Income/(loss) before taxes | 1,553 | (2,489) | (2,649) |
Income tax expense/(benefit) | 2,781 | 400 | 488 |
Net income/(loss) | (1,228) | (2,889) | (3,137) |
Net income/(loss) attributable to noncontrolling interests | 27 | (6) | (7) |
Net income/(loss) attributable to shareholders | (1,255) | (2,883) | (3,130) |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 5,294 | 5,697 | 7,030 |
Interest expense | (4,437) | (3,750) | (4,296) |
Net interest income | 857 | 1,947 | 2,734 |
Commissions and fees | 3,756 | 3,582 | 3,932 |
Trading revenues | (23) | (1,192) | (966) |
Other revenues | 942 | 830 | 508 |
Net revenues | 5,532 | 5,167 | 6,208 |
Provision for credit losses | 4 | (5) | 5 |
Compensation and benefits | 3,066 | 3,235 | 3,805 |
General and administrative expenses | 1,929 | 4,474 | 2,242 |
Commission expenses | 255 | 259 | 288 |
Goodwill impairment | 0 | ||
Restructuring expenses | 173 | 209 | 193 |
Total other operating expenses | 2,357 | 4,942 | 2,723 |
Total operating expenses | 5,423 | 8,177 | 6,528 |
Income/(loss) before taxes | 105 | (3,005) | (325) |
Income tax expense/(benefit) | (42) | (228) | 37 |
Net income/(loss) | 147 | (2,777) | (362) |
Net income/(loss) attributable to noncontrolling interests | 11 | 157 | 143 |
Net income/(loss) attributable to shareholders | 136 | (2,934) | (505) |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 11,767 | 11,678 | 12,312 |
Interest expense | (5,932) | (6,031) | (5,747) |
Net interest income | 5,835 | 5,647 | 6,565 |
Commissions and fees | 7,916 | 7,356 | 8,034 |
Trading revenues | 1,323 | 1,563 | 2,275 |
Other revenues | 359 | 660 | 729 |
Net revenues | 15,433 | 15,226 | 17,603 |
Provision for credit losses | 206 | 257 | 319 |
Compensation and benefits | 6,898 | 7,542 | 7,851 |
General and administrative expenses | 5,484 | 5,411 | 6,493 |
Commission expenses | 1,174 | 1,196 | 1,335 |
Goodwill impairment | 3,797 | ||
Restructuring expenses | 223 | 304 | 132 |
Total other operating expenses | 6,881 | 6,911 | 11,757 |
Total operating expenses | 13,779 | 14,453 | 19,608 |
Income/(loss) before taxes | 1,448 | 516 | (2,324) |
Income tax expense/(benefit) | 2,823 | 628 | 451 |
Net income/(loss) | (1,375) | (112) | (2,775) |
Net income/(loss) attributable to noncontrolling interests | 16 | (163) | (150) |
Net income/(loss) attributable to shareholders | SFr (1,391) | SFr 51 | SFr (2,625) |
Subsidiary guarantee informa197
Subsidiary guarantee information - Comprehensive income related (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Comprehensive income | |||
Net income/(loss) | SFr (948) | SFr (2,707) | SFr (2,945) |
Gains/(losses) on cash flow hedges | (27) | (20) | 16 |
Foreign currency translation | (1,031) | 515 | (1,156) |
Unrealized gains/(losses) on securities | (13) | 1 | (4) |
Actuarial gains/(losses) | 695 | 394 | (661) |
Net prior service cost | (121) | 36 | 155 |
Other comprehensive income/(loss), net of tax | (2,473) | (117) | (1,650) |
Comprehensive income/(loss) | (3,421) | (2,824) | (4,595) |
Comprehensive income/(loss) attributable to noncontrolling interests | 28 | (2) | (19) |
Comprehensive income/(loss) attributable to shareholders | (3,449) | (2,822) | (4,576) |
Gains/(losses) on liabilities related to credit risk | (1,976) | (1,043) | |
Eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | 1,263 | 2,892 | 3,136 |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | (17) | 10 | (4) |
Unrealized gains/(losses) on securities | 0 | 0 | 0 |
Actuarial gains/(losses) | 674 | 184 | (706) |
Net prior service cost | (121) | 36 | 169 |
Other comprehensive income/(loss), net of tax | 432 | 202 | (541) |
Comprehensive income/(loss) | 1,695 | 3,094 | 2,595 |
Comprehensive income/(loss) attributable to noncontrolling interests | 37 | (13) | 7 |
Comprehensive income/(loss) attributable to shareholders | 1,658 | 3,107 | 2,588 |
Gains/(losses) on liabilities related to credit risk | (104) | (28) | |
Group parent company | |||
Comprehensive income | |||
Net income/(loss) | (983) | (2,710) | (2,944) |
Gains/(losses) on cash flow hedges | 8 | 2 | (8) |
Foreign currency translation | 1 | 7 | (3) |
Unrealized gains/(losses) on securities | 0 | 0 | 0 |
Actuarial gains/(losses) | 0 | 0 | 0 |
Net prior service cost | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | (179) | 76 | (11) |
Comprehensive income/(loss) | (1,162) | (2,634) | (2,955) |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income/(loss) attributable to shareholders | (1,162) | (2,634) | (2,955) |
Gains/(losses) on liabilities related to credit risk | (188) | 67 | |
Bank | |||
Comprehensive income | |||
Net income/(loss) | (1,228) | (2,889) | (3,137) |
Gains/(losses) on cash flow hedges | (35) | (22) | 24 |
Foreign currency translation | (1,015) | 498 | (1,149) |
Unrealized gains/(losses) on securities | (13) | 1 | (4) |
Actuarial gains/(losses) | 21 | 210 | 45 |
Net prior service cost | 0 | 0 | (14) |
Other comprehensive income/(loss), net of tax | (2,726) | (395) | (1,098) |
Comprehensive income/(loss) | (3,954) | (3,284) | (4,235) |
Comprehensive income/(loss) attributable to noncontrolling interests | (9) | 11 | (26) |
Comprehensive income/(loss) attributable to shareholders | (3,945) | (3,295) | (4,209) |
Gains/(losses) on liabilities related to credit risk | (1,684) | (1,082) | |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Comprehensive income | |||
Net income/(loss) | 147 | (2,777) | (362) |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | (756) | 604 | 55 |
Unrealized gains/(losses) on securities | 0 | 0 | (2) |
Actuarial gains/(losses) | (7) | 49 | 24 |
Net prior service cost | 0 | 0 | (14) |
Other comprehensive income/(loss), net of tax | (796) | 589 | 63 |
Comprehensive income/(loss) | (649) | (2,188) | (299) |
Comprehensive income/(loss) attributable to noncontrolling interests | 24 | 151 | 784 |
Comprehensive income/(loss) attributable to shareholders | (673) | (2,339) | (1,083) |
Gains/(losses) on liabilities related to credit risk | (33) | (64) | |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | (1,375) | (112) | (2,775) |
Gains/(losses) on cash flow hedges | (35) | (22) | 24 |
Foreign currency translation | (259) | (106) | (1,204) |
Unrealized gains/(losses) on securities | (13) | 1 | (2) |
Actuarial gains/(losses) | 28 | 161 | 21 |
Net prior service cost | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | (1,930) | (984) | (1,161) |
Comprehensive income/(loss) | (3,305) | (1,096) | (3,936) |
Comprehensive income/(loss) attributable to noncontrolling interests | (33) | (140) | (810) |
Comprehensive income/(loss) attributable to shareholders | (3,272) | (956) | SFr (3,126) |
Gains/(losses) on liabilities related to credit risk | SFr (1,651) | SFr (1,018) |
Subsidiary guarantee informa198
Subsidiary guarantee information - Balance sheet related (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | SFr 109,815 | SFr 121,161 | SFr 92,328 | SFr 79,349 |
Interest-bearing deposits with banks | 726 | 772 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 115,346 | 134,839 | ||
Securities received as collateral | 38,074 | 32,564 | ||
Trading assets | 156,334 | 165,150 | ||
Investment securities | 2,191 | 2,489 | ||
Other investments | 5,964 | 6,777 | ||
Net loans | 279,149 | 275,976 | ||
Premises and equipment | 4,686 | 4,711 | ||
Goodwill | 4,742 | 4,913 | ||
Other intangible assets | 223 | 213 | ||
Brokerage receivables | 46,968 | 33,431 | ||
Other assets | 32,071 | 36,865 | ||
Total assets | 796,289 | 819,861 | ||
Liabilities and equity | ||||
Due to banks | 15,413 | 22,800 | ||
Customer deposits | 361,162 | 355,833 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 26,496 | 33,016 | ||
Obligation to return securities received as collateral | 38,074 | 32,564 | ||
Trading liabilities | 39,119 | 44,930 | ||
Short-term borrowings | 25,889 | 15,385 | ||
Long-term debt | 173,032 | 193,315 | ||
Brokerage payables | 43,303 | 39,852 | ||
Other liabilities | 31,612 | 39,855 | ||
Total liabilities | 754,100 | 777,550 | ||
Total shareholders' equity | 41,902 | 41,897 | ||
Noncontrolling interests | 287 | 414 | ||
Total equity | 42,189 | 42,311 | 45,018 | 45,001 |
Total liabilities and equity | 796,289 | 819,861 | ||
Eliminations and consolidation adjustments | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | (211) | (843) | (868) | (839) |
Interest-bearing deposits with banks | (488) | 0 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Securities received as collateral | 0 | 0 | ||
Trading assets | (440) | (242) | ||
Investment securities | (15,610) | (4,170) | ||
Other investments | (45,446) | (44,693) | ||
Net loans | (4,088) | (3,110) | ||
Premises and equipment | 241 | 45 | ||
Goodwill | 706 | 724 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 0 | 0 | ||
Other assets | 726 | (154) | ||
Total assets | (64,610) | (52,443) | ||
Liabilities and equity | ||||
Due to banks | (753) | (2,943) | ||
Customer deposits | (1,141) | (1,391) | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | ||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | (13) | (22) | ||
Short-term borrowings | (489) | 0 | ||
Long-term debt | (18,367) | (4,258) | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | (584) | (385) | ||
Total liabilities | (21,347) | (8,999) | ||
Total shareholders' equity | (42,670) | (42,789) | ||
Noncontrolling interests | (593) | (655) | ||
Total equity | (43,263) | (43,444) | ||
Total liabilities and equity | (64,610) | (52,443) | ||
Group parent company | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 516 | 938 | 942 | 917 |
Interest-bearing deposits with banks | 493 | 5 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Securities received as collateral | 0 | 0 | ||
Trading assets | 0 | 0 | ||
Investment securities | 15,612 | 4,173 | ||
Other investments | 45,517 | 44,753 | ||
Net loans | 0 | 126 | ||
Premises and equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 0 | 0 | ||
Other assets | 389 | 244 | ||
Total assets | 62,527 | 50,239 | ||
Liabilities and equity | ||||
Due to banks | 755 | 2,943 | ||
Customer deposits | 0 | 0 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | ||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 19,357 | 5,078 | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | 513 | 321 | ||
Total liabilities | 20,625 | 8,342 | ||
Total shareholders' equity | 41,902 | 41,897 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 41,902 | 41,897 | ||
Total liabilities and equity | 62,527 | 50,239 | ||
Bank | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 109,510 | 121,066 | 92,254 | 79,271 |
Interest-bearing deposits with banks | 721 | 767 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 115,346 | 134,839 | ||
Securities received as collateral | 38,074 | 32,564 | ||
Trading assets | 156,774 | 165,392 | ||
Investment securities | 2,189 | 2,486 | ||
Other investments | 5,893 | 6,717 | ||
Net loans | 283,237 | 278,960 | ||
Premises and equipment | 4,445 | 4,666 | ||
Goodwill | 4,036 | 4,189 | ||
Other intangible assets | 223 | 213 | ||
Brokerage receivables | 46,968 | 33,431 | ||
Other assets | 30,956 | 36,775 | ||
Total assets | 798,372 | 822,065 | ||
Liabilities and equity | ||||
Due to banks | 15,411 | 22,800 | ||
Customer deposits | 362,303 | 357,224 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 26,496 | 33,016 | ||
Obligation to return securities received as collateral | 38,074 | 32,564 | ||
Trading liabilities | 39,132 | 44,952 | ||
Short-term borrowings | 26,378 | 15,385 | ||
Long-term debt | 172,042 | 192,495 | ||
Brokerage payables | 43,303 | 39,852 | ||
Other liabilities | 31,683 | 39,919 | ||
Total liabilities | 754,822 | 778,207 | ||
Total shareholders' equity | 42,670 | 42,789 | ||
Noncontrolling interests | 880 | 1,069 | ||
Total equity | 43,550 | 43,858 | 46,696 | 46,477 |
Total liabilities and equity | 798,372 | 822,065 | ||
Bank | Credit Suisse (USA), Inc - Consolidated | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 3,058 | 2,491 | 5,799 | 4,950 |
Interest-bearing deposits with banks | 32 | 3,520 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 58,212 | 82,363 | ||
Securities received as collateral | 5,422 | 30,914 | ||
Trading assets | 24,602 | 48,914 | ||
Investment securities | 245 | 511 | ||
Other investments | 902 | 1,146 | ||
Net loans | 12,456 | 12,809 | ||
Premises and equipment | 1,001 | 990 | ||
Goodwill | 722 | 756 | ||
Other intangible assets | 195 | 179 | ||
Brokerage receivables | 19,717 | 17,461 | ||
Other assets | 11,217 | 13,119 | ||
Total assets | 137,781 | 215,173 | ||
Liabilities and equity | ||||
Due to banks | 270 | 77 | ||
Customer deposits | 1 | 8 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 15,352 | 54,900 | ||
Obligation to return securities received as collateral | 5,422 | 30,914 | ||
Trading liabilities | 6,549 | 10,125 | ||
Short-term borrowings | 12,224 | 17,110 | ||
Long-term debt | 50,396 | 41,481 | ||
Brokerage payables | 21,585 | 28,706 | ||
Other liabilities | 10,454 | 14,992 | ||
Total liabilities | 122,253 | 198,313 | ||
Total shareholders' equity | 15,409 | 17,006 | ||
Noncontrolling interests | 119 | (146) | ||
Total equity | 15,528 | 16,860 | ||
Total liabilities and equity | 137,781 | 215,173 | ||
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 106,452 | 118,575 | SFr 86,455 | SFr 74,321 |
Interest-bearing deposits with banks | 689 | (2,753) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,134 | 52,476 | ||
Securities received as collateral | 32,652 | 1,650 | ||
Trading assets | 132,172 | 116,478 | ||
Investment securities | 1,944 | 1,975 | ||
Other investments | 4,991 | 5,571 | ||
Net loans | 270,781 | 266,151 | ||
Premises and equipment | 3,444 | 3,676 | ||
Goodwill | 3,314 | 3,433 | ||
Other intangible assets | 28 | 34 | ||
Brokerage receivables | 27,251 | 15,970 | ||
Other assets | 19,739 | 23,656 | ||
Total assets | 660,591 | 606,892 | ||
Liabilities and equity | ||||
Due to banks | 15,141 | 22,723 | ||
Customer deposits | 362,302 | 357,216 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 11,144 | (21,884) | ||
Obligation to return securities received as collateral | 32,652 | 1,650 | ||
Trading liabilities | 32,583 | 34,827 | ||
Short-term borrowings | 14,154 | (1,725) | ||
Long-term debt | 121,646 | 151,014 | ||
Brokerage payables | 21,718 | 11,146 | ||
Other liabilities | 21,229 | 24,927 | ||
Total liabilities | 632,569 | 579,894 | ||
Total shareholders' equity | 27,261 | 25,783 | ||
Noncontrolling interests | 761 | 1,215 | ||
Total equity | 28,022 | 26,998 | ||
Total liabilities and equity | SFr 660,591 | SFr 606,892 |
Subsidiary guarantee informa199
Subsidiary guarantee information - Cash flow related (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | SFr (8,542) | SFr 26,775 | SFr 15,068 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 40 | 117 | 349 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 14,286 | (7,056) | 36,964 |
Purchase of investment securities | (86) | (88) | (376) |
Proceeds from sale of investment securities | 14 | 14 | 19 |
Investments in subsidiaries and other investments | (1,094) | (1,403) | (594) |
Proceeds from sale of other investments | 1,970 | 1,737 | 1,938 |
Maturities of investment securities | 422 | 363 | 908 |
(Increase)/decrease in loans | (13,674) | (3,745) | (5,446) |
Proceeds from sale of loans | 9,938 | 2,468 | 1,579 |
Capital expenditures for premises and equipment and other intangible assets | (1,068) | (1,164) | (1,102) |
Proceeds from sale of premises and equipment and other intangible assets | 1 | 55 | 13 |
Other, net | 65 | 749 | 409 |
Net cash provided by/(used in) investing activities of continuing operations | 10,814 | (7,953) | 34,661 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 3,423 | 10,267 | (29,149) |
Increase/(decrease) in short-term borrowings | 5,018 | 6,594 | (18,148) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (5,251) | (14,525) | (22,149) |
Issuances of long-term debt | 43,556 | 52,984 | 77,858 |
Repayments of long-term debt | (62,554) | (47,132) | (49,365) |
Issuances of common shares | 4,253 | 725 | 6,035 |
Sale of treasury shares | 12,034 | 16,167 | 18,752 |
Repurchase of treasury shares | (12,757) | (16,197) | (19,761) |
Dividends paid/capital repayments | (590) | (493) | (427) |
Other, net | 77 | 377 | 186 |
Net cash provided by/(used in) financing activities of continuing operations | (12,791) | 8,767 | (36,168) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (827) | 1,244 | (582) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (11,346) | 28,833 | 12,979 |
Cash and due from banks at beginning of period | 121,161 | 92,328 | 79,349 |
Cash and due from banks at end of period | 109,815 | 121,161 | 92,328 |
Eliminations and consolidation adjustments | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | 90 | (211) | (240) |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 488 | 0 | 54 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 |
Purchase of investment securities | 5,673 | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | 4,101 | 664 | 5,271 |
Proceeds from sale of other investments | 3 | 44 | 24 |
Maturities of investment securities | 0 | 0 | 0 |
(Increase)/decrease in loans | 6,441 | 461 | (379) |
Proceeds from sale of loans | 0 | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | (118) | 0 | (1) |
Proceeds from sale of premises and equipment and other intangible assets | (59) | 0 | 0 |
Other, net | 0 | (1) | 0 |
Net cash provided by/(used in) investing activities of continuing operations | 16,529 | 1,168 | 4,969 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 2,425 | (762) | 400 |
Increase/(decrease) in short-term borrowings | (489) | 300 | (300) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 |
Issuances of long-term debt | (14,046) | 40 | (26) |
Repayments of long-term debt | 90 | 0 | 210 |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 12,034 | 15,844 | 18,749 |
Repurchase of treasury shares | (12,127) | (15,742) | (18,717) |
Dividends paid/capital repayments | 7 | 145 | 138 |
Other, net | (3,891) | (760) | (5,209) |
Net cash provided by/(used in) financing activities of continuing operations | (15,997) | (935) | (4,755) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 10 | 3 | (3) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 632 | 25 | (29) |
Cash and due from banks at beginning of period | (843) | (868) | (839) |
Cash and due from banks at end of period | (211) | (843) | (868) |
Group parent company | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | (142) | (22) | 129 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (488) | 0 | (5) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 |
Purchase of investment securities | (5,673) | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | (4,101) | (710) | (5,310) |
Proceeds from sale of other investments | 0 | 0 | 18 |
Maturities of investment securities | 0 | 0 | 0 |
(Increase)/decrease in loans | (5,336) | 15 | 210 |
Proceeds from sale of loans | 0 | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | 0 | 0 | 0 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by/(used in) investing activities of continuing operations | (15,598) | (695) | (5,087) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (2,189) | 792 | (475) |
Increase/(decrease) in short-term borrowings | 0 | (300) | 300 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 |
Issuances of long-term debt | 14,035 | 0 | 0 |
Repayments of long-term debt | 0 | 0 | (30) |
Issuances of common shares | 4,253 | 725 | 6,035 |
Sale of treasury shares | 0 | 323 | 3 |
Repurchase of treasury shares | (630) | (455) | (1,044) |
Dividends paid/capital repayments | (584) | (493) | (415) |
Other, net | 433 | 93 | 608 |
Net cash provided by/(used in) financing activities of continuing operations | 15,318 | 685 | 4,982 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 0 | 28 | 1 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (422) | (4) | 25 |
Cash and due from banks at beginning of period | 938 | 942 | 917 |
Cash and due from banks at end of period | 516 | 938 | 942 |
Bank | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | (8,490) | 27,008 | 15,179 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 40 | 117 | 300 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 14,286 | (7,056) | 36,964 |
Purchase of investment securities | (86) | (88) | (376) |
Proceeds from sale of investment securities | 14 | 14 | 19 |
Investments in subsidiaries and other investments | (1,094) | (1,357) | (555) |
Proceeds from sale of other investments | 1,967 | 1,693 | 1,896 |
Maturities of investment securities | 422 | 363 | 908 |
(Increase)/decrease in loans | (14,779) | (4,221) | (5,277) |
Proceeds from sale of loans | 9,938 | 2,468 | 1,579 |
Capital expenditures for premises and equipment and other intangible assets | (950) | (1,164) | (1,101) |
Proceeds from sale of premises and equipment and other intangible assets | 60 | 55 | 13 |
Other, net | 65 | 750 | 409 |
Net cash provided by/(used in) investing activities of continuing operations | 9,883 | (8,426) | 34,779 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 3,187 | 10,237 | (29,074) |
Increase/(decrease) in short-term borrowings | 5,507 | 6,594 | (18,148) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (5,251) | (14,525) | (22,149) |
Issuances of long-term debt | 43,567 | 52,944 | 77,884 |
Repayments of long-term debt | (62,644) | (47,132) | (49,545) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (13) | (145) | (150) |
Other, net | 3,535 | 1,044 | 4,787 |
Net cash provided by/(used in) financing activities of continuing operations | (12,112) | 9,017 | (36,395) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (837) | 1,213 | (580) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (11,556) | 28,812 | 12,983 |
Cash and due from banks at beginning of period | 121,066 | 92,254 | 79,271 |
Cash and due from banks at end of period | 109,510 | 121,066 | 92,254 |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | 7,840 | 9,618 | 10,030 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 0 | (3,320) | (1) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 20,626 | 18,365 | 46,634 |
Purchase of investment securities | 0 | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 | 1 |
Investments in subsidiaries and other investments | (206) | (355) | (436) |
Proceeds from sale of other investments | 488 | 2,067 | 1,257 |
Maturities of investment securities | 104 | 199 | 68 |
(Increase)/decrease in loans | 3,131 | 3,038 | 4,074 |
Proceeds from sale of loans | 0 | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | (295) | (329) | (322) |
Proceeds from sale of premises and equipment and other intangible assets | 2 | 50 | 3 |
Other, net | 41 | 27 | 33 |
Net cash provided by/(used in) investing activities of continuing operations | 23,891 | 19,742 | 51,311 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 191 | 20 | (1,355) |
Increase/(decrease) in short-term borrowings | (4,113) | (5,781) | 10,090 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (37,382) | (23,838) | (35,303) |
Issuances of long-term debt | 30,223 | 1 | 8,511 |
Repayments of long-term debt | (19,174) | (2,993) | (41,953) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (9) | (1) | (3) |
Other, net | (780) | (143) | (497) |
Net cash provided by/(used in) financing activities of continuing operations | (31,044) | (32,735) | (60,510) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (120) | 67 | 18 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 567 | (3,308) | 849 |
Cash and due from banks at beginning of period | 2,491 | 5,799 | 4,950 |
Cash and due from banks at end of period | 3,058 | 2,491 | 5,799 |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | (16,330) | 17,390 | 5,149 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 40 | 3,437 | 301 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (6,340) | (25,421) | (9,670) |
Purchase of investment securities | (86) | (88) | (376) |
Proceeds from sale of investment securities | 14 | 14 | 18 |
Investments in subsidiaries and other investments | (888) | (1,002) | (119) |
Proceeds from sale of other investments | 1,479 | (374) | 639 |
Maturities of investment securities | 318 | 164 | 840 |
(Increase)/decrease in loans | (17,910) | (7,259) | (9,351) |
Proceeds from sale of loans | 9,938 | 2,468 | 1,579 |
Capital expenditures for premises and equipment and other intangible assets | (655) | (835) | (779) |
Proceeds from sale of premises and equipment and other intangible assets | 58 | 5 | 10 |
Other, net | 24 | 723 | 376 |
Net cash provided by/(used in) investing activities of continuing operations | (14,008) | (28,168) | (16,532) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 2,996 | 10,217 | (27,719) |
Increase/(decrease) in short-term borrowings | 9,620 | 12,375 | (28,238) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,131 | 9,313 | 13,154 |
Issuances of long-term debt | 13,344 | 52,943 | 69,373 |
Repayments of long-term debt | (43,470) | (44,139) | (7,592) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (4) | (144) | (147) |
Other, net | 4,315 | 1,187 | 5,284 |
Net cash provided by/(used in) financing activities of continuing operations | 18,932 | 41,752 | 24,115 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (717) | 1,146 | (598) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (12,123) | 32,120 | 12,134 |
Cash and due from banks at beginning of period | 118,575 | 86,455 | 74,321 |
Cash and due from banks at end of period | 106,452 | 118,575 | 86,455 |
Group Parent company - subsidiary that holds a banking license | Group parent company | |||
Net increase/(decrease) in cash and due from banks | |||
Dividend income from investments | 10 | 145 | 150 |
Group Parent company - subsidiary that doesn't hold a banking license | Group parent company | |||
Net increase/(decrease) in cash and due from banks | |||
Dividend income from investments | SFr 14 | SFr 41 | SFr 35 |
Significant valuation and in200
Significant valuation and income recognition differences between US GAAP and - Swiss GAAP banking law (Details) | 12 Months Ended |
Dec. 31, 2017year | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | |
Goodwill, maximum useful life (in years) | 5 |
Goodwill, maximum useful life for justified exceptional cases (in years) | 10 |
Intangible assets with indefinite lives, maximum useful life (in years) | 5 |
Intangible assets with indefinite lives, maximum useful life for justified exceptional cases (in years) | 10 |
Loan commitment notice period for Swiss GAAP (in weeks) | 6 |