Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Entity File Number | 001-33434 |
Entity Registrant Name | Credit Suisse AG |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Paradeplatz 8 |
Entity Address, City or Town | Zurich |
Entity Address, Postal Zip Code | 8001 |
Entity Address, Country | CH |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 4,399,680,200 |
Entity Central Index Key | 0001053092 |
Amendment Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
ICFR Auditor Attestation Flag | false |
Auditor Name | PricewaterhouseCoopers AG |
Auditor Location | Zurich, Switzerland |
Auditor Firm ID | 1358 |
Business Contact [Member] | |
Entity Information [Line Items] | |
Contact Personnel Name | Simon Grimwood |
Entity Address, Address Line One | Paradeplatz 8 |
Entity Address, City or Town | Zurich |
Entity Address, Postal Zip Code | 8001 |
Entity Address, Country | CH |
City Area Code | +41 44 |
Local Phone Number | 333 1111 |
Credit Suisse X-Links Gold Shares Covered Call ETNs due February 2, 2033 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse X-Links® Gold Shares Covered Call ETNs due February 2, 2033 |
Trading Symbol | GLDI |
Security Exchange Name | NASDAQ |
Credit Suisse X-Links Silver Shares Covered Call ETNs due April 21, 2033 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse X-Links® Silver Shares Covered Call ETNs due April 21, 2033 |
Trading Symbol | SLVO |
Security Exchange Name | NASDAQ |
Credit Suisse X-Links Crude Oil Shares Covered Call ETNs due April 24, 2037 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse X-Links® Crude Oil Shares Covered Call ETNs due April 24, 2037 |
Trading Symbol | USOI |
Security Exchange Name | NASDAQ |
Consolidated statements of oper
Consolidated statements of operations - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and dividend income | SFr 17,043 | SFr 12,265 | SFr 9,593 |
Interest expense | (13,632) | (6,868) | (3,668) |
Net interest income | 3,411 | 5,397 | 5,925 |
Commissions and fees | 5,356 | 8,861 | 13,180 |
Trading revenues | (2,116) | (525) | 2,371 |
Other revenues | 13,239 | 1,480 | 1,566 |
Net revenues | 19,890 | 15,213 | 23,042 |
Provision for credit losses | 1,028 | 15 | 4,209 |
Compensation and benefits | 7,882 | 7,689 | 8,011 |
General and administrative expenses | 10,808 | 9,338 | 8,581 |
Commission expenses | 693 | 1,012 | 1,243 |
Goodwill impairment | 2,346 | 23 | 976 |
Restructuring expenses | 393 | 467 | 113 |
Total other operating expenses | 14,240 | 10,840 | 10,913 |
Total operating expenses | 22,122 | 18,529 | 18,924 |
Income/(loss) before taxes | (3,260) | (3,331) | (91) |
Income tax expense/(benefit) | 854 | 3,973 | 938 |
Net income/(loss) | (4,114) | (7,304) | (1,029) |
Net income/(loss) attributable to noncontrolling interests | (73) | (31) | (100) |
Net income/(loss) attributable to shareholders | SFr (4,041) | SFr (7,273) | SFr (929) |
Consolidated statements of comp
Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive income | |||
Net income/(loss) | SFr (4,114) | SFr (7,304) | SFr (1,029) |
Gains/(losses) on cash flow hedges | 651 | (1,222) | (300) |
Foreign currency translation | (880) | (263) | 786 |
Unrealized gains/(losses) on securities | 18 | (26) | 0 |
Actuarial gains/(losses) | (26) | (158) | 30 |
Net prior service cost | 1 | (3) | 5 |
Gains/(losses) on liabilities related to credit risk | (4,784) | 5,956 | 387 |
Other comprehensive income/(loss), net of tax | (5,020) | 4,284 | 908 |
Comprehensive income/(loss) | (9,134) | (3,020) | (121) |
Comprehensive income/(loss) attributable to noncontrolling interests | (121) | (39) | (72) |
Comprehensive income/(loss) attributable to shareholders | SFr (9,013) | SFr (2,981) | SFr (49) |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||||
Cash and due from banks | [1] | SFr 124,966 | SFr 67,746 | SFr 164,026 | SFr 138,207 |
Interest-bearing deposits with banks | 383 | 387 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 47,213 | 58,798 | |||
Securities received as collateral, at fair value | 2,222 | 2,978 | |||
Trading assets, at fair value | 21,727 | 65,955 | |||
Total investment securities | 1,421 | 1,717 | |||
Other investments | 4,017 | 5,463 | |||
Net loans | 216,741 | 268,104 | |||
Goodwill | 456 | 2,868 | |||
Other intangible assets | 322 | 452 | |||
Brokerage receivables | 2,216 | 13,818 | |||
Other assets | 30,823 | 41,753 | |||
Total assets | 452,507 | 530,039 | |||
Liabilities and equity | |||||
Due to banks | 6,952 | 11,905 | |||
Customer deposits | 203,427 | 234,554 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 955 | 20,371 | |||
Obligation to return securities received as collateral, at fair value | 2,222 | 2,978 | |||
Trading liabilities, at fair value | 8,832 | 18,337 | |||
Short-term borrowings | 47,637 | 14,489 | |||
Long-term debt | 128,484 | 150,661 | |||
Brokerage payables | 1,144 | 11,442 | |||
Other liabilities | 14,738 | 16,826 | |||
Total liabilities | 414,391 | 481,563 | |||
Common shares | 4,400 | 4,400 | |||
Additional paid-in capital | 51,232 | 50,879 | |||
Retained earnings | 2,062 | 7,659 | |||
Accumulated other comprehensive income/(loss) | (20,039) | (15,067) | |||
Total shareholders' equity | 37,655 | 47,871 | |||
Noncontrolling interests | 461 | 605 | |||
Total equity | 38,116 | 48,476 | SFr 48,087 | SFr 47,059 | |
Total liabilities and equity | SFr 452,507 | SFr 530,039 | |||
[1]Includes restricted cash. |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | [1] | SFr 124,966 | SFr 67,746 |
of which reported at fair value | 128 | 198 | |
Interest-bearing deposits with banks | 383 | 387 | |
of which reported at fair value | 0 | 14 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 47,213 | 58,798 | |
of which reported at fair value | 26,237 | 40,793 | |
Securities received as collateral, at fair value | 2,222 | 2,978 | |
of which encumbered | 1,888 | 2,220 | |
Trading assets, at fair value | 21,727 | 65,955 | |
of which encumbered | 5,271 | 21,874 | |
Total investment securities | 1,421 | 1,717 | |
of which reported at fair value | 4 | 796 | |
of which encumbered | 1,248 | 1,248 | |
Other investments | 4,017 | 5,463 | |
of which reported at fair value | 2,368 | 3,730 | |
Net loans | 216,741 | 268,104 | |
of which reported at fair value | 2,458 | 7,358 | |
of which encumbered | 23 | 103 | |
Allowance for credit losses | (1,680) | (1,362) | |
Goodwill | 456 | 2,868 | |
Other intangible assets | 322 | 452 | |
of which reported at fair value | 305 | 403 | |
Brokerage receivables | 2,216 | 13,818 | |
Brokerage receivables, Allowance for credit losses | 0 | (4,081) | |
Other assets | 30,823 | 41,753 | |
of which reported at fair value | 3,758 | 8,947 | |
of which loans held-for-sale reported at lower of cost and market value (amortized cost base) | 10,937 | 8,378 | |
Other assets, Allowance for credit losses | (53) | (37) | |
Total assets | 452,507 | 530,039 | |
Liabilities and equity | |||
Due to banks | 6,952 | 11,905 | |
of which reported at fair value | 100 | 490 | |
Customer deposits | 203,427 | 234,554 | |
of which reported at fair value | 1,655 | 2,464 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 955 | 20,371 | |
of which reported at fair value | 356 | 14,133 | |
Obligation to return securities received as collateral, at fair value | 2,222 | 2,978 | |
Trading liabilities, at fair value | 8,832 | 18,337 | |
Short-term borrowings | 47,637 | 14,489 | |
of which reported at fair value | 4,012 | 6,783 | |
Long-term debt | 128,484 | 150,661 | |
of which reported at fair value | 32,874 | 57,919 | |
Brokerage payables | 1,144 | 11,442 | |
Other liabilities | 14,738 | 16,826 | |
of which reported at fair value | 1,500 | 2,286 | |
Total liabilities | 414,391 | 481,563 | |
Common shares | 4,400 | 4,400 | |
Additional paid-in capital | 51,232 | 50,879 | |
Retained earnings | 2,062 | 7,659 | |
Accumulated other comprehensive income/(loss) | (20,039) | (15,067) | |
Total shareholders' equity | 37,655 | 47,871 | |
Noncontrolling interests | 461 | 605 | |
Total equity | 38,116 | 48,476 | |
Total liabilities and equity | SFr 452,507 | SFr 530,039 | |
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 |
Consolidated VIEs | |||
Assets | |||
Cash and due from banks | SFr 161 | SFr 229 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1 | 0 | |
Trading assets, at fair value | 1,115 | 2,588 | |
Other investments | 478 | 781 | |
Net loans | 161 | 3,410 | |
Other assets | 1,412 | 4,594 | |
Total assets | 3,328 | 11,602 | |
Liabilities and equity | |||
Trading liabilities, at fair value | 3 | 1,063 | |
Short-term borrowings | 10 | 3,137 | |
Long-term debt | 1,492 | 2,096 | |
Other liabilities | 127 | 189 | |
Total liabilities | SFr 1,632 | SFr 6,485 | |
[1]Includes restricted cash.[2]The Bank's total share capital is fully paid and consists of 4,399,680,200 registered shares as of December 31, 2023. 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 | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total shareholders' equity | Total shareholders' equity Cumulative Effect, Period of Adoption, Adjustment [Member] | Common shares | Additional paid-in capital | Retained earnings | Retained earnings Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated other comprehensive income | Noncontrolling interests | ||
Balance at Dec. 31, 2020 | SFr 47,059 | SFr 46,264 | SFr 4,400 | SFr 46,232 | SFr 15,871 | SFr (20,239) | SFr 795 | |||||
Increase (decrease) in shareholders' equity | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (46) | (46) | ||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 27 | 27 | ||||||||||
Net income/(loss) | (1,029) | (929) | (929) | (100) | ||||||||
Total other comprehensive income/(loss), net of tax | 908 | 880 | 880 | 28 | ||||||||
Share-based compensation, net of tax | 125 | 125 | 125 | |||||||||
Dividends on share-based compensation, net of tax | (9) | (9) | (9) | |||||||||
Dividends paid | (11) | (10) | (10) | |||||||||
Cash dividends paid to noncontrolling interest holders | (1) | |||||||||||
Change in scope of consolidation, net | (3) | (3) | ||||||||||
Other | 1,066 | 1,069 | 1,069 | (3) | ||||||||
Balance at Dec. 31, 2021 | 48,087 | 47,390 | 4,400 | 47,417 | 14,932 | (19,359) | 697 | |||||
Increase (decrease) in shareholders' equity | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (64) | (64) | ||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 79 | 79 | ||||||||||
Net income/(loss) | (7,304) | (7,273) | (7,273) | (31) | ||||||||
Total other comprehensive income/(loss), net of tax | 4,284 | 4,292 | 4,292 | (8) | ||||||||
Share-based compensation, net of tax | 195 | 195 | 195 | |||||||||
Dividends on share-based compensation, net of tax | (14) | (14) | (14) | |||||||||
Dividends paid | (571) | (570) | (570) | |||||||||
Cash dividends paid to noncontrolling interest holders | (1) | |||||||||||
Change in scope of consolidation, net | (66) | (66) | ||||||||||
Other | 3,850 | 3,851 | 3,851 | (1) | ||||||||
Balance at Dec. 31, 2022 | 48,476 | SFr (5) | 47,871 | SFr (5) | 4,400 | 50,879 | 7,659 | SFr (5) | (15,067) | 605 | ||
Increase (decrease) in shareholders' equity | ||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [1],[2] | (23) | (23) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [2] | 26 | 26 | |||||||||
Net income/(loss) | (4,114) | (4,041) | (4,041) | (73) | ||||||||
Total other comprehensive income/(loss), net of tax | (5,020) | (4,972) | (4,972) | (48) | ||||||||
Share-based compensation, net of tax | 345 | 345 | 345 | |||||||||
Dividends share based compensation other | 10 | 10 | 10 | |||||||||
Dividends paid | (3) | |||||||||||
Cash dividends paid to noncontrolling interest holders | (3) | |||||||||||
Change in scope of consolidation, net | (4) | (4) | ||||||||||
Other | (1,572) | (1,553) | (2) | (1,551) | [3] | (19) | ||||||
Balance at Dec. 31, 2023 | SFr 38,116 | SFr 37,655 | SFr 4,400 | SFr 51,232 | SFr 2,062 | SFr (20,039) | SFr 461 | |||||
[1]Distributions to owners in funds include the return of original capital invested and any related dividends.[2]Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership".[3]Includes a prior cumulative translation adjustments of CHF 1,530 million relating to Credit Suisse AG, Luxembourg Branch. The direct reclassification within equity to retained earnings was the result of the transfer of the operations of Credit Suisse AG, Luxembourg Branch to UBS AG, Zurich, which qualified as a common control transaction. |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating activities of continuing operations | ||||
Net income/(loss) | SFr (4,114) | SFr (7,304) | SFr (1,029) | |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | ||||
Impairment, depreciation and amortization | 5,520 | 1,540 | 2,227 | |
Provision for credit losses | 1,028 | 15 | 4,209 | |
Deferred tax provision/(benefit) | 280 | 3,772 | 164 | |
Share-based compensation | 431 | 745 | 886 | |
Debt Extinguishment | (14,113) | 0 | 0 | |
Valuation adjustments related to long-term debt | 5,448 | (14,434) | 1,140 | |
Share of net income/(loss) from equity method investments | 132 | (109) | (181) | |
Trading assets and liabilities, net | 29,229 | 35,806 | 27,302 | |
(Increase)/decrease in other assets | 18,816 | 1,750 | 16,082 | |
Increase/(decrease) in other liabilities | (10,393) | (7,316) | (13,453) | |
Other, net | (250) | (106) | (454) | |
Total adjustments | 36,128 | 21,663 | 37,922 | |
Net cash provided by/(used in) operating activities | 32,014 | 14,359 | 36,893 | |
Investing activities of continuing operations | ||||
(Increase)/decrease in interest-bearing deposits with banks | (31) | 885 | (6) | |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (2,370) | 38,854 | (8,895) | |
Purchase of investment securities | (718) | (1,230) | (630) | |
Proceeds from sale of investment securities | 845 | 44 | 0 | |
Maturities of investment securities | 33 | 229 | 184 | |
Investments in subsidiaries and other investments | (165) | (286) | (2,049) | |
Proceeds from sale of other investments | 464 | 509 | 615 | |
Proceeds from divestiture of businesses | 9,236 | 0 | 0 | |
(Increase)/decrease in loans | 39,114 | 19,303 | (3,935) | |
Proceeds from sale of loans | 5,008 | 2,754 | 5,371 | |
Capital expenditures for premises and equipment and other intangible assets | (301) | (1,254) | (1,254) | |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 3 | |
Other, net | 182 | 590 | 457 | |
Net cash provided by/(used in) investing activities | 51,297 | 60,398 | (10,139) | |
Financing activities of continuing operations | ||||
Increase/(decrease) in due to banks and customer deposits | (26,496) | (166,262) | 1,111 | |
Increase/(decrease) in short-term borrowings | 33,728 | (11,329) | 3,437 | |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (18,570) | (7,493) | (2,998) | |
Issuances of long-term debt | 32,369 | 62,694 | 51,254 | |
Repayments of long-term debt | (41,071) | (49,644) | (52,964) | |
Dividends paid/capital repayments | (3) | (571) | (11) | |
Other, net | (143) | 3,333 | 350 | |
Net cash provided by/(used in) financing activities | (20,186) | (169,272) | 179 | |
Effect of exchange rate changes on cash and due from banks | ||||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | (5,905) | (1,765) | (1,114) | |
Net increase/(decrease) in cash and due from banks | ||||
Net increase/(decrease) in cash and due from banks | 57,220 | (96,280) | 25,819 | |
Cash and due from banks at beginning of period | [1] | 67,746 | 164,026 | 138,207 |
Cash and due from banks at end of period | [1] | 124,966 | 67,746 | 164,026 |
Cash paid for income taxes and interest | ||||
Cash paid for income taxes | 512 | 653 | 797 | |
Cash paid for interest | SFr 13,285 | SFr 7,566 | SFr 5,518 | |
[1]Includes restricted cash. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of significant accounting policies | 1 Summary of significant accounting policies Overview The accompanying consolidated financial statements of Credit Suisse AG (the Bank) 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. Certain accounting changes As noted in our 2021 Annual Report, the Bank identified an accounting issue that was not material to the prior period financial statements. The Bank identified this accounting issue with respect to the net balance sheet treatment relating to the presentation of a limited population of certain securities lending and borrowing activities. As a result, balance sheet and cash flow positions for both assets and liabilities relating to these activities were presented on a gross basis and prior periods were revised in the consolidated financial statements and the related notes. Beginning with the quarter ended June 30, 2022, the Bank has presented these securities lending and borrowing transactions as a single unit of account and as a result these transactions will no longer be presented on a gross basis. The Bank did not adjust prior period financial information, which continue to reflect a presentation on a gross basis. Principles of consolidation The consolidated financial statements include the financial statements of the Bank and its subsidiaries. The Bank’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% Where a Bank subsidiary is determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Bank subsidiary are not consolidated and are carried at fair value. Bank 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 (FX) rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities 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 Bank 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 Bank 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 Bank 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 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. Restricted cash is any cash or cash equivalent recorded in cash and due from banks subject to restrictions imposed by a governmental or other regulatory agency that require the Bank to set aside specified amounts of cash as reserves against transactions and time deposits. Reverse repurchase and repurchase agreements Purchases of securities under agreements to resell (reverse repurchase agreements) and securities sold under agreements to repurchase (repurchase agreements) do not constitute economic sales; therefore, they are treated as collateralized financing transactions, which 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. The underlying securities sold continue 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 Bank elects to apply the fair value option to selected agreements pursuant to ASC Topic 825 – Financial Instruments. Under such circumstances, the 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. Reverse repurchase and repurchase agreements may be netted if they are with the same counterparty, have the same maturity date, settle through the same qualifying clearing institution and are subject to a right of offset allowed by a legally enforceable master netting agreement or a central counterparty’s clearing rules. Securities lending and borrowing transactions Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheet at amounts equal to the cash advanced or received. If securities received as collateral in a securities lending and borrowing transaction 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 Bank 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 Bank receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Bank monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Securities lending and borrowing 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 may involve the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Bank values its beneficial interests in such SPEs 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, if such positions are not traded on an active exchange. > Refer to “Note 33 – Transfers of financial assets and variable interest entities” for further information on the Bank’s transfer activities. Trading assets and liabilities Trading assets and liabilities include debt securities, marketable equity instruments, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value. 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 liabilities other assets 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 a right to offset exists under an enforceable master netting agreement or a central counterparty’s clearing rules. Where no such rights exist, fair values are recorded on a gross basis. Where hedge accounting is applied, the Bank 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 Bank 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 values of the underlying hedged items are 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 used to present the changes in the fair value of the hedged item. When the Bank discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective 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 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). 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 Bank 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. The Bank 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. Investment securities Investment securities include debt securities classified as held-to-maturity and debt securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Bank 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 securities classified as held-to-maturity require an assessment of the current expected credit loss (CECL) at the reporting date. Debt 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. Debt securities classified as available-for-sale are impaired if there is a decline in fair value below amortized cost basis. If the Bank intends to sell an impaired security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire difference between the amortized cost basis and fair value is recognized as a credit loss. However, if the Bank does not intend to sell and is not likely to be required to sell, an assessment is made if a decline in fair value of the security is due to credit-related factors or non-credit-related factors. Credit-related impairment is recognized in earnings by recording an allowance for credit losses. Any portion of the unrealized loss that relates to non-credit-related factors is recognized in AOCI, net of income taxes. Amortization of premiums or discounts for debt securities is recorded in interest and dividend income using the effective yield method through the maturity date of the security. Other investments Other investments include equity method investments, equity securities without a readily determinable fair value, such as hedge funds, private equity securities and certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee, and real estate held-for-investment. Equity method investments are investments for which the Bank has the ability to significantly influence the operating and financial policies. Significant influence is typically characterized by ownership of 20% 50% 3% 5% Equity securities without a readily determinable fair value are carried at fair value, net asset value practical expedient to estimate fair value or at cost less impairment, adjusted for observable price changes (measurement alternative). Memberships in exchanges are reported at cost, less impairment. Equity securities without a readily determinable fair value held by the Bank’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 equity securities without a readily determinable fair value held by subsidiaries that are within the scope of 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. Equity securities without a readily determinable fair value include investments in entities that regularly calculate net asset value per share or its equivalent, with changes in fair value recorded in other revenue. Loans Loans held at amortized cost Loans which the Bank intends to hold until maturity are carried at outstanding principal balances, 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. A loan is classified as non-performing and thus considered credit impaired 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. In addition, the Bank continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a credit provision is recorded, resulting in no interest income recognition. 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. 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. Amortization of deferred fees and premiums and discounts ceases while a loan is deemed to be non-performing or non-interest-earning. Potential problem loans are credit-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 continue to accrue interest. > Refer to “Note 17 – Loans” for further information. Credit losses on financial instruments measured at amortized cost The credit loss requirements apply to financial assets measured at amortized cost including loans held at amortized cost, net investments in leases as a lessor as well as off-balance sheet credit exposures, such as irrevocable loan commitments, and credit guarantees. The credit loss amounts are based on a forward-looking, lifetime CECL model by incorporating reasonable and supportable forecasts of future economic conditions available at the reporting date. The CECL amounts are estimated over the contractual term of the financial assets taking into account the effect of prepayments. This requires considerable judgment over how changes in macroeconomic factors as well as changes in forward-looking borrower-specific characteristics will affect the CECL amounts. The Bank measures expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. For financial assets that do not share similar risk characteristics, expected credit losses are evaluated on an individual basis. CECL amounts are probability-weighted estimates of potential credit losses based on historical frequency, current trends and conditions as well as forecasted macroeconomic factors, such as gross domestic product, unemployment rates and interest rates. For financial assets that are performing at the reporting date, the allowance for credit losses is generally measured using a probability of default/loss given default approach under which both probability of default (PD), loss given default (LGD) and exposure at default (EAD) are estimated. For financial assets that are credit-impaired at the reporting date, the Bank generally applies a discounted cash flow approach to determine the difference between the gross carrying amount and the present value of estimated future cash flows. An allowance for credit losses is deducted from the amortized cost basis of the financial asset. Changes in the allowance for credit losses are recorded in the consolidated statement of operations in provision for credit losses or, if related to provisions on past due interest, in net interest income. For undrawn irrevocable loan commitments, the present value is calculated based on the difference between the contractual cash flows that are due to the Bank if the commitment is drawn and the cash flows that the Bank expects to receive, in order to estimate the provision for expected credit losses. For credit guarantees, expected credit losses are recognized for the contingency of the credit guarantee. Provisions for off-balance sheet credit exposures are recognized as a provision in other liabilities in the consolidated balance sheets. Write-off of a financial asset occurs when it is considered certain that there is no possibility of recovering the outstanding principal. If the amount of loss on write-off is greater than the accumulated allowance for credit losses, the difference results in an additional credit loss. The additional credit loss is first recognized as an addition to the allowance; the allowance is then applied against the gross carrying amount. Any repossessed collateral is initially measured at fair value. The subsequent measurement depends on the nature of the collateral. Any uncollectible accrued interest receivable is written off by reversing the related interest income. Expected recoveries on financial assets previously written off or assessed/planned to be written off have to be reflected in the allowance for credit losses; for this purpose, the amount of expected recoveries cannot exceed the aggregate amounts previously written off or assessed/planned to be written off. Accordingly, expected recoveries from financial assets previously written off may result in an overall negative allowance for credit loss balance. > Refer to “Note 18 – Financial instruments measured at amortized cost and credit losses” for further information. Loans held-for-sale Loans which the Bank 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. When the initial intent for holding a loan until maturity or the foreseeable future has changed from held at amortized cost to held-for-sale, the loan is reclassified from held at amortized cost to held-for-sale and remeasured to the lower of amortized cost or market. Loans held-for-sale are included in other assets. Consequential adjustments to the lower of amortized cost basis or fair value are presented as a valuation allowance and recorded in other revenue. If, subsequently, the intent is changed to holding until maturity or the foreseeable future, any previously recorded valuation allowance is reversed in earnings and the loan is reclassified to held at amortized cost at its amortized cost basis. Purchased loans with credit deterioration A purchased loan measured at amortized cost is considered a purchased loan with credit deterioration if it has experienced more-than-insignificant deterioration in credit quality since origination. At the date of acquisition, the allowance for credit is added to the purchase price of the loan to establish the initial amortized cost basis. Any difference between the amortized cost and the unpaid principal amount is recognized in interest income using the effective interest method. After the purchase date, the allowance for credit losses is adjusted for subsequent changes in estimates of current expected credit losses. 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. Goodwill and other intangible assets Goodwill arises on the acquisition of subsidiaries or additional ownership of 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 Bank’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. 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 Bank 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 Bank 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. Brokerage receivables and brokerage payables The Bank recognizes receivables and payables from transactions in financial instruments purchased from and sold to customers, banks and broker-dealers. The Bank 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 Bank 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 Bank 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 Bank is required to maintain a margin. This is usually in the form of cash and deposited in |
Recently issued accounting stan
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2023 | |
Recently issued accounting standards | 2 Recently issued accounting standards Recently adopted accounting standards ASC Topic 326 – Financial Instruments – Credit Losses In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-02, “Troubled Debt Restructurings and Vintage Disclosures” (ASU 2022-02), an update to ASC Topic 326 – Financial Instruments – Credit Losses. The amendments in ASU 2022-02 eliminate the accounting guidance for troubled debt restructurings by creditors. The loan refinancing and restructuring guidance in ASC Topic 310 – Receivables will be applied to determine whether a modification resulted in a new loan or a continuation of an existing loan. The amendments enhance disclosure requirements for certain loan refinancings and restructurings when a borrower was experiencing financial difficulty and required disclosure of current period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments were effective for annual reporting periods beginning after December 15, 2022 and for the interim periods within those annual reporting periods. Early adoption was permitted, including in an interim period. The adoption of ASU 2022-02 on January 1, 2023, applying the modified retrospective approach did not have a material impact on the Bank’s financial position, results of operations or cash flows. Standards to be adopted in future periods ASC Topic 820 – Fair Value Measurement In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (ASU 2022-03), an update to ASC Topic 820 – Fair Value Measurement. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendments require new disclosures related to equity securities subject to contractual sale restrictions, including the fair value of such equity securities, the nature and remaining duration of the corresponding restrictions and any circumstances that could cause a lapse in the restrictions. The amendments are effective for annual reporting periods beginning after December 15, 2023 and for the interim periods within those annual reporting periods. Early adoption is permitted, including in an interim period. The adoption of ASU 2022-03 on January 1, 2024 did not have a material impact on the Bank’s financial position, results of operations or cash flows. |
Business developments
Business developments | 12 Months Ended |
Dec. 31, 2023 | |
Business developments and subsequent events | 3 Business developments and subsequent events Business developments Acquisition by UBS and related developments On June 12, 2023, the acquisition of Credit Suisse Group AG (the former parent company of Credit Suisse AG) by UBS Group AG (UBS) was consummated. The acquisition of Credit Suisse Group AG resulted in changes that had significant impacts on Credit Suisse’s US GAAP results in 2023. These acquisition-related effects included fair valuation adjustments, impairments of internally developed software, integration costs, acquisition-related compensation expenses, the write-down of intangible assets and other acquisition-related adjustments. The acquisition resulted in changes in exit strategies and principal markets as well as changes of intent in connection with UBS’s plans for underlying positions or portfolios. The effect of these changes were fair valuation adjustments of CHF 3.9 billion in 2023, including from asset reclassifications to held-for-sale and certain specific equity impairments. As a result of the acquisition, a detailed review of internally developed software applications and an assessment of their fair value have been performed reflecting the usability and useful life for UBS. Following this assessment, which included a number of applications that were found to be overlapping with UBS systems, an impairment of CHF 1.8 billion was recorded in 2023. 2023 was further impacted by certain compensation-related developments in connection with the acquisition. Total operating expenses included amounts identified by Credit Suisse as integration costs, which were defined as expenses that were temporary, incremental and directly related to the integration of UBS and Credit Suisse, of CHF 2.3 billion. The integration costs primarily related to compensation costs of internal staff and contractors substantially dedicated to integration activities and certain retention awards granted during the period as well as costs relating to the termination of certain real estate leases. As a result of the alignment of certain Credit Suisse processes to those of UBS, including the variable incentive framework, acquisition-related compensation expenses were CHF 0.2 billion. In the third quarter of 2023, UBS established a Non-core and Legacy business division, which includes Credit Suisse positions and businesses not aligned with UBS’s strategy and policies. UBS is actively reducing the assets and liabilities of its Non-core and Legacy business division in order to reduce operating costs and financial resource consumption. Incremental costs or losses may arise in connection with the reduction of such assets and liabilities. UBS aims to substantially complete the integration of Credit Suisse into UBS by the end of 2026. Also, as part of the integration of Credit Suisse, UBS plans to simplify the legal structure, including planned mergers of Credit Suisse AG with UBS AG and Credit Suisse (Schweiz) AG with UBS Switzerland AG. In December 2023, the Board of Directors of UBS Group AG approved the merger of UBS AG and Credit Suisse AG. Following approvals from their respective Boards, both entities entered into a definitive merger agreement. The completion of the legal merger is subject to regulatory approvals and is expected to occur by the end of the second quarter of 2024. UBS also expects to complete the transition to a single US intermediate holding company in the second quarter of 2024 and the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in the third quarter of 2024. Litigation provisions In 2023, net litigation provisions of CHF 1.4 billion were recorded, mainly related to developments including settlements and new information in a number of previously disclosed legal matters. > Refer to “Note 38 - Litigation” for further information. Goodwill impairment Credit Suisse reported goodwill impairment charges of CHF 2.3 billion in 2023, mostly recognized in Wealth Management and in Asset Management. > Refer to “Note 19 - Goodwill” for further information. Compensation On April 5, 2023, the Swiss Federal Council instructed the Swiss Federal Department of Finance to cancel or reduce the outstanding variable remuneration for the top three levels of management at Credit Suisse. Under US GAAP accounting guidance, the nature of such a cancellation of deferred compensation required an acceleration of deferred compensation expense in 2023 for the outstanding share-based portion of the compensation awards, with a corresponding credit to shareholders’ equity, and for the smaller impact from the cancellation of cash-based awards, a credit to the income statement for previously accrued expenses. The net impact of these cancellations and reductions of variable remuneration on Credit Suisse’s compensation expenses in 2023 was CHF 90 million. Furthermore, 2023 included the cancellation of the prior-year contingent capital awards (CCA), resulting in a credit of CHF 408 million recognized in deferred compensation. Write-down of additional tier 1 capital notes In March 2023, FINMA ordered that former Credit Suisse Group’s outstanding amount of additional tier 1 capital notes of nominal value of approximately CHF 16 billion and a fair value of approximately CHF 15 billion be written down to zero. Subsequently, the Bank recorded a gain of approximately CHF 14.1 billion from the write-down of such additional tier 1 capital notes, which was recognized in other revenues. Liquidity developments Following the legal close of the acquisition of Credit Suisse Group AG by UBS, Credit Suisse became part of the overall UBS liquidity and funding management. Credit Suisse now leverages the market access of UBS and engages in secured and unsecured intercompany transactions to facilitate funding between entities. The SNB granted Credit Suisse access to liquidity facilities, including Emergency Liquidity Assistance (ELA), Emergency Liquidity Assistance Plus (ELA+) and the Public Liquidity Backstop (PLB), which has provided liquidity support to Credit Suisse, a portion of which was supported by default guarantees provided by the Swiss government. The improved liquidity situation and the ability to transfer funding between the UBS and Credit Suisse entities have allowed Credit Suisse to continue to repay the various liquidity facilities. All loans under the PLB were fully repaid by Credit Suisse Group AG as of the end of May 2023. Credit Suisse AG fully repaid the ELA+ loans as of August 10, 2023. Following a comprehensive review with UBS of the funding situation, Credit Suisse voluntarily terminated the PLB agreement with the SNB and the Federal Department of Finance as of August 11, 2023. As of December 31, 2023, Credit Suisse (Schweiz) AG had a total of CHF 38 billion outstanding under the ELA facility, which is fully collateralized by Swiss mortgages. Credit Suisse is reliant on funding from UBS, which has provided a letter of support that confirms its intent to keep Credit Suisse AG in good standing and in compliance with its regulatory capital, liquidity requirements as well as debt covenants and to fully support its operating, investing and financing activities through at least March 28, 2025, or a merger with UBS AG, if earlier. Outflows in assets under management At the Credit Suisse level, net asset outflows in 2023 were CHF 107 billion or 8% Securitized Products Group In 2023, Credit Suisse completed the sale of a significant part of the Securitized Products Group (SPG) (Apollo transaction) to entities and funds managed by affiliates of Apollo Global Management (collectively, Apollo). In connection with the initial closing of this transaction, Credit Suisse and Apollo entered into various ancillary agreements related to the transaction, including an investment management agreement, certain financing arrangements and a transition services agreement. In the first quarter of 2023, Credit Suisse recognized a pre-tax gain of USD 0.8 billion as a result of the Apollo transaction. > Refer to “Subsequent events” for further information. CS First Boston In April 2023, Credit Suisse Group AG and M. Klein & Co LLC mutually agreed to terminate the acquisition of The Klein Group, LLC (i.e., the investment banking business of M. Klein & Co. LLC) by Credit Suisse Group AG considering UBS’s acquisition of Credit Suisse Group AG. Subsequent events On March 22, 2024, following a comprehensive review with UBS of the funding situation, Credit Suisse (Schweiz) AG repaid loans drawn under the ELA facility, reducing the amount of loans outstanding under the ELA from CHF 38 billion to CHF 19 billion as of that date. In March 2024, Credit Suisse has entered into agreements with Apollo to conclude the investment management agreement under which Atlas SP Partners (Atlas) has managed Credit Suisse’s retained portfolio of assets of the former SPG. Following this agreement, the assets previously managed by Atlas will be managed in UBS’s Non-core and Legacy. The parties have also agreed to conclude the transition services agreement under which Credit Suisse has provided services to Atlas. In addition, Credit Suisse AG has entered into an agreement to transfer to Apollo approximately USD 8 billion of senior secured asset-based financing. As part of the loan transfer, Credit Suisse AG will extend a one-year USD 750 million swingline facility to the borrowers under the transferred financing facilities. Credit Suisse AG is expected to recognize a net loss of around USD 0.9 billion from the conclusion of the investment management agreement and assignment of the loan facilities. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
Segment information | 4 Segment information The Bank is a global financial services company domiciled in Switzerland and is organized into four divisions – Wealth Management, Swiss Bank, Asset Management and Non-core and Legacy (including Investment Bank) - and the Corporate Center. Non-core and Legacy (including Investment Bank) includes positions and businesses not aligned with UBS’s strategy and policies, including the assets and liabilities of the former Capital Release Unit and certain assets and liabilities of Wealth Management, Swiss Bank, Asset Management and the Corporate Center. This division also includes all assets and liabilities of the former Investment Bank division, including positions and businesses not aligned with UBS’s strategy and policies as well as, for reporting purposes, those positions and businesses that are being transitioned to the UBS Investment Bank. Prior periods were restated to conform to the current presentation. The segment information reflects the Bank’s reportable segments and the Corporate Center, which are managed and reported on a pre-tax basis, as follows: ■ Wealth Management ■ Swiss Bank ■ Asset Management ■ Non-core and Legacy (including Investment Bank) Corporate Center includes parent company operations such as bank financing, expenses for projects sponsored by the Bank and certain expenses and revenues that had not been allocated to the segments. In addition, the Corporate Center includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses. 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 Bank centrally manages its funding activities. 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 Bank’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 Bank’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 Bank’s businesses are also credited to the extent they provide long-term stable funding. Net revenues and income/(loss) before taxes in 2023 2022 2021 Net revenues (CHF million) Wealth Management 3,058 4,904 5,549 Swiss Bank 3,515 4,228 4,457 Asset Management 659 1,214 1,352 Non-core and Legacy (including Investment Bank) (1,185) 4,635 11,347 Corporate Center 14,586 (61) (9) Adjustments 1 (743) 2 293 346 Net revenues 19,890 15,213 23,042 Income/(loss) before taxes (CHF million) Wealth Management (3,206) 427 1,513 Swiss Bank 180 1,579 1,981 Asset Management (1,432) 202 372 Non-core and Legacy (including Investment Bank) (11,855) (5,323) (4,249) Corporate Center 14,075 (144) (218) Adjustments 1 (1,022) 2 (72) 510 Income/(loss) before taxes (3,260) (3,331) (91) 1 Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank. 2 Includes a gain of CHF 894 million from the write-down of additional tier 1 capital notes relating to Credit Suisse Group AG. Total assets end of 2023 2022 Total assets (CHF million) Wealth Management 86,484 120,524 Swiss Bank 183,724 197,303 Asset Management 1,626 3,091 Non-core and Legacy (including Investment Bank) 108,837 184,951 Corporate Center 74,190 25,488 Adjustments 1 (2,354) (1,318) Total assets 452,507 530,039 1 Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank. Net revenues and income/(loss) before taxes by geographical location in 2023 2022 2021 Net revenues (CHF million) Switzerland 17,210 7,154 8,382 EMEA (1,488) 523 2,916 Americas 4,270 6,134 8,896 Asia Pacific (102) 1,402 2,848 Net revenues 19,890 15,213 23,042 Income/(loss) before taxes (CHF million) Switzerland 6,689 543 1,659 EMEA (5,891) (2,907) (5,554) Americas (1,312) 374 3,574 Asia Pacific (2,746) (1,341) 230 Income/(loss) before taxes (3,260) (3,331) (91) 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 geographical location end of 2023 2022 Total assets (CHF million) Switzerland 218,948 201,752 EMEA 74,240 93,767 Americas 123,327 181,228 Asia Pacific 35,992 53,292 Total assets 452,507 530,039 The designation of total assets by region is based upon customer domicile. |
Net interest income
Net interest income | 12 Months Ended |
Dec. 31, 2023 | |
Net interest income | 5 Net interest income in 2023 2022 2021 Net interest income (CHF million) Loans 8,225 5,900 4,993 Investment securities 74 14 1 Trading assets, net of trading liabilities 1 1,241 2,540 2,839 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,803 2,135 1,172 Other 4,700 1,676 588 Interest and dividend income 17,043 12,265 9,593 Deposits (3,880) (1,749) (151) Short-term borrowings (2,140) (227) 3 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (648) (769) (812) Long-term debt (6,136) (3,438) (2,437) Other (828) (685) (271) Interest expense (13,632) (6,868) (3,668) Net interest income 3,411 5,397 5,925 1 Interest and dividend income is presented on a net basis to align with the presentation of trading revenues for trading assets and liabilities. |
Commissions and fees
Commissions and fees | 12 Months Ended |
Dec. 31, 2023 | |
Commissions and fees | 6 Commissions and fees in 2023 2022 2021 Commissions and fees (CHF million) Lending business 663 1,431 1,870 Investment and portfolio management 2,478 3,028 3,401 Other securities business 67 61 59 Fiduciary business 2,545 3,089 3,460 Underwriting 90 560 2,560 Brokerage 1,281 2,265 3,088 Underwriting and brokerage 1,371 2,825 5,648 Other services 777 1,516 2,202 Commissions and fees 5,356 8,861 13,180 |
Trading revenues
Trading revenues | 12 Months Ended |
Dec. 31, 2023 | |
Trading revenues | 7 Trading revenues in 2023 2022 2021 Trading revenues (CHF million) 1 Interest rate products (1,734) (1,367) 1,081 Foreign exchange products 851 521 1,133 Equity/index-related products (356) 427 1,589 Credit products (565) 540 (1,416) Commodity and energy products (29) 8 (6) Other products (283) (654) (10) Trading revenues (2,116) (525) 2,371 1 The classification of certain product types has been revised, prior periods have been reclassified to conform to the current presentation. 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 Bank’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 Bank uses an economic capital limit structure to limit overall risk taking. The level of risk incurred by its divisions is further managed by a variety of factors and specific risk constraints, including consolidated controls over trading exposures. Also, as part of its overall risk management, the Bank 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 Bank manages its trading risk with regard to both market and credit risk. The Bank uses market risk measurement and management methods capable of calculating comparable exposures across its many activities and employs focused tools that can model unique characteristics of certain instruments or portfolios. The principal risk measurement methodology for trading book exposures is value-at-risk. Macroeconomic and specific hedging strategies are in place to manage and mitigate the market and credit risk in the trading book. |
Other revenues
Other revenues | 12 Months Ended |
Dec. 31, 2023 | |
Other revenues | 8 Other revenues in 2023 2022 2021 Other revenues (CHF million) Loans held-for-sale (1,675) (133) (90) Long-lived assets held-for-sale 0 355 232 Equity method investments (138) 167 60 Other investments (660) (38) 256 Other 15,712 1 1,129 1,108 Other revenues 13,239 1,480 1,566 1 Includes the write-down of additional tier 1 capital notes. Refer to "Note 3 – Business developments and subsequent events" for further information. |
Provision for credit losses
Provision for credit losses | 12 Months Ended |
Dec. 31, 2023 | |
Provision for credit losses | 9 Provision for credit losses in 2023 2022 2021 Provision for credit losses (CHF million) Loans held at amortized cost 895 190 (23) Other financial assets held at amortized cost 127 (135) 1 4,295 1 Off-balance sheet credit exposures 6 (40) (63) Provision for credit losses 1,028 15 4,209 1 Primarily reflected a provision/(release of provision) for credit losses of CHF (155) 2022 2021 |
Compensation and benefits
Compensation and benefits | 12 Months Ended |
Dec. 31, 2023 | |
Compensation and benefits | 10 Compensation and benefits in 2023 2022 2021 Compensation and benefits (CHF million) Salaries and variable compensation 6,696 6,376 6,730 Social security 501 508 530 Other 1 685 805 751 Compensation and benefits 7,882 7,689 8,011 1 Included pension-related expenses of CHF 427 million, CHF 440 million and CHF 497 million in 2023, 2022 and 2021, respectively, relating to service costs for defined benefit pension plans and employer contributions for defined contribution pension plans. |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
General and administrative expenses | 11 General and administrative expenses in 2023 2022 2021 General and administrative expenses (CHF million) Occupancy expenses 1,458 889 893 IT, machinery and equipment 2,775 1,591 1,218 Provisions and losses 1,389 1,529 1,489 Travel and entertainment 157 206 127 Professional services 4,121 3,985 3,625 Communication and market data services 423 473 458 Amortization and impairment of other intangible assets 31 4 8 Other 1 454 661 763 General and administrative expenses 10,808 9,338 8,581 1 Included pension-related expenses/(credits) of CHF (33) (10) |
Restructuring expenses
Restructuring expenses | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 12 Restructuring expenses In June 2023, the Bank terminated certain strategic actions announced on October 27, 2022, due to the acquisition of Credit Suisse Group AG by UBS. Further, the Bank completed the restructuring program announced on November 4, 2021, at the end of September 2022 and the restructuring program announced in July 2020 closed at the end of June 2021. The Bank recorded restructuring expenses of CHF 393 million, CHF 467 million and CHF 113 million in 2023, 2022 and 2021, respectively. Restructuring expenses may include severance expenses, other personnel-related charges, pension expenses and contract termination costs. Restructuring expenses by segment in 2023 2022 2021 Restructuring expenses by segment (CHF million) Wealth Management 46 96 16 Swiss Bank 36 22 11 Asset Management 6 16 3 Non-core and Legacy (including Investment Bank) 288 350 75 Corporate Center 48 49 (2) Adjustments 1 (31) (66) 10 Total restructuring expenses 393 467 113 1 Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank. Restructuring expenses by type in 2023 2022 2021 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 161 350 45 of which severance expenses 88 150 26 of which accelerated deferred compensation 66 191 19 General and administrative-related expenses 232 117 68 of which pension expenses 15 8 4 Total restructuring expenses 393 467 113 Restructuring liabilities 2023 2022 2021 Compen- General and Compen- General and Compen- General and Restructuring liabilities (CHF million) Balance at beginning of period 114 0 114 19 0 19 47 2 49 Net additional charges 1 88 119 207 150 73 223 26 32 58 Reclassifications – – – – – – (22) (3) (25) 2 Utilization (187) (119) (306) (55) (73) (128) (32) (31) (63) Balance at end of period 15 0 15 114 0 114 19 0 19 1 The following items for which expense accretion was accelerated in 2023, 2022 and 2021 due to the restructuring of the Bank were not included in the restructuring liabilities: unsettled share-based compensation of CHF 11 million, CHF 94 million and CHF 13 million, respectively, which remained classified as a component of total shareholders' equity; other personnel-related charges of CHF 63 million, CHF 106 million and CHF 7 million, respectively, which remained classified as compensation liabilities; unsettled pension obligations of CHF 15 million, CHF 8 million and CHF 4 million, respectively, which remained classified as pension liabilities; and accelerated accumulated depreciation and impairment of CHF 97 million, CHF 36 million and CHF 31 million, respectively, which remained classified as premises and equipment. The settlement date for the unsettled share-based compensation remained unchanged at three years. 2 Reclassified within other liabilities. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Text Block] | 13 Revenue from contracts with customers Revenue is measured based on the consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. Taxes assessed by a governmental authority that are collected by the Bank from a customer and both imposed on and concurrent with a specific revenue-producing transaction are excluded from revenue. The Bank recognizes revenue when it satisfies a contractual performance obligation. Variable consideration is only included in the transaction price once it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. Generally no significant judgement is required with respect to recording variable consideration. If a fee is a fixed percentage of a variable account value at contract inception, recognition of the fee revenue is constrained as the contractual consideration is highly susceptible to change due to factors outside of the Bank’s influence. However, at each performance measurement period end (e.g., end-of-day, end-of-month, end-of-quarter), recognition of the cumulative amount of the consideration to which the Bank is entitled is no longer constrained because it is calculated based on a known account value and the fee revenue is no longer variable. Nature of services The following is a description of the principal activities from which the Bank generates its revenues from contracts with customers. The performance obligations are typically satisfied as the services in the contract are rendered. The contract terms are generally such that they do not result in any contract assets. The contracts generally do not include a significant financing component or obligations for refunds or other similar obligations. Any variable consideration included in the transaction price is only recognized when the uncertainty of the amount is resolved and it is probable that a significant reversal of cumulative revenue recognized will not occur. Credit Suisse’s wealth management businesses provide investment services and solutions for clients, including asset management, investment advisory and investment management, wealth planning, and origination and structuring of sophisticated financing transactions. The Bank receives for these services investment advisory and investment management fees which are generally reflected in the line item “Investment and portfolio management” in the table “Contracts with customers and disaggregation of revenues” below. Generally, the fee for the service provided is recognized over the period of time the service is provided. The wealth management businesses also provide comprehensive advisory services and tailored investment and financing solutions to private, corporate and institutional clients. The nature of the services range from investment and wealth management activities, which are services rendered over a period of time according to the contract with the customer, to more transaction-specific services such as brokerage and sales and trading services and the offer of client-tailored financing products. The services are provided as requested by Credit Suisse’s clients, and the fee for the service requested is recognized once the service is provided. The Bank’s asset management businesses offer investment solutions and services globally to a broad range of clients, including pension funds, governments, foundations and endowments, corporations and individuals. Fund managers typically enter into a variety of contracts to provide investment management and other services. A fund manager may satisfy its performance obligation independently or may engage a third party to satisfy some or all of a performance obligation on the fund manager’s behalf. Although the fund manager may have engaged a third party to provide inputs to the overall investment management services, the contractual obligation to provide investment management services to a customer remains the primary responsibility of the fund manager. As such, the fund manager is acting as a principal in the transaction. As a fund manager, the Bank typically receives base management fees and may additionally receive performance-based management fees which are both recognized as “Investment and portfolio management” revenues in the table “Contracts with customers and disaggregation of revenues” below. Base management fees are generally calculated based on the NAV of the customer’s investment, which can change during the performance period. Performance-based management fees are variable consideration received by the Bank depending on the financial performance of the underlying fund. As both the base management fees and performance-based management fees are variable, the Bank recognizes the fees once it is probable that a significant reversal of the revenue recognized will not occur and when the uncertainty of the amount is resolved. The estimate of these variable fees is constrained until the end of the performance measurement period. Generally, the uncertainty is resolved at the end of the performance measurement period and therefore no significant judgement is necessary when recording variable consideration. Under a clawback obligation provision, a fund manager may be required to return certain distributions received from a fund if a specific performance threshold, i.e., benchmark, is not achieved at the end of the lifetime of the fund. The contractual clawback obligation is an additional factor of uncertainty which is considered in the constraint assessment. If the performance-based management fee is earned but the clawback provision has not lapsed, the clawback obligation is accounted for as a refund liability. The Bank’s capital markets businesses underwrite and sell securities on behalf of customers. Typically, the fees in these businesses are recognized at a single point in time once the transaction is complete, i.e., when the securities have been placed with investors, and recognized as underwriting revenue. All expenses incurred in satisfying the performance obligation are deferred and recognized once the transaction is complete. Generally Credit Suisse and other banks form a syndicate group to underwrite and place the securities for a customer. The Bank may act as the lead or a participating member in the syndicate group. Each member of the syndicate group, including the lead and participating underwriters, is acting as principal for their proportionate share of the syndication. As a result, the individual underwriters reflect their proportionate share of underwriting revenue and underwriting costs on a gross basis. For the services provided, such as the execution of client trades in securities or derivatives, the Bank typically earns a brokerage commission when the trade is executed. The Bank generally acts as an agent when buying or selling exchange-traded cash securities, exchange-traded derivatives or centrally cleared OTC derivatives on behalf of clients. The Bank also provides services that include advisory services to clients in connection with corporate finance activities. The term “advisory” includes any type of service the Bank provides in an advisory capacity. For these types of services, the Bank typically receives a non-refundable retainer fee and/or a success fee which usually represents a percentage of the transaction proceeds if and when the corporate finance activity is completed. Additionally, the contract may contain a milestone fee such as an “announcement fee” that is payable upon the public announcement of the corporate finance activity. Typically, the fees are recognized at a specific point in time once it is determined that the performance obligation related to the transaction has been completed. A contract liability will be recorded if the Bank receives a payment such as a retainer fee or announcement fee for an advisory service prior to satisfying the performance obligation. Advisory fees are recognized ratably over time in scenarios where the contracted service of the Bank is to act as an advisor over a specified period not related to or dependent on the successful completion of a transaction. Revenues recognized from these services are reflected in the line item “Other Services” in the table below. Contracts with customers and disaggregation of revenues in 2023 2022 2021 Contracts with customers (CHF million) Investment and portfolio management 2,478 3,028 3,401 Other securities business 67 61 61 Underwriting 90 560 2,560 Brokerage 1,280 2,264 3,087 Other services 775 1,566 2,244 Total revenues from contracts with customers 4,690 7,479 11,353 The table above differs from “Note 6 – Commissions and fees” as it includes only those contracts with customers that are in scope of ASC Topic 606 – Revenue from Contracts with Customers. Contract balances end of 2023 2022 Contract balances (CHF million) Contract receivables 457 686 Contract liabilities 47 54 Contract balances in 4Q23 3Q23 2Q23 1Q23 Revenue recognized (CHF million) Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 29 (17) 7 10 The Bank did not recognize any revenues in the reporting period from performance obligations satisfied in previous periods. There were no material net impairment losses on contract receivables in 2023, 2022 or 2021. The Bank did not recognize any contract assets during 2023, 2022 or 2021. Capitalized costs The Bank has not incurred costs to obtain a contract nor costs to fulfill a contract that are eligible for capitalization. Remaining performance obligations ASC Topic 606’s practical expedient allows the Bank to exclude from its remaining performance obligations disclosure any performance obligations which are part of a contract with an original expected duration of one year or less. Additionally, any variable consideration, for which it is probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved, is not subject to the remaining performance obligations disclosure because such variable consideration is not included in the transaction price (e.g., investment management fees). Upon review, the Bank determined that no material remaining performance obligations are in scope of the remaining performance obligations disclosure. |
Securities borrowed, lent and s
Securities borrowed, lent and subject to repurchase agreements | 12 Months Ended |
Dec. 31, 2023 | |
Securities borrowed, lent and subject to repurchase agreements | 14 Securities borrowed, lent and subject to repurchase agreements end of 2023 2022 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 46,813 42,256 Deposits paid for securities borrowed 400 16,542 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 47,213 58,798 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 821 19,421 Deposits received for securities lent 134 950 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 955 20,371 Amounts shown are after counterparty and cash collateral netting. 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 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 Bank with the right to liquidate the collateral held. In the Bank’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, 2023 and 2022. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2023 | |
Investment securities (old to delete) | 15 Investment securities end of 2023 2022 Investment securities (CHF million) Debt securities held-to-maturity 1,417 921 Debt securities available-for-sale 4 796 Total investment securities 1,421 1,717 Investment securities by type 2023 2022 Allowance Gross Gross Allowance Gross Gross Investment securities by type (CHF million) Foreign governments 1,259 0 0 110 1,149 921 0 0 40 881 Corporate debt securities 158 0 0 7 151 0 0 0 0 0 Debt securities held-to-maturity 1,417 1 0 0 117 1,300 921 1 0 0 40 881 Corporate debt securities 4 0 0 0 4 952 0 0 156 796 Debt securities available-for-sale 4 2 0 0 0 4 952 2 0 0 156 796 1 Excludes accrued interest on debt securities held-to-maturity of CHF 19 million and CHF 10 million as of the end of 2023 and 2022, respectively, with no related allowance for credit losses. Accrued interest is reported in other assets in the consolidated balance sheet. 2 Excludes accrued interest on debt securities available-for-sale of CHF 0 million and CHF 1 million as of the end of 2023 and 2022, respectively. Accrued interest is reported in other assets in the consolidated balance sheet. > Refer to “Note 18 – Financial instruments measured at amortized cost and credit losses” for further information on debt securities held-to-maturity. Gross unrealized losses on debt securities and the related fair value Less than 12 months 12 months or more Total Gross Gross Gross 2022 (CHF million) Corporate debt securities 374 58 404 98 778 156 Debt securities available-for-sale 374 58 404 98 778 156 Proceeds from sales, realized gains and realized losses from debt securities available-for-sale in 2023 2022 2021 Sales of debt securities available-for-sale (CHF million) Proceeds from sales 845 44 0 Realized losses (4) (6) 0 Amortized cost, fair value and average yield of debt securities Debt securities Debt securities Average Average 2023 (CHF million) Due within 1 year 0 0 0.00 4 4 33.55 Due from 1 to 5 years 1,417 1,300 3.66 0 0 0.00 Total debt securities 1,417 1 1,300 3.66 4 2 4 33.55 1 Excluded accrued interest on debt securities held-to-maturity of CHF 19 million. 2 Excluded accrued interest on debt securities available-for-sale of CHF 0 million. Allowance for credit losses on debt securities available-for-sale A credit loss exists if there is a decline in fair value of the security below the amortized cost as a result of the non-collectability of the amounts due in accordance with the contractual terms. An allowance for expected credit losses is recorded in the consolidated statement of operations in provision for credit losses and the non-credit-related losses are recorded in AOCI. Subsequent improvements in the estimated credit losses are recorded in the consolidated statement of operations as a reduction in provision for credit losses. A security is written off when a determination is made that the security is uncollectible. As of the end of 2022, the Bank had no allowance for credit losses on debt securities available-for-sale. |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2023 | |
Other investments | 16 Other investments end of 2023 2022 Other investments (CHF million) Equity method investments 1,856 1,618 Equity securities (without a readily determinable fair value) 1 1,691 3,212 of which at net asset value 101 72 of which at measurement alternative 49 366 of which at fair value 1,503 2,727 of which at cost less impairment 38 47 Real estate held-for-investment 2 31 46 Life finance instruments 3 439 587 Total other investments 4,017 5,463 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 the end of 2023 and 2022, real estate held-for-investment included foreclosed or repossessed real estate of CHF 6 million and CHF 20 million, respectively, of which CHF 6 million and CHF 20 million, respectively, were related to residential real estate. 3 Includes single premium immediate annuity contracts. Accumulated depreciation related to real estate held-for-investment amounted to CHF 25 million, CHF 24 million and CHF 28 million for 2023, 2022 and 2021, respectively. No impairments were recorded on real estate held-for-investment in 2023, 2022 and 2021, respectively. Equity securities at measurement alternative in / end of 2023 Cumulative 2022 Impairments and adjustments (CHF million) Impairments and downward adjustments (14) (66) (12) Upward adjustments 0 147 9 > Refer to “Note 34 – Financial instruments” for further information on such investments. |
Loans, allowance for loan losse
Loans, allowance for loan losses and credit quality | 12 Months Ended |
Dec. 31, 2023 | |
Loans | 17 Loans The Bank’s loan portfolio is classified into two portfolio segments, consumer loans and corporate & institutional loans. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate & institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions, and governments and public institutions. Loans end of 2023 2022 Loans (CHF million) Mortgages 100,606 107,484 Loans collateralized by securities 26,380 37,639 Consumer finance 5,608 5,701 Consumer 132,594 150,824 Real estate 21,201 25,463 Commercial and industrial loans 48,351 62,740 Financial institutions 14,693 27,955 Governments and public institutions 1,616 2,555 Corporate & institutional 85,861 118,713 Gross loans 218,455 269,537 of which held at amortized cost 215,997 262,179 of which held at fair value 2,458 7,358 Net (unearned income)/deferred expenses (34) (71) Allowance for credit losses (1,680) (1,362) Net loans 216,741 268,104 Gross loans by location Switzerland 151,681 166,982 Foreign 66,774 102,555 Gross loans 218,455 269,537 Impaired loans Non-performing loans 1,618 1,614 Non-interest-earning loans 308 338 Non-accrual loans 1,926 1,952 Restructured loans 1 – 484 Potential problem loans 1,349 977 Other impaired loans 1,349 1,461 Gross impaired loans 2 3,275 3,413 1 In connection with the adoption of new accounting guidance for loan modifications on January 1, 2023, the previous accounting guidance for troubled debt restructurings was superseded, with disclosures under the new accounting guidance applied prospectively. Accordingly, restructured loans were reclassified to either potential problem loans or non-impaired loans and are no longer presented as their own impaired loan category. 2 As of December 31, 2023 and 2022, CHF 110 million and CHF 130 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. > Refer to “Loans” in Note 1 – Summary of significant accounting policies for further information on loans and categories of impaired loans. > Refer to “Note 18 – Financial instruments measured at amortized cost and credit losses” for further information on loans held at amortized cost. |
CECL - Financial instruments me
CECL - Financial instruments measured at amortized cost and credit losses | 12 Months Ended |
Dec. 31, 2023 | |
Financial instruments measured at amortized cost and credit losses | 18 Financial instruments measured at amortized cost and credit losses This disclosure provides an overview of the Bank’s balance sheet positions that include financial assets carried at amortized cost which are subject to the CECL accounting guidance. It includes the following sections: ■ ■ ■ ■ ■ ■ ■ As of December 31, 2023, the Bank had no purchased financial assets with more than insignificant credit deterioration since origination. > Refer to “Note 1 – Summary of significant accounting policies” for further information on the accounting of financial assets and off-balance sheet credit exposure subject to the CECL accounting guidance. Overview of financial instruments measured at amortized cost – by balance sheet position 2023 2022 1 Allowance Net 1 Allowance Net CHF million Cash and due from banks 124,946 (108) 124,838 67,548 0 67,548 Interest-bearing deposits with banks 383 2 0 383 373 4 0 373 Securities purchased under resale agreements and securities borrowing transactions 20,976 2 0 20,976 18,005 4 0 18,005 Debt securities held-to-maturity 1,417 2 0 1,417 921 4 0 921 Loans 215,963 2,3 (1,680) 214,283 262,108 4,5 (1,362) 260,746 Brokerage receivables 2,216 0 2,216 17,899 (4,081) 13,818 Other assets 22,991 (53) 22,938 23,521 (37) 23,484 Total 388,892 (1,841) 387,051 390,375 (5,480) 384,895 1 Net of unearned income/deferred expenses, as applicable. 2 Excluded accrued interest in the total amount of CHF 465 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million related to interest-bearing deposits with banks, CHF 3 million to securities purchased under resale agreements and securities borrowing transactions, CHF 19 million to debt securities held-to-maturity and CHF 442 million to loans. These accrued interest balances are reported in other assets. 3 Included interest of CHF 88 million on non-accrual loans which were reported as part of the loans' amortized cost balance. 4 Excluded accrued interest in the total amount of CHF 549 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million related to interest-bearing deposits with banks, CHF 4 million to securities purchased under resale agreements and securities borrowing transactions, CHF 10 million to debt securities held-to-maturity and CHF 534 million to loans. These accrued interest balances are reported in other assets. 5 Included interest of CHF 102 million on non-accrual loans which were reported as part of the loans' amortized cost balance. Allowance for credit losses Estimating expected credit losses – overview The following key elements and processes of estimating expected credit losses apply to the Bank’s major classes of financial assets held at amortized cost. Expected credit losses on non-impaired credit exposures Expected credit loss models for non-impaired credit exposures have three main inputs: (i) PD, (ii) LGD and (iii) EAD. These parameters are derived from internally developed statistical models, which are based on historical data and leverage regulatory models under the advanced internal rating-based (A-IRB) approach. Expected credit loss models use forward-looking information to derive point-in-time estimates of forward-looking term structures. PD estimates are based on statistical rating models and tailored to various categories of counterparties and exposures. These statistical rating models are based on internally and externally compiled data comprising both quantitative and qualitative factors. A migration of a counterparty or exposure between rating classes generally leads to a change in the estimate of the associated PD. Lifetime PDs are estimated considering the expected macroeconomic environment and the contractual maturities of exposures, adjusted for estimated prepayment rates where applicable. Internal credit ratings form a significant input to the model-derived CECL PDs. For the majority of counterparties, internal credit ratings are determined via statistical rating models, which are developed under the A-IRB approach of the Basel framework. The models are tailored to the specific business of the respective obligor and are intended to reflect the risk of default over a one-year period of each counterparty. The Bank has received approval from its primary regulator to use, and has fully implemented, the A-IRB approach. LGD estimates the size of the expected loss that may arise on a credit exposure in the event of a default. The Bank estimates LGD based on the history of recovery rates of claims against defaulted counterparties, considering, as appropriate, factors such as differences in product structure, collateral type, seniority of the claim, counterparty industry and recovery costs of any collateral that is integral to the financial asset. Certain LGD values are also calibrated to reflect the expected macroeconomic environment. EAD represents the expected amount of credit exposure in the event of a default. It reflects the current drawn exposure with a counterparty and an expectation regarding the future evolution of the credit exposure under the contract or facility, including amortization and prepayments. The EAD of a financial asset is the gross carrying amount at default, which is modeled based on historical data by applying a term structure and considering portfolio-specific factors such as the drawn amount as of the reporting date, the facility limit, amortization schedules, financial collateral and product type. For certain financial assets, the Bank determines EAD by modeling the range of possible exposure outcomes at various points in time using scenario and statistical techniques. Where a relationship to macroeconomic indicators is statistically sound and in line with economic expectations, the parameters are modeled accordingly, incorporating the Bank’s forward-looking forecasts and applying regional segmentations where appropriate. The ability to forecast credit losses over the reasonable and supportable period is based on the ability to forecast economic activity over a reasonable and supportable time window. The Bank’s macroeconomic and market variable forecasts for the CECL scenarios cover a five Alternative qualitative estimation approaches are used for certain products. For lombard loans (including share-backed loans), the PD/LGD approach used does not consider the Bank’s forward-looking forecasts as these are not meaningful for the estimate of expected credit losses in light of the short timeframe considered for closing out positions under daily margining arrangements. For international private residential mortgages and securitizations, the Bank applies qualitative approaches where credit specialists follow a structured process and use their expertise and judgment to determine the amounts of expected credit losses. The Bank measures expected credit losses considering the risk of default over the maximum contractual period (including any borrower’s extension options) during which it is exposed to credit risk, even if the Bank considers a longer period for risk management purposes. The maximum contractual period extends to the date at which the Bank has the right to require repayment of an advance or terminate an irrevocable loan commitment or a credit guarantee. Expected credit losses on impaired credit exposures Expected credit losses for individually impaired credit exposures are measured by performing an in-depth review and analysis of these exposures, considering factors such as recovery and exit options as well as collateral and the risk profile of the borrower. The individual measurement of expected credit losses for impaired financial assets also considers reasonable and supportable forward-looking information that is relevant to the individual counterparty (idiosyncratic information) and reflective of the macroeconomic environment that the borrower is exposed to, apart from any historical loss information and current conditions. If there are different scenarios relevant for the individual expected credit loss measurement, they are considered on a probability-weighted basis. The related allowance for credit losses is revalued by the recovery management function, at least annually or more frequently, depending on the risk profile of the borrower or credit-relevant events. For credit-impaired financial assets, the expected credit loss is measured using (i) the present value of estimated future cash flows discounted at the contractual interest rate of the loan and (ii) the fair market value of collateral where the loan is collateral-dependent. The impaired credit exposures and related allowance are revalued to reflect the passage of time. For all classes of financial assets, the trigger to detect an impaired credit exposure is non-payment of interest, principal amounts or other contractual payment obligations, or when, for example, the Bank may become aware of specific adverse information relating to a counterparty’s ability to meet its contractual obligations, despite the current repayment status of its particular credit facility. For credit exposures where repayment is dependent on collateral, a decrease in collateral values can be an additional trigger to detect an impairment. Additional procedures may apply to specific classes of financial assets as described further below. Macroeconomic scenarios The estimation and application of forward-looking information requires a combination of expert judgment and quantitative analysis. Since the acquisition by UBS, this estimation process and related analysis and procedures have been embedded in a group-wide process. As part of this group-wide process, the Bank has aligned its macroeconomic scenarios, related macroeconomic factor forecasts and scenario weightings to those used by UBS. As of December 31, 2023, the Bank’s estimation of expected credit losses was based on a discounted probability-weighted estimate that considers three future macroeconomic scenarios: a baseline scenario, a mild downside scenario (mild debt crisis) and a severe downside scenario (stagflationary geopolitical crisis). The baseline scenario represents the most likely outcome. The other scenarios represent more pessimistic outcomes. The scenarios are probability-weighted according to the Bank’s best estimate of their relative likelihood based on historical frequency, an assessment of the current business and credit cycles as well as the macroeconomic factor trends. > Refer to “Note 19 – Financial instruments measured at amortized cost and credit losses” in VIII – Consolidated financial statements – Credit Suisse (Bank) in the Credit Suisse Annual Report 2022 for further information on macroeconomic scenarios applied by the Bank prior to the acquisition by UBS. Current-period estimate of expected credit losses on non-impaired credit exposures One of the most significant judgments involved in estimating the Bank’s allowance for credit losses relates to the macroeconomic forecasts used to estimate credit losses over the forecast period, with modeled credit losses being driven primarily by a set of 38 MEFs. The key MEFs used in each of the macroeconomic scenarios for the calculation of the expected credit losses include, but are not limited to, GDP growth rates and average ship earnings. These MEFs are used in the portfolio- and region-specific CECL models and have been selected based on statistical criteria and expert judgment to explain expected credit losses. The table “Selected macroeconomic factors” includes the Bank’s forecast of selected MEFs for 2024 and 2025, as estimated as of December 31, 2023. The comparative information includes the forecast of MEFs selected and estimated as of December 31, 2022. These MEFs forecasts are recalibrated on a quarterly basis. While GDP growth rates and average ship earnings are significant inputs to the forecast models, a range of other inputs are also incorporated for all three scenarios to provide projections for future economic and market conditions. Given the complex nature of the forecasting process, no single economic variable is viewed in isolation or independently of other inputs. As of December 31, 2023, the forecast macroeconomic scenarios were weighted 60% 15% 25% 50% 40% 10% Selected macroeconomic factors Forecast Forecast EU nominal GDP growth rate (%) Baseline 3.9 3.2 Mild debt crisis (1.0) 0.4 Stagflationary geopolitical crisis 3.3 2.1 US real GDP growth rate (%) Baseline 0.7 2.4 Mild debt crisis (0.6) 0.3 Stagflationary geopolitical crisis (3.3) (1.2) Swiss nominal GDP growth rate (%) Baseline 2.7 3.2 Mild debt crisis (1.0) 0.0 Stagflationary geopolitical crisis 0.7 2.0 China real GDP growth rate (%) Baseline 4.1 4.8 Mild debt crisis 2.2 3.3 Stagflationary geopolitical crisis (1.5) 1.4 Average earnings of bulk carriers (USD per day) Baseline 12,552 12,346 Mild debt crisis 10,096 10,930 Stagflationary geopolitical crisis 8,614 10,391 Average earnings of tankers (USD per day) Baseline 49,865 53,895 Mild debt crisis 42,458 38,392 Stagflationary geopolitical crisis 31,758 25,269 Forecast Forecast US real GDP growth rate (%) Downside (1.7) 0.5 Baseline 0.9 1.5 Upside 1.2 2.0 World industrial production (%) Downside (6.8) 0.4 Baseline 1.2 1.9 Upside 3.9 3.9 China real GDP growth rate (%) Downside (0.9) 2.1 Baseline 4.5 4.9 Upside 6.2 5.8 EU nominal GDP growth rate (%) Downside 3.4 2.3 Baseline 5.2 4.1 Upside 5.5 3.8 Swiss nominal GDP growth rate (%) Downside 0.0 1.0 Baseline 2.7 2.0 Upside 3.2 2.1 Forecasts for GDP rates represent average annual growth rates while forecasts for average ship earnings represent levels at the end of the forcast period. Expected credit losses are not solely derived from MEF projections. Model overlays based on expert judgment are also applied, considering historical loss experience, industry, portfolio and counterparty reviews. Overlays are primarily impacting certain corporate and institutional loan portfolios. Certain overlays are designed to address circumstances where in management’s judgment the CECL model outputs are overly sensitive to the effect of economic inputs that exhibit significant deviation from their long-term historical averages. The Bank’s non-specific allowance for expected credit losses on balance sheet and off-balance sheet credit exposures as of December 31, 2023 decreased compared to December 31, 2022. In 2023, the probability of default models for large corporates and financial institutions were enhanced and the related overlays were decommissioned. Interest income attributable to passage of time For financial assets held at amortized cost for which the Bank measures expected credit losses based on the discounted cash flow methodology, the entire change in present value is reported in the provision for credit losses. Methodology changes The probability of default models for large corporates and financial institutions were updated during the reporting period. The main changes include (i) updates to macroeconomic factors based on expert feedback, (ii) re-calibration of sensitivity to macroeconomic inputs, (iii) re-calibration of average default probabilities, and (iv) additional granularity of region and industry segmentations. The overall impact of this model change is reflected in the table “Allowance for credit losses – loans held at amortized cost”. The model adjustments were applied with a simultaneous release of model overlays. The model overlays were in place mainly to address overly sensitive outputs of former models. Loans held at amortized cost The Bank’s loan portfolio is classified into two portfolio segments, consumer loans and corporate & institutional loans. The main risk characteristics are described by individual class of financing receivable for each of these portfolio segments: Consumer loans: ■ ■ ■ Corporate & institutional loans: ■ ■ ■ ■ Expected credit losses on impaired loans In addition to the triggers described further above, loans managed on the Swiss platform are reviewed depending on event-driven developments. All 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 watchlist. All loans on the watchlist are reviewed at least quarterly to determine whether they should be released, remain on the watchlist 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 loans in recovery management on international platforms are reviewed on at least a monthly basis. Allowance for credit losses – loans held at amortized cost 2023 2022 2021 Corporate & Corporate & Corporate & Allowance for credit losses (CHF million) Balance at beginning of period 359 1,007 1,366 1 357 939 1,296 318 1,217 1,535 Current-period provision for expected credit losses 180 833 1,013 57 184 241 78 (53) 25 of which methodology changes 0 5 5 0 0 0 0 (1) (1) of which provisions for interest 2 60 58 118 22 29 51 25 23 48 Gross write-offs (58) (542) (600) (65) (116) (181) (55) (242) (297) Recoveries 10 1 11 12 3 15 9 5 14 Net write-offs (48) (541) (589) (53) (113) (166) (46) (237) (283) Foreign currency translation impact and other adjustments, net (26) (84) (110) (2) (7) (9) 7 12 19 Balance at end of period 465 1,215 1,680 359 1,003 1,362 357 939 1,296 of which individually evaluated 311 863 1,174 273 572 845 273 512 785 of which collectively evaluated 154 352 506 86 431 517 84 427 511 1 Included a net impact of CHF 4 million from the adoption of new accounting guidance for loan modifications on January 1, 2023, all of which were reflected in corporate & institutional loans. 2 Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income. Gross write-offs of CHF 600 million in 2023 compared to gross write-offs of CHF 181 million in 2022. In 2023, gross write-offs in corporate & institutional loans mainly included write-offs taken on loans in Non-core and Legacy (including Investment Bank) in connection with their reclassification to held-for-sale, several positions in small and medium-sized enterprises as well as individual positions in corporate loans, ship finance and aviation finance. Write-offs in consumer loans included primarily Swiss consumer finance loans and a write-off in Swiss mortgages. In 2022, gross write-offs in corporate & institutional loans reflected the sale of a facility relating to a coal mining company and write-offs of a loan to a consulting services company, an exposure to a financial institution impacted by sanctions imposed in connection with Russia’s invasion of Ukraine and individual positions in small and medium-sized enterprises, Swiss large corporates and ship finance. Write-offs in consumer loans were mainly related to Swiss consumer finance loans and a European mortgage. Purchases, reclassifications and sales – loans held at amortized cost 2023 2022 2021 Corporate & Corporate & Corporate & CHF million Purchases 1 69 4,714 4,783 17 4,603 4,620 22 4,361 4,383 Reclassifications from loans held-for-sale 2 0 30 30 0 95 95 0 133 133 Reclassifications to loans held-for-sale 3 0 10,824 10,824 0 9,516 9,516 0 4,780 4,780 Sales 3 0 2,454 2,454 0 2,485 2,485 0 4,442 4,442 Reclassifications from loans held-for-sale and reclassifications to loans held-for-sale represent non-cash transactions. 1 Includes drawdowns under purchased loan commitments. 2 Reflects loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held at amortized cost. 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. Debt securities held-to-maturity In 2023 and 2022, the Bank purchased foreign government debt securities held-to-maturity amounting to CHF 463 million and CHF 971 million, respectively. As of December 31, 2023 and 2022, the Bank’s foreign government debt securities held-to-maturity had a carrying value of CHF 1,259 million and CHF 921 million, respectively, and represented a portfolio of US Treasury securities, all rated “AAA” based on the Bank’s internal counterparty rating. US Treasury securities have a history of no credit losses and market price movements mainly reflect changes in market interest rates. Based on this history of no credit losses and the Bank’s view of the current and forecasted economic environment, the Bank expects the risk of non-payment for US Treasuries to be zero and does not have an allowance for credit losses for these securities. The credit quality of these securities is monitored on a regular basis and the Bank’s zero-loss expectation is validated on at least a quarterly basis through the Bank’s governance structure involving the Risk and Treasury functions. In 2023, the Bank purchased corporate debt securities held-to-maturity amounting to CHF 168 million. As of December 31, 2023, the Bank’s corporate debt securities held-to-maturity had a carrying value of CHF 158 million and represented a limited number of euro-denominated covered bonds qualifying as HQLA, all rated “AAA” based on the Bank’s internal rating. These covered bonds relate to prime French residential home loans originated by French commercial networks. Market price movements of these covered bonds mainly reflect changes in interest rates and the issuer credit ratings, with the Bank’s exposure mitigated by interest rate swap hedge transactions and the overcollateralization of covered bonds. These securities are valued on a daily basis by the front office. > Refer to “Note 15 – Investment securities” for further information. Other financial assets The Bank’s other financial assets include certain balance sheet positions held at amortized cost, each representing its own portfolio segment. They have the following risk characteristics: ■ ■ ■ ■ Allowance for credit losses – other financial assets held at amortized cost 2023 2022 2021 Allowance for credit losses (CHF million) Balance at beginning of period 4,118 4,214 48 Current-period provision for expected credit losses 127 (135) 4,295 of which methodology changes 3 0 0 Gross write-offs (4,035) (7) (8) Recoveries 2 0 0 Net write-offs (4,033) (7) (8) Foreign currency translation impact and other adjustments, net (51) 46 (121) Balance at end of period 161 4,118 4,214 of which individually evaluated 129 4,096 4,200 of which collectively evaluated 32 22 14 In 2023, gross write-offs of other financial assets of CHF 4,035 million primarily included brokerage receivables related to Archegos. In 2022 and 2021, the Bank purchased other financial assets held at amortized cost amounting to CHF 931 million and CHF 196 million, respectively, primarily related to mortgage servicing advances. Credit quality information Monitoring of credit quality and internal ratings – overview The Bank monitors the credit quality of financial assets held at amortized cost through its credit risk management framework, which provides for the consistent evaluation, measurement and management of credit risk across the Bank. Assessments of credit risk exposures for internal risk estimates and risk-weighted assets are calculated based on PD, LGD and EAD models. > Refer to “Expected credit losses on non-impaired credit exposures” for further information on PD, LGD and EAD. The credit risk management framework incorporates the following core elements: ■ ■ ■ ■ In addition to traditional credit exposure measurement, monitoring and management using current and potential future exposure metrics, the Risk function performs counterparty and portfolio credit risk assessments of the impact of various internal stress test scenarios. The Risk function assesses the impact to credit risk exposures arising from market movements in accordance with the scenario narrative, which can further support the identification of concentration or tail risks. The scenario suite includes historical scenarios as well as forward-looking scenarios. Credit officers evaluate and assess counterparties and clients to whom the Bank has credit exposures, primarily using internal rating models. These models are used to determine internal credit ratings which are intended to reflect the PD of each counterparty. For a majority of counterparties and clients, internal ratings are based on internally developed statistical models that have been backtested against internal experience and validated by a function independent of model development. Findings from backtesting serve as a key input for any future rating model developments. The Bank’s internally developed statistical rating models are based on a combination of quantitative factors (e.g., financial fundamentals, such as balance sheet information for corporates and loan-to-value (LTV) ratio and the borrower’s income level for mortgage lending, and market data) and qualitative factors (e.g., credit histories from credit reporting bureaus and economic trends). For the remaining counterparties where statistical rating models are not used, internal credit ratings are assigned on the basis of a structured expert approach using a variety of inputs, such as peer analyses, industry comparisons, external ratings and research as well as the judgment of senior credit officers. In addition to counterparty ratings, the Risk function also assesses the risk profile of individual transactions and assigns transaction ratings which reflect specific contractual terms such as seniority, security and collateral. Internal credit ratings may differ from external credit ratings, where available, and are subject to periodic review depending on exposure type, client segment, collateral or event-driven developments. The Bank’s internal ratings are mapped to a PD band associated with each rating which is calibrated to historical default experience using internal data and external data sources. The Bank’s internal rating bands are reviewed on an annual basis with reference to extended historical default data and are therefore based on stable long-run averages. Adjustments to PD bands are only made where significant deviations to existing values are detected. The last update was made in 2012 and since then no significant changes to the robust long-run averages have been detected. For the purpose of the credit quality disclosures included in these financial statements, an equivalent rating based on the Standard & Poor’s rating scale is assigned to the Bank’s internal ratings based on the PD band associated with each rating. These internal ratings are used consistently across all classes of financial assets and are aggregated to the credit quality indicators “investment grade” and “non-investment grade”. The Bank uses internal rating methodologies consistently for the purposes of approval, establishment and monitoring of credit limits and credit portfolio management, credit policy, management reporting, risk-adjusted performance measurement, economic risk capital measurement and allocation and financial accounting. A credit quality monitoring process is performed to provide for early identification of possible changes in the creditworthiness of clients and includes regular asset and collateral quality reviews, business and financial statement analysis and relevant economic and industry studies. The Risk function maintains regularly updated watchlists to review and re-assess counterparties that could be subject to adverse changes in creditworthiness. The review of the credit quality of clients and counterparties does not depend on the accounting treatment of the asset or commitment. > Refer to “Expected credit losses on impaired credit exposures” for further information on credit monitoring. Credit quality of loans held at amortized cost The following table presents the Bank’s carrying value of 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, by year of origination. Within the line items relating to the origination year, the first year represents the origination year of the current reporting period and the second year represents the origination year of the comparative reporting period. Consumer loans held at amortized cost by internal counterparty rating 2023 2022 Gross end of AAA to BBB BB to C D Total AAA to BBB BB to C D Total CHF million Mortgages 2023 / 2022 10,953 687 5 11,645 0 12,501 1,540 8 14,049 2022 / 2021 10,154 1,220 30 11,404 0 21,627 1,396 45 23,068 2021 / 2020 17,263 977 76 18,316 0 12,869 1,111 19 13,999 2020 / 2019 11,009 835 86 11,930 0 10,029 1,271 67 11,367 2019 / 2018 9,096 1,161 89 10,346 0 6,609 650 36 7,295 Prior years 34,366 1,632 172 36,170 9 34,525 1,931 210 36,666 Total term loans 92,841 6,512 458 99,811 9 98,160 7,899 385 106,444 Revolving loans 635 160 0 795 0 229 807 4 1,040 Total 93,476 6,672 458 100,606 9 98,389 8,706 389 107,484 Loans collateralized by securities 2023 / 2022 404 398 0 802 0 562 552 0 1,114 2022 / 2021 98 17 0 115 0 1,496 381 0 1,877 2021 / 2020 1,197 253 0 1,450 0 307 721 0 1,028 2020 / 2019 87 0 0 87 0 35 143 0 178 2019 / 2018 0 97 0 97 0 16 25 0 41 Prior years 658 236 0 894 0 803 188 0 991 Total term loans 2,444 1,001 0 3,445 0 3,219 2,010 0 5,229 Revolving loans 1 20,928 1,731 276 22,935 0 30,023 2,124 263 32,410 Total 23,372 2,732 276 26,380 0 33,242 4,134 263 37,639 Consumer finance 2023 / 2022 2,149 842 17 3,008 1 2,135 1,005 8 3,148 2022 / 2021 686 428 21 1,135 6 650 334 15 999 2021 / 2020 373 251 19 643 5 307 200 15 522 2020 / 2019 119 178 16 313 5 120 183 18 321 2019 / 2018 34 96 16 146 5 26 87 15 128 Prior years 19 91 48 158 26 14 80 44 138 Total term loans 3,380 1,886 137 5,403 48 3,252 1,889 115 5,256 Revolving loans 69 50 69 188 1 318 42 69 429 Total 3,449 1,936 206 5,591 49 3,570 1,931 184 5,685 Consumer – total 2023 / 2022 13,506 1,927 22 15,455 1 15,198 3,097 16 18,311 2022 / 2021 10,938 1,665 51 12,654 6 23,773 2,111 60 25,944 2021 / 2020 18,833 1,481 95 20,409 5 13,483 2,032 34 15,549 2020 / 2019 11,215 1,013 102 12,330 5 10,184 1,597 85 11,866 2019 / 2018 9,130 1,354 105 10,589 5 6,651 762 51 7,464 Prior years 35,043 1,959 220 37,222 35 35,342 2,199 254 37,795 Total term loans 98,665 9,399 595 108,659 57 104,631 11,798 500 116,929 Revolving loans 21,632 1,941 345 23,918 1 30,570 2,973 336 33,879 Total 120,297 11,340 940 132,577 58 135,201 14,771 836 150,808 1 Lombard loans are generally classified as revolving loans. Corporate & institutional loans held at amortized cost by internal counterparty rating 2023 2022 Gross end of AAA to BBB BB to C D Total AAA to BBB BB to C D Total CHF million Real estate 2023 / 2022 2,663 1,907 35 4,605 24 3,601 2,499 5 6,105 2022 / 2021 1,926 1,007 129 3,062 0 7,001 2,441 0 9,442 2021 / 2020 4,431 1,283 164 5,878 0 3,071 855 4 3,930 2020 / 2019 2,402 725 10 3,137 0 959 297 56 1,312 2019 / 2018 818 230 31 1,079 0 698 219 1 918 Prior years 2,298 304 23 2,625 0 2,109 217 24 2,350 Total term loans 14,538 5,456 392 20,386 24 17,439 6,528 90 24,057 Revolving loans 300 279 136 715 0 694 281 125 1,100 Total 14,838 5,735 528 21,101 24 18,133 6,809 215 25,157 Commercial and industrial loans 2023 / 2022 6,599 8,126 422 15,147 26 7,858 11,181 263 19,302 2022 / 2021 2,635 3,237 81 5,953 11 3,576 4,204 212 7,992 2021 / 2020 2,121 2,394 94 4,609 22 1,810 2,251 178 4,239 2020 / 2019 1,360 1,259 124 2,743 7 1,566 2,359 130 4,055 2019 / 2018 959 1,440 57 2,456 1 742 1,343 161 2,246 Prior years 1,714 1,838 192 3,744 10 1,619 2,355 204 4,178 Total term loans 15,388 18,294 970 34,652 77 17,171 23,693 1,148 42,012 Revolving loans 7,607 4,015 245 11,867 117 10,277 6,799 278 17,354 Total 22,995 22,309 1,215 46,519 194 27,448 30,492 1,426 59,366 Financial institutions 2023 / 2022 5,281 770 41 6,092 0 4,480 1,026 90 5,596 2022 / 2021 759 166 0 925 0 2,850 856 0 3,706 2021 / 2020 656 307 0 963 0 1,034 67 0 1,101 2020 / 2019 556 132 0 688 0 602 7 0 609 2019 / 2018 239 4 0 243 0 521 2 1 524 Prior years 632 31 1 664 0 (940) 71 1 (868) Total term loans 8,123 1,410 42 9,575 0 8,547 2,029 92 10,668 Revolving loans 3,592 351 1 3,944 324 10,111 822 110 11,043 Total 11,715 1,761 43 13,519 324 18,658 2,851 202 21,711 Governments and public institutions 2023 / 2022 121 23 4 148 0 147 22 0 169 2022 / |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | 19 Goodwill Wealth Swiss Asset Non-core 1 Gross amount of goodwill (CHF million) Balance at beginning of period 1,281 481 1,106 4,890 7,758 Foreign currency translation impact (10) (25) (31) 0 (66) Other 0 0 (30) 30 0 Balance at end of period 1,271 456 1,045 4,920 7,692 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 4,890 4,890 Impairment losses 1,271 2 0 1,045 2 30 2,346 Balance at end of period 1,271 0 1,045 4,920 7,236 Net book value (CHF million) Net book value 0 456 0 0 456 2022 Gross amount of goodwill (CHF million) Balance at beginning of period 1,300 480 1,101 4,867 7,748 Foreign currency translation impact 4 1 5 0 10 Other (23) 0 0 23 0 Balance at end of period 1,281 481 1,106 4,890 7,758 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 4,867 4,867 Impairment losses 0 0 0 23 23 Balance at end of period 0 0 0 4,890 4,890 Net book value (CHF million) Net book value 1,281 481 1,106 0 2,868 Segments are shown net of adjustments regarding certain consolidating entities, including those relating to entities that are managed but are not owned or fully owned by Credit Suisse. 1 Gross amount of goodwill and accumulated impairment included CHF 12 million related to legacy business transferred to the former Strategic Resolution Unit in 4Q15 and fully written off at the time of transfer, in addition to the divisions disclosed. 2 Includes adjustments regarding certain consolidating entities of CHF 23 million for Wealth Management and CHF 6 million for Asset Management. In accordance with US GAAP, the Bank continually assesses whether or not there has been a triggering event requiring a review of goodwill. Effective January 1, 2023, the Bank was organized into five reporting units – Wealth Management, Swiss Bank, Asset Management, Investment Bank and the Capital Release Unit. As a result of the announced strategy and organizational changes, the Private Fund Group business in the Asset Management reporting unit was transferred to the Investment Bank reporting unit effective January 1, 2023, resulting in a transfer of CHF 30 million of goodwill between the reporting units. The Bank fully impaired this goodwill in the first quarter of 2023. Following a review of the Bank’s financial plans to reflect the deposit and assets under management outflows in the first quarter of 2023, the Bank concluded that the estimated fair value of the Wealth Management reporting unit was below its related carrying value and as a result a goodwill impairment charge of CHF 1.3 billion was recorded for the quarter, resulting in a goodwill balance of zero for that reporting unit. The fair value of the remaining reporting units with goodwill (Swiss Bank and Asset Management) exceeded their related carrying values and no further impairments were necessary as of March 31, 2023. Due to the asset under management outflows and the projected impact on the profitability of the Asset Management reporting unit, the Bank concluded that the estimated fair value of the Asset Management reporting unit was below its related carrying value and, as a result, a goodwill impairment charge of CHF 1.0 billion was recorded in the second quarter of 2023, resulting in a goodwill balance of zero for that reporting unit. On August 31, 2023, UBS Group announced its update on strategy and the integration of Credit Suisse, which included the decision to integrate Credit Suisse (Schweiz) AG with UBS Switzerland AG. The announcement represented a triggering event for the third quarter of 2023 for goodwill impairment testing purposes. Based on the goodwill impairment assessment for the third quarter of 2023, the Bank concluded that the estimated fair value of the Swiss Bank reporting unit supported its carrying value although at a reduced margin. On August 31, 2023, UBS also announced the creation of a Non-core and Legacy business division, which includes Credit Suisse positions and businesses not aligned with UBS’s strategy and policies. The Bank’s reporting units under the new structure are defined as follows: Wealth Management, Swiss Bank, Asset Management and Non-core and Legacy (including Investment Bank). The only reporting unit with any remaining goodwill balance as of December 31, 2023 was the Swiss Bank. The Bank concluded that the estimated fair value of the reporting unit exceeded its related carrying value and no further impairment was necessary as of December 31, 2023. 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, intangible assets and other common equity tier 1 (CET1) capital relevant adjustments. The residual value between the total of these elements and the Bank’s shareholders’ equity is allocated to the carrying value of the reporting units on a pro-rata basis. In estimating the fair value of its reporting units, the Bank applied a combination of the market approach and the income approach. Under the market approach, consideration is generally given to price-to-projected-earnings multiples and 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 is applied that reflects the risk and uncertainty related to the reporting unit’s projected cash flows, which were determined from the Bank’s financial plan. In determining the estimated fair value, the Bank relied upon its latest three-year financial plan, which included significant management assumptions and estimates based on its view of current and future economic conditions and regulatory changes. Estimates of the Bank’s future earnings potential, and that of the reporting units, involve considerable judgment, including management’s view on future changes in market cycles, the regulatory environment and the anticipated result of the implementation of business strategies, competitive factors and assumptions concerning the retention of key employees. The results of the impairment evaluation would be significantly impacted by adverse changes in the underlying parameters used in the valuation process. If actual outcomes or the future outlook adversely differ from management’s best estimates of the key economic assumptions and associated cash flows applied in the valuation of the reporting unit, the Bank could potentially incur material impairment charges in the future. |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Other intangible assets | 20 Other intangible assets 2023 2022 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (23) 4 25 (25) 0 Client relationships 19 (2) 17 29 (9) 20 Other 6 (3) 3 5 (3) 2 Total amortizing other intangible assets 52 (28) 24 59 (37) 22 Non-amortizing other intangible assets 298 – 298 430 – 430 of which mortgage servicing rights, at fair value 305 – 305 403 – 403 Total other intangible assets 350 (28) 322 489 (37) 452 Additional information in 2023 2022 2021 Aggregate amortization and impairment (CHF million) Aggregate amortization 3 4 8 Impairment 28 0 0 Estimated amortization Estimated amortization (CHF million) 2024 1 2025 1 2026 1 2027 1 2028 2 |
Other assets and other liabilit
Other assets and other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other assets and other liabilities | 21 Other assets and other liabilities end of 2023 2022 Other assets (CHF million) Cash collateral on derivative instruments 6,718 7,723 Cash collateral on non-derivative transactions 289 647 Derivative instruments used for hedging 1 3 0 Assets held-for-sale 12,992 16,112 of which loans 2 12,929 16,090 allowance for loans held-for-sale (1,154) (101) of which real estate 3 62 22 of which long-lived assets 1 0 Premises and equipment, net and right-of-use assets 2,674 5,799 Assets held for separate accounts 59 64 Interest and fees receivable 2,197 2,609 Deferred tax assets 71 259 Prepaid expenses 404 812 of which cloud computing arrangement implementation costs 10 65 Failed purchases 324 801 Defined benefit pension and post-retirement plan assets 519 560 Other 4,573 6,367 of which digital asset safeguarding assets 127 102 Other assets 30,823 41,753 1 Amounts shown after counterparty and cash collateral netting. 2 Included as of the end of 2023 and 2022 were CHF 99 million and CHF 458 million, respectively, in restricted loans, which represented collateral on secured borrowings. 3 As of the end of 2023 and 2022, real estate held-for-sale included foreclosed or repossessed real estate of CHF 46 million and CHF 21 million, respectively, of which CHF 46 million and CHF 21 million, respectively, were related to residential real estate. end of 2023 2022 Other liabilities (CHF million) Cash collateral on derivative instruments 677 2,079 Cash collateral on non-derivative transactions 392 431 Derivative instruments used for hedging 1 447 154 Operating leases liabilities 1,420 1,749 Provisions 2,611 1,494 of which expected credit losses on off-balance sheet credit exposures 185 217 Restructuring liabilities 15 114 Liabilities held for separate accounts 59 64 Interest and fees payable 4,231 3,779 Current tax liabilities 429 524 Deferred tax liabilities 113 670 Failed sales 402 1,471 Defined benefit pension and post-retirement plan liabilities 227 258 Other 3,715 4,039 of which digital asset safeguarding liabilities 364 102 Other liabilities 14,738 16,826 Premises, equipment and right-of-use assets end of 2023 2022 Premises and equipment (CHF million) Buildings and improvements 863 839 Land 213 215 Leasehold improvements 1,238 1,438 Software 1,074 8,261 Equipment 859 990 Premises and equipment 4,247 11,743 Accumulated depreciation (2,666) (7,637) Total premises and equipment, net 1,581 4,106 Right-of-use assets (CHF million) Right-of-use assets 1,093 1,693 Total premises and equipment, net and right-of-use assets 2,674 5,799 Depreciation, amortization and impairment end of 2023 2022 2021 CHF million Depreciation on premises and equipment 805 997 903 Impairment on premises and equipment 1,798 250 20 Amortization and impairment on right-of-use assets 529 256 313 > Refer to “Note 22 – Leases” for further information on right-of-use assets. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | 22 Leases The Bank enters into both lessee and lessor arrangements. > Refer to “Note 1 – Summary of significant accounting policies” and “Note 21 – Other assets and other liabilities” for further information. Lessee arrangements The Bank primarily enters into operating leases. When a real estate lease has both lease and non-lease components, the Bank allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Bank does not separate lease and non-lease components. The Bank’s finance leases are not material. The Bank has entered into leases for real estate, equipment and vehicles. Certain equipment and real estate have subsequently been subleased. Sublease income is recognized in other revenues. Lease costs end of 2023 2022 2021 Lease costs (CHF million) Operating lease costs 370 279 293 Variable lease costs 42 46 50 Sublease income (51) (65) (75) Total lease costs 361 260 268 From time to time, the Bank enters into sale-leaseback transactions in which an asset is sold and immediately leased back. If specific criteria are met, the asset is derecognized from the balance sheet and an operating lease is recognized. During 2023, the Bank had no sale-leaseback transactions. During 2022, the Bank entered into 12 sale-leaseback transactions with lease terms ranging from 5 to 10 years. During 2021, the Bank entered into 13 sale-leaseback transaction with lease terms ranging from 3 to 10 years. Other information end of 2023 2022 2021 Other information (CHF million) Gains/(losses) on sale-leaseback transactions 0 336 225 Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (344) (336) (334) Right-of-use assets obtained in exchange for new operating lease liabilities 1 35 165 107 Changes to right-of-use assets due to lease modifications for operating leases (1) 74 29 1 Represents non-cash transactions and includes right-of-use assets relating to changes in classification of scope of variable interest entities. The weighted average remaining lease terms and discount rates are based on all outstanding operating leases as well as their respective lease terms and remaining lease obligations. Weighted average remaining lease term and discount rate end of 2023 2022 Operating leases Remaining lease term (years) 8.7 9.2 Discount rate (%) 3.3 3.0 The following table reflects the undiscounted cash flows from leases for the next five years and thereafter, based on the expected lease term. Maturities relating to operating lease arrangements end of 2023 2022 Maturity (CHF million) Due within 1 year 247 312 Due between 1 and 2 years 236 260 Due between 2 and 3 years 215 236 Due between 3 and 4 years 171 219 Due between 4 and 5 years 139 186 Thereafter 638 811 Operating lease obligations 1,646 2,024 Future interest payable (226) (275) Operating lease liabilities 1,420 1,749 Lessor arrangements The Bank enters into sales-type, direct financing and operating leases for real estate, equipment and vehicles. When a real estate lease has both lease and non-lease components, the Bank allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Bank does not separate lease and non-lease components. As of December 31, 2023 and 2022, the Bank had approximately CHF 1.5 billion and CHF 1.3 billion, respectively, of residual value guarantees associated with lessor arrangements. The Bank’s risk of loss relating to the residual value of leased assets is mitigated through contractual arrangements with manufactures or suppliers. Leased assets are also monitored through projections of the residual values at lease origination and periodic reviews of residual values. Net investments 2023 2022 Sales- Direct Sales- Direct Net investments (CHF million) Lease receivables 1,461 2,530 1,324 2,473 Unguaranteed residual assets 125 4 129 25 Valuation allowances (10) (21) (10) (20) Total net investments 1,576 2,513 1,443 2,478 Maturities relating to lessor arrangements 2023 2022 Sales- Direct Sales- Direct Maturity (CHF million) Due within 1 year 618 782 48 550 738 57 Due between 1 and 2 years 352 741 47 317 694 58 Due between 2 and 3 years 262 634 45 224 627 55 Due between 3 and 4 years 175 449 37 149 460 53 Due between 4 and 5 years 84 103 19 88 115 44 Thereafter 96 12 116 93 19 136 Total 1,587 2,721 312 1,421 2,653 403 Future interest receivable (126) (191) – (97) (180) – Lease receivables 1,461 2,530 – 1,324 2,473 – The Bank elected the practical expedient to not evaluate whether certain sales taxes and other similar taxes are lessor cost or lessee cost and excludes these costs from being reported as lease income with an associated expense. The Bank enters into leases with fixed or variable lease payments, or with lease payments that depend on an index or a referenced rate which are included in the net investment in the lease at lease commencement, as such payments are considered unavoidable. Other variable lease payments, as well as subsequent changes in an index or referenced rate, are excluded from the net investment in the lease. Lease payments are recorded when due and payable by the lessee. Lease income end of 2023 2022 2021 Lease income (CHF million) Interest income on sales-type leases 44 33 25 Interest income on direct financing leases 81 70 68 Lease income from operating leases 65 80 93 Variable lease income 1 3 1 Total lease income 191 186 187 As of December 31, 2023 and 2022, the Bank had CHF 185 million and CHF 188 million, respectively, of related party operating leases. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits | 23 Deposits 2023 2022 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 1,276 786 2,062 2,589 1,502 4,091 Interest-bearing demand deposits 77,344 10,004 87,348 102,948 16,295 119,243 Savings deposits 28,105 11 28,116 42,437 1,459 43,896 Time deposits 29,222 63,631 92,853 1 18,695 60,534 79,229 1 Total deposits 135,947 74,432 210,379 2 166,669 79,790 246,459 2 of which due to banks – – 6,952 – – 11,905 of which customer deposits – – 203,427 – – 234,554 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included uninsured time deposits of CHF 91,274 million and CHF 75,123 million as of December 31, 2023 and 2022, respectively, which were in excess of any country-specific insurance limit or which are not covered by an insurance regime. 2 Not included as of December 31, 2023 and 2022 were CHF 40 million and CHF 55 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2023 | |
Long-term debt | 24 Long-term debt end of 2023 2022 Long-term debt (CHF million) Senior 86,328 89,187 Subordinated 40,664 59,378 Non-recourse liabilities from consolidated VIEs 1,492 2,096 Long-term debt 128,484 150,661 of which reported at fair value 32,874 57,919 of which structured notes 26,336 38,925 end of 2023 2022 Structured notes by product (CHF million) Equity 11,064 21,437 Fixed income 12,596 14,407 Credit 2,518 2,815 Other 158 266 Total structured notes 26,336 38,925 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 Bank’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 Bank’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 2024 2025 2026 2027 2028 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 6,486 7,744 6,444 2,169 4,676 12,448 39,967 Variable rate 10,671 17,829 4,262 2,917 1,780 8,902 46,361 Interest rates (range in %) 1 0.0 – 7.0 0.0 – 8.0 0.0 – 7.9 0.0 – 5.0 0.0 – 7.9 0.0 – 7.1 – Subordinated debt Fixed rate 1,658 5,833 2,932 3,808 109 4,362 18,702 Variable rate 3,835 3,021 49 1,422 4,439 9,196 21,962 Interest rates (range in %) 1 0.4 – 6.6 0.0 – 6.4 0.9 – 5.9 0.7 – 6.4 1.1 – 7.8 0.7 – 9.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 0 206 0 0 0 0 206 Variable rate 602 101 0 19 2 3 2 561 1,286 Interest rates (range in %) 1 0.0 – 7.7 0.0 – 1.9 – – – 0.0 – 6.3 – Total long-term debt 23,252 34,734 13,687 10,335 11,007 35,469 128,484 of which structured notes 6,401 4,599 2,775 2,639 1,201 8,721 26,336 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 0.8 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 modeling 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. 2 Reflects equity linked notes, where the payout is not fixed. The Bank maintains a shelf registration statement with the SEC, which allows the Bank to issue, from time to time, senior and subordinated debt securities and warrants. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated other comprehensive income | 25 Accumulated other comprehensive income 1 Gains/ 2023 (CHF million) Balance at beginning of period (1,317) (17,020) (13) (582) (9) 3,874 (15,067) Increase/(decrease) 413 (2,421) (1) (37) 0 2,937 891 Reclassification adjustments, included in net income/(loss) 238 58 0 12 1 (7,721) 2 (7,412) Reclassification adjustments, included in retained earnings 0 1,530 3 19 0 0 0 1,549 Total increase/(decrease) 651 (833) 18 (25) 1 (4,784) (4,972) Balance at end of period (666) (17,853) 5 (607) (8) (910) (20,039) 2022 (CHF million) Balance at beginning of period (95) (16,760) 13 (429) (6) (2,082) (19,359) Increase/(decrease) (454) (260) (21) (170) (4) 5,987 5,078 Reclassification adjustments, included in net income/(loss) (768) 0 (5) 17 1 (31) (786) Total increase/(decrease) (1,222) (260) (26) (153) (3) 5,956 4,292 Balance at end of period (1,317) (17,020) (13) (582) (9) 3,874 (15,067) 2021 (CHF million) Balance at beginning of period 205 (17,517) 13 (460) (11) (2,469) (20,239) Increase/(decrease) (259) 751 0 12 4 284 792 Reclassification adjustments, included in net income/(loss) (41) 6 0 19 1 103 88 Total increase/(decrease) (300) 757 0 31 5 387 880 Balance at end of period (95) (16,760) 13 (429) (6) (2,082) (19,359) 1 No impairments on available-for-sale debt securities were recognized in net income/(loss) in 2023, 2022 and 2021. 2 Included the impact of the additional tier 1 capital notes write-down of CHF 9,048 million and the related tax impact of CHF 1,440 million which represented non-cash transactions. 3 Represented prior cumulative translation adjustments relating to Credit Suisse AG, Luxembourg Branch. The direct reclassification within equity to retained earnings was the result of the transfer of the operations of Credit Suisse AG, Luxembourg Branch to UBS AG, Zurich, which qualified as a common control transaction. > 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 2023 2022 2021 Reclassification adjustments, included in retained earnings (CHF million) Cumulative translation adjustments Reclassification adjustments 1,530 1 0 0 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 58 2 0 6 Gains/(losses) on cash flow hedges Gross gains/(losses) 3 296 (959) (40) Tax expense/(benefit) (58) 191 (1) Net of tax 238 (768) (41) Actuarial gains/(losses) Amortization of recognized actuarial losses 4 10 21 23 Tax expense/(benefit) 2 (4) (4) Net of tax 12 17 19 Gains/(losses) on liabilities relating to credit risk Reclassification adjustments 5 (9,161) (31) 103 Tax expense/(benefit) 1,440 0 0 Net of tax (7,721) (31) 103 1 Represented prior cumulative translation adjustments relating to Credit Suisse AG, Luxembourg Branch. The direct reclassification within equity to retained earnings was the result of the transfer of the operations of Credit Suisse AG, Luxembourg Branch to UBS AG, Zurich, which qualified as a common control transaction. 2 Included net releases of CHF 58 million on the sale of Holding Verde Empreendimentos e Participações S.A. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 3 Included in interest and dividend income as well as operating expenses. Refer to "Note 31 - Derivatives and hedging activities" for further information. 4 These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. 5 Included in other revenues. |
Offsetting of financial assets
Offsetting of financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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. The Bank uses master netting agreements to mitigate counterparty credit risk in certain transactions, including derivative contracts and securities borrowed, lent and subject to repurchase agreements. Derivatives The Bank 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 Bank 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 (PRV/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 or terms 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 Bank 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 Bank 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 2023 2022 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 2.6 2.1 8.6 9.8 OTC 15.3 15.3 25.1 23.5 Interest rate products 17.9 17.4 33.7 33.3 OTC-cleared 0.1 0.1 0.3 0.3 OTC 13.8 17.6 24.9 25.5 Exchange-traded 0.0 0.0 0.0 0.1 Foreign exchange products 13.9 17.7 25.2 25.9 OTC-cleared 0.2 0.1 0.0 0.0 OTC 2.3 3.1 4.3 7.1 Exchange-traded 5.7 5.1 18.6 18.3 Equity/index-related products 8.2 8.3 22.9 25.4 OTC-cleared 0.0 0.0 0.6 0.6 OTC 1.0 1.4 2.4 2.6 Credit derivatives 1.0 1.4 3.0 3.2 OTC-cleared 0.0 0.0 0.1 0.1 OTC 0.6 0.2 0.9 0.4 Exchange-traded 0.1 0.0 0.0 0.0 Other products 1 0.7 0.2 1.0 0.5 OTC-cleared 2.9 2.3 9.6 10.8 OTC 33.0 37.6 57.6 59.1 Exchange-traded 5.8 5.1 18.6 18.4 Total gross derivatives subject to enforceable master netting agreements 41.7 45.0 85.8 88.3 Offsetting (CHF billion) OTC-cleared (2.7) (2.3) (9.5) (10.7) OTC (30.2) (32.7) (50.5) (52.9) Exchange-traded (5.0) (5.0) (18.0) (18.2) Offsetting (37.9) (40.0) (78.0) (81.8) of which counterparty netting (32.1) (32.1) (68.3) (68.3) of which cash collateral netting (5.8) (7.9) 2 (9.7) (13.5) 2 Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.2 0.0 0.1 0.1 OTC 2.8 4.9 7.1 6.2 Exchange-traded 0.8 0.1 0.6 0.2 Total net derivatives subject to enforceable master netting agreements 3.8 5.0 7.8 6.5 Total derivatives not subject to enforceable master netting agreements 3 1.3 1.2 3.3 2.6 Total net derivatives presented in the consolidated balance sheets 5.1 6.2 11.1 9.1 of which recorded in trading assets and trading liabilities 5.1 5.8 11.1 8.9 of which recorded in other assets and other liabilities 0.0 0.4 0.0 0.2 1 Primarily precious metals, commodity and energy products. 2 Includes CHF 7,909 million and CHF 11,924 million as of the end of 2023 and 2022, respectively, related to trading derivatives. 3 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 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. 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 master repurchase agreement on the same date shall be set off. As permitted by US GAAP the Bank has elected to net transactions under such agreements in the consolidated balance sheet when specific conditions are met. Transactions are netted if, among other conditions, they are executed with the same counterparty, have the same explicit settlement date specified at the inception of the transactions, are settled through the same securities transfer system and are subject to the same enforceable 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 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 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 Bank with the right to liquidate the collateral held. As is the case in the Bank’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, 2023, and December 31, 2022. 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 2023 2022 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 48.7 (2.9) 45.8 47.9 (10.7) 37.2 Securities borrowing transactions 0.2 0.0 0.2 4.5 0.0 4.5 Total subject to enforceable master netting agreements 48.9 (2.9) 46.0 52.4 (10.7) 41.7 Total not subject to enforceable master netting agreements 1 1.2 – 1.2 17.1 – 17.1 Total 50.1 (2.9) 47.2 2 69.5 (10.7) 58.8 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 26,237 million and CHF 40,793 million of the total net amount as of the end of 2023 and 2022, respectively, were 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 2023 2022 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 3.8 (2.9) 0.9 27.8 (10.7) 17.1 Securities lending transactions 0.1 0.0 0.1 0.9 0.0 0.9 Obligation to return securities received as collateral, at fair value 2.2 0.0 2.2 2.9 0.0 2.9 Total subject to enforceable master netting agreements 6.1 (2.9) 3.2 31.6 (10.7) 20.9 Total not subject to enforceable master netting agreements 1 0.0 – 0.0 2.5 – 2.5 Total 6.1 (2.9) 3.2 34.1 (10.7) 23.4 of which securities sold under repurchase agreements and securities lending transactions 3.9 (2.9) 1.0 2 31.1 (10.7) 20.4 2 of which obligation to return securities received as collateral, at fair value 2.2 0.0 2.2 3.0 0.0 3.0 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 356 million and CHF 14,133 million of the total net amount as of the end of 2023 and 2022, respectively, were 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 2023 2022 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 3.8 1.4 0.0 2.4 7.8 3.2 0.0 4.6 Securities purchased under resale agreements 45.8 45.8 0.0 0.0 37.2 37.1 0.1 0.0 Securities borrowing transactions 0.2 0.2 0.0 0.0 4.5 4.3 0.0 0.2 Total financial assets subject to enforceable master netting agreements 49.8 47.4 0.0 2.4 49.5 44.6 0.1 4.8 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 5.0 0.9 0.0 4.1 6.5 1.2 0.0 5.3 Securities sold under repurchase agreements 0.9 0.8 0.0 0.1 17.1 17.1 0.0 0.0 Securities lending transactions 0.1 0.1 0.0 0.0 0.9 0.8 0.0 0.1 Obligation to return securities received as collateral, at fair value 2.2 2.1 0.0 0.1 2.9 2.7 0.0 0.2 Total financial liabilities subject to enforceable master netting agreements 8.2 3.9 0.0 4.3 27.4 21.8 0.0 5.6 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 credit default swaps (CDS) and credit insurance contracts. Therefore the net exposure presented in the table above is not representative of the Bank’s counterparty exposure. |
Tax
Tax | 12 Months Ended |
Dec. 31, 2023 | |
Tax | 27 Tax Details of current and deferred taxes in 2023 2022 2021 Current and deferred taxes (CHF million) Switzerland 123 296 302 Foreign 451 (95) 472 Current income tax expense 574 201 774 Switzerland 37 73 156 Foreign 243 3,699 8 Deferred income tax expense 280 3,772 164 Income tax expense 854 3,973 938 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on own credit (675) 876 12 Gains/(losses) on cash flow hedges 66 (266) (62) Cumulative translation adjustment 1 (7) 4 Unrealized gains/(losses) on debt securities 6 (9) (4) Actuarial gains/(losses) (30) (84) 0 Reconciliation of taxes computed at the Swiss statutory rate in 2023 2022 2021 Income/(loss) before taxes (CHF million) Switzerland 6,689 543 1,659 Foreign (9,949) (3,874) (1,750) Income/(loss) before taxes (3,260) (3,331) (91) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate 1 (603) (616) (17) Increase/(decrease) in income taxes resulting from Foreign tax rate differential (701) (127) 92 Non-deductible amortization of other intangible assets and goodwill impairment 12 0 (181) Other non-deductible expenses 1,109 303 369 Additional taxable income 1,322 5 15 Lower taxed income (108) (144) (129) (Income)/loss taxable to noncontrolling interests 1 11 12 Changes in tax law and rates 44 24 (29) Changes in deferred tax valuation allowance (528) 4,512 612 Change in recognition of outside basis difference 41 (2) 3 (Windfall tax benefits)/shortfall tax charges on share-based compensation 65 82 37 Other 200 (75) 154 Income tax expense 854 3,973 938 1 The statutory tax rate was 18.5%. 2023 Foreign tax rate differential Other non-deductible expenses Additional taxable income Lower taxed income Changes in deferred tax valuation allowances Other AG and Pfandbriefbank in Switzerland, CHF 15 million relating to the impact of the gain from the write-down of additional tier 1 capital notes, on which Credit Suisse utilized unvalued tax losses from prior years. These tax charges were partially offset by CHF 46 million relating to return-to-provision adjustments, CHF 34 million relating to reassessment of Credit Suisse’s deferred tax assets/(liabilities) impacted by the acquisition of Credit Suisse Group AG by UBS and CHF 29 million relating to tax credits. The remaining balance included various smaller items. 2022 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other 2021 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other Deferred tax assets and liabilities end of 2023 2022 Deferred tax assets and liabilities (CHF million) Compensation and benefits 359 638 Loans 749 209 Investment securities 569 992 Provisions 132 641 Leases 213 229 Derivatives 24 38 Real estate 295 229 Net operating loss carry-forwards 7,796 7,720 Goodwill and intangible assets 14 67 Other 247 418 Gross deferred tax assets before valuation allowance 10,398 11,181 Less valuation allowance (9,643) (8,488) Gross deferred tax assets net of valuation allowance 755 2,693 Compensation and benefits (173) (202) Loans (34) (1,190) Investment securities (217) (744) Provisions (38) (282) Leases (164) (219) Derivatives (92) (286) Real estate (14) (43) Other (65) (138) Gross deferred tax liabilities (797) (3,104) Net deferred tax assets/(liabilities) (42) (411) of which deferred tax assets 71 259 of which net operating losses 29 138 of which deductible temporary differences 42 121 of which deferred tax liabilities (113) (670) Net deferred tax liabilities of CHF 42 million as of December 31, 2023 decreased CHF 369 million compared to net deferred tax liabilities of CHF 411 million as of December 31, 2022, primarily driven by a reduction in the deferred tax liability associated with the write-down of additional tier 1 capital notes, partially offset by the reassessment of the deferred tax assets. The Bank’s valuation allowance against gross deferred tax assets was CHF 9.6 billion as of December 31, 2023, compared to CHF 8.5 billion as of December 31, 2022. This movement was due to an increase relating to current year losses and additional reassessments of deferred tax assets, which were impacted by the acquisition of Credit Suisse Group AG by UBS, offset by the impact relating to foreign exchange translation losses, which were included within the currency translation adjustments. This also included an increase due to valuation allowance adjustments recorded in other comprehensive income, mainly related to own credit movement. Previously, the Bank recorded no deferred tax liability in respect of accumulated undistributed earnings from foreign subsidiaries as these earnings were considered indefinitely reinvested. Following the acquisition of Credit Suisse Group AG by UBS and the reassessment performed based on the new information available, the Bank concluded that no regulatory restriction should apply to repatriate earnings upon the liquidation of the Credit Suisse subsidiaries, thus there is control over the reversal of the associated taxable temporary difference. As of December 31, 2023, this resulted in CHF 28 million deferred tax liability that was recorded in respect of the undistributed foreign earnings. As it is not practicable to estimate the amount of deferred tax liabilities based on these undistributed foreign earnings, the Bank compared the tax value and the net asset value of the subsidiaries, applying the relevant withholding tax rates on the difference to determine the deferred tax liability. Amounts and expiration dates of net operating loss carry-forwards end of 2023 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 28 Due to expire within 2 to 5 years 247 Due to expire within 6 to 10 years 3,465 Due to expire within 11 to 20 years 5,768 Amount due to expire 9,508 Amount not due to expire 26,219 Total net operating loss carry-forwards 35,727 Movements in the valuation allowance in 2023 2022 2021 Movements (CHF million) Balance at beginning of period 8,488 5,338 4,323 Net changes 1,155 3,150 1,015 Balance at end of period 9,643 8,488 5,338 As part of its normal practice, the Bank conducted a detailed evaluation of its expected future results. This evaluation was dependent on management estimates and assumptions in developing the expected future results, which were 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 Bank has significant gross deferred tax assets, primarily in the UK, the US and Switzerland. The Bank then compared those expected future results with the applicable law governing the utilization of deferred tax assets. Based on the expected future results in one of the Bank’s operating entities in Switzerland and given that the Swiss tax law allows for a seven-year carry-forward period for net operating losses (NOLs), a valuation allowance is still required on the deferred tax assets of this entity. UK tax law allows for an unlimited carry-forward for NOLs, while US tax law allows for a 20-year carry-forward period for NOLs arising prior to 2018, federal NOLs generated in tax years from 2018, 2019 and 2020 to be carried back for five years and no expiry limitations for NOLs that arose in 2018 and subsequent years. However, unlimited and long expiry limitations for NOLs are not expected to have a material impact on the recoverability of the net deferred tax assets against future taxable income as management concluded that there was limited recoverability of the net deferred tax assets in the US and the UK due to the acquisition of Credit Suisse Group AG by UBS and business uncertainty related to the previously disclosed issues affecting Credit Suisse. Tax benefits associated with share-based compensation in 2023 2022 2021 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 269 213 227 1 Calculated at the statutory tax rate before valuation allowance considerations. > 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 Bank has 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 Bank has 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. 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 gross unrecognized tax benefits in 2023 2022 2021 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 227 425 382 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 332 239 23 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (226) (434) (35) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 8 46 54 Decreases in unrecognized tax benefits as a result of tax positions taken during the current period (1) (41) 0 Decreases in unrecognized tax benefits relating to settlements with tax authorities (10) (4) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (6) (15) (6) Other (including foreign currency translation) (25) 11 7 Balance at end of period 299 227 425 of which, if recognized, would affect the effective tax rate 299 227 425 Interest and penalties in 2023 2022 2021 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 1 (5) 3 Interest and penalties recognized in the consolidated balance sheets 59 59 64 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, Germany, Switzerland, the UK and the US. 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 16 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: Switzerland – 2020 (federal and Zurich cantonal level); Brazil – 2019; the UK – 2012; and the US – 2010. |
Employee deferred compensation
Employee deferred compensation | 12 Months Ended |
Dec. 31, 2023 | |
Employee deferred compensation | 28 Employee deferred compensation Following the acquisition of Credit Suisse Group AG by UBS Group AG on June 12, 2023, the deferred share-based obligation was converted into UBS deferred share awards at the ratio of one UBS share to 22.48 for each Credit Suisse deferred share award. The Bank’s terms and conditions for existing awards granted prior to the merger were reviewed and aligned to UBS performance conditions. The compensation expense recognized for share-based awards continues to be at the original grant date fair value, in accordance with US GAAP accounting guidance. Prior to the acquisition on April 5, 2023, the Swiss Federal Council instructed the Swiss Federal Department of Finance to cancel or reduce the outstanding variable remuneration for the top three levels of management at Credit Suisse. In accordance with US GAAP accounting guidance, the cancellation of deferred compensation of this nature required an acceleration of deferred compensation expense in 2023 for the outstanding share-based portion of the compensation awards, with a corresponding credit to shareholders’ equity, and for the smaller impact from the cancellation of cash-based awards, a credit to the income statement for previously accrued expenses. The net impact of these cancellations and reductions of variable remuneration on Credit Suisse’s compensation expenses in 2023 was CHF 90 million. Furthermore, all outstanding Contingent Capital Awards (CCA) were cancelled in 2023 as instructed by FINMA, resulting in a credit of CHF 0.4 billion recognized in deferred compensation. Granting of deferred compensation to employees is determined by the nature of the business, role, location, performance of the employee and regulatory obligations. Unless there is a contractual or regulatory obligation, granting deferred compensation is solely at the discretion of the Compensation Committee and senior management. Replacement awards granted as part of a contractual obligation are typically used to compensate newly hired senior employees for forfeited awards from previous employers upon joining the Bank. It is the Bank’s policy not to make multi-year guarantees. The Bank fully covered its share delivery obligations through market purchases in 2023, 2022 and 2021. 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 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. In 2023, deferred compensation was awarded to employees with total compensation for the performance year 2022 greater than or equal to CHF/USD 250,000 or the local currency equivalent or higher. With the alignment of compensation to UBS’s compensation policies, the mandatory deferral approach applies to all employees with regulatory-driven deferral requirements or total compensation for the performance year 2023 greater than CHF/USD 300,000. Certain regulated employees, such as senior management functions (SMFs) and material risk takers (MRTs), are subject to additional requirements (e.g., more stringent deferral requirements and additional blocking periods). In addition, SMFs and MRTs receive 50% of their cash portion in the form of immediately vested shares, which are blocked for 12 months after grant. Deferred compensation expense The following tables show the compensation expense for deferred compensation awards granted in 2023 and prior years that was recognized in the consolidated statements of operations during 2023, 2022 and 2021, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2023 and prior years outstanding as of December 31, 2023, and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. Not included in the table is an expense of CHF 123 million for awards relating to performance year 2023 for employees who have met certain age and length-of-service criteria. Service is presumed to have been received, and compensation expense is recognized over the performance year. Deferred compensation expense in 2023 2022 2021 Deferred compensation expense (CHF million) Share awards 275 293 466 Performance share awards 6 1 1 1 281 Strategic Delivery Plan 80 235 – Contingent Capital Awards (299) 2 (4) 194 Transformation Awards 65 – – Cash awards 659 623 370 Retention awards 368 170 123 Total deferred compensation expense 1,154 1,318 1,434 Total shares delivered (million) Total shares delivered 15.8 56.7 55.7 1 Included downward adjustment applied to outstanding performance share awards. 2 CCA cancelled in 2023, resulting in a credit of CHF 0.4 billion. 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. Estimated unrecognized deferred compensation end of 2023 Estimated unrecognized compensation expense (CHF million) Share awards 100 Performance share awards 4 Strategic Delivery Plan 23 Transformation Awards 45 Cash awards 215 Retention awards 125 Total 512 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 Share awards Each share award granted entitles the holder of the award to receive one UBS Group AG share, subject to service conditions. Existing share awards granted prior to the merger typically 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 certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. Share awards are expensed over the service period of the awards. The value of the share awards is solely dependent on the UBS Group AG share price at the time of delivery. The Bank’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 UBS Group AG share and are generally subject to continued employment with the Bank, contain restrictive covenants and cancellation provisions and generally vest between zero five years In order to comply with the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime and other applicable remuneration regulations, employees who hold key roles in respect of certain Bank 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 either six months one year Share award activities 2023 2022 2021 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 139.8 8.59 135.3 11.22 115.2 11.82 Granted pre-acquisition 93.4 1 1.92 1 76.1 2 6.21 85.7 11.19 Settled pre-acquisition (9.3) 8.05 (57.8) 11.26 (50.1) 12.44 Forfeited pre-acquisition (19.6) 7.46 (13.8) 10.13 (15.5) 11.52 Balance pre-acquisition 204.3 5.67 139.8 8.59 135.3 11.22 Conversion impact: 22.48 CS shares to one UBS share 195.2 Balance post-acquisition 9.1 Granted post-acquisition 10.9 Settled post-acquisition (1.9) Forfeited post-acquisition (2.5) Balance at end of period 15.6 of which vested 2.1 – 24.1 – 11.8 – of which unvested 13.5 – 115.7 – 123.5 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. 2 Included an adjustment for share awards granted in the fourth quarter of 2022 to compensate for the proportionate dilution of Credit Suisse Group AG shares resulting from the rights offering approved on November 28, 2022. The number of deferred share-based awards held by each individual was increased by 5.64%. 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. Performance share awards Performance share awards are no longer used as a form of deferred compensation. Prior to 2023, managing directors and all MRTs and controllers (employees whose activities are considered to have a potentially material impact on the Bank’s risk profile) were awarded 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 is subject to performance-based malus provisions. The conditions for the outstanding performance share awards granted for prior years are subject to a downward adjustment in the event that UBS Group AG has a negative reported return on common equity tier 1 capital (RoCET1). Performance share award activities 2023 2022 2021 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 42.1 9.93 73.8 11.67 88.0 11.67 Granted pre-acquisition (5.9) 1 8.45 1 2.9 2,3 (14.47) 3 27.4 12.71 Settled pre-acquisition (4.2) 10.67 (29.7) 11.70 (33.2) 12.50 Forfeited pre-acquisition (2.8) 10.18 (4.9) 11.00 (8.4) 11.78 Balance pre-acquisition 29.2 10.11 42.1 9.93 73.8 11.67 Conversion impact: 22.48 CS shares to one UBS share 27.9 Balance post-acquisition 1.3 Settled post-acquisition (0.4) Forfeited post-acquisition (0.2) Balance at end of period 0.7 of which vested 0.3 – 13.5 – 10.4 – of which unvested 0.4 – 28.6 – 63.4 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. 2 Included an adjustment for performance share awards granted in the fourth quarter of 2022 to compensate for the proportionate dilution of Credit Suisse Group AG shares resulting from the rights offering approved on November 28, 2022. The number of deferred share-based awards held by each individual was increased by 5.64%. 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. 3 Included downward adjustment applied to outstanding performance share awards. Strategic Delivery Plan The Strategic Delivery Plan (SDP) was a one-time share-based award that was granted in February 2022 to certain managing directors and directors. SDP awards are subject to service conditions and performance-based metrics over the course of 2022-2024. SDP awards are scheduled to vest on the third anniversary of the grant date, with the exception of awards granted to certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. Prior to settlement, the principal amount of the SDP awards will be written down to zero and forfeited if UBS Group’s reported CET1 ratio is less than 7% on December 31, 2023 or December 31, 2024. Strategic Delivery Plan activities 2023 2022 Number of Weighted- Number of Weighted- Strategic Delivery Plan Balance at beginning of period 58.8 8.10 – – Granted pre-acquisition (6.2) 1 8.09 1 62.6 2 8.12 Settled pre-acquisition 0.0 8.20 0.0 0.00 Forfeited pre-acquisition (4.6) 8.13 (3.8) 8.42 Balance pre-acquisition 48.0 8.09 58.8 8.10 Conversion impact: 22.48 CS shares to one UBS share 45.9 Balance post-acquisition 2.1 Forfeited post-acquisition (0.3) Balance at end of period 1.8 of which vested 0.6 – 6.8 – of which unvested 1.2 – 52.0 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. 2 Included an adjustment for Strategic Delivery Plan awards granted in the fourth quarter of 2022 to compensate for the proportionate dilution of Credit Suisse Group AG shares resulting from the rights offering approved on November 28, 2022. The number of deferred share-based awards held by each individual was increased by 5.64%. 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 Strategic Delivery Plan shares granted. Transformation Awards In 2023, the Bank granted Transformation Awards, with a total award value of CHF 259 million, to employees identified as being critical to the delivery of the Bank’s transformation strategy announced in October 2022. The Transformation Award was granted to select employees in the form of both a deferred cash award and a deferred share award subject to performance conditions. These awards were not granted to members of the Executive Board. Transformation Awards are expensed over the service period of the award. Transformation cash awards vest over two years with one half of the cash awards vesting on each of the first and second anniversaries of the grant date (ratable vesting), with the exception of awards granted to certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. Transformation share awards vest on the third anniversary of grant and are subject to a share price condition and performance conditions, with the exception of awards granted to certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. The share price condition and performance conditions were revised. No payment will be made unless the UBS Group AG share price is at CHF 85.87 or higher on December 31, 2025. If the share price condition is achieved, the amount payable is based on the underlying UBS Group RoCET1 for calendar year 2025, with 100% of the transformation share award due if an underlying UBS Group RoCET1 of 8% or higher is achieved. Transformation Awards activities 2023 Weighted- Transformation Awards Balance at beginning of period – – Granted pre-acquisition 30.3 1 1.91 1 Forfeited pre-acquisition 0.2 1.91 Balance pre-acquisition 30.5 1.91 Conversion impact: 22.48 CS shares to one UBS share 29.1 Balance post-acquisition 1.4 Forfeited post-acquisition (0.3) Balance at end of period 1.1 of which vested 0.2 – of which unvested 0.9 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. Contingent Capital Awards Contingent Capital Awards (CCA), as referenced to capital instruments issued by Credit Suisse, are no longer used as a form of deferred compensation. All outstanding CCA were canceled in 2023, resulting in a credit of CHF 0.4 billion recognized in deferred compensation. Cash awards Cash awards include certain special awards as well as voluntary deferred compensation plans and employee investment plans. For certain special awards, compensation expense was primarily driven by their vesting schedule; for other cash awards, compensation expense was driven by mark-to-market and performance adjustments, as the majority of the awards are fully vested. Deferred fixed cash awards The Bank granted deferred fixed cash compensation of CHF 151 million, CHF 294 million and CHF 259 million in 2023, 2022 and 2021, respectively. This compensation has been expensed over a three-year vesting period from the grant date. Amortization of this compensation in 2023 totaled CHF 167 million, of which CHF 109 million was related to awards granted in 2023. Upfront cash awards The Bank granted upfront cash awards (UCA) of CHF 321 million, CHF 797 million and CHF 59 million in 2023, 2022 and 2021, respectively. These awards are subject to repayment (clawback) by the employee in the event of voluntary resignation, termination for cause or in connection with other specified events or conditions within three years of the award grant. The amount subject to repayment is reduced in equal monthly installments during the three-year period following the grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. Amortization of this compensation in 2023 totaled CHF 272 million, of which CHF 105 million was related to awards granted in 2023. Retention awards The Bank granted deferred cash and share retention awards of CHF 447 million, CHF 355 million and CHF 395 million in 2023, 2022 and 2021, respectively. These awards are expensed over the applicable vesting period from the grant date. Amortization of these awards in 2023 totaled CHF 368 million, of which CHF 279 million was related to awards granted in 2023. Awards granted for the compensation year 2023 Following the acquisition of Credit Suisse Group AG by UBS Group AG on June 12, awards granted for the compensation year 2023 were aligned to UBS plans. UBS Group has several share-based and other deferred compensation plans that align the interests of senior management and other employees with the interests of investors. Share-based awards are granted in the form of notional shares and, where permitted, carry a dividend equivalent that may be paid in notional shares or cash. Awards are settled by delivering UBS shares at vesting, except in jurisdictions where this is not permitted for legal or tax reasons. Deferred compensation awards are generally forfeitable upon, among other circumstances, voluntary termination of employment with UBS. These compensation plans are also designed to meet regulatory requirements and include special provisions for regulated employees. The most significant deferred compensation plans are described below. Mandatory deferred compensation plans Long-Term Incentive Plan The Long-Term Incentive Plan (LTIP) is a mandatory deferred share-based compensation plan for the senior leaders of the UBS Group. The number of notional shares delivered at vesting depends on two equally weighted performance metrics over a three-year performance period: return on common equity tier 1 (CET1) capital and relative total shareholder return, which compares the total shareholder return (TSR) of UBS with the TSR of an index consisting of listed Global Systemically Important Banks as determined by the Financial Stability Board (excluding UBS). The final number of shares vest in the year following the performance period. Equity Ownership Plan / Fund Ownership Plan The Equity Ownership Plan (EOP) is the deferred share-based compensation plan for employees that are subject to deferral requirements. EOP awards generally vest over three years. Certain Asset Management employees receive some or all of their EOP in the form of notional funds (Fund Ownership Plan or FOP). This plan is generally delivered in cash and vests over three years. The amount delivered depends on the value of the underlying investment funds at the time of vesting. Deferred Contingent Capital Plan The Deferred Contingent Capital Plan (DCCP) is a deferred compensation plan for all employees who are subject to deferral requirements. Such employees are awarded notional additional tier 1 (AT1) capital instruments, which, at the discretion of UBS, can be settled in cash or a perpetual, marketable AT1 capital instrument. DCCP awards generally bear notional interest paid annually (except for certain regulated employees) and vest in full after five years. Awards are forfeited if a viability event occurs (i.e., if FINMA notifies the firm that the DCCP awards must be written down to mitigate the risk of insolvency, bankruptcy or failure of UBS) or if the firm receives a commitment of extraordinary support from the public sector that is necessary to prevent such an event. DCCP awards are also written down if the UBS Group’s CET1 capital ratio falls below a defined threshold. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2023 | |
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 Bank’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 Bank, that is, members of the Executive Board and the Board of Directors. UBS Group owns all of the Bank’s outstanding voting registered shares. The Bank is involved in significant financing and other transactions with subsidiaries of UBS. 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. Banking relationships The Bank 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 Bank. The Bank 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 were in the ordinary course of business and are entered into at prevailing market conditions. 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, 2023, 2022 and 2021, there were no loan exposures to such related parties that were not made in the ordinary course of business and at prevailing market conditions. CS First Boston In April 2023, Credit Suisse Group AG and M. Klein & Co. LLC, a private company co-owned by former Credit Suisse Group AG Board of Directors member Michael Klein, mutually agreed to terminate the acquisition of The Klein Group, LLC (i.e., the investment banking business of M. Klein & Co. LLC) by Credit Suisse Group AG considering UBS’s acquisition of Credit Suisse Group AG. Michael Klein stepped down from the Board of Directors of Credit Suisse Group AG effective October 27, 2022. Related party 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. Loans to members of the Board of Directors are made on the same terms available to third-party clients. Members of the Board of Directors with loans 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 Executive Board and Board of Directors are 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, for Executive Board members, in consideration of the terms which apply to all employees. Such loans do not involve more than the normal risk of collectability or present other unfavorable features. Executive Board and Board of Directors loans 2023 2022 2021 Executive Board loans (CHF million) Balance at beginning of period 6 1 18 13 Additions 1 1 10 Reductions (1) (13) (5) Balance at end of period 6 1 6 18 Board of Directors loans (CHF million) Balance at beginning of period 4 2 7 9 Additions 0 0 2 Reductions (1) (3) (4) Balance at end of period 3 2 4 7 1 The number of individuals with outstanding loans was four at the beginning of the year and three at the end of the year. 2 The number of individuals with outstanding loans was two at the beginning of the year and one at the end of the year. Related party transactions Related party assets and liabilities end of 2023 2022 Assets (CHF million) Cash and due from banks 418 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 376 0 Trading assets 111 42 Net loans 1,251 3,949 All other assets 796 86 Total assets 2,952 4,077 Liabilities (CHF million) Due to banks/customer deposits 1,020 1,320 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 343 91 Trading liabilities 67 0 Short-term borrowings 4,000 2,075 Long-term debt 48,843 56,822 All other liabilities 1,865 1,284 Total liabilities 56,138 61,592 Related party revenues and expenses in 2023 2022 2021 Revenues (CHF million) Interest and dividend income 114 13 (56) Interest expense (3,927) (2,506) (1,673) Net interest income (3,813) (2,493) (1,729) Commissions and fees 17 82 102 Other revenues 14,354 246 212 Net revenues 10,558 (2,165) (1,415) Expenses (CHF million) Total operating expenses 2,497 2,326 2,089 Related party guarantees and commitments end of 2023 2022 Guarantees and commitments (CHF million) Credit guarantees and similar instruments 0 4 Revocable loan commitments 32 59 Liabilities due to own pension plans Liabilities due to the Bank’s own defined benefit pension plans as of December 31, 2023 and 2022 of CHF 511 million and CHF 254 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, 2023 | |
Pension and other post-retirement benefits | 30 Pension and other post-retirement benefits The Bank provides pension and other post-retirement benefits for its employees through participation in various defined contribution and defined benefit plans. Defined contribution pension plans The Bank covers pension requirements for its employees in Switzerland through participation in the Pension Fund of Credit Suisse Group (Switzerland) and the Pension Fund 2 of Credit Suisse Group (Switzerland), which are set up as foundations domiciled in Zurich. The Bank accounts for both plans on a defined contribution basis whereby it only recognizes the amounts required to be contributed to these plans during the period as expense and only recognizes a liability for any contributions due and unpaid. No other expense or balance sheet amounts related to these plans are recognized by the Bank. In December 2023, the Board of Trustees of the Pension Fund of Credit Suisse Group (Switzerland) decided to align its Swiss pension scheme to that of the Pension Fund of UBS, effective as of January 1, 2027. On that date, the Swiss pension plan of the Pension Fund of Credit Suisse Group (Switzerland) will adopt the plan rules of the UBS Pension Fund. The retirement capital savings plan under the Pension Fund 2 of Credit Suisse Group (Switzerland) will remain in place as of this date but will be closed for further contributions. These changes had no accounting implications under US GAAP for Credit Suisse in 2023. Outside of Switzerland, 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 2023, 2022 and 2021, the Bank contributed to these plans and recognized as expense CHF 415 million, CHF 426 million and CHF 483 million, respectively. Defined benefit pension and other post-retirement defined benefit plans Defined benefit 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 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 plan In the US, the Bank has a defined benefit plan that provides 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. Components of net periodic benefit costs International single-employer Other post-retirement in 2023 2022 2021 2023 2022 2021 Net periodic benefit costs (CHF million) Service costs on benefit obligation 12 14 14 0 0 0 Interest costs on benefit obligation 86 58 49 5 3 2 Expected return on plan assets (135) (67) (65) 0 0 0 Amortization of recognized prior service cost/(credit) 1 1 1 0 0 0 Amortization of recognized actuarial losses/(gains) (4) 9 14 0 1 1 Settlement losses/(gains) 14 11 8 0 0 0 Net periodic benefit costs/(credits) (26) 26 21 5 4 3 Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses. The following table shows the changes in the PBO, the accumulated benefit obligation (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. Obligations and funded status of the plans International in / end of 2023 2022 2023 2022 PBO (CHF million) 1 Beginning of the measurement period 1,897 3,022 107 140 Service cost 12 14 0 0 Interest cost 86 58 5 3 Plan amendments 0 4 0 0 Settlements (59) (37) 0 0 Curtailments (1) 0 0 0 Actuarial losses/(gains) 20 (908) 2 (27) Benefit payments (67) (71) (12) (11) Exchange rate losses/(gains) (120) (185) (8) 2 End of the measurement period 1,768 1,897 94 107 Fair value of plan assets (CHF million) Beginning of the measurement period 2,316 3,802 0 0 Actual return on plan assets 92 (1,132) 0 0 Employer contributions 10 16 12 11 Settlements (59) (37) 0 0 Benefit payments (67) (71) (12) (11) Exchange rate gains/(losses) (126) (262) 0 0 End of the measurement period 2,166 2,316 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 398 419 (94) (107) Funded status recognized in the consolidated balance sheet as of December 31 398 419 (94) (107) Total amount recognized (CHF million) Noncurrent assets 520 559 0 0 Current liabilities (11) (7) (7) (10) Noncurrent liabilities (111) (133) (87) (97) Net amount recognized in the consolidated balance sheet as of December 31 398 419 (94) (107) ABO (CHF million) 2 End of the measurement period 1,758 1,880 94 107 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. The remeasurement loss on the international pension plans recorded as of December 31, 2023 consisted of losses on the asset portfolio of CHF 43 million and losses on the PBO of CHF 20 million due to changes in financial and demographic assumptions, primarily a decrease in the discount rate and updates on the membership data. The remeasurement loss on the international pension plans recorded as of December 31, 2022 consisted of losses on the asset portfolio of CHF 1,199 million, partially offset by gains on the PBO of CHF 908 million due to changes in financial and demographic assumptions, primarily an increase in the discount rate and updates on the membership data. In 2024, the Bank expects to contribute CHF 14 million to the international defined benefit pension plans and CHF 7 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, 2023 and 2022, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value ABO exceeds fair value December 31 2023 2022 2023 2022 PBO/ABO exceeded plan assets (CHF million) PBO 127 809 127 146 ABO 120 797 120 135 Fair value of plan assets 5 669 5 6 Amounts recognized in AOCI and OCI The following table shows the actuarial gains/(losses) and the prior service credits/(costs), 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 2023 2022 2023 2022 2023 2022 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (599) (576) (8) (6) (607) (582) Prior service credits/(costs) (11) (12) 3 3 (8) (9) Total (610) (588) (5) (3) (615) (591) The following table shows the changes in OCI due to actuarial gains/(losses), the prior service credits/(costs) recognized in AOCI during 2023 and 2022 as well as the amortization of the aforementioned items as components of net periodic benefit costs for these periods. Amounts recognized in OCI International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2023 (CHF million) Actuarial gains/(losses) (63) 28 (35) (2) 0 (2) (37) Amortization of actuarial losses/(gains) (4) 2 (2) 0 0 0 (2) Amortization of prior service costs/(credits) 1 0 1 0 0 0 1 Immediate recognition due to curtailment/settlement 14 0 14 0 0 0 14 Total (52) 30 (22) (2) 0 (2) (24) 2022 (CHF million) Actuarial gains/(losses) (284) 94 (190) 27 (7) 20 (170) Prior service credits/(costs) (4) 0 (4) 0 0 0 (4) Amortization of actuarial losses/(gains) 9 (1) 8 1 0 1 9 Amortization of prior service costs/(credits) 1 0 1 0 0 0 1 Immediate recognition due to curtailment/settlement 11 (3) 8 0 0 0 8 Total (267) 90 (177) 28 (7) 21 (156) 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. 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. The assumption pertaining to salary increases is used to calculate the PBO, which is measured using an assumption as to future compensation levels. 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 is based on long-term expected returns, inflation, interest rates, risk premiums and the pension plan’s asset allocation. The estimates take into consideration historical asset category returns. Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation International single-employer Other post-retirement December 31 2023 2022 2021 2023 2022 2021 Net periodic benefit cost (%) Discount rate - service cost 4.60 2.90 2.64 – – – Discount rate - interest cost 5.03 2.10 1.56 5.02 2.23 1.74 Salary increases 3.20 3.32 2.97 – – – Expected long-term rate of return on plan assets 4.35 2.01 1.79 – – – Benefit obligation (%) Discount rate 4.69 4.75 2.13 4.83 5.18 2.89 Salary increases 3.25 3.18 3.32 – – – 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 2023 2022 2023 2022 2023 2022 2023 2022 Life expectancy (years) UK SAPS S3 light tables 1 23.1 23.5 24.3 24.8 24.7 25.1 26.1 26.5 US Pri-2012 mortality tables 2 22.0 20.7 23.4 21.9 23.5 22.6 24.8 23.7 1 102% of Self-Administered Pension Scheme (SAPS) S3 light tables were used, which included CMI projections, with a long-term rate of improvement of 1.25% per annum. 2 The Private retirement plan 2012 (Pri-2012) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. 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 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. Health care cost trend rates in / end of 2023 2022 2021 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.3 6.3 6.5 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 4.5% by 2034. The annual health care cost trend rate used to determine the net periodic defined benefit costs for 2024 is 8.3% 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 main defined benefit plans in the UK and the US employ asset liability matching strategies, where the portfolios are mostly invested in debt securities with maturity profiles similar to that of the pension plans’ expected future cash flows, with the aim of minimizing interest rate and inflation risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial conditions. Investment risk is measured and monitored on an ongoing basis through periodic asset/liability studies and investment portfolio reviews. As of December 31, 2023 and 2022, no material UBS debt or equity securities were included in plan assets for the international single-employer defined benefit pension plans. 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, 2023 and 2022 for the Bank’s defined benefit pension plans. Plan assets measured at fair value on a recurring basis 2023 2022 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 46 199 0 0 245 28 90 0 0 118 Debt securities 1,030 457 0 300 1,787 1,222 522 0 326 2,070 of which governments 1,030 0 0 0 1,030 1,222 44 0 0 1,266 of which corporates 0 457 0 300 757 0 478 0 326 804 Equity securities 0 54 0 16 70 0 61 0 45 106 Alternative investments 0 (10) 0 0 (10) 0 (59) 0 0 (59) of which other 0 (10) 1 0 0 (10) 0 (59) 1 0 0 (59) Other investments 0 74 0 0 74 0 81 0 0 81 Total plan assets at fair value 1,076 774 0 316 2,166 1,250 695 0 371 2,316 1 Primarily related to derivative instruments. Qualitative disclosures of valuation techniques used to measure fair value Cash and cash equivalents Cash and cash equivalents include 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. 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 the economics of the instrument. The determination of the fair value of many derivatives involves only a limited degree of subjectivity since the required inputs are generally observable in the marketplace. Other more complex derivatives may use unobservable inputs. Such inputs include long-dated volatility assumptions on OTC option transactions and recovery rate assumptions for credit derivative transactions. The fair value of exchange-traded derivatives is typically derived from the observable exchange prices and/or observable inputs. 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. Plan asset allocation December 31 2023 2022 Weighted-average (%) Cash and cash equivalents 11.4 5.1 Debt securities 82.5 89.4 Equity securities 3.2 4.5 Alternative investments (0.5) (2.5) Insurance 3.4 3.5 Total 100.0 100.0 The following table shows the target plan asset allocation for 2024 in accordance with the Bank’s investment strategy. 2024 target plan asset allocation Weighted-average (%) Cash and cash equivalents 1.5 Debt securities 91.4 Equity securities 3.7 Insurance 3.4 Total 100.0 Estimated future benefit payments The following table shows the estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans. Estimated future benefit payments International Payments (CHF million) 2024 111 7 2025 108 9 2026 112 8 2027 107 8 2028 103 7 For five years thereafter 572 31 |
Derivatives and hedging activit
Derivatives and hedging activities | 12 Months Ended |
Dec. 31, 2023 | |
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 Bank’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, interest rate and foreign exchange forward contracts and foreign exchange and interest rate futures. The Bank 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 Bank designates it as belonging to one of the following categories: ■ ■ ■ ■ ■ Trading activities The Bank 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 Bank’s derivatives were used for trading activities. Economic hedges Economic hedges arise when the Bank 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 Bank 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. The Bank uses derivatives to hedge for changes in fair value as a result of the interest rate risk associated with loans debt securities held as available-for-sale long-term debt instruments Cash flow hedges The Bank hedges the variability in interest cash flows mainly on mortgages, loans and reverse repurchase agreements by using interest rate swaps to convert variable rate assets to fixed rates. Further, the Bank uses foreign currency forwards to hedge the foreign currency risk associated with certain forecasted transactions. As of the end of 2023, 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 12 months. Net investment hedges The Bank 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 Bank 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 Bank 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 Bank to determine whether or not the hedging relationship has actually been effective. 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 Bank. Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Bank 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 1,238.7 0.0 0.0 0.0 0.0 0.0 Swaps 4,321.1 13.2 12.4 118.4 0.0 0.0 Options bought and sold (OTC) 446.9 5.0 5.2 0.0 0.0 0.0 Futures 86.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.7 0.0 0.0 0.0 0.0 0.0 Interest rate products 6,096.0 18.2 17.6 118.4 0.0 0.0 Forwards 278.6 3.3 4.9 22.6 0.2 0.6 Swaps 287.3 9.3 11.0 0.0 0.0 0.0 Options bought and sold (OTC) 49.8 1.3 1.4 0.0 0.0 0.0 Futures 0.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 617.5 13.9 17.3 22.6 0.2 0.6 Forwards 0.1 0.0 0.0 0.0 0.0 0.0 Swaps 10.2 0.6 0.2 0.0 0.0 0.0 Options bought and sold (OTC) 70.1 2.6 3.6 0.0 0.0 0.0 Futures 7.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 122.5 5.7 5.1 0.0 0.0 0.0 Equity/index-related products 210.6 8.9 8.9 0.0 0.0 0.0 Credit derivatives 2 156.4 1.0 1.5 0.0 0.0 0.0 Forwards 3.7 0.1 0.1 0.0 0.0 0.0 Swaps 4.8 0.6 0.1 0.0 0.0 0.0 Options bought and sold (OTC) 4.0 0.1 0.1 0.0 0.0 0.0 Futures 0.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.2 0.0 0.0 0.0 0.0 0.0 Other products 3 14.3 0.8 0.3 0.0 0.0 0.0 Total derivative instruments 7,094.8 42.8 45.6 141.0 0.2 0.6 The notional amount, PRV and NRV (trading and hedging) was CHF 7,235.8 billion, CHF 43.0 billion and CHF 46.2 billion, respectively, as of December 31, 2024. 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 2,088.2 1.7 1.7 0.0 0.0 0.0 Swaps 9,140.3 24.3 21.7 130.1 0.1 1.8 Options bought and sold (OTC) 644.4 8.2 8.6 0.0 0.0 0.0 Futures 144.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 35.9 0.0 0.0 0.0 0.0 0.0 Interest rate products 12,053.7 34.2 32.0 130.1 0.1 1.8 Forwards 701.4 8.7 10.0 17.7 0.1 0.2 Swaps 353.5 14.3 13.5 0.0 0.0 0.0 Options bought and sold (OTC) 167.5 2.5 2.7 0.0 0.0 0.0 Futures 4.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.8 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,229.3 25.5 26.2 17.7 0.1 0.2 Forwards 0.3 0.0 0.0 0.0 0.0 0.0 Swaps 22.8 0.9 0.7 0.0 0.0 0.0 Options bought and sold (OTC) 181.4 5.2 7.5 0.0 0.0 0.0 Futures 42.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 469.3 18.9 18.5 0.0 0.0 0.0 Equity/index-related products 715.8 25.0 26.7 0.0 0.0 0.0 Credit derivatives 2 352.0 3.2 3.4 0.0 0.0 0.0 Forwards 6.9 0.1 0.1 0.0 0.0 0.0 Swaps 9.5 0.7 0.4 0.0 0.0 0.0 Options bought and sold (OTC) 8.8 0.1 0.1 0.0 0.0 0.0 Futures 12.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.7 0.1 0.0 0.0 0.0 0.0 Other products 3 40.5 1.0 0.6 0.0 0.0 0.0 Total derivative instruments 14,391.3 88.9 88.9 147.8 0.2 2.0 The notional amount, PRV and NRV (trading and hedging) was CHF 14,539.1 billion, CHF 89.1 billion and CHF 90.9 billion, respectively, as of December 31, 2022. 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. Gains or (losses) on fair value hedges in 2023 2022 2021 Interest rate products (CHF million) Hedged items 1 485 4,677 1,523 Derivatives designated as hedging instruments 1 (557) (4,355) (1,448) The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table. 1 Included in net interest income. Hedged items in fair value hedges 2023 2022 Hedged items Hedged items Carrying Hedging 1 Discontinued 2 Carrying Hedging 1 Discontinued 2 Assets (CHF billion) Investment securities 0.0 0.0 0.0 0.8 (0.1) 0.0 Net loans 40.8 0.8 (1.6) 29.0 (1.3) (0.7) Liabilities (CHF billion) Long-term debt 64.1 0.6 (3.7) 72.0 (1.0) (4.4) 1 Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount. 2 Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued. Cash flow hedges in 2023 2022 2021 Interest rate products (CHF million) Gains/(losses) recognized in AOCI on derivatives 407 (474) (314) Gains/(losses) reclassified from AOCI into interest and dividend income (299) 1,018 7 Foreign exchange products (CHF million) Gains/(losses) recognized in AOCI on derivatives 14 (56) (9) Total other operating expenses 3 (60) 34 Gains/(losses) reclassified from AOCI into income 3 (60) 34 The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 347 million. Net investment hedges in 2023 2022 2021 Foreign exchange products (CHF million) Gains/(losses) recognized in the cumulative translation adjustments section of AOCI (497) (15) 51 Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues 4 0 0 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 Certain of the Bank’s derivative instruments contain provisions that require the maintenance of contractually specified credit ratings from each of the major credit rating agencies. If the ratings fall below the level specified in the contract, the counterparties to the agreement 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 the contractually specified credit ratings. Such derivative contracts are reflected at close-out costs. The following table provides the Bank’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 that could be called by counterparties in the event of a one, two or three-notch downgrade in the contractually specified credit ratings. 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 2023 2022 Special Special Contingent credit risk (CHF billion) Current net exposure 0.4 0.1 0.0 0.5 1.2 0.1 0.1 1.4 Collateral posted 0.3 0.1 – 0.4 1.0 0.1 – 1.1 Impact of a one-notch downgrade event 0.3 0.0 0.0 0.3 0.4 0.0 0.1 0.5 Impact of a two-notch downgrade event 0.3 0.0 0.1 0.4 0.5 0.1 0.2 0.8 Impact of a three-notch downgrade event 0.4 0.0 0.1 0.5 0.5 0.1 0.2 0.8 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 Bank 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, asset-backed securities (ABS) and loans. These instruments can be formed as single items (single-named instruments) or combined on a portfolio basis (multi-named instruments). The Bank purchases protection to economically hedge various forms of credit exposure, for example, the economic hedging of loan portfolios or other cash positions. Finally, the Bank also takes proprietary positions which can take the form of either purchased or sold protection. The credit derivatives most commonly transacted by the Bank 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 Bank 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 Bank would be required to make as a result of credit risk-related events. The Bank 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 Bank’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 Bank 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 Bank 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 Bank 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 Bank 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 Bank 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 Bank 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 2.5 billion and CHF 5.9 billion as of December 31, 2023 and 2022, 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 2023 2022 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (18.0) 15.4 (2.6) 6.3 0.0 (52.8) 48.6 (4.2) 10.6 0.2 Non-investment grade (6.6) 5.0 (1.6) 2.1 0.1 (22.3) 20.7 (1.6) 4.9 (0.2) Total single-name instruments (24.6) 20.4 (4.2) 8.4 0.1 (75.1) 69.3 (5.8) 15.5 0.0 of which sovereign (4.1) 3.0 (1.1) 2.7 0.0 (12.8) 11.3 (1.5) 4.4 (0.1) of which non-sovereign (20.5) 17.4 (3.1) 5.7 0.1 (62.3) 58.0 (4.3) 11.1 0.1 Multi-name instruments (CHF billion) Investment grade 2 (36.4) 35.1 (1.3) 2.0 0.1 (54.3) 50.8 (3.5) 8.9 0.1 Non-investment grade (11.5) 10.6 (0.9) 3.2 3 (0.3) (30.9) 28.4 (2.5) 9.5 3 (0.6) Total multi-name instruments (47.9) 45.7 (2.2) 5.2 (0.2) (85.2) 79.2 (6.0) 18.4 (0.5) of which non-sovereign (47.9) 45.7 (2.2) 5.2 (0.2) (85.2) 79.2 (6.0) 18.4 (0.5) Total instruments (CHF billion) Investment grade 2 (54.4) 50.5 (3.9) 8.3 0.1 (107.1) 99.4 (7.7) 19.5 0.3 Non-investment grade (18.1) 15.6 (2.5) 5.3 (0.2) (53.2) 49.1 (4.1) 14.4 (0.8) Total instruments (72.5) 66.1 (6.4) 13.6 (0.1) (160.3) 148.5 (11.8) 33.9 (0.5) of which sovereign (4.1) 3.0 (1.1) 2.7 0.0 (12.8) 11.3 (1.5) 4.4 (0.1) of which non-sovereign (68.4) 63.1 (5.3) 10.9 (0.1) (147.5) 137.2 (10.3) 29.5 (0.4) 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 2023 2022 Credit derivatives (CHF billion) Credit protection sold 72.5 160.3 Credit protection purchased 66.1 148.5 Other protection purchased 13.6 33.9 Other instruments 1 4.2 9.3 Total credit derivatives 156.4 352.0 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 2023 (CHF billion) Single-name instruments 4.3 19.2 1.1 24.6 Multi-name instruments 10.3 33.1 4.5 47.9 Total instruments 14.6 52.3 5.6 72.5 2022 (CHF billion) Single-name instruments 10.0 61.8 3.3 75.1 Multi-name instruments 6.5 71.5 7.2 85.2 Total instruments 16.5 133.3 10.5 160.3 |
Guarantees and commitments
Guarantees and commitments | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees and commitments | 32 Guarantees and commitments Guarantees In the ordinary course of business, guarantees are provided that contingently obligate the Bank 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 Bank’s current best estimate of payments that will be required under existing guarantee arrangements. Guarantees provided by the Bank are classified as follows: credit guarantees and similar instruments, performance guarantees and similar instruments, derivatives and other guarantees. Guarantees Maturity Maturity Maturity Maturity 1 2023 (CHF million) Credit guarantees and similar instruments 1,716 859 33 368 2,976 2,932 14 2,244 Performance guarantees and similar instruments 2,383 1,329 778 340 4,830 4,377 45 2,340 Derivatives 2 894 33 16 6 949 949 40 – Other guarantees 3,329 625 141 1,105 5,200 5,200 59 2,413 Total guarantees 8,322 2,846 968 1,819 13,955 13,458 158 6,997 2022 (CHF million) Credit guarantees and similar instruments 2,261 451 127 471 3,310 3,197 22 2,068 Performance guarantees and similar instruments 4,280 1,750 729 513 7,272 6,527 61 3,778 Derivatives 2 2,646 1,702 520 374 5,242 5,242 101 – Other guarantees 4,455 859 182 1,172 6,668 6,668 56 3,292 Total guarantees 13,642 4,762 1,558 2,530 22,492 21,634 240 9,138 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. Credit guarantees and similar instruments Credit guarantees and similar instruments are contracts that require the Bank 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, credit guarantees to clearing and settlement networks and exchanges, 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 Bank 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 Bank’s commercial mortgage activities in the US, where the Bank 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 Bank 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 Bank 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 Bank has provided investors in private equity funds sponsored by a Bank 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 Bank generally withholds a portion of carried interest distributions to cover any repayment obligations. In addition, pursuant to certain contractual arrangements, the Bank 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 Bank’s residential mortgage securitization activities in the US, the Bank may guarantee the collection by the servicer and remittance to the securitization trust of prepayment penalties. The Bank will have to perform under these guarantees in the event the servicer fails to remit the prepayment penalties. Derivatives Derivatives which may also have the characteristics of a guarantee are issued in the ordinary course of business, generally in the form of written put options. Such derivative contracts do not meet the characteristics of a guarantee if they are cash settled and the Bank has no basis to conclude it is probable that the counterparties held, at inception, the underlying instruments related to the derivative contracts. The Bank has concluded that these conditions were met for certain active commercial and investment banks and certain other counterparties, and accordingly, the Bank has reported such contracts as derivatives only. The Bank 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 Bank 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 Bank’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 protected deposits in case of specified restrictions or the forced liquidation of a deposit-taking bank. In Switzerland, under the amended Swiss deposit insurance guarantee program, the jointly guaranteed amount is determined as the higher of CHF 6 billion or 1.6% Representations and warranties on residential mortgage loans sold In connection with the Investment Bank division’s sale of US residential mortgage loans, the Bank has provided certain representations and warranties relating to the loans sold. The Bank has provided these representations and warranties relating to sales of loans to institutional investors, primarily banks, and non-agency, or private label, securitizations. The loans sold are primarily loans that the Bank 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 the 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 Bank may be required to repurchase the related loans or indemnify the investors to make them whole for losses. Whether the Bank 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 Bank can successfully claim against parties that sold loans to the Bank and made representations and warranties to the Bank; 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. 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 Bank 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 Bank 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 Bank 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 Bank monitors claims received in connection with such indemnification provisions to ensure that these are adequately provided for in the Bank’s consolidated financial statements. Other indemnifications The Bank 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 Bank 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 Bank may incur as a result of such changes cannot be reasonably estimated. In light of the related call provisions typically included, the Bank does not expect any potential liabilities in respect of tax gross-ups to be material. The Bank 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 from 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 Bank’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 Bank 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 Bank believes that any potential requirement to make payments under these membership arrangements is remote. 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 Bank 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 Bank. 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 Bank 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 contracts that require the Bank to make payments should a third party fail to do so under a specified future credit obligation, such as commitments arising from deferred payment letters of credit, e.g., with re-insurance clients. Other commitments also include private equity commitments, firm commitments in underwriting securities as well as commitments from acceptances in circulation and liabilities for call and put options on shares and other equity instruments. Other commitments Maturity Maturity Maturity Maturity 1 2023 (CHF million) Irrevocable commitments under documentary credits 2,195 28 0 0 2,223 2,159 Irrevocable loan commitments 2 11,471 22,514 22,980 4,615 61,580 58,361 Forward reverse repurchase agreements 147 0 0 0 147 147 Other commitments 274 6 1 202 483 482 Total other commitments 14,087 22,548 22,981 4,817 64,433 61,149 2022 (CHF million) Irrevocable commitments under documentary credits 3,378 41 0 1 3,420 3,233 Irrevocable loan commitments 2 19,272 33,512 44,563 14,782 112,129 108,118 Forward reverse repurchase agreements 1,021 0 0 0 1,021 1,021 Other commitments 212 16 2 268 498 498 Total other commitments 23,883 33,569 44,565 15,051 117,068 112,870 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments did not include a total gross amount of CHF 98,850 million and CHF 129,224 million of unused credit limits as of December 31, 2023 and 2022, 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, 2023 | |
Transfers of financial assets and variable interest entities | 33 Transfers of financial assets and variable interest entities In the normal course of business, the Bank 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 Bank. The principal uses of SPEs are to assist the Bank and its clients in securitizing financial assets and creating investment products. The Bank also uses SPEs for other client-driven activity, such as to facilitate financings, and for Bank tax or regulatory purposes. Transfers of financial assets Securitizations and asset-backed financings The majority of the Bank’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 Bank’s consolidated balance sheet, unless either the Bank sold the assets to the entity and the accounting requirements for sale were not met or the Bank consolidates the SPE. The Bank 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. Third-party guarantees may further enhance the creditworthiness of the assets. The investors and the SPEs have no recourse to the Bank’s assets. The Bank is typically an underwriter of, and makes a market in, these securities. The Bank 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 re-securitize an existing security to give the investor an investment with different risk ratings or characteristics. The Bank also uses SPEs for other asset-backed financings relating to client-driven activity and for Bank 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 Bank, while repack structures are designed to give a client collateralized exposure to specific cash flows or credit risk backed by collateral purchased from the Bank. In these asset-backed financing structures, investors typically only have recourse to the collateral of the SPE and do not have recourse to the Bank’s assets. When the Bank 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 Bank and/or if the Bank’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. Since the Bank generally accounts for assets pending transfer, i.e., prior to securitization, at fair value, the Bank does not typically recognize significant gains or losses upon the transfer of assets. The Bank 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 2023, 2022 and 2021 securitizations of financial assets or asset-backed financings 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 or asset-backed financing occurred. Securitizations and asset-backed financings in 2023 2022 2021 Gains/(losses) and cash flows (CHF million) CMBS Net gain/(loss) 1 0 6 (7) Proceeds from transfer of assets 2 0 3,401 3,525 Cash received on interests that continue to be held 18 49 42 RMBS Net gain/(loss) 1 0 (2) 70 Proceeds from transfer of assets 3 0 7,534 37,048 Purchases of previously transferred financial assets or its underlying collateral 0 0 (1,604) Servicing fees 12 24 2 Cash received on interests that continue to be held 51 675 1,088 Other asset-backed financings Net gain 1 7 16 65 Proceeds from transfer of assets 4 7,008 6,740 12,129 Purchases of previously transferred financial assets or its underlying collateral (232) (1,479) (1,323) Fees 5 217 192 165 Cash received on interests that continue to be held 301 153 14 1 Includes primarily underwriting revenues, deferred origination fees 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. 2 Included the receipt of non-cash beneficial interests (including risk retention securities) of CHF 0 million, CHF 512 million and CHF 180 million in 2023 2022 2021 3 Included the receipt of non-cash beneficial interests (including risk retention securities) of CHF 0 million, CHF 1,081 million and CHF 3,072 million in 2023 2022 2021 4 Included the receipt of non-cash beneficial interests (including risk retention securities) and seller financing of CHF 4,186 million, CHF 168 million and CHF 54 million in 2023 2022 2021 5 Represents primarily management fees and performance fees earned for investment management services provided to managed CLOs. In 2023, Credit Suisse completed the Apollo transaction. In connection with the initial closing of this transaction, Credit Suisse and Apollo entered into various ancillary agreements related to the transaction, including an investment management agreement, certain financing arrangements and a transition services agreement. The sale of Bank assets to certain entities of Apollo and related financing arrangements provided by the Bank to these entities represented asset-backed financings where the Bank has continuing involvement. > Refer to “Subsequent events” in Note 3 – Business developments and subsequent events for further information. Continuing involvement in transferred financial assets The Bank 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 Bank’s exposure resulting from continuing involvement in transferred financial assets is generally limited to beneficial interests typically held by the Bank in the form of instruments issued by SPEs that are senior, subordinated or residual tranches. These instruments are held by the Bank typically in connection with its underwriting and market-making activities, primarily reflecting risk retention requirements applicable to certain securitization 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 Bank 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 Bank continued to be exposed after the transfer of the financial assets to SPEs and the total assets of the SPEs as of December 31, 2023 and 2022, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2023 2022 CHF million CMBS 4,195 17,193 RMBS 22,169 41,552 Other asset-backed financings 20,154 21,939 Principal amount outstanding relates to assets transferred from the Bank 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 Bank may utilize to hedge the inherent risks. In 2023, there was no transfer of financial assets where the Bank retained any beneficial interests. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer 2022 2021 at time of transfer, in CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 486 847 196 2,594 of which level 2 415 762 170 2,126 of which level 3 71 85 26 468 Weighted-average life, in years 4.1 9.5 5.2 5.3 Prepayment speed assumption (rate per annum), in % 1 – 2 5.0 – 22.2 – 2 3.0 – 37.7 Cash flow discount rate (rate per annum), in % 3 3.5 – 15.7 2.8 – 53.8 1.8 – 5.0 1.0 – 33.4 Expected credit losses (rate per annum), in % 4 2.7 – 5.6 1.3 – 49.8 0.9 – 4.3 0.1 – 32.5 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. 4 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. 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 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, 2023 and 2022. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs 2023 2022 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 69 273 359 517 1,050 519 of which non-investment grade 27 91 15 111 137 34 Weighted-average life, in years 0.6 8.1 4.5 2.8 9.0 5.1 Prepayment speed assumption (rate per annum), in % 3 – 4.1 – 20.4 – – 2.4 – 21.4 – Impact on fair value from 10% adverse change – (2.2) – – (16.5) – Impact on fair value from 20% adverse change – (4.6) – – (32.7) – Cash flow discount rate (rate per annum), in % 4 27.8 – 40.8 6.5 – 28.1 3.2 – 39.6 5.4 – 42.1 4.4 – 29.6 4.1 – 41.9 Impact on fair value from 10% adverse change (0.4) (10.4) (7.5) (8.2) (41.6) (10.5) Impact on fair value from 20% adverse change (0.8) (20.1) (14.6) (16.1) (79.6) (20.5) Expected credit losses (rate per annum), in % 5 21.7 – 35.3 2.6 – 24.2 0.7 – 35.8 1.1 – 29.2 1.5 – 25.5 0.5 – 37.9 Impact on fair value from 10% adverse change (0.4) (5.3) (4.3) (4.6) (19.7) (5.7) Impact on fair value from 20% adverse change (0.7) (10.3) (8.3) (9.1) (38.2) (11.1) 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. 5 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. 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, 2023 and 2022. > 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 2023 2022 CHF million Other asset-backed financings Trading assets 36 366 Other assets 178 154 Liability to SPEs, included in other liabilities (214) (520) 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 Bank’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 Bank’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, 2023 and 2022. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2023 2022 CHF billion Government debt securities 2.8 17.1 Corporate debt securities 1.0 6.9 Asset-backed securities 0.0 0.9 Equity securities 0.0 0.2 Other 0.0 5.1 Securities sold under repurchase agreements 3.8 30.2 Government debt securities 0.0 0.2 Corporate debt securities 0.0 0.3 Asset-backed securities 0.0 0.2 Equity securities 0.1 0.1 Other 0.0 0.1 Securities lending transactions 0.1 0.9 Government debt securities 1.0 1.2 Corporate debt securities 0.1 0.4 Asset-backed securities 0.1 0.1 Equity securities 1.0 1.3 Other 0.0 0.0 Obligation to return securities received as collateral, at fair value 2.2 3.0 Total 6.1 34.1 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities No stated Up to 1 31-90 More than 2023 (CHF billion) Securities sold under repurchase agreements 0.4 2.5 0.3 0.6 3.8 Securities lending transactions 0.1 0.0 0.0 0.0 0.1 Obligation to return securities received as collateral, at fair value 2.2 0.0 0.0 0.0 2.2 Total 2.7 2.5 0.3 0.6 6.1 2022 (CHF billion) Securities sold under repurchase agreements 4.1 12.8 5.9 7.4 30.2 Securities lending transactions 0.5 0.2 0.0 0.2 0.9 Obligation to return securities received as collateral, at fair value 3.0 0.0 0.0 0.0 3.0 Total 7.6 13.0 5.9 7.6 34.1 1 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 Bank 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 Bank 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 judgment. In the event consolidation of a VIE is required, the exposure to the Bank is limited to that portion of the VIE’s assets attributable to any variable interest held by the Bank prior to any risk management activities to hedge the Bank’s net exposure. Any interests held in the VIE by third parties, even though consolidated by the Bank, 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 Bank 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 Bank’s capacity as the prime broker. The Bank 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 Bank 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 Bank acts as structurer, manager, distributor, broker, market maker or liquidity provider. As a consequence of these activities, the Bank holds variable interests in VIEs. Such variable interests consist of financial instruments issued by VIEs and which are held by the Bank, certain derivatives with VIEs or loans to VIEs. Guarantees issued by the Bank 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 Bank in the event of a default, except where a guarantee was provided to the investors or where the Bank is the counterparty to a derivative transaction involving VIEs. Total assets of consolidated and non-consolidated VIEs for which the Bank has involvement represent the total assets of the VIEs even though the Bank’s involvement may be significantly less due to interests held by third-party investors. The asset balances for non-consolidated VIEs where the Bank has significant involvement represent the most current information available to the Bank 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 Bank’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 Bank variable interests held as trading assets, derivatives and loans, the notional amount of guarantees and off-balance sheet commitments to VIEs, rather than the amount of total assets of the VIEs. The maximum exposure to loss does not reflect the Bank’s risk management activities, including effects from financial instruments that the Bank may utilize to economically hedge the risks inherent in these VIEs. The economic risks associated with VIE exposures held by the Bank, together with all relevant risk mitigation initiatives, are included in the Bank’s risk management framework. The Bank 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 Bank engages in CDO/CLO transactions to meet client and investor needs, earn fees and sell financial assets and, for CLOs, loans. The Bank 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 Bank 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 Bank 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 Bank in the event of default. The Bank’s exposure in CDO/CLO transactions is typically limited to interests retained in connection with its underwriting or market-making activities. Unless the Bank has been deemed to have “power” over the entity and these interests are potentially significant, the Bank is not the primary beneficiary of the vehicle and does not consolidate the entity. The Bank’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 The Bank acts as the administrator for Alpine Securitization Ltd (Alpine), a multi-seller asset-backed CP conduit which was used for client and Bank financing purposes. This CP conduit purchased assets such as loans and receivables or entered into reverse repurchase agreements and financed such activities through the issuance of CP backed by these assets. As provider of liquidity and credit enhancement facilities, the Bank (including Alpine) entered into liquidity facilities with third-party entities pursuant to which it may have been required to purchase assets from these entities to provide them with liquidity and credit support. The financing transactions were structured to provide credit support 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 were available to satisfy only the claims of its creditors. In addition, the Bank, as administrator and liquidity facility provider, had significant exposure to and continues to have 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. At the end of 2023, Alpine terminated its business activities as a multi-seller asset-backed CP conduit. Alpine had no CP outstanding and Alpine has no plans to issue new CP. Financial intermediation The Bank has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Bank considers the likelihood of incurring a loss equal to the maximum exposure to be remote because of the Bank’s risk mitigation efforts, including, but not limited to, economic hedging strategies and collateral arrangements. The Bank’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 Bank’s risk management framework. Financial intermediation consists of securitizations, funds, loans, and other vehicles. Securitizations Securitizations are primarily CMBS, RMBS and ABS vehicles. The Bank 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 Bank provided. The Bank’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 Bank determines it has power when it has control over the servicing of greater than 50% In the case of re-securitizations of previously issued RMBS securities, the re-securitization vehicles are passive in nature and do not have any significant ongoing activities that require management, and decisions relating to the design of the securitization transaction at its inception are the key power relating to the vehicle. Activities at inception include selecting the assets and determining the capital structure. The power over a re-securitization vehicle is typically shared between the Bank and the investor(s) involved in the design and creation of the vehicle. The Bank concludes that it is the primary beneficiary of a re-securitization vehicle when it owns substantially all of the bonds issued from the vehicle. Funds Funds include investment structures such as mutual funds, funds of funds, private equity funds and fund-linked products where the investors’ interest is typically in the form of debt rather than equity, thereby making them VIEs. The Bank may have various relationships with such VIEs in the form of structurer, investment advisor, investment manager, administrator, custodian, underwriter, placement agent, market maker and/or as prime broker. These activities include the use of VIEs in structuring fund-linked products, hedge funds of funds or private equity investments to provide clients with investment opportunities in alternative investments. In such transactions, a VIE holds underlying investments and issues securities that provide the investors with a return based on the performance of those investments. The maximum exposure to loss consists of the fair value of instruments issued by such structures that are held by the Bank as a result of underwriting or market-making activities, financing provided to the vehicles and the Bank’s exposure resulting from principal protection and redemptions features. The investors typically retain the risk of loss on such transactions, but for certain fund types, the Bank may provide principal protection on the securities to limit the investors’ exposure to downside market risk. The Bank’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risk of the VIEs. Another model is used to assess funds for consolidation under US GAAP. Rather than the consolidation model which incorporates power and the potential to absorb significant risk and rewards, a previous c |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial instruments | 34 Financial instruments The disclosure of the Bank’s financial instruments includes the following sections: ■ ■ ■ ■ Concentration 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 Bank has in place a credit risk appetite framework which provides for the oversight and control of concentrations of credit exposures by single name, product, industry and country. The Bank Credit Portfolio Management function under the Global Chief Credit Officer is responsible for monitoring the portfolio and assessing compliance with the framework and the portfolio limits and controls in place. Credit risk concentrations are identified and measured using a range of quantitative tools and metrics and are reported to the Credit Risk Appetite Committee on a monthly basis. The Bank Credit Portfolio Management function performs portfolio reviews and detailed analyses of selected segments of the portfolio, which are presented to the Credit Risk Appetite Committee and to other governance forums, including the Executive Board Risk Management Committee and the Board’s Risk Committee, where appropriate. From an industry point of view, the combined credit exposure of the Bank is diversified. A substantial portion of the credit exposure is with individual clients, particularly through residential mortgages in Switzerland, corporate credit exposures and lombard lending arrangements, or relates to derivative and other financial 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 and corporations, 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 Bank’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 Bank’s financial instruments is based on quoted prices in active markets or observable inputs. These instruments include government and agency securities, certain short-term borrowings, most investment-grade corporate debt, certain high-yield debt securities, exchange-traded and certain OTC derivatives and most listed equity securities. In addition, the Bank holds financial instruments for which no prices are available and which have significant unobservable 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 interest rate, foreign exchange, equity and credit derivatives, certain corporate equity-linked securities, mortgage-related securities, private equity investments and 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 settled daily. The fair value of financial instruments 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 Bank’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 Bank’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 Bank’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 Bank’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 via the relevant principal market. As such, the Bank 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 the relevant principal market for the net long or net short position for a specific market risk. In addition, the Bank reflects the net exposure to credit risk for its derivative instruments where the Bank 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: ■ ■ : ■ Qualitative disclosures of valuation techniques Overview The Bank 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 Bank’s financial instruments. Control functions such as Product Control and Risk Management review and approve significant valuation policies and procedures. The framework includes three main internal processes: (i) valuation governance; (ii) independent price verification and a significant unobservable inputs review; and (iii) a cross-functional pricing model review. Through this framework, the Bank 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 and control functions such as Product Control and Risk Management 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 valuation results are aggregated for reporting 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 Bank. Oversight of the valuation control framework is through specific and regular reporting on valuation directly to the Bank’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. In general, 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, reviewing and assessing contributors to ensure they are active market participants and reviewing 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 following information on the valuation techniques and significant unobservable inputs of the various financial instruments and the section “Uncertainty of fair value measurements at the reporting date from the use of significant unobservable inputs” should be read in conjunction with the tables “Assets and liabilities measured at fair value on a recurring basis”, “Quantitative information about level 3 assets measured at fair value on a recurring basis” and “Quantitative information about level 3 liabilities measured at fair value on a recurring basis”. Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions Securities purchased under resale agreements and securities sold under repurchase agreements are measured at fair value using discounted cash flow analysis. Future cash flows are discounted using observable market interest rate repurchase/resale curves for the applicable maturity and underlying collateral of the instruments. As such, the significant majority of both securities purchased under resale agreements and securities sold under repurchase agreements are included in level 2 of the fair value hierarchy. Structured resale and repurchase agreements include embedded derivatives, which are measured using the same techniques as described below for stand-alone derivative contracts held for trading purposes or used in hedge accounting relationships. If the value of the embedded derivative is determined using significant unobservable inputs, those structured resale and repurchase agreements included are classified as level 3 in the fair value hierarchy. The significant unobservable input is funding spread. Securities purchased under resale agreements are usually fully collateralized or over-collateralized by government securities, money market instruments, corporate bonds or other debt instruments. In the event of counterparty default, the collateral service agreement provides the Bank with the right to liquidate the collateral held. Debt securities Foreign governments Foreign government debt securities typically have quoted prices in active markets and are mainly categorized as level 1 instruments. Valuations of foreign government debt securities for which market prices are not available are based on yields reflecting credit rating, historical performance, delinquencies, loss severity, the maturity of the security, recent transactions in the market or other modeling techniques, which may involve judgment. Those securities where the price or model inputs are observable in the market are categorized as level 2 instruments, while those securities where prices are not observable and significant model inputs are unobservable are categorized as level 3 of the fair value hierarchy. Corporates Corporate bonds are priced to reflect current market levels either through recent market transactions or broker or dealer quotes. Where a market price for the particular security is not directly available, valuations are based on yields reflected by other instruments in the specific or similar entity’s capital structure and adjusting for differences in seniority and maturity, benchmarking to a comparable security where market data is available (taking into consideration differences in credit, liquidity and maturity) or through the application of cash flow modeling techniques utilizing observable inputs, such as current interest rate curves and observable CDS spreads. Significant unobservable inputs may include correlation and price. For securities using market comparable price, the differentiation between level 2 and level 3 is based upon the relative significance of any yield adjustments as well as the accuracy of the comparison characteristics (i.e., the observable comparable security may be in the same country but a different industry and may have a different seniority level – the lower the comparability the more likely it is that the security will be level 3). RMBS, CMBS and CDO securities Fair values of RMBS, CMBS and CDO securities may be available through quoted prices, which are often based on the prices at which similarly structured and collateralized securities trade between dealers and to and from customers. Fair values of RMBS, CMBS and CDO securities for which there are significant unobservable inputs are valued using capitalization rate and discount rate. Prices may not be observable for fair value measurement purposes for many reasons, such as the length of time since the last executed transaction for the related security, the use of a price from a similar instrument, or the use of a price from an indicative quote. Fair values determined by market comparable price may include discounted cash flow models using the inputs credit spread, default rate, discount rate, prepayment rate and loss severity. Prices from similar observable instruments are used to calculate implied inputs, which are then used to value unobservable instruments using discounted cash flow. The discounted cash flow price is then compared to the unobservable prices and assessed for reasonableness. For most structured debt securities, determination of fair value requires subjective assessment depending on liquidity, ownership concentration, and the current economic and competitive environment. Valuation is determined based on the Front Office’s own assumptions about how market participants would price the asset. Collateralized bond and loan obligations are split into various structured tranches and each tranche is valued based upon its individual rating and the underlying collateral supporting the structure. Valuation models are used to value both cash and synthetic CDOs. Equity securities The majority of the Bank’s positions in equity securities are traded on public stock exchanges for which quoted prices are readily and regularly available and are therefore categorized as level 1 instruments. Level 2 and level 3 equities include fund-linked products, convertible bonds or equity securities with restrictions that are not traded in active markets. Significant unobservable inputs may include earnings before interest, taxes, depreciation and amortization (EBITDA) multiple and market comparable price. Derivatives Derivatives held for trading purposes or used in hedge accounting relationships include both OTC and exchange-traded derivatives. The fair values of exchange-traded derivatives measured using observable exchange prices are included in level 1 of the fair value hierarchy. For exchange-traded derivatives where the volume of trading is low, the observable exchange prices may not be considered executable at the reporting date. These derivatives are valued in the same manner as similar OTC derivatives with observable inputs to valuation and are included in level 2 of the fair value hierarchy. If the significant inputs used to determine the fair value of the similar OTC derivative are not observable, the exchange-traded derivative is included in level 3 of the fair value hierarchy. The fair values of OTC derivatives are determined on the basis of either industry standard models or internally developed proprietary models. Both model types use various observable and unobservable inputs in order to determine fair value. The inputs include those characteristics of the derivative that have a bearing on the economics of the instrument. The determination of the fair value of many derivatives involves only a limited degree of subjectivity, because the required inputs are observable in the marketplace, while more complex derivatives may use unobservable inputs that rely on specific proprietary modeling assumptions. Where observable inputs (prices from exchanges, dealers, brokers or market consensus data providers) are not available, attempts are made to infer values from observable prices through model calibration (spot and forward rates, mean reversion, benchmark interest rate curves and volatility inputs for commonly traded option products). For inputs that cannot be derived from other sources, estimates from historical data may be made. OTC derivatives where the majority of the value is derived from market observable inputs are categorized as level 2 instruments, while those where the majority of the value is derived from unobservable inputs are categorized as level 3 of the fair value hierarchy. The valuation of derivatives includes an adjustment for the cost of funding uncollateralized OTC derivatives. Interest rate derivatives OTC vanilla interest rate products, such as interest rate swaps, swaptions and caps and floors are valued by discounting the anticipated future cash flows. The future cash flows and discounting are derived from market standard yield curves and industry standard volatility inputs. Where applicable, exchange-traded prices are also used to value exchange-traded futures and options and can be used in yield curve construction. For more complex products, inputs include, but are not limited to basis spread, correlation, credit spread, prepayment rate and volatility skew. Foreign exchange derivatives Foreign exchange derivatives include vanilla products such as spot, forward and option contracts, where the anticipated discounted future cash flows are determined from foreign exchange forward curves and industry standard optionality modeling techniques. Where applicable, exchange-traded prices are also used for futures and option prices. For more complex products, inputs include, but are not limited to, contingent probability, correlation and prepayment rate. Equity and index-related derivatives Equity derivatives include a variety of products ranging from vanilla options and swaps to exotic structures with bespoke payoff profiles. The main inputs in the valuation of equity derivatives may include buyback probability, correlation, gap risk, price and volatility. Generally, the interrelationship between the correlation and volatility is positively correlated. Credit derivatives Credit derivatives include index, single-name and multi-name CDS in addition to more complex structured credit products. Vanilla products are valued using industry standard models and inputs that are generally market observable including credit spread and recovery rate. Complex structured credit derivatives are valued using proprietary models requiring inputs such as correlation, credit spread, funding spread, loss severity, prepayment rate and recovery rate. These inputs are generally implied from available market observable data. Other trading assets Other trading assets primarily include life settlement and premium finance instruments and RMBS loans. Life settlement and premium finance instruments are valued using proprietary models with several inputs. The significant unobservable inputs of the fair value for life settlement and premium finance instruments are the estimate of market implied life expectancy, while for RMBS loans it is market comparable price. For life settlement and premium finance instruments, individual life expectancy rates are typically obtained by multiplying a base mortality curve for the general insured population provided by a professional actuarial organization together with an individual-specific multiplier. Individual-specific multipliers are determined based on data from third-party life expectancy data providers, which examine the insured individual’s medical conditions, family history and other factors to arrive at a life expectancy estimate. For RMBS loans, the use of market comparable price varies depending upon each specific loan. For some loans, similar to unobservable RMBS securities, prices from similar observable instruments are used to calculate implied inputs which are then used to value unobservable instruments using discounted cash flow. The discounted cash flow price is then compared to the unobservable prices and assessed for reasonableness. For other RMBS loans, the loans are categorized by specific characteristics, such as loan-to-value ratio, average account balance, loan type (single or multi-family), lien, seasoning, coupon, FICO score, locality, delinquency status, cash flow velocity, roll rates, loan purpose, occupancy, servicer advance agreement type, modification status, Federal Housing Administration insurance, property value and documentation quality. Loans with unobservable prices are put into consistent buckets, which are then compared to market observable comparable prices in order to assess the reasonableness of those unobservable prices. Other investments Private equity funds, hedge funds and equity method investment funds Equity method investment funds principally include equity investments in the form of a) direct investments in third-party hedge funds, private equity funds and funds of funds, b) equity method investments where the Bank has the ability to significantly influence the operating and financial policies of the investee, and c) direct investments in non-marketable equity securities. Direct investments in third-party hedge funds, private equity funds and funds of funds are measured at fair value based on their published NAVs as permitted by ASC Topic 820 – Fair Value Measurement. In some cases, NAVs may be adjusted where there is sufficient evidence that the NAV published by the investment manager is not in line with the fund’s observable market data, it is probable that the investment will be sold for an amount other than NAV, or other circumstances exist that would require an adjustment to the published NAV. Although rarely adjusted, significant judgment is involved in making any adjustments to the published NAVs. The investments for which the fair value is measured using the NAV practical expedient are not categorized within the fair value hierarchy. Direct investments in non-marketable equity securities consist of both real estate investments and non-real estate investments. Equity-method investments and direct investments in non-marketable equity securities are initially measured at their transaction price, as this is the best estimate of fair value. Thereafter, these investments are individually measured at fair value based upon 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. As a result, these investments are included in level 3 of the fair value hierarchy. Life finance instruments Life finance instruments include single premium immediate annuities (SPIA) and other premium finance instruments. Life finance instruments are valued in a similar manner as described for life settlement and premium finance instruments under the other trading assets section above. Loans The Bank’s loan portfolio, which is measured at fair value, primarily consists of commercial and industrial loans and loans to financial institutions. Within these categories, loans measured at fair value include commercial loans, real estate loans, corporate loans, leverage finance loans and emerging market loans. Fair value is based on recent transactions and quoted prices, where available. Where recent transactions and quoted prices are not available, the fair value may be determined by relative value benchmarking (which includes pricing based upon another position in the same capital structure, other comparable loan issues, generic industry credit spreads, implied credit spreads derived from CDS for the specific borrower and enterprise valuations) or may be calculated based on the exit price of the collateral or on current market conditions. Both the funded and unfunded portion of revolving credit lines on the corporate lending portfolio are valued using a loan pricing model, which requires estimates of significant inputs including credit conversion factors, credit spreads, recovery rates and weighted average life of the loan. Significant unobservable inputs may include credit spread and price. The Bank’s other assets and liabilities include mortgage loans held in conjunction with securitization activities and assets and liabilities of VIEs and mortgage securitizations that do not meet the criteria for sale treatment under US GAAP. The fair value of mortgage loans held in conjunction with securitization activities is determined on a whole-loan basis and is consistent with the valuation of RMBS loans discussed in “Other trading assets” above. Whole-loan valuations are calculated based on the exit price reflecting the current market conditions. The fair value of assets and liabilities of VIEs and mortgage securitizations that do not meet the criteria for sale treatment under US GAAP are determined based on the quoted prices for securitized bonds, where available, or on cash flow analyses for securitized bonds when quoted prices are not available. The fair value of the consolidated financial assets of RMBS and CMBS securitization vehicles, which qualify as collateralized financing entities, are measured on the basis of the more observable fair value of the VIEs’ financial liabilities. Short-term borrowings and long-term debt The Bank’s short-term borrowings and long-term debt include structured notes (hybrid financial instruments that are both bifurcatable and non-bifurcatable) and vanilla debt. The fair value of structured notes is based on quoted prices, where available. When quoted prices are not available, fair value is determined by using a discounted cash flow model incorporating the Bank’s credit spreads, the value of derivatives embedded in the debt and the residual term of the issuance based on call options. Derivatives structured into the issued debt are valued consistently with the Bank’s stand-alone derivative contracts held for trading purposes or used in hedge accounting relationships as discussed above. The fair value of structured debt is heavily influenced by the combined call options and performance of the underlying derivative returns. Significant unobservable inputs for short-term borrowings and long-term debt include buyback probability, correlation, credit spread, gap risk, mean reversion, price, recovery rate and volatility. Generally, the interrelationships between correlation, credit spread, gap risk and volatility inputs are positively correlated. Other liabilities Failed sales These liabilities represent the financing of assets that did not achieve sale accounting treatment under US GAAP. Failed sales are valued in a manner consistent with the related underlying financial instruments. Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 128 0 – – 128 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 26,237 0 – – 26,237 Securities received as collateral 1,778 444 0 – – 2,222 Trading assets 8,474 48,262 2,508 (37,692) 175 21,727 of which debt securities 2,520 7,253 718 – 34 10,525 of which foreign governments 2,496 5,349 38 – – 7,883 of which corporates 10 620 515 – – 1,145 of which RMBS 0 936 57 – – 993 of which equity securities 3,390 677 100 – 141 4,308 of which derivatives 1,298 40,305 1,179 (37,692) – 5,090 of which interest rate products 7 18,143 47 – – – of which foreign exchange products 7 13,868 33 – – – of which equity/index-related products 1,281 7,144 484 – – – of which other derivatives 3 75 499 – – – of which other trading assets 1,266 27 511 – – 1,804 Investment securities 0 4 0 – – 4 Other investments 0 14 1,943 – 411 2,368 of which other equity investments 0 14 1,493 – 310 1,817 of which life finance instruments 0 0 439 – – 439 Loans 0 1,578 880 – – 2,458 of which commercial and industrial loans 0 658 535 – – 1,193 of which financial institutions 0 466 97 – – 563 of which government and public institutions 0 453 133 – – 586 Other intangible assets (mortgage servicing rights) 0 0 305 – – 305 Other assets 50 2,073 1,845 (210) – 3,758 of which failed purchases 40 239 49 – – 328 of which loans held-for-sale 0 1,450 1,712 – – 3,162 Total assets at fair value 10,302 78,740 7,481 (37,902) 586 59,207 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 Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 100 0 – – 100 Customer deposits 0 1,366 289 – – 1,655 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 356 0 – – 356 Obligation to return securities received as collateral 1,778 444 0 – – 2,222 Trading liabilities 3,734 43,710 1,202 (39,814) – 8,832 of which short positions 2,606 102 5 – – 2,713 of which debt securities 256 99 0 – – 355 of which foreign governments 256 34 0 – – 290 of which corporates 0 65 0 – – 65 of which equity securities 2,350 3 5 – – 2,358 of which derivatives 1,128 43,607 856 (39,814) – 5,777 of which interest rate products 1 17,393 94 – – – of which foreign exchange products 13 17,276 2 – – – of which equity/index-related products 1,110 7,450 362 – – – of which credit derivatives 0 1,327 196 – – – of which other derivatives 4 20 202 – – – of which other trading liabilities 0 1 341 – – 342 Short-term borrowings 0 3,941 71 – – 4,012 Long-term debt 0 27,903 4,971 – – 32,874 of which structured notes over one year and up to two years 0 4,027 147 – – 4,174 of which structured notes over two years 0 18,603 |
Assets pledged and collateral
Assets pledged and collateral | 12 Months Ended |
Dec. 31, 2023 | |
Assets pledged and collateral | 35 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 disclosed on the consolidated balance sheet. Assets pledged end of 2023 2022 CHF million Total assets pledged or assigned as collateral 105,835 1 63,111 of which encumbered 8,430 25,445 1 Includes Swiss mortgages pledged to SNB in connection with the Emergency Liquidity Assistance (ELA) facility. 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 2023 2022 CHF million Fair value of collateral received with the right to sell or repledge 74,354 150,198 of which sold or repledged 23,374 75,819 Other information end of 2023 2022 CHF million Swiss National Bank required minimum liquidity reserves 2,041 2,258 Other restricted cash, securities and receivables 1 424 812 1 Includes cash, securities and receivables recorded on the Bank’s consolidated balance sheets and restricted under Swiss or foreign regulations for financial institutions; excludes restricted cash, securities and receivables held on behalf of clients which are not recorded on the Bank’s consolidated balance sheet. |
Capital adequacy
Capital adequacy | 12 Months Ended |
Dec. 31, 2023 | |
Capital adequacy | 36 Capital adequacy The Bank is subject to the Basel framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically relevant banks (SRBs), which include 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 framework in Switzerland in respect of capital requirements for SRBs, including Credit Suisse, goes beyond the Basel minimum standards for SRBs. 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. Under the Capital Adequacy Ordinance (CAO), Swiss banks classified as SRBs internationally, such as Credit Suisse, are subject to two different minimum requirements for loss-absorbing capacity: such 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 Bank’s total loss-absorbing capacity (TLAC). TLAC encompasses regulatory capital, such as common equity tier 1 (CET1), loss-absorbing additional tier 1 and tier 2 capital instruments, and liabilities that can be written down or converted into equity in case of resolution or for the purpose of restructuring measures. Under the CAO’s grandfathering provisions, additional tier 1 capital instruments with a low trigger qualify as going concern capital until their first call date. There are FINMA decrees that apply to Credit Suisse as an SRB operating internationally, including capital adequacy requirements as well as liquidity and risk diversification requirements. Banks that do not maintain the minimum requirements may be limited in their ability to pay dividends and make discretionary bonus payments and other earnings distributions. The Bank’s balance sheet positions and off-balance sheet exposures translate into risk-weighted assets, which are categorized as credit, market and operational risk-weighted assets. Leverage exposure consists of period-end balance sheet assets and prescribed regulatory adjustments, such as derivative financial instruments, securities financing transactions and off-balance sheet exposures. As of December 31, 2023 and 2022, the Bank’s capital position exceeded its capital requirements under the regulatory provisions outlined under Swiss requirements. Broker-dealer operations Certain of the Bank’s broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2023 and 2022, 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). Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits or distributable reserves. For operating companies, legal reserves may be distributed if they exceed, after deduction of any accumulated losses, treasury shares and reserves for own shares held by subsidiaries, 50% of the share capital registered in the commercial register. Furthermore, dividends may be paid out only after shareholder approval. As of December 31, 2023 and 2022, Credit Suisse AG was not subject to restrictions on its ability to pay the proposed dividends. Swiss metrics end of 2023 2022 Swiss capital (CHF million) Swiss CET1 capital 38,187 40,987 Going concern capital 38,646 54,843 Gone concern capital 38,284 42,930 Total loss-absorbing capacity (TLAC) 76,930 97,773 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 181,690 249,953 Leverage exposure 524,968 653,551 Swiss capital ratios (%) Swiss CET1 ratio 21.0 16.4 Going concern capital ratio 21.3 21.9 Gone concern capital ratio 21.1 17.2 TLAC ratio 42.3 39.1 Swiss leverage ratios (%) Swiss CET1 leverage ratio 7.3 6.3 Going concern leverage ratio 7.4 8.4 Gone concern leverage ratio 7.3 6.6 TLAC leverage ratio 14.7 15.0 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 10.0 9.28 Going concern capital ratio requirement 1 14.3 13.58 Gone concern capital ratio requirement 10.725 13.58 TLAC ratio requirement 25.025 27.16 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 3.5 3.25 Going concern leverage ratio requirement 1 5.0 4.75 Gone concern leverage ratio requirement 3.75 4.75 TLAC leverage ratio requirement 8.75 9.5 1 The total requirements excluded the FINMA Pillar 2 capital add-on of CHF 1,445 million and CHF 1,850 million as of December 31, 2023 and 2022, respectively, relating to the supply chain finance funds matter and the effects of countercyclical buffers. |
Assets under management
Assets under management | 12 Months Ended |
Dec. 31, 2023 | |
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 Bank 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 Bank. The classification of assets under management is conditional upon the nature of the services provided by the Bank 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 Bank must currently or in the foreseeable future expect to provide a service where the involvement of the Bank’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 Bank 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 Bank’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 Bank. Specifically, double counting primarily results from the investment of assets under management in collective investment instruments managed by the Bank. The extent of double counting is disclosed in the following table. Assets under management end of 2023 2022 CHF billion Assets in collective investment instruments managed by Credit Suisse 175.1 194.6 Assets with discretionary mandates 215.2 244.1 Other assets under management 785.6 852.8 Assets under management (including double counting) 1,175.9 1,291.5 of which double counting 23.8 31.9 Changes in assets under management 2023 2022 Assets under management (CHF billion) Balance at beginning of period 1 1,291.5 1,611.0 Net new assets/(net asset outflows) (106.7) (122.5) Market movements, interest, dividends and foreign exchange 17.7 (169.9) of which market movements, interest and dividends 2 69.8 (165.9) of which foreign exchange (52.1) (4.0) Other effects (26.6) (27.1) Balance at end of period 1,175.9 1,291.5 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 Bank’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 Bank reviews relevant policies regarding client assets on a regular basis. Divisional allocation Assets under management and net new assets for Wealth Management and Swiss Bank 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 reflects the location where the investment vehicles are managed and where the costs of managing the funds are incurred. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2023 | |
Litigation | 38 Litigation The Bank 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 Bank 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. There are also situations where the Bank may enter into a settlement agreement. This may occur in order to avoid the expense, management distraction or reputational implications of continuing to contest liability, even for those matters for which the Bank believes it should be exonerated. The Bank 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 Bank 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 Bank 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 Bank 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 Bank 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 Bank has established such a provision but believes that disclosure of that fact would violate confidentiality obligations to which the Bank is subject or otherwise compromise attorney-client privilege, work product protection or other protections against disclosure or compromise the Bank’s management of the matter. The future outflow of funds in respect of any matter for which the Bank 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 Bank’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 Bank’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 Bank’s defenses, its experience in similar matters, its assessment of matters, including settlements, involving other defendants in similar or related cases or proceedings, as well as changes in the Bank’s strategy for resolving the matter as a result of ongoing assessment. 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 Bank seek damages of an indeterminate amount. While certain matters specify the damages claimed, such claimed amount may not represent the Bank’s reasonably possible losses. For certain of the proceedings discussed below the Bank 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 Bank’s aggregate litigation provisions. Until the second quarter of 2023, the Bank accrued 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 had not accrued a loss contingency provision, and took a charge to income in connection therewith when such fees and expenses were probable and reasonably estimable. In the third quarter of 2023, the Bank’s policy was aligned to UBS’s policy, which states that estimated costs for external legal advisors and other experts for future services are not included in the litigation provision. Such costs must be expensed as incurred. Litigation provisions 2023 CHF million Balance at beginning of period 1,125 Increase in litigation accruals 1,492 Decrease in litigation accruals (142) Decrease for settlements and other cash payments (751) Reclassifications (80) 1 Foreign exchange translation (134) Balance at end of period 1,510 1 Reclassifications of litigation fees due to an alignment to UBS policies. The Bank’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 Bank 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. Taking into account the factors discussed in the paragraphs above, the Bank has estimated the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed below for which the Bank believes an estimate is possible is zero to CHF 3.2 billion. After taking into account its litigation provisions, the Bank 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 Bank’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 Bank 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. Mortgage-related matters Government and regulatory related matters DOJ RMBS settlement In January 2017, Credit Suisse Securities (USA) LLC (CSS LLC) and its current and former US subsidiaries and US affiliates reached a settlement with the US Department of Justice (DOJ) related to its legacy Residential Mortgage-Backed Securities (RMBS) business, a business conducted through 2007. The settlement resolved potential civil claims by the DOJ related to certain of those Credit Suisse entities’ packaging, marketing, structuring, arrangement, underwriting, issuance and sale of RMBS. Pursuant to the terms of the settlement a civil monetary penalty was paid to the DOJ in January 2017. The settlement also required the Credit Suisse entities to provide certain levels of consumer relief measures, including affordable housing payments and loan forgiveness, and 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. Credit Suisse continues to evaluate its approach toward satisfying its remaining consumer relief obligations, and Credit Suisse currently anticipates that it will take much longer than the five-year period provided in the settlement to satisfy in full its obligations in respect of these consumer relief measures, subject to risk appetite and market conditions. Credit Suisse expects to incur costs in relation to satisfying those obligations. The amount of consumer relief Credit Suisse must provide also increases after 2021 pursuant to the original settlement by 5% Civil litigation Repurchase litigations 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 currently include repurchase actions by RMBS trusts and/or trustees, in which 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. 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. DLJ Mortgage Capital, Inc. (DLJ) is a defendant in New York state court 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 374 million in an amended complaint filed in August 2019; in January 2020, DLJ filed a motion to dismiss, which the court granted in part and denied in part in December 2023, dismissing with prejudice all notice-based claims; in February 2024, the parties filed notices of appeal; (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; in December 2018, the court denied DLJ’s motion for partial summary judgment in this action, which was affirmed on appeal; in March 2022, the New York State Court of Appeals reversed the decision and ordered that DLJ’s motion for partial summary judgment be granted; a non-jury trial in the action was held between January and February 2023, and a decision is pending; (iv) one action brought by Home Equity Asset Trust 2007-2, in which plaintiff alleges damages of not less than USD 495 million; and (v) one action brought by CSMC Asset-Backed Trust 2007-NC1, in which no damages amount is alleged. These actions are at various procedural stages. DLJ was also a defendant in one action brought by Home Equity Asset Trust Series 2007-3, in which plaintiff alleged damages of not less than USD 206 million. In March 2022, DLJ and the plaintiff executed an agreement to settle this action. In November 2023, the Minnesota state court approved the settlement through a trust instruction proceeding brought by the trustee of the plaintiff trust. The New York state court dismissed the underlying action with prejudice in January 2024. DLJ and its affiliate, Select Portfolio Servicing, Inc. (SPS), were defendants in two consolidated actions in New York state court: 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 one action brought by Home Equity Mortgage Trust Series 2006-5, in which plaintiff alleges damages of not less than USD 500 million. In April 2021, DLJ, SPS and the plaintiffs executed an agreement to settle both actions for the aggregate amount of USD 500 million, for which Credit Suisse was fully reserved. In May 2023, the Minnesota state court approved the settlement through a trust instruction proceeding brought by the trustee of the plaintiff trusts. The New York state court dismissed the underlying actions with prejudice in July 2023. Loreley In November 2018, Loreley Financing (Jersey) No. 30 Limited (L30) filed a claim in the English High Court against Credit Suisse AG and certain affiliates seeking USD 100 million in damages, plus interest and costs, on the basis of a number of causes of action, including fraudulent misrepresentation. The claim concerns losses allegedly suffered by L30 relating to its purchase of certain notes in July 2007 issued in Ireland by Magnolia Finance II plc and linked to the credit of a reference portfolio of RMBS. Following service of the claim in the first quarter of 2020, Credit Suisse filed its defense in June 2020. L30 served further amended versions of its claim in January and October 2022. Credit Suisse filed its amended defense in November 2022. Trial concluded in June 2023. In November 2023, judgment was issued in favor of Credit Suisse, dismissing all claims brought by L30. In January 2024, L30 sought permission to appeal the judgment from the Court of Appeal. Bank loan litigation CSS LLC and certain of its affiliates are the subject of two litigations brought by entities related to Highland Capital Management LP (Highland) relating to certain real estate developments. Credit Suisse defendants in these matters arranged, and acted as the agent bank for, syndicated loans provided to borrowers affiliated with such real estate developments, and who have since gone through bankruptcy or foreclosure. In the case in Texas state court, a jury trial was held in December 2014 and a verdict was issued for the plaintiff on its claim for fraudulent inducement by affirmative misrepresentation. The Texas judge held a bench trial on Highland’s remaining claims and entered judgment in the amount of USD 287 million (including prejudgment interest) for the plaintiff in September 2015. Ultimately, the Texas Supreme Court issued a ruling reversing a portion of the trial court’s September 2015 judgment related to the bench trial claims, including damages of approximately USD 212 million, exclusive of interest, but left standing the separate December 2014 jury verdict and remanded the case back to the trial court for further proceedings. In June 2021, the trial court entered a new judgment, which awarded plaintiff approximately USD 121 million. In February 2023, the appeals court issued a ruling, reversing in favor of CSS LLC a portion of the trial court’s June 2021 judgment and remanding the case to the trial court for further proceedings. Highland filed a petition requesting permission to file a further appeal to the Texas Supreme Court, and CSS LLC filed a cross-petition. The Texas Supreme Court denied both petitions. In the case in New York state court, the court granted in part and denied in part CSS LLC and certain of its affiliates’ summary judgment motion. Both parties appealed that decision, but the appellate court affirmed the decision in full. The case is currently in discovery. Tax and securities law matters In May 2014, Credit Suisse AG entered into settlement agreements with several US regulators regarding its US cross-border matters. As part of the agreements, Credit Suisse AG, among other things, engaged an independent corporate monitor that reports to the New York State Department of Financial Services. As of July 2018, the monitor concluded both his review and his assignment. Credit Suisse AG continues to report to and cooperate with US authorities in accordance with Credit Suisse AG’s obligations under the agreements, including by conducting a review of cross-border services provided by Credit Suisse’s Switzerland-based Israel Desk. Most recently, Credit Suisse AG has provided information to US authorities regarding potentially undeclared US assets held by clients at Credit Suisse AG since the May 2014 plea. Credit Suisse AG continues to cooperate with the authorities. In March 2023, the US Senate Finance Committee issued a report criticizing Credit Suisse AG’s history regarding US tax compliance. The report called on the DOJ to investigate Credit Suisse AG’s compliance with the 2014 plea. In February 2021, a qui tam 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 London Interbank Offered Rate (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 Credit Suisse Group AG, which was a member of three LIBOR rate-setting panels (US dollar LIBOR, Swiss franc LIBOR and Euro LIBOR). Credit Suisse is cooperating fully with these investigations. Regulatory authorities in a number of jurisdictions, including the Swiss Competition Commission (WEKO), the European Commission (Commission), the South African Competition Commission 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. Credit Suisse continues to cooperate with ongoing investigations. Credit Suisse Group AG, Credit Suisse AG and Credit Suisse Securities (Europe) Limited (CSSEL) received a Statement of Objections and a Supplemental Statement of Objections from the Commission in July 2018 and March 2021, respectively, alleging that Credit Suisse entities engaged in anticompetitive practices in connection with their foreign exchange trading business. In December 2021, the Commission issued a formal decision imposing a fine of EUR 83.3 million. In February 2022, Credit Suisse appealed this decision to the EU General Court. The reference rates investigations have also included information requests from regulators concerning supranational, sub-sovereign and agency (SSA) bonds and commodities markets. Credit Suisse Group AG and CSSEL received a Statement of Objections from the Commission in December 2018, alleging that Credit Suisse entities engaged in anticompetitive practices in connection with their SSA bonds trading business. In April 2021, the Commission issued a formal decision imposing a fine of EUR 11.9 million. In July 2021, Credit Suisse appealed this decision to the EU General Court. Civil litigation USD LIBOR litigation Beginning in 2011, certain Credit Suisse entities were named in various putative class and individual lawsuits filed in the US, alleging banks on the US dollar LIBOR panel manipulated US dollar LIBOR to benefit their reputation and increase profits. All remaining matters have been consolidated for pre-trial purposes into a multi-district litigation in the US District Court for the Southern District of New York (SDNY). In a series of rulings between 2013 and 2019 on motions to dismiss, the SDNY (i) narrowed the claims against the Credit Suisse entities and the other defendants (dismissing antitrust, Racketeer Influenced and Corrupt Organizations Act (RICO), Commodity Exchange Act, and state law claims), (ii) narrowed the set of plaintiffs who may bring claims, and (iii) narrowed the set of defendants in the LIBOR actions (including the dismissal of several Credit Suisse entities from various cases on personal jurisdiction and statute of limitation grounds). After a number of putative class and individual plaintiffs appealed the dismissal of their antitrust claims to the United States Court of Appeals for the Second Circuit (Second Circuit), in December 2021, the Second Circuit affirmed in part and reversed in part the district court’s decision and remanded the case to the SDNY. In September 2021, in the putative class action brought in the multi-district litigation in the SDNY by holders of bonds tied to LIBOR, Credit Suisse entered into an agreement to settle all claims. In November 2022 and March 2023, respectively, the court entered orders granting preliminary and final approval to the agreement to settle all claims. Separately, in May 2017, the plaintiffs in three putative class actions moved for class certification. In February 2018, the SDNY denied certification in two of the actions and granted certification over a single antitrust claim in an action brought by over-the-counter purchasers of LIBOR-linked derivatives. USD ICE LIBOR litigation In August 2020, members of the ICE LIBOR panel, including Credit Suisse Group AG and certain of its affiliates, were named in a civil action in the US District Court for the Northern District of California, alleging that panel banks manipulated ICE LIBOR to profit from variable interest loans and credit cards. In December 2021, the court denied plaintiffs’ motion for preliminary and permanent injunctions to enjoin panel banks from continuing to set LIBOR or automatically setting the benchmark to zero each day, and in September 2022, the court granted defendants’ motions to dismiss. In October 2022, plaintiffs filed an amended complaint. In November 2022, defendants filed a motion to dismiss the amended complaint. In October 2023, the court dismissed the amended complaint with prejudice without leave to amend. Plaintiffs have appealed. CHF LIBOR litigation In February 2015, various banks that served on the Swiss franc LIBOR panel, including Credit Suisse Group AG, were named in a civil putative class action lawsuit filed in the SDNY, alleging manipulation of Swiss franc LIBOR to benefit defendants’ trading positions. After defendants’ motion to dismiss for lack of subject matter jurisdiction was granted and plaintiffs successfully appealed, in July 2022, Credit Suisse entered into an agreement to settle all claims. In February and September 2023, respectively, the court entered orders granting preliminary and final approval to the agreement to settle all claims. Foreign exchange litigation Credit Suisse Group AG and affiliates as well as other financial institutions have been named in civil lawsuits relating to the alleged manipulation of foreign exchange rates. The first matter is a consolidated class action, in which a jury trial was held in October 2022 on the issues of whether a conspiracy existed to manipulate bid-ask spreads in the FX market and whether Credit Suisse knowingly participated in any such conspiracy. In October 2022, a verdict was issued in favor of Credit Suisse, finding that Credit Suisse did not knowingly participate in any such conspiracy, and in March 2023, the court entered final judgment against plaintiffs and in favor of Credit Suisse on all remaining claims. Plaintiffs did not file an appeal by the April 2023 deadline. Credit Suisse AG, together with other financial institutions, was also named in a consolidated putative class action in Israel, which made allegations similar to the consolidated class action. In April 2022, Credit Suisse entered into an agreement to settle all claims. The settlement remains subject to court approval. Treasury markets litigation CSS LLC, along with over 20 other primary dealers of US treasury securities, was named in a number of putative civil class action complaints in the US relating to the US treasury markets. These complaints generally alleged that the defendants colluded to manipulate US treasury auctions, as well as the pricing of US treasury securities in the when-issued market, with impacts upon related futures and options, and that certain of the defendants participated in a group boycott to prevent the emergence of anonymous all-to-all trading in the secondary market for treasury securities. In March 2022, the SDNY granted defendants’ motion to dismiss and dismissed with prejudice all claims against the defendants, and in February 2024, the Second Circuit affirmed the district court’s dismissal. SSA bonds litigation Credit Suisse Group AG and certain of its affiliates, together with other financial institutions, were named in two Canadian putative class actions, which allege that defendants conspired to fix the prices of SSA bonds sold to and purchased from investors in the secondary market. One putative class action was dismissed against Credit Suisse in February 2020. In October 2022, in the second action, Credit Suisse entered into an agreement to settle all claims. The settlement remains subject to court approval. Credit default swap auction litigation In June 2021, Credit Suisse Group AG and affiliates, along with other banks and entities, were named in a putative class action complaint filed in the US District Court for the District of New Mexico alleging manipulation of credit default swap (CDS) final auction prices. In April 2022, defendants filed a motion to dismiss. In June 2023, the court granted in part and denied in part defendants’ motion to dismiss. In November 2023, defendants filed a motion to enforce the previous CDS settlement with the SDNY. In January 2024, the SDNY ruled that, to the extent claims in the New Mexico action arise from conduct prior to June 30, 2014, those claims are barred by the SDNY settlement. In February 2024, the plaintiffs filed a notice of appeal of the SDNY decision. OTC trading cases Interest rate swaps litigation Credit Suisse Group AG and affiliates, along with other financial institutions, have been named in a consolidated putative civil class action complaint and complaints filed by individual plaintiffs relating to interest rate swaps, alleging that dealer defendants conspired with trading platforms to prevent the development of interest rate swap exchanges. The individual lawsuits were brought by TeraExchange LLC, a swap execution facility, and affiliates; Javelin Capital Markets LLC, a swap execution facility, and an affiliate; and trueEX LLC, a swap execution facility, which claim to have suffered lost profits as a result of defendants’ alleged conspiracy. All interest rate swap actions have been consolidated in a multi-district litigation in the SDNY. Defendants moved to dismiss the putative class and individual actions, and the SDNY granted in part and denied in part these motions. In February 2019, class plaintiffs in the consolidated multi-district litigation filed a motion for class certification. In March 2019, class plaintiffs filed a fourth amended consolidated class action complaint. In January 2022, Credit Suisse entered into an agreement to settle all class action claims. The settlement remains subject to court approval. In December 2023, the SDNY denied the motion for class certification. In January 2024, class plaintiffs filed a petition for leave to appeal the denial of class certification. Credit default swaps litigation In June 2017, Credit Suisse Group AG and affiliates, along with other financial institutions, were named in a civil action filed in the SDNY by Tera Group, Inc. and related entities (Tera), alleging violations of antitrust law in connection with the allegation that CDS dealers conspired to block Tera’s electronic CDS trading platform from successfully entering the market. In July 2019, the SDNY granted in part and denied in part defendants’ motion to dismiss. In January 2020, plaintiffs filed an amended complaint. In April 2020, defendants filed a motion to dismiss. In August 2023, the court granted the motion, dismissing all claims with prejudice. Plaintiffs have appealed. Stock loan litigation Credit Suisse Group AG and certain of its affiliates, as well as other financial institutions, were originally named in a number of civil lawsuits in the SDNY, certain of which are brought by class action plaintiffs alleging that the defendants conspired to keep stock-loan trading in an over-the-counter market and collectively boycotted certain trading platforms that sought to enter the market, and certain of which are brought by trading platforms that sought to enter the market alleging that the defendants collectively boycotted the platforms. In January 2022, Credit Suisse entered into an agreement to settle all class action claims. In February 2022, the court entered an order granting preliminary approval to the agreement to settle all class action claims. The settlement remains subject to final court approval. In October 2021, in a consolidated civil litigation brought in the SDNY by entities that developed a trading platform for stock loans that sought to enter the market, alleging that the defendants collectively boycotted the platform, the court granted defendants’ motion to dismiss. In October 2021, plaintiffs filed a notice of appeal. In March 2023, the Second Circuit affirmed the decision granting defendants’ motion to dismiss. Odd-lot corporate bond litigation In April 2020, CSS LLC and other financial institutions were named in a putative class action complaint filed in the SDNY, alleging a conspiracy among the financial institutions to boycott electronic trading platforms and fix prices in the secondary market for odd-lot corporate bonds. In October 2021, the SDNY granted defendants’ motion to dismiss. Plaintiffs have appealed. ATA litigation Since November 2014, a series of lawsuits have been filed against a number of banks, including Credit Suisse AG and, in two instances, Credit Suisse AG, New York Branch, in the US District Court for the Eastern District of New York (EDNY) and the SDNY alleging claims under the United States Anti-Terrorism Act (ATA) and the Justice Against Sponsors of Terrorism Act. The plaintiffs in each of these lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and abetting based on allegations that various international financial institutions, including the defendants, agreed to alter, falsify or omit information from payment messages that involved Iranian parties for the express purpose of concealing the Iranian parties’ financial activities and transactions from detection by US authorities. The lawsuits allege that this conduct has made it possible for Iran to transfer funds to Hezbollah and other terrorist organizations actively engaged in harming US military personnel and civilians. In January 2023, the United States Court of Appeals for the Second Circuit affirmed a September 2019 ruling by the EDNY granting defendants’ motion to dismiss the first filed lawsuit. In October 2023, the United States Supreme Court denied plaintiffs’ petition for a writ of certiorari. In February 2024, plaintiffs filed a motion to vacate the judgment in the first filed lawsuit. Of the other seven cases, four are stayed, including one that was dismissed as to Credit Suisse and most of the bank defendants prior to entry of the stay, and in three plaintiffs have filed amended complaints, including two that were dismissed prior to the court allowing plaintiffs to replead. Customer account matters Several clients have claimed that a former relationship manager in Switzerland had exceeded his investment authority in the management of their portfolios, resulting in excessive concentrations of certain exposures and investment losses. Credit Suisse AG is investigating the claims, as well as transactions among the clients. Credit Suisse AG filed a criminal complaint against the former relationship manager with the Geneva Prosecutor’s Office upon which the prosecutor initiated a criminal investigation. Several clients of the former relationship manager also filed criminal complaints with the Geneva Prosecutor’s Office. In February 2018, the former relationship manager was sentenced to five years in prison by the Geneva criminal court for fraud, forgery and criminal mismanagement and ordered to pay damages of approximately USD 130 million. Several parties appealed the judgment. In June 2019, the Criminal Court of Appeals of Geneva ruled in the appeal of the judgment against the former relationship manager, upholding the main findings of the Geneva criminal court. Several parties appealed the decision to the Swiss Federal Supreme Court. In February 2020, the Swiss Federal Supreme Court rendered its judgment on the appeals, substantially confirming the findings of the Criminal Court of Appeals of Geneva. Civil lawsuits have been initiated against Credit Suisse AG and/or certain affiliates in various jurisdictions, based on the findings established in the criminal proceedings against the former relationship manager. In Singapore, in the civil lawsuit brought against Credit Suisse Trust Limited, a Credit Suisse AG affiliate, in May 2023, the Singapore International Commercial Court issued a first instance judgment finding for the plaintiffs and directing the parties’ experts to agree on the amount of the damages award according to the calculation method and parameters adopted by the court. As the parties’ experts were unable to agree on the amount of the damages, following court directions, the pa |
Significant subsidiaries and eq
Significant subsidiaries and equity method investments | 12 Months Ended |
Dec. 31, 2023 | |
Significant subsidiaries and equity method investments | 39 Significant subsidiaries and equity method investments The presentation of the Bank’s significant subsidiaries has been aligned to UBS. UBS defines its significant subsidiaries as those entities that, either individually or in aggregate, contribute significantly to the Bank’s financial position or results of operations, based on a number of criteria, including the subsidiaries’ equity and contribution to the Bank’s total assets and profit or loss before tax. The Bank issued full, unconditional and several guarantees of Credit Suisse (USA), Inc.’s outstanding SEC-registered debt securities, which as of December 31, 2023 consisted of a single outstanding issuance with a balance of USD 742 million maturing in July 2032. Significant subsidiaries Nominal Equity End of 2023 Credit Suisse AG Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 Bank-now AG Horgen, Switzerland CHF 30.0 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 8,192.9 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 170.0 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Bank (Europe), S.A. Spain, Madrid EUR 18.0 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 9.6 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 0.0 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Lime Residential, Ltd. Nassau, Bahamas USD 0.0 100 Credit Suisse International London, United Kingdom USD 7,267.5 98 1 1 Remaining 2% held directly by UBS Group AG. 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity End of 2023 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 SIX Group AG Zurich, Switzerland 18 |
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, 2023 | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 40 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) The Bank’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 IFRS Accounting Standards 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 Swiss Ordinance on Banks and Savings Banks (Banking Ordinance), the Swiss Financial Market Supervisory Authority’s Accounting Ordinance (FINMA Accounting Ordinance) and the FINMA circular 2020/1, “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 Bank’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 Bank 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. 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, equity securities where the company has no significant influence and which do not have a readily determinable fair value are measured in accordance with the NAV practical expedient, or by using the measurement alternative or at fair value. Under Swiss GAAP, investments in equity securities where the company has no significant influence and 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. Participations are initially recognized at historical cost and tested for impairment at least annually. The fair value option is not allowed for participations. Under Swiss GAAP, participations held by a company are tested for impairment on the level of each individual participation. An impairment is recorded if the carrying value of a participation exceeds its fair value. Should the fair value of an impaired participation recover in subsequent periods and such recovery is considered sustainable, the impairment from prior periods can be reversed up to the fair value but not exceeding the historical cost basis. A reversal of an impairment is recorded as extraordinary income in the statements of income. Available-for-sale debt securities Under US GAAP, available-for-sale debt 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. Credit-related impairments may have to be recognized in the consolidated statements of operations if the fair value of an individual debt security decreases below its amortized cost basis due to credit-related factors. Under Swiss GAAP, available-for-sale securities are accounted for at the lower of amortized 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, equity securities which do not have a readily determinable fair value are measured in accordance with the NAV practical expedient, or by using the measurement alternative or at fair value. Under Swiss GAAP, non-marketable equity securities where the company has no intent to hold the securities permanently are carried at the lower of cost or market. Allowances and provisions for credit losses Under US GAAP, allowances and provisions for credit losses on financial instruments are estimated based on a CECL model. The credit loss requirements apply to financial assets measured at amortized cost, such as cash and due from banks, interest-bearing deposits with banks, securities purchased under resale agreements and securities borrowing transactions, debt securities held-to-maturity, loans and other receivables, as well as off-balance sheet credit exposures, such as irrevocable loan commitments, credit guarantees and similar instruments. The credit loss requirements are based on a forward-looking, lifetime CECL model by incorporating historical experience, current conditions and reasonable and supportable forecasts of future economic conditions available as of the reporting date. Under Swiss GAAP, the same impairment model and methodology is applied as under US GAAP. Differences between the two GAAPs result for items which are not measured at amortized cost under US GAAP and therefore not in scope of CECL under US GAAP, but that have to be measured at amortized cost under Swiss GAAP and are therefore in scope of CECL under Swiss GAAP. Such differences in CECL measurement mainly result from loans, irrevocable loan commitments and financial guarantees which are FVO elected under US GAAP and measured at amortized cost under Swiss GAAP. Loans held-for-sale Under US GAAP, when loans are considered held-for-sale, they are measured at the lower of cost or market and recorded in other assets on the balance sheet. Under Swiss GAAP, loans remain classified in due from customers and are measured at amortized cost. Additionally, an entity should consider the potential realization of a future loss or the non-recoverability of the carrying values of the loans if facts and circumstances indicate that a loss may occur. If management expects based on approved plans or business plans that the carrying values of these loans (net of the allowance for CECL) will not be recovered, additional provisions should be recorded for other than default risks. 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, for fair value hedges, the carrying value of the underlying hedged items is adjusted to the change in the fair value of the hedged risk. Changes in the fair value of the related designated derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the hedged risk for the respective assets or liabilities. Under Swiss GAAP, the carrying value of hedged items is not adjusted. The amount representing the change in fair value of the hedged item with regard to the hedged risk is recorded in the compensation account included in other assets or other liabilities. Derivative financial instruments used for cash flow hedging Under US GAAP, the change in the fair value of a designated derivative of a cash flow hedge is reported in AOCI. Under Swiss GAAP, the change in the fair value of a designated derivative 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. Operating leases – lessee arrangements Under US GAAP, at commencement of an operating lease, the lessee recognizes a lease liability for future lease payments and a right-of-use asset which reflects the future benefits from the lease contract. The initial lease liability equals the present value of the future lease payments; amounts paid upfront are not included. The right-of-use asset equals the sum of the initial lease liability, initial direct costs and prepaid lease payments, with lease incentives received deducted. Operating lease costs, which include amortization and an interest component, are recognized over the remaining lease term on a straight-line basis. If the reporting entity permanently vacates premises and sub-leases a leased asset to another party at a loss, an impairment is recognized on the right-of-use asset. The impairment is determined as the difference between the carrying value of the right-of-use asset and the present value of the expected sub-lease income over the sub-lease term. Under Swiss GAAP, at commencement of an operating lease, no right-of-use assets and lease liabilities are recognized on the balance sheet of the lessee. For the calculation of the periodic lease expenses, initial direct costs, lease incentives and prepaid lease payments are considered, and the total cost of a lease contract is expensed on a straight-line basis over the lease term. If the reporting entity permanently vacates premises, a provision for future payments under the lease contract is recorded, net of expected sub-lease income. 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. 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 with the right to sell or repledge 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. Digital assets held in custody Under US GAAP, an entity records a liability on its balance sheet for its obligation to safeguard digital assets held as a custodian for its clients, and a corresponding safeguarding asset. Under Swiss GAAP, the recording of a safeguarding liability and a safeguarding asset for digital assets held as a custodian for its clients is not required. 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 Bank at any time at the Bank’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 Bank at any time at the Bank’s sole discretion with a notice period not exceeding six weeks. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of presentation | Overview The accompanying consolidated financial statements of Credit Suisse AG (the Bank) 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. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Bank and its subsidiaries. The Bank’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% Where a Bank subsidiary is determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Bank subsidiary are not consolidated and are carried at fair value. Bank 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. |
Revisions of prior period financial statements, Policy [Text Block] | Certain accounting changes As noted in our 2021 Annual Report, the Bank identified an accounting issue that was not material to the prior period financial statements. The Bank identified this accounting issue with respect to the net balance sheet treatment relating to the presentation of a limited population of certain securities lending and borrowing activities. As a result, balance sheet and cash flow positions for both assets and liabilities relating to these activities were presented on a gross basis and prior periods were revised in the consolidated financial statements and the related notes. Beginning with the quarter ended June 30, 2022, the Bank has presented these securities lending and borrowing transactions as a single unit of account and as a result these transactions will no longer be presented on a gross basis. The Bank did not adjust prior period financial information, which continue to reflect a presentation on a gross basis. |
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 (FX) rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities 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 Bank 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 Bank 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 Bank 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 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. Restricted cash is any cash or cash equivalent recorded in cash and due from banks subject to restrictions imposed by a governmental or other regulatory agency that require the Bank to set aside specified amounts of cash as reserves against transactions and time deposits. |
Reverse repurchase and repurchase agreements | Reverse repurchase and repurchase agreements Purchases of securities under agreements to resell (reverse repurchase agreements) and securities sold under agreements to repurchase (repurchase agreements) do not constitute economic sales; therefore, they are treated as collateralized financing transactions, which 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. The underlying securities sold continue 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 Bank elects to apply the fair value option to selected agreements pursuant to ASC Topic 825 – Financial Instruments. Under such circumstances, the 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. Reverse repurchase and repurchase agreements may be netted if they are with the same counterparty, have the same maturity date, settle through the same qualifying clearing institution and are subject to a right of offset allowed by a legally enforceable master netting agreement or a central counterparty’s clearing rules. |
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 sheet at amounts equal to the cash advanced or received. If securities received as collateral in a securities lending and borrowing transaction 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 Bank 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 Bank receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Bank monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Securities lending and borrowing 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 Transfers of financial assets may involve the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Bank values its beneficial interests in such SPEs 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, if such positions are not traded on an active exchange. > Refer to “Note 33 – Transfers of financial assets and variable interest entities” for further information on the Bank’s transfer activities. |
Trading assets and liabilities | Trading assets and liabilities Trading assets and liabilities include debt securities, marketable equity instruments, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value. 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. |
Investment securities | Investment securities Investment securities include debt securities classified as held-to-maturity and debt securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Bank 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 securities classified as held-to-maturity require an assessment of the current expected credit loss (CECL) at the reporting date. Debt 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. Debt securities classified as available-for-sale are impaired if there is a decline in fair value below amortized cost basis. If the Bank intends to sell an impaired security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire difference between the amortized cost basis and fair value is recognized as a credit loss. However, if the Bank does not intend to sell and is not likely to be required to sell, an assessment is made if a decline in fair value of the security is due to credit-related factors or non-credit-related factors. Credit-related impairment is recognized in earnings by recording an allowance for credit losses. Any portion of the unrealized loss that relates to non-credit-related factors is recognized in AOCI, net of income taxes. Amortization of premiums or discounts for debt securities is recorded in interest and dividend income using the effective yield method through the maturity date of the security. |
Other investments | Other investments Other investments include equity method investments, equity securities without a readily determinable fair value, such as hedge funds, private equity securities and certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee, and real estate held-for-investment. Equity method investments are investments for which the Bank has the ability to significantly influence the operating and financial policies. Significant influence is typically characterized by ownership of 20% 50% 3% 5% Equity securities without a readily determinable fair value are carried at fair value, net asset value practical expedient to estimate fair value or at cost less impairment, adjusted for observable price changes (measurement alternative). Memberships in exchanges are reported at cost, less impairment. Equity securities without a readily determinable fair value held by the Bank’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 equity securities without a readily determinable fair value held by subsidiaries that are within the scope of 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. Equity securities without a readily determinable fair value include investments in entities that regularly calculate net asset value per share or its equivalent, with changes in fair value recorded in other revenue. |
Loans | Loans Loans held at amortized cost Loans which the Bank intends to hold until maturity are carried at outstanding principal balances, 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. A loan is classified as non-performing and thus considered credit impaired 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. In addition, the Bank continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a credit provision is recorded, resulting in no interest income recognition. 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. 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. Amortization of deferred fees and premiums and discounts ceases while a loan is deemed to be non-performing or non-interest-earning. Potential problem loans are credit-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 continue to accrue interest. > Refer to “Note 17 – Loans” for further information. Credit losses on financial instruments measured at amortized cost The credit loss requirements apply to financial assets measured at amortized cost including loans held at amortized cost, net investments in leases as a lessor as well as off-balance sheet credit exposures, such as irrevocable loan commitments, and credit guarantees. The credit loss amounts are based on a forward-looking, lifetime CECL model by incorporating reasonable and supportable forecasts of future economic conditions available at the reporting date. The CECL amounts are estimated over the contractual term of the financial assets taking into account the effect of prepayments. This requires considerable judgment over how changes in macroeconomic factors as well as changes in forward-looking borrower-specific characteristics will affect the CECL amounts. The Bank measures expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. For financial assets that do not share similar risk characteristics, expected credit losses are evaluated on an individual basis. CECL amounts are probability-weighted estimates of potential credit losses based on historical frequency, current trends and conditions as well as forecasted macroeconomic factors, such as gross domestic product, unemployment rates and interest rates. For financial assets that are performing at the reporting date, the allowance for credit losses is generally measured using a probability of default/loss given default approach under which both probability of default (PD), loss given default (LGD) and exposure at default (EAD) are estimated. For financial assets that are credit-impaired at the reporting date, the Bank generally applies a discounted cash flow approach to determine the difference between the gross carrying amount and the present value of estimated future cash flows. An allowance for credit losses is deducted from the amortized cost basis of the financial asset. Changes in the allowance for credit losses are recorded in the consolidated statement of operations in provision for credit losses or, if related to provisions on past due interest, in net interest income. For undrawn irrevocable loan commitments, the present value is calculated based on the difference between the contractual cash flows that are due to the Bank if the commitment is drawn and the cash flows that the Bank expects to receive, in order to estimate the provision for expected credit losses. For credit guarantees, expected credit losses are recognized for the contingency of the credit guarantee. Provisions for off-balance sheet credit exposures are recognized as a provision in other liabilities in the consolidated balance sheets. Write-off of a financial asset occurs when it is considered certain that there is no possibility of recovering the outstanding principal. If the amount of loss on write-off is greater than the accumulated allowance for credit losses, the difference results in an additional credit loss. The additional credit loss is first recognized as an addition to the allowance; the allowance is then applied against the gross carrying amount. Any repossessed collateral is initially measured at fair value. The subsequent measurement depends on the nature of the collateral. Any uncollectible accrued interest receivable is written off by reversing the related interest income. Expected recoveries on financial assets previously written off or assessed/planned to be written off have to be reflected in the allowance for credit losses; for this purpose, the amount of expected recoveries cannot exceed the aggregate amounts previously written off or assessed/planned to be written off. Accordingly, expected recoveries from financial assets previously written off may result in an overall negative allowance for credit loss balance. > Refer to “Note 18 – Financial instruments measured at amortized cost and credit losses” for further information. Loans held-for-sale Loans which the Bank 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. When the initial intent for holding a loan until maturity or the foreseeable future has changed from held at amortized cost to held-for-sale, the loan is reclassified from held at amortized cost to held-for-sale and remeasured to the lower of amortized cost or market. Loans held-for-sale are included in other assets. Consequential adjustments to the lower of amortized cost basis or fair value are presented as a valuation allowance and recorded in other revenue. If, subsequently, the intent is changed to holding until maturity or the foreseeable future, any previously recorded valuation allowance is reversed in earnings and the loan is reclassified to held at amortized cost at its amortized cost basis. Purchased loans with credit deterioration A purchased loan measured at amortized cost is considered a purchased loan with credit deterioration if it has experienced more-than-insignificant deterioration in credit quality since origination. At the date of acquisition, the allowance for credit is added to the purchase price of the loan to establish the initial amortized cost basis. Any difference between the amortized cost and the unpaid principal amount is recognized in interest income using the effective interest method. After the purchase date, the allowance for credit losses is adjusted for subsequent changes in estimates of current expected credit losses. 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 Bank 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 three The Bank 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 Bank 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. |
Lessor, Leases | For sales-type and direct financing leases under lessor arrangements, which are classified as loans, the Bank de-recognizes the underlying assets and recognizes a net investment in the lease. The net investment in the lease is calculated as the lease receivable plus the unguaranteed portion of the estimated residual value. The lease receivable is initially measured at the present value of the sum of the future lease payments receivable over the lease term and any portion of the estimated residual value at the end of the lease term that is guaranteed by either the lessee or an unrelated third party. Lease terms may include options that permit the lessee to extend or renew these leases. Such options are only included in the measurement of lease receivables for sales-type and direct financing leases when it is reasonably certain that the lessee would exercise these options. Subsequently, unearned income is amortized to interest income over the lease term using the effective interest method. > Refer to “Note 17 – Loans”, “Note 18 – Financial instruments measured at amortized cost and credit losses” and “Note 22 – Leases” for further information. For operating leases under lessor arrangements, the Bank continues to recognize the underlying asset and depreciates the asset over its estimated useful life. Lease income is recognized in other income on a straight-line basis over the lease term. |
Lessee, Leases | Leases For lessee arrangements, the Bank recognizes lease liabilities, which are reported as other liabilities right-of-use assets, which are reported as other assets. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. Right-of-use assets are initially measured based on the lease liability, adjusted for any initial direct costs, any lease payments made prior to lease commencement and for any lease incentives. > Refer to “Note 21 – Other assets and other liabilities”, “Note 22 – Leases” and “Note 24 – Long-term debt” for further information. Periods covered by options that permit the Bank to extend or terminate a lease are only included in the measurement of right-of-use assets and lease liabilities when it is reasonably certain that the Bank would exercise the extension option or would not exercise the termination option. Lease payments which depend on an index or a referenced rate are considered unavoidable and are included in the lease liabilities using the index or rate as of the lease commencement date. Other variable lease payments, as well as subsequent changes in an index or referenced rate, are excluded from the lease liabilities. The Bank’s incremental borrowing rate, which is used in determining the present value of lease payments, is derived from information available at the lease commencement date. Operating lease costs, which include amortization and an interest component, are recognized over the remaining lease term on a straight-line basis. Operating and variable lease costs are recognized in general and administrative expenses. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill arises on the acquisition of subsidiaries or additional ownership of 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 Bank’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 Bank evaluates premises, equipment, right-of-use assets 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. The impairment assessment is performed for a group of assets for which largely separate cash flows can be identified. Where the carrying amount for the group of assets exceeds the fair value, the group of assets 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 Bank 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 Bank 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. |
Brokerage receivables and brokerage payables | Brokerage receivables and brokerage payables The Bank recognizes receivables and payables from transactions in financial instruments purchased from and sold to customers, banks and broker-dealers. The Bank 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 Bank 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 Bank 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 Bank 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. Brokerage receivables are assessed for impairment applying the CECL model. Write-offs of brokerage receivables occur if the outstanding amounts are considered uncollectible. |
Other assets - Derivatives used for hedging | 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 liabilities other assets 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 a right to offset exists under an enforceable master netting agreement or a central counterparty’s clearing rules. Where no such rights exist, fair values are recorded on a gross basis. Where hedge accounting is applied, the Bank 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 Bank 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 values of the underlying hedged items are 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 used to present the changes in the fair value of the hedged item. When the Bank discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective 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 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). 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 Bank 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. The Bank 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. |
Customer deposits | 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 | Long-term debt Total long-term debt is composed of debt issuances that do not contain derivative features as well as hybrid debt. Hybrid debt includes capital instruments as well as those issued as part of the Bank’s structured product activities. Long-term debt includes both Swiss franc and foreign currency denominated fixed- and variable-rate bonds. The Bank 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, and the Bank applies hedge accounting per the guidance of ASC Topic 815 – Derivatives and Hedging. The Bank’s long-term debt 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 Bank elected to account for substantially all of these instruments at fair value. Changes in the fair value of fair-value option elected 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 (OCI), net of tax, and recycled to trading revenue when the debt is de-recognized. |
Other liabilities | Guarantees In cases where the Bank acts as a guarantor, the Bank 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. Contingent obligations under issued guarantees not related to a financial obligation such as performance guarantees and non-financial standby letters of credit are assessed for the probability of loss on an ongoing basis. Contingent obligations under issued guarantees related to a financial obligation such as credit guarantees and financial standby letters of credit are assessed for CECL at reporting date. |
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. 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 awards contain performance conditions. The amount of compensation expense recorded takes into account the impact of the applicable performance conditions. 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. Certain employees own equity interests in the form of carried interests in certain funds managed by the Bank. Expenses recognized under these ownership interests are reflected in the consolidated statements of operations in compensation and benefits. |
Pensions and other post-retirement benefits | Pension and other post-retirement benefits Credit Suisse offers defined benefit pension plans that covers eligible employees of the Bank domiciled in Switzerland. For the Bank’s participation in these plans, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank as defined contribution accounting is applied. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in other countries around the world. 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 and is performed by independent qualified actuaries. |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on UBS shares The Bank’s shares are wholly owned by UBS Group AG (UBS) and are not subject to trading. The Bank may buy and sell UBS Group shares and bonds, own bonds and financial instruments on UBS Group shares within its normal trading and market-making activities. UBS Group shares are reported as trading assets. Financial instruments on UBS Group shares are recorded as assets or liabilities and carried at fair value. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
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 Commissions and fees include revenue from contracts with customers. The Bank recognizes revenue when it satisfies a contractual performance obligation. The Bank satisfies a performance obligation when control of the underlying good or services related to the performance obligation is transferred to the customer. Control is the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service. The Bank must determine whether control of a good or service is transferred over time. If so, the related revenue is recognized over time as the good or service is transferred to the customer. If not, control of the good or service is transferred at a point in time. The performance obligations are typically satisfied as the services in the contract are rendered. Revenue is measured based on the consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. The transaction price can be a fixed amount or can vary because of performance bonuses or other similar items. Variable consideration is only included in the transaction price once it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. Generally, no significant judgement is required with respect to recording variable consideration. When another party is involved in providing goods or services to a customer, the Bank must determine whether the nature of its promise is a performance obligation to provide the specified goods or services itself (that is, the Bank is a principal) or to arrange for those goods or services to be provided by the other party (that is, the Bank is an agent). The Bank determines whether it is a principal or an agent for each specified good or service promised to the customer. Gross presentation (revenue on the revenue line and expense on the expense line) is appropriate when the Bank acts as principal in a transaction. Conversely, net presentation (revenue and expenses reported net) is appropriate when the Bank acts as an agent in the transaction. Transaction-related expenses are expensed as incurred. Underwriting expenses are deferred and recognized along with the underwriting revenue. > Refer to “Note 13 – Revenue from contracts with customers” for further information. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) before taxes in 2023 2022 2021 Net revenues (CHF million) Wealth Management 3,058 4,904 5,549 Swiss Bank 3,515 4,228 4,457 Asset Management 659 1,214 1,352 Non-core and Legacy (including Investment Bank) (1,185) 4,635 11,347 Corporate Center 14,586 (61) (9) Adjustments 1 (743) 2 293 346 Net revenues 19,890 15,213 23,042 Income/(loss) before taxes (CHF million) Wealth Management (3,206) 427 1,513 Swiss Bank 180 1,579 1,981 Asset Management (1,432) 202 372 Non-core and Legacy (including Investment Bank) (11,855) (5,323) (4,249) Corporate Center 14,075 (144) (218) Adjustments 1 (1,022) 2 (72) 510 Income/(loss) before taxes (3,260) (3,331) (91) 1 Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank. 2 Includes a gain of CHF 894 million from the write-down of additional tier 1 capital notes relating to Credit Suisse Group AG. Total assets end of 2023 2022 Total assets (CHF million) Wealth Management 86,484 120,524 Swiss Bank 183,724 197,303 Asset Management 1,626 3,091 Non-core and Legacy (including Investment Bank) 108,837 184,951 Corporate Center 74,190 25,488 Adjustments 1 (2,354) (1,318) Total assets 452,507 530,039 1 Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank. |
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) before taxes by geographical location in 2023 2022 2021 Net revenues (CHF million) Switzerland 17,210 7,154 8,382 EMEA (1,488) 523 2,916 Americas 4,270 6,134 8,896 Asia Pacific (102) 1,402 2,848 Net revenues 19,890 15,213 23,042 Income/(loss) before taxes (CHF million) Switzerland 6,689 543 1,659 EMEA (5,891) (2,907) (5,554) Americas (1,312) 374 3,574 Asia Pacific (2,746) (1,341) 230 Income/(loss) before taxes (3,260) (3,331) (91) 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 geographical location end of 2023 2022 Total assets (CHF million) Switzerland 218,948 201,752 EMEA 74,240 93,767 Americas 123,327 181,228 Asia Pacific 35,992 53,292 Total assets 452,507 530,039 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, 2023 | |
Net interest income | in 2023 2022 2021 Net interest income (CHF million) Loans 8,225 5,900 4,993 Investment securities 74 14 1 Trading assets, net of trading liabilities 1 1,241 2,540 2,839 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,803 2,135 1,172 Other 4,700 1,676 588 Interest and dividend income 17,043 12,265 9,593 Deposits (3,880) (1,749) (151) Short-term borrowings (2,140) (227) 3 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (648) (769) (812) Long-term debt (6,136) (3,438) (2,437) Other (828) (685) (271) Interest expense (13,632) (6,868) (3,668) Net interest income 3,411 5,397 5,925 1 Interest and dividend income is presented on a net basis to align with the presentation of trading revenues for trading assets and liabilities. |
Commissions and fees (Tables)
Commissions and fees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commissions and fees | in 2023 2022 2021 Commissions and fees (CHF million) Lending business 663 1,431 1,870 Investment and portfolio management 2,478 3,028 3,401 Other securities business 67 61 59 Fiduciary business 2,545 3,089 3,460 Underwriting 90 560 2,560 Brokerage 1,281 2,265 3,088 Underwriting and brokerage 1,371 2,825 5,648 Other services 777 1,516 2,202 Commissions and fees 5,356 8,861 13,180 |
Trading revenues (Tables)
Trading revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trading revenues | in 2023 2022 2021 Trading revenues (CHF million) 1 Interest rate products (1,734) (1,367) 1,081 Foreign exchange products 851 521 1,133 Equity/index-related products (356) 427 1,589 Credit products (565) 540 (1,416) Commodity and energy products (29) 8 (6) Other products (283) (654) (10) Trading revenues (2,116) (525) 2,371 1 The classification of certain product types has been revised, prior periods have been reclassified to conform to the current presentation. |
Other revenues (Tables)
Other revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other revenues | in 2023 2022 2021 Other revenues (CHF million) Loans held-for-sale (1,675) (133) (90) Long-lived assets held-for-sale 0 355 232 Equity method investments (138) 167 60 Other investments (660) (38) 256 Other 15,712 1 1,129 1,108 Other revenues 13,239 1,480 1,566 1 Includes the write-down of additional tier 1 capital notes. Refer to "Note 3 – Business developments and subsequent events" for further information. |
Provision for credit losses (Ta
Provision for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provision for credit losses | in 2023 2022 2021 Provision for credit losses (CHF million) Loans held at amortized cost 895 190 (23) Other financial assets held at amortized cost 127 (135) 1 4,295 1 Off-balance sheet credit exposures 6 (40) (63) Provision for credit losses 1,028 15 4,209 1 Primarily reflected a provision/(release of provision) for credit losses of CHF (155) 2022 2021 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Compensation and benefits | in 2023 2022 2021 Compensation and benefits (CHF million) Salaries and variable compensation 6,696 6,376 6,730 Social security 501 508 530 Other 1 685 805 751 Compensation and benefits 7,882 7,689 8,011 1 Included pension-related expenses of CHF 427 million, CHF 440 million and CHF 497 million in 2023, 2022 and 2021, respectively, relating to service costs for defined benefit pension plans and employer contributions for defined contribution pension plans. |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General and administrative expenses | in 2023 2022 2021 General and administrative expenses (CHF million) Occupancy expenses 1,458 889 893 IT, machinery and equipment 2,775 1,591 1,218 Provisions and losses 1,389 1,529 1,489 Travel and entertainment 157 206 127 Professional services 4,121 3,985 3,625 Communication and market data services 423 473 458 Amortization and impairment of other intangible assets 31 4 8 Other 1 454 661 763 General and administrative expenses 10,808 9,338 8,581 1 Included pension-related expenses/(credits) of CHF (33) (10) |
Restructuring expenses (Tables)
Restructuring expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2023 2022 2021 Restructuring expenses by segment (CHF million) Wealth Management 46 96 16 Swiss Bank 36 22 11 Asset Management 6 16 3 Non-core and Legacy (including Investment Bank) 288 350 75 Corporate Center 48 49 (2) Adjustments 1 (31) (66) 10 Total restructuring expenses 393 467 113 1 Adjustments represent certain consolidating entries, including those relating to entities that are managed but are not owned or wholly owned by the Bank. Restructuring expenses by type in 2023 2022 2021 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 161 350 45 of which severance expenses 88 150 26 of which accelerated deferred compensation 66 191 19 General and administrative-related expenses 232 117 68 of which pension expenses 15 8 4 Total restructuring expenses 393 467 113 |
Restructuring Provisions [Table Text Block] | Restructuring liabilities 2023 2022 2021 Compen- General and Compen- General and Compen- General and Restructuring liabilities (CHF million) Balance at beginning of period 114 0 114 19 0 19 47 2 49 Net additional charges 1 88 119 207 150 73 223 26 32 58 Reclassifications – – – – – – (22) (3) (25) 2 Utilization (187) (119) (306) (55) (73) (128) (32) (31) (63) Balance at end of period 15 0 15 114 0 114 19 0 19 1 The following items for which expense accretion was accelerated in 2023, 2022 and 2021 due to the restructuring of the Bank were not included in the restructuring liabilities: unsettled share-based compensation of CHF 11 million, CHF 94 million and CHF 13 million, respectively, which remained classified as a component of total shareholders' equity; other personnel-related charges of CHF 63 million, CHF 106 million and CHF 7 million, respectively, which remained classified as compensation liabilities; unsettled pension obligations of CHF 15 million, CHF 8 million and CHF 4 million, respectively, which remained classified as pension liabilities; and accelerated accumulated depreciation and impairment of CHF 97 million, CHF 36 million and CHF 31 million, respectively, which remained classified as premises and equipment. The settlement date for the unsettled share-based compensation remained unchanged at three years. 2 Reclassified within other liabilities. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contract with Customer, Asset and Liability [Table Text Block] | Contracts with customers and disaggregation of revenues in 2023 2022 2021 Contracts with customers (CHF million) Investment and portfolio management 2,478 3,028 3,401 Other securities business 67 61 61 Underwriting 90 560 2,560 Brokerage 1,280 2,264 3,087 Other services 775 1,566 2,244 Total revenues from contracts with customers 4,690 7,479 11,353 |
Revenue from External Customers by Products and Services [Table Text Block] | Contract balances end of 2023 2022 Contract balances (CHF million) Contract receivables 457 686 Contract liabilities 47 54 Contract balances in 4Q23 3Q23 2Q23 1Q23 Revenue recognized (CHF million) Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 29 (17) 7 10 |
Securities borrowed, lent and_2
Securities borrowed, lent and subject to repurchase agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Securities borrowed, lent and subject to repurchase agreements | end of 2023 2022 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 46,813 42,256 Deposits paid for securities borrowed 400 16,542 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 47,213 58,798 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 821 19,421 Deposits received for securities lent 134 950 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 955 20,371 Amounts shown are after counterparty and cash collateral netting. |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment securities | end of 2023 2022 Investment securities (CHF million) Debt securities held-to-maturity 1,417 921 Debt securities available-for-sale 4 796 Total investment securities 1,421 1,717 |
Investment securities by type | Investment securities by type 2023 2022 Allowance Gross Gross Allowance Gross Gross Investment securities by type (CHF million) Foreign governments 1,259 0 0 110 1,149 921 0 0 40 881 Corporate debt securities 158 0 0 7 151 0 0 0 0 0 Debt securities held-to-maturity 1,417 1 0 0 117 1,300 921 1 0 0 40 881 Corporate debt securities 4 0 0 0 4 952 0 0 156 796 Debt securities available-for-sale 4 2 0 0 0 4 952 2 0 0 156 796 1 Excludes accrued interest on debt securities held-to-maturity of CHF 19 million and CHF 10 million as of the end of 2023 and 2022, respectively, with no related allowance for credit losses. Accrued interest is reported in other assets in the consolidated balance sheet. 2 Excludes accrued interest on debt securities available-for-sale of CHF 0 million and CHF 1 million as of the end of 2023 and 2022, respectively. Accrued interest is reported in other assets in the consolidated balance sheet. |
Gross unrealized losses on investment securities and the related fair value | Gross unrealized losses on debt securities and the related fair value Less than 12 months 12 months or more Total Gross Gross Gross 2022 (CHF million) Corporate debt securities 374 58 404 98 778 156 Debt securities available-for-sale 374 58 404 98 778 156 |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | Proceeds from sales, realized gains and realized losses from debt securities available-for-sale in 2023 2022 2021 Sales of debt securities available-for-sale (CHF million) Proceeds from sales 845 44 0 Realized losses (4) (6) 0 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Debt securities Average Average 2023 (CHF million) Due within 1 year 0 0 0.00 4 4 33.55 Due from 1 to 5 years 1,417 1,300 3.66 0 0 0.00 Total debt securities 1,417 1 1,300 3.66 4 2 4 33.55 1 Excluded accrued interest on debt securities held-to-maturity of CHF 19 million. 2 Excluded accrued interest on debt securities available-for-sale of CHF 0 million. |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other investments | end of 2023 2022 Other investments (CHF million) Equity method investments 1,856 1,618 Equity securities (without a readily determinable fair value) 1 1,691 3,212 of which at net asset value 101 72 of which at measurement alternative 49 366 of which at fair value 1,503 2,727 of which at cost less impairment 38 47 Real estate held-for-investment 2 31 46 Life finance instruments 3 439 587 Total other investments 4,017 5,463 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 the end of 2023 and 2022, real estate held-for-investment included foreclosed or repossessed real estate of CHF 6 million and CHF 20 million, respectively, of which CHF 6 million and CHF 20 million, respectively, were related to residential real estate. 3 Includes single premium immediate annuity contracts. |
Impairments and adjustments on equity securities at measurement alternative | Equity securities at measurement alternative in / end of 2023 Cumulative 2022 Impairments and adjustments (CHF million) Impairments and downward adjustments (14) (66) (12) Upward adjustments 0 147 9 |
Loans, allowance for loan los_2
Loans, allowance for loan losses and credit quality (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans | Loans end of 2023 2022 Loans (CHF million) Mortgages 100,606 107,484 Loans collateralized by securities 26,380 37,639 Consumer finance 5,608 5,701 Consumer 132,594 150,824 Real estate 21,201 25,463 Commercial and industrial loans 48,351 62,740 Financial institutions 14,693 27,955 Governments and public institutions 1,616 2,555 Corporate & institutional 85,861 118,713 Gross loans 218,455 269,537 of which held at amortized cost 215,997 262,179 of which held at fair value 2,458 7,358 Net (unearned income)/deferred expenses (34) (71) Allowance for credit losses (1,680) (1,362) Net loans 216,741 268,104 Gross loans by location Switzerland 151,681 166,982 Foreign 66,774 102,555 Gross loans 218,455 269,537 Impaired loans Non-performing loans 1,618 1,614 Non-interest-earning loans 308 338 Non-accrual loans 1,926 1,952 Restructured loans 1 – 484 Potential problem loans 1,349 977 Other impaired loans 1,349 1,461 Gross impaired loans 2 3,275 3,413 1 In connection with the adoption of new accounting guidance for loan modifications on January 1, 2023, the previous accounting guidance for troubled debt restructurings was superseded, with disclosures under the new accounting guidance applied prospectively. Accordingly, restructured loans were reclassified to either potential problem loans or non-impaired loans and are no longer presented as their own impaired loan category. 2 As of December 31, 2023 and 2022, CHF 110 million and CHF 130 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. |
CECL - Financial instruments _2
CECL - Financial instruments measured at amortized cost and credit losses (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2023 | |
Financial instruments measured at amortized costs | Overview of financial instruments measured at amortized cost – by balance sheet position 2023 2022 1 Allowance Net 1 Allowance Net CHF million Cash and due from banks 124,946 (108) 124,838 67,548 0 67,548 Interest-bearing deposits with banks 383 2 0 383 373 4 0 373 Securities purchased under resale agreements and securities borrowing transactions 20,976 2 0 20,976 18,005 4 0 18,005 Debt securities held-to-maturity 1,417 2 0 1,417 921 4 0 921 Loans 215,963 2,3 (1,680) 214,283 262,108 4,5 (1,362) 260,746 Brokerage receivables 2,216 0 2,216 17,899 (4,081) 13,818 Other assets 22,991 (53) 22,938 23,521 (37) 23,484 Total 388,892 (1,841) 387,051 390,375 (5,480) 384,895 1 Net of unearned income/deferred expenses, as applicable. 2 Excluded accrued interest in the total amount of CHF 465 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million related to interest-bearing deposits with banks, CHF 3 million to securities purchased under resale agreements and securities borrowing transactions, CHF 19 million to debt securities held-to-maturity and CHF 442 million to loans. These accrued interest balances are reported in other assets. 3 Included interest of CHF 88 million on non-accrual loans which were reported as part of the loans' amortized cost balance. 4 Excluded accrued interest in the total amount of CHF 549 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million related to interest-bearing deposits with banks, CHF 4 million to securities purchased under resale agreements and securities borrowing transactions, CHF 10 million to debt securities held-to-maturity and CHF 534 million to loans. These accrued interest balances are reported in other assets. 5 Included interest of CHF 102 million on non-accrual loans which were reported as part of the loans' amortized cost balance. | |
Allowance for credit losses - loans held at amortized cost | Allowance for credit losses – loans held at amortized cost 2023 2022 2021 Corporate & Corporate & Corporate & Allowance for credit losses (CHF million) Balance at beginning of period 359 1,007 1,366 1 357 939 1,296 318 1,217 1,535 Current-period provision for expected credit losses 180 833 1,013 57 184 241 78 (53) 25 of which methodology changes 0 5 5 0 0 0 0 (1) (1) of which provisions for interest 2 60 58 118 22 29 51 25 23 48 Gross write-offs (58) (542) (600) (65) (116) (181) (55) (242) (297) Recoveries 10 1 11 12 3 15 9 5 14 Net write-offs (48) (541) (589) (53) (113) (166) (46) (237) (283) Foreign currency translation impact and other adjustments, net (26) (84) (110) (2) (7) (9) 7 12 19 Balance at end of period 465 1,215 1,680 359 1,003 1,362 357 939 1,296 of which individually evaluated 311 863 1,174 273 572 845 273 512 785 of which collectively evaluated 154 352 506 86 431 517 84 427 511 1 Included a net impact of CHF 4 million from the adoption of new accounting guidance for loan modifications on January 1, 2023, all of which were reflected in corporate & institutional loans. 2 Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income. | |
Purchases, reclassifications and sales - loans held at amortized cost | Purchases, reclassifications and sales – loans held at amortized cost 2023 2022 2021 Corporate & Corporate & Corporate & CHF million Purchases 1 69 4,714 4,783 17 4,603 4,620 22 4,361 4,383 Reclassifications from loans held-for-sale 2 0 30 30 0 95 95 0 133 133 Reclassifications to loans held-for-sale 3 0 10,824 10,824 0 9,516 9,516 0 4,780 4,780 Sales 3 0 2,454 2,454 0 2,485 2,485 0 4,442 4,442 Reclassifications from loans held-for-sale and reclassifications to loans held-for-sale represent non-cash transactions. 1 Includes drawdowns under purchased loan commitments. 2 Reflects loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held at amortized cost. 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. | |
CECL Macro economic factors | Selected macroeconomic factors Forecast Forecast EU nominal GDP growth rate (%) Baseline 3.9 3.2 Mild debt crisis (1.0) 0.4 Stagflationary geopolitical crisis 3.3 2.1 US real GDP growth rate (%) Baseline 0.7 2.4 Mild debt crisis (0.6) 0.3 Stagflationary geopolitical crisis (3.3) (1.2) Swiss nominal GDP growth rate (%) Baseline 2.7 3.2 Mild debt crisis (1.0) 0.0 Stagflationary geopolitical crisis 0.7 2.0 China real GDP growth rate (%) Baseline 4.1 4.8 Mild debt crisis 2.2 3.3 Stagflationary geopolitical crisis (1.5) 1.4 Average earnings of bulk carriers (USD per day) Baseline 12,552 12,346 Mild debt crisis 10,096 10,930 Stagflationary geopolitical crisis 8,614 10,391 Average earnings of tankers (USD per day) Baseline 49,865 53,895 Mild debt crisis 42,458 38,392 Stagflationary geopolitical crisis 31,758 25,269 Forecast Forecast US real GDP growth rate (%) Downside (1.7) 0.5 Baseline 0.9 1.5 Upside 1.2 2.0 World industrial production (%) Downside (6.8) 0.4 Baseline 1.2 1.9 Upside 3.9 3.9 China real GDP growth rate (%) Downside (0.9) 2.1 Baseline 4.5 4.9 Upside 6.2 5.8 EU nominal GDP growth rate (%) Downside 3.4 2.3 Baseline 5.2 4.1 Upside 5.5 3.8 Swiss nominal GDP growth rate (%) Downside 0.0 1.0 Baseline 2.7 2.0 Upside 3.2 2.1 Forecasts for GDP rates represent average annual growth rates while forecasts for average ship earnings represent levels at the end of the forcast period. | |
Allowance for Credit Losses on Other Financing Instruments [Table Text Block] | Allowance for credit losses – other financial assets held at amortized cost 2023 2022 2021 Allowance for credit losses (CHF million) Balance at beginning of period 4,118 4,214 48 Current-period provision for expected credit losses 127 (135) 4,295 of which methodology changes 3 0 0 Gross write-offs (4,035) (7) (8) Recoveries 2 0 0 Net write-offs (4,033) (7) (8) Foreign currency translation impact and other adjustments, net (51) 46 (121) Balance at end of period 161 4,118 4,214 of which individually evaluated 129 4,096 4,200 of which collectively evaluated 32 22 14 | |
Loans held at amortized cost by internal counterparty rating | Consumer loans held at amortized cost by internal counterparty rating 2023 2022 Gross end of AAA to BBB BB to C D Total AAA to BBB BB to C D Total CHF million Mortgages 2023 / 2022 10,953 687 5 11,645 0 12,501 1,540 8 14,049 2022 / 2021 10,154 1,220 30 11,404 0 21,627 1,396 45 23,068 2021 / 2020 17,263 977 76 18,316 0 12,869 1,111 19 13,999 2020 / 2019 11,009 835 86 11,930 0 10,029 1,271 67 11,367 2019 / 2018 9,096 1,161 89 10,346 0 6,609 650 36 7,295 Prior years 34,366 1,632 172 36,170 9 34,525 1,931 210 36,666 Total term loans 92,841 6,512 458 99,811 9 98,160 7,899 385 106,444 Revolving loans 635 160 0 795 0 229 807 4 1,040 Total 93,476 6,672 458 100,606 9 98,389 8,706 389 107,484 Loans collateralized by securities 2023 / 2022 404 398 0 802 0 562 552 0 1,114 2022 / 2021 98 17 0 115 0 1,496 381 0 1,877 2021 / 2020 1,197 253 0 1,450 0 307 721 0 1,028 2020 / 2019 87 0 0 87 0 35 143 0 178 2019 / 2018 0 97 0 97 0 16 25 0 41 Prior years 658 236 0 894 0 803 188 0 991 Total term loans 2,444 1,001 0 3,445 0 3,219 2,010 0 5,229 Revolving loans 1 20,928 1,731 276 22,935 0 30,023 2,124 263 32,410 Total 23,372 2,732 276 26,380 0 33,242 4,134 263 37,639 Consumer finance 2023 / 2022 2,149 842 17 3,008 1 2,135 1,005 8 3,148 2022 / 2021 686 428 21 1,135 6 650 334 15 999 2021 / 2020 373 251 19 643 5 307 200 15 522 2020 / 2019 119 178 16 313 5 120 183 18 321 2019 / 2018 34 96 16 146 5 26 87 15 128 Prior years 19 91 48 158 26 14 80 44 138 Total term loans 3,380 1,886 137 5,403 48 3,252 1,889 115 5,256 Revolving loans 69 50 69 188 1 318 42 69 429 Total 3,449 1,936 206 5,591 49 3,570 1,931 184 5,685 Consumer – total 2023 / 2022 13,506 1,927 22 15,455 1 15,198 3,097 16 18,311 2022 / 2021 10,938 1,665 51 12,654 6 23,773 2,111 60 25,944 2021 / 2020 18,833 1,481 95 20,409 5 13,483 2,032 34 15,549 2020 / 2019 11,215 1,013 102 12,330 5 10,184 1,597 85 11,866 2019 / 2018 9,130 1,354 105 10,589 5 6,651 762 51 7,464 Prior years 35,043 1,959 220 37,222 35 35,342 2,199 254 37,795 Total term loans 98,665 9,399 595 108,659 57 104,631 11,798 500 116,929 Revolving loans 21,632 1,941 345 23,918 1 30,570 2,973 336 33,879 Total 120,297 11,340 940 132,577 58 135,201 14,771 836 150,808 1 Lombard loans are generally classified as revolving loans. Corporate & institutional loans held at amortized cost by internal counterparty rating 2023 2022 Gross end of AAA to BBB BB to C D Total AAA to BBB BB to C D Total CHF million Real estate 2023 / 2022 2,663 1,907 35 4,605 24 3,601 2,499 5 6,105 2022 / 2021 1,926 1,007 129 3,062 0 7,001 2,441 0 9,442 2021 / 2020 4,431 1,283 164 5,878 0 3,071 855 4 3,930 2020 / 2019 2,402 725 10 3,137 0 959 297 56 1,312 2019 / 2018 818 230 31 1,079 0 698 219 1 918 Prior years 2,298 304 23 2,625 0 2,109 217 24 2,350 Total term loans 14,538 5,456 392 20,386 24 17,439 6,528 90 24,057 Revolving loans 300 279 136 715 0 694 281 125 1,100 Total 14,838 5,735 528 21,101 24 18,133 6,809 215 25,157 Commercial and industrial loans 2023 / 2022 6,599 8,126 422 15,147 26 7,858 11,181 263 19,302 2022 / 2021 2,635 3,237 81 5,953 11 3,576 4,204 212 7,992 2021 / 2020 2,121 2,394 94 4,609 22 1,810 2,251 178 4,239 2020 / 2019 1,360 1,259 124 2,743 7 1,566 2,359 130 4,055 2019 / 2018 959 1,440 57 2,456 1 742 1,343 161 2,246 Prior years 1,714 1,838 192 3,744 10 1,619 2,355 204 4,178 Total term loans 15,388 18,294 970 34,652 77 17,171 23,693 1,148 42,012 Revolving loans 7,607 4,015 245 11,867 117 10,277 6,799 278 17,354 Total 22,995 22,309 1,215 46,519 194 27,448 30,492 1,426 59,366 Financial institutions 2023 / 2022 5,281 770 41 6,092 0 4,480 1,026 90 5,596 2022 / 2021 759 166 0 925 0 2,850 856 0 3,706 2021 / 2020 656 307 0 963 0 1,034 67 0 1,101 2020 / 2019 556 132 0 688 0 602 7 0 609 2019 / 2018 239 4 0 243 0 521 2 1 524 Prior years 632 31 1 664 0 (940) 71 1 (868) Total term loans 8,123 1,410 42 9,575 0 8,547 2,029 92 10,668 Revolving loans 3,592 351 1 3,944 324 10,111 822 110 11,043 Total 11,715 1,761 43 13,519 324 18,658 2,851 202 21,711 Governments and public institutions 2023 / 2022 121 23 4 148 0 147 22 0 169 2022 / 2021 371 4 0 375 0 458 35 0 493 2021 / 2020 75 26 0 101 0 126 40 0 166 2020 / 2019 123 26 0 149 0 97 1 10 108 2019 / 2018 93 1 1 95 0 55 0 0 55 Prior years 141 7 1 149 0 171 15 1 187 Total term loans 924 87 6 1,017 0 1,054 113 11 1,178 Revolving loans 9 4 0 13 0 9 0 0 9 Total 933 91 6 1,030 0 1,063 113 11 1,187 Corporate & institutional – total 2023 / 2022 14,664 10,826 502 25,992 50 16,086 14,728 358 31,172 2022 / 2021 5,691 4,414 210 10,315 11 13,885 7,536 212 21,633 2021 / 2020 7,283 4,010 258 11,551 22 6,041 3,213 182 9,436 2020 / 2019 4,441 2,142 134 6,717 7 3,224 2,664 196 6,084 2019 / 2018 2,109 1,675 89 3,873 1 2,016 1,564 163 3,743 Prior years 4,785 2,180 217 7,182 10 2,959 2,658 230 5,847 Total term loans 38,973 25,247 1,410 65,630 101 44,211 32,363 1,341 77,915 Revolving loans 11,508 4,649 382 16,539 441 21,091 7,902 513 29,506 Total 50,481 29,896 1,792 82,169 542 65,302 40,265 1,854 107,421 Total loans held at amortized cost by internal counterparty rating 2023 2022 Gross end of AAA to BBB BB to C D Total AAA to BBB BB to C D Total CHF million Loans held at amortized cost – total 2023 / 2022 28,170 12,753 524 41,447 51 31,284 17,825 374 49,483 2022 / 2021 16,629 6,079 261 22,969 17 37,658 9,647 272 47,577 2021 / 2020 26,116 5,491 353 31,960 27 19,524 5,245 216 24,985 2020 / 2019 15,656 3,155 236 19,047 12 13,408 4,261 281 17,950 2019 / 2018 11,239 3,029 194 14,462 6 8,667 2,326 214 11,207 Prior years 39,828 4,139 437 44,404 45 38,301 4,857 484 43,642 Total term loans 137,638 34,646 2,005 174,289 158 148,842 44,161 1,841 194,844 Revolving loans 33,140 6,590 727 40,457 442 51,661 10,875 849 63,385 Total loans to third parties 170,778 41,236 2,732 214,746 600 200,503 55,036 2,690 258,229 Total loans to entities under common control 1,251 0 0 1,251 0 3,920 30 0 3,950 Total 172,029 41,236 2,732 215,997 1 600 204,423 55,066 2,690 262,179 1 1 Excluded accrued interest on loans held at amortized cost of CHF 442 million and CHF 534 million as of December 31, 2023 and 2022, respectively. | |
Other Financial Assets Credit Quality Indicators [Table Text Block] | Other financial assets held at amortized cost by internal counterparty rating 2023 2022 Gross end of AAA to BBB BB to C D Total AAA to BBB BB to C D Total CHF million Other financial assets held at amortized cost 2023 / 2022 0 0 0 0 0 0 0 0 0 2022 / 2021 0 7 0 7 0 0 7 0 7 2021 / 2020 0 0 0 0 0 0 0 0 0 2020 / 2019 0 0 0 0 0 0 0 0 0 2019 / 2018 0 0 0 0 0 0 47 0 47 Prior years 0 0 0 0 0 0 0 0 0 Total term positions 0 7 0 7 0 0 54 0 54 Revolving positions 0 1,264 0 1,264 0 0 1,711 0 1,711 Total 0 1,271 0 1,271 0 0 1,765 0 1,765 Includes primarily mortgage servicing advances and failed purchases. | |
Past Due Financing Receivables [Table Text Block] | Loans held at amortized cost – past due Current Past due Up to 31–60 61–90 More than 2023 (CHF million) Mortgages 100,160 86 42 10 308 446 100,606 Loans collateralized by securities 26,089 1 0 0 290 291 26,380 Consumer finance 5,008 268 80 63 172 583 5,591 Consumer 131,257 355 122 73 770 1,320 132,577 Real estate 20,705 36 28 0 332 396 21,101 Commercial and industrial loans 45,677 192 225 16 409 842 46,519 Financial institutions 13,347 126 7 37 2 172 13,519 Governments and public institutions 1,020 8 0 0 2 10 1,030 Corporate & institutional 80,749 362 260 53 745 1,420 82,169 Total loans to third parties 212,006 717 382 126 1,515 2,740 214,746 Total loans to entities under common control 1,251 0 0 0 0 0 1,251 Total loans held at amortized cost 213,257 717 382 126 1,515 2,740 215,997 1 2022 (CHF million) Mortgages 107,033 66 43 8 334 451 107,484 Loans collateralized by securities 37,308 43 4 3 281 331 37,639 Consumer finance 5,147 248 82 63 145 538 5,685 Consumer 149,488 357 129 74 760 1,320 150,808 Real estate 24,946 35 49 0 127 211 25,157 Commercial and industrial loans 58,267 320 42 24 713 1,099 59,366 Financial institutions 21,480 72 0 0 159 231 21,711 Governments and public institutions 1,171 5 0 0 11 16 1,187 Corporate & institutional 105,864 432 91 24 1,010 1,557 107,421 Total loans to third parties 255,352 789 220 98 1,770 2,877 258,229 Total loans to entities under common control 3,950 0 0 0 0 0 3,950 Total loans held at amortized cost 259,302 789 220 98 1,770 2,877 262,179 1 1 Excluded accrued interest on loans held at amortized cost of CHF 442 million and CHF 534 million as of December 31, 2023 2022 | |
Past due loans, held at amortized cost [Table Text Block] | Non-accrual loans held at amortized cost 2023 2022 Amortized Amortized CHF million Mortgages 383 462 8 51 572 383 4 64 Loans collateralized by securities 283 291 0 0 262 283 4 2 Consumer finance 188 210 4 0 205 188 3 8 Consumer 854 963 12 51 1,039 854 11 74 Real estate 127 355 8 7 167 127 1 1 Commercial and industrial loans 801 520 12 48 686 801 9 30 Financial institutions 159 77 0 0 41 159 7 0 Governments and public institutions 11 11 0 1 19 11 1 0 Corporate & institutional 1,098 963 20 56 913 1,098 18 31 Total loans held at amortized cost 1,952 1,926 32 107 1,952 1,952 29 105 | |
Troubled Debt Restructurings on Financing Receivables Effect [Table Text Block] | Loan modifications – modification effects in 2023 Principal forgiveness (PF) (CHF million) Mortgages 11.7 Commercial and industrial loans 7.2 Total 18.9 Interest rate reduction (IRR) (WAIRR in %) Mortgages 1.33 Loans collateralized by securities 0.72 Consumer finance 2.71 Real estate 1.50 Commercial and industrial loans 0.94 Financial institutions 2.00 Total 0.94 Term extension (TE) (WATE in years) Mortgages 0.09 Real estate 1.25 Commercial and industrial loans 1.14 Financial institutions 0.58 Total 0.95 Other than insignificant payment delay (OtIPD) (CHF million) Commercial and industrial loans 7.8 Combination of IRR and TE Commercial and industrial loans Interest rate reduction (%) 0.29 Term extension (Years) 1.44 Combination of IRR and OtIPD Commercial and industrial loans Interest rate reduction (%) 0.90 Payment delay (CHF million) 0.4 Combination of TE and OtIPD Commercial and industrial loans Term extension (Years) 2.72 Payment delay (CHF million) 22.0 PF = Principal forgiveness; IRR = Interest rate reduction; TE = Term extension; OtIPD = Other than insignificant payment delay; WAIRR = Weighted average interest rate reduction; WATE = Weighted average term extension. | |
Restructured financing receivables held at amortized cost that defaulted within 12 months from restructuring | Restructured financing receivables held at amortized cost that defaulted within 12 months from restructuring 2022 2021 Number of Recorded Number of Recorded CHF million, except where indicated Loans collateralized by securities 0 0 3 156 Commercial and industrial loans 0 0 1 14 Total loans 0 0 4 170 | |
Restructured financing receivables held at amortized cost | Restructured financing receivables held at amortized cost 2022 2021 Recorded Recorded Recorded Recorded CHF million, except where indicated Loans collateralized by securities 0 0 0 1 33 25 Real estate 1 102 82 1 2 2 Commercial and industrial loans 15 204 182 18 402 394 Financial institutions 0 0 0 1 44 44 Total loans 16 306 264 21 481 465 | |
Restructured financing receivables by type | Loan modifications by type 2023 In percent Principal forgiveness (PF) Mortgages 0.6 0.00 Commercial and industrial loans 0.4 0.00 Total 1.0 – Interest rate reduction (IRR) Mortgages 3.9 0.00 Loans collateralized by securities 15.1 0.06 Consumer finance 0.0 0.00 Real estate 1.2 0.01 Commercial and industrial loans 58.2 0.13 Financial institutions 0.8 0.01 Total 79.2 – Term extension (TE) Mortgages 45.7 0.05 Real estate 63.9 0.30 Commercial and industrial loans 108.5 0.23 Financial institutions 1.2 0.01 Total 219.3 – Other than insignificant payment delay (OtIPD) Commercial and industrial loans 28.0 0.06 Combination of IRR and TE Commercial and industrial loans 13.2 0.03 Combination of IRR and OtIPD Commercial and industrial loans 0.5 0.00 Combination of TE and OtIPD Commercial and industrial loans 37.6 0.08 Total loan modifications Mortgages 50.2 0.05 Loans collateralized by securities 15.1 0.06 Real estate 65.1 0.31 Commercial and industrial loans 246.4 0.53 Financial institutions 2.0 0.02 Total 378.8 0.18 PF = Principal forgiveness; IRR = Interest rate reduction; TE = Term extension; OtIPD = Other than insignificant payment delay. The following table presents the modification effect of the Bank’s loan modifications executed in 2023, by type of loan modification (and any combination thereof). |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill | Wealth Swiss Asset Non-core 1 Gross amount of goodwill (CHF million) Balance at beginning of period 1,281 481 1,106 4,890 7,758 Foreign currency translation impact (10) (25) (31) 0 (66) Other 0 0 (30) 30 0 Balance at end of period 1,271 456 1,045 4,920 7,692 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 4,890 4,890 Impairment losses 1,271 2 0 1,045 2 30 2,346 Balance at end of period 1,271 0 1,045 4,920 7,236 Net book value (CHF million) Net book value 0 456 0 0 456 2022 Gross amount of goodwill (CHF million) Balance at beginning of period 1,300 480 1,101 4,867 7,748 Foreign currency translation impact 4 1 5 0 10 Other (23) 0 0 23 0 Balance at end of period 1,281 481 1,106 4,890 7,758 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 4,867 4,867 Impairment losses 0 0 0 23 23 Balance at end of period 0 0 0 4,890 4,890 Net book value (CHF million) Net book value 1,281 481 1,106 0 2,868 Segments are shown net of adjustments regarding certain consolidating entities, including those relating to entities that are managed but are not owned or fully owned by Credit Suisse. 1 Gross amount of goodwill and accumulated impairment included CHF 12 million related to legacy business transferred to the former Strategic Resolution Unit in 4Q15 and fully written off at the time of transfer, in addition to the divisions disclosed. 2 Includes adjustments regarding certain consolidating entities of CHF 23 million for Wealth Management and CHF 6 million for Asset Management. |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other intangible assets | 2023 2022 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (23) 4 25 (25) 0 Client relationships 19 (2) 17 29 (9) 20 Other 6 (3) 3 5 (3) 2 Total amortizing other intangible assets 52 (28) 24 59 (37) 22 Non-amortizing other intangible assets 298 – 298 430 – 430 of which mortgage servicing rights, at fair value 305 – 305 403 – 403 Total other intangible assets 350 (28) 322 489 (37) 452 |
Additional information | Additional information in 2023 2022 2021 Aggregate amortization and impairment (CHF million) Aggregate amortization 3 4 8 Impairment 28 0 0 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2024 1 2025 1 2026 1 2027 1 2028 2 |
Other assets and other liabil_2
Other assets and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other assets and other liabilities | end of 2023 2022 Other assets (CHF million) Cash collateral on derivative instruments 6,718 7,723 Cash collateral on non-derivative transactions 289 647 Derivative instruments used for hedging 1 3 0 Assets held-for-sale 12,992 16,112 of which loans 2 12,929 16,090 allowance for loans held-for-sale (1,154) (101) of which real estate 3 62 22 of which long-lived assets 1 0 Premises and equipment, net and right-of-use assets 2,674 5,799 Assets held for separate accounts 59 64 Interest and fees receivable 2,197 2,609 Deferred tax assets 71 259 Prepaid expenses 404 812 of which cloud computing arrangement implementation costs 10 65 Failed purchases 324 801 Defined benefit pension and post-retirement plan assets 519 560 Other 4,573 6,367 of which digital asset safeguarding assets 127 102 Other assets 30,823 41,753 1 Amounts shown after counterparty and cash collateral netting. 2 Included as of the end of 2023 and 2022 were CHF 99 million and CHF 458 million, respectively, in restricted loans, which represented collateral on secured borrowings. 3 As of the end of 2023 and 2022, real estate held-for-sale included foreclosed or repossessed real estate of CHF 46 million and CHF 21 million, respectively, of which CHF 46 million and CHF 21 million, respectively, were related to residential real estate. end of 2023 2022 Other liabilities (CHF million) Cash collateral on derivative instruments 677 2,079 Cash collateral on non-derivative transactions 392 431 Derivative instruments used for hedging 1 447 154 Operating leases liabilities 1,420 1,749 Provisions 2,611 1,494 of which expected credit losses on off-balance sheet credit exposures 185 217 Restructuring liabilities 15 114 Liabilities held for separate accounts 59 64 Interest and fees payable 4,231 3,779 Current tax liabilities 429 524 Deferred tax liabilities 113 670 Failed sales 402 1,471 Defined benefit pension and post-retirement plan liabilities 227 258 Other 3,715 4,039 of which digital asset safeguarding liabilities 364 102 Other liabilities 14,738 16,826 |
Premises, equipment and right-of-use assets | Premises, equipment and right-of-use assets end of 2023 2022 Premises and equipment (CHF million) Buildings and improvements 863 839 Land 213 215 Leasehold improvements 1,238 1,438 Software 1,074 8,261 Equipment 859 990 Premises and equipment 4,247 11,743 Accumulated depreciation (2,666) (7,637) Total premises and equipment, net 1,581 4,106 Right-of-use assets (CHF million) Right-of-use assets 1,093 1,693 Total premises and equipment, net and right-of-use assets 2,674 5,799 |
Depreciation and impairment | Depreciation, amortization and impairment end of 2023 2022 2021 CHF million Depreciation on premises and equipment 805 997 903 Impairment on premises and equipment 1,798 250 20 Amortization and impairment on right-of-use assets 529 256 313 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease, Cost [Table Text Block] | Lease costs end of 2023 2022 2021 Lease costs (CHF million) Operating lease costs 370 279 293 Variable lease costs 42 46 50 Sublease income (51) (65) (75) Total lease costs 361 260 268 |
Lease, Other information pertaining to leases [Table Text Block] | Other information end of 2023 2022 2021 Other information (CHF million) Gains/(losses) on sale-leaseback transactions 0 336 225 Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (344) (336) (334) Right-of-use assets obtained in exchange for new operating lease liabilities 1 35 165 107 Changes to right-of-use assets due to lease modifications for operating leases (1) 74 29 1 Represents non-cash transactions and includes right-of-use assets relating to changes in classification of scope of variable interest entities. |
Lease, Weighted average remaining lease term and discount rate [Table Text Block] | Weighted average remaining lease term and discount rate end of 2023 2022 Operating leases Remaining lease term (years) 8.7 9.2 Discount rate (%) 3.3 3.0 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities relating to operating lease arrangements end of 2023 2022 Maturity (CHF million) Due within 1 year 247 312 Due between 1 and 2 years 236 260 Due between 2 and 3 years 215 236 Due between 3 and 4 years 171 219 Due between 4 and 5 years 139 186 Thereafter 638 811 Operating lease obligations 1,646 2,024 Future interest payable (226) (275) Operating lease liabilities 1,420 1,749 |
Lessor, Lease income [Table Text Block] | Lease income end of 2023 2022 2021 Lease income (CHF million) Interest income on sales-type leases 44 33 25 Interest income on direct financing leases 81 70 68 Lease income from operating leases 65 80 93 Variable lease income 1 3 1 Total lease income 191 186 187 |
Lessor, Net investment in leases [Table Text Block] | Net investments 2023 2022 Sales- Direct Sales- Direct Net investments (CHF million) Lease receivables 1,461 2,530 1,324 2,473 Unguaranteed residual assets 125 4 129 25 Valuation allowances (10) (21) (10) (20) Total net investments 1,576 2,513 1,443 2,478 |
Maturities relating to lessor arrangements [Table Text Block] | Maturities relating to lessor arrangements 2023 2022 Sales- Direct Sales- Direct Maturity (CHF million) Due within 1 year 618 782 48 550 738 57 Due between 1 and 2 years 352 741 47 317 694 58 Due between 2 and 3 years 262 634 45 224 627 55 Due between 3 and 4 years 175 449 37 149 460 53 Due between 4 and 5 years 84 103 19 88 115 44 Thereafter 96 12 116 93 19 136 Total 1,587 2,721 312 1,421 2,653 403 Future interest receivable (126) (191) – (97) (180) – Lease receivables 1,461 2,530 – 1,324 2,473 – |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits | 2023 2022 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 1,276 786 2,062 2,589 1,502 4,091 Interest-bearing demand deposits 77,344 10,004 87,348 102,948 16,295 119,243 Savings deposits 28,105 11 28,116 42,437 1,459 43,896 Time deposits 29,222 63,631 92,853 1 18,695 60,534 79,229 1 Total deposits 135,947 74,432 210,379 2 166,669 79,790 246,459 2 of which due to banks – – 6,952 – – 11,905 of which customer deposits – – 203,427 – – 234,554 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included uninsured time deposits of CHF 91,274 million and CHF 75,123 million as of December 31, 2023 and 2022, respectively, which were in excess of any country-specific insurance limit or which are not covered by an insurance regime. 2 Not included as of December 31, 2023 and 2022 were CHF 40 million and CHF 55 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term debt | end of 2023 2022 Long-term debt (CHF million) Senior 86,328 89,187 Subordinated 40,664 59,378 Non-recourse liabilities from consolidated VIEs 1,492 2,096 Long-term debt 128,484 150,661 of which reported at fair value 32,874 57,919 of which structured notes 26,336 38,925 |
Schedule of Structured notes | end of 2023 2022 Structured notes by product (CHF million) Equity 11,064 21,437 Fixed income 12,596 14,407 Credit 2,518 2,815 Other 158 266 Total structured notes 26,336 38,925 |
Long-term debt by maturities | Long-term debt by maturities end of 2024 2025 2026 2027 2028 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 6,486 7,744 6,444 2,169 4,676 12,448 39,967 Variable rate 10,671 17,829 4,262 2,917 1,780 8,902 46,361 Interest rates (range in %) 1 0.0 – 7.0 0.0 – 8.0 0.0 – 7.9 0.0 – 5.0 0.0 – 7.9 0.0 – 7.1 – Subordinated debt Fixed rate 1,658 5,833 2,932 3,808 109 4,362 18,702 Variable rate 3,835 3,021 49 1,422 4,439 9,196 21,962 Interest rates (range in %) 1 0.4 – 6.6 0.0 – 6.4 0.9 – 5.9 0.7 – 6.4 1.1 – 7.8 0.7 – 9.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 0 206 0 0 0 0 206 Variable rate 602 101 0 19 2 3 2 561 1,286 Interest rates (range in %) 1 0.0 – 7.7 0.0 – 1.9 – – – 0.0 – 6.3 – Total long-term debt 23,252 34,734 13,687 10,335 11,007 35,469 128,484 of which structured notes 6,401 4,599 2,775 2,639 1,201 8,721 26,336 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 0.8 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 modeling 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. 2 Reflects equity linked notes, where the payout is not fixed. |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated other comprehensive income | 1 Gains/ 2023 (CHF million) Balance at beginning of period (1,317) (17,020) (13) (582) (9) 3,874 (15,067) Increase/(decrease) 413 (2,421) (1) (37) 0 2,937 891 Reclassification adjustments, included in net income/(loss) 238 58 0 12 1 (7,721) 2 (7,412) Reclassification adjustments, included in retained earnings 0 1,530 3 19 0 0 0 1,549 Total increase/(decrease) 651 (833) 18 (25) 1 (4,784) (4,972) Balance at end of period (666) (17,853) 5 (607) (8) (910) (20,039) 2022 (CHF million) Balance at beginning of period (95) (16,760) 13 (429) (6) (2,082) (19,359) Increase/(decrease) (454) (260) (21) (170) (4) 5,987 5,078 Reclassification adjustments, included in net income/(loss) (768) 0 (5) 17 1 (31) (786) Total increase/(decrease) (1,222) (260) (26) (153) (3) 5,956 4,292 Balance at end of period (1,317) (17,020) (13) (582) (9) 3,874 (15,067) 2021 (CHF million) Balance at beginning of period 205 (17,517) 13 (460) (11) (2,469) (20,239) Increase/(decrease) (259) 751 0 12 4 284 792 Reclassification adjustments, included in net income/(loss) (41) 6 0 19 1 103 88 Total increase/(decrease) (300) 757 0 31 5 387 880 Balance at end of period (95) (16,760) 13 (429) (6) (2,082) (19,359) 1 No impairments on available-for-sale debt securities were recognized in net income/(loss) in 2023, 2022 and 2021. 2 Included the impact of the additional tier 1 capital notes write-down of CHF 9,048 million and the related tax impact of CHF 1,440 million which represented non-cash transactions. 3 Represented prior cumulative translation adjustments relating to Credit Suisse AG, Luxembourg Branch. The direct reclassification within equity to retained earnings was the result of the transfer of the operations of Credit Suisse AG, Luxembourg Branch to UBS AG, Zurich, which qualified as a common control transaction. |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2023 2022 2021 Reclassification adjustments, included in retained earnings (CHF million) Cumulative translation adjustments Reclassification adjustments 1,530 1 0 0 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 58 2 0 6 Gains/(losses) on cash flow hedges Gross gains/(losses) 3 296 (959) (40) Tax expense/(benefit) (58) 191 (1) Net of tax 238 (768) (41) Actuarial gains/(losses) Amortization of recognized actuarial losses 4 10 21 23 Tax expense/(benefit) 2 (4) (4) Net of tax 12 17 19 Gains/(losses) on liabilities relating to credit risk Reclassification adjustments 5 (9,161) (31) 103 Tax expense/(benefit) 1,440 0 0 Net of tax (7,721) (31) 103 1 Represented prior cumulative translation adjustments relating to Credit Suisse AG, Luxembourg Branch. The direct reclassification within equity to retained earnings was the result of the transfer of the operations of Credit Suisse AG, Luxembourg Branch to UBS AG, Zurich, which qualified as a common control transaction. 2 Included net releases of CHF 58 million on the sale of Holding Verde Empreendimentos e Participações S.A. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 3 Included in interest and dividend income as well as operating expenses. Refer to "Note 31 - Derivatives and hedging activities" for further information. 4 These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. 5 Included in other revenues. |
Offsetting of financial asset_2
Offsetting of financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Offsetting of derivatives | Offsetting of derivatives 2023 2022 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 2.6 2.1 8.6 9.8 OTC 15.3 15.3 25.1 23.5 Interest rate products 17.9 17.4 33.7 33.3 OTC-cleared 0.1 0.1 0.3 0.3 OTC 13.8 17.6 24.9 25.5 Exchange-traded 0.0 0.0 0.0 0.1 Foreign exchange products 13.9 17.7 25.2 25.9 OTC-cleared 0.2 0.1 0.0 0.0 OTC 2.3 3.1 4.3 7.1 Exchange-traded 5.7 5.1 18.6 18.3 Equity/index-related products 8.2 8.3 22.9 25.4 OTC-cleared 0.0 0.0 0.6 0.6 OTC 1.0 1.4 2.4 2.6 Credit derivatives 1.0 1.4 3.0 3.2 OTC-cleared 0.0 0.0 0.1 0.1 OTC 0.6 0.2 0.9 0.4 Exchange-traded 0.1 0.0 0.0 0.0 Other products 1 0.7 0.2 1.0 0.5 OTC-cleared 2.9 2.3 9.6 10.8 OTC 33.0 37.6 57.6 59.1 Exchange-traded 5.8 5.1 18.6 18.4 Total gross derivatives subject to enforceable master netting agreements 41.7 45.0 85.8 88.3 Offsetting (CHF billion) OTC-cleared (2.7) (2.3) (9.5) (10.7) OTC (30.2) (32.7) (50.5) (52.9) Exchange-traded (5.0) (5.0) (18.0) (18.2) Offsetting (37.9) (40.0) (78.0) (81.8) of which counterparty netting (32.1) (32.1) (68.3) (68.3) of which cash collateral netting (5.8) (7.9) 2 (9.7) (13.5) 2 Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.2 0.0 0.1 0.1 OTC 2.8 4.9 7.1 6.2 Exchange-traded 0.8 0.1 0.6 0.2 Total net derivatives subject to enforceable master netting agreements 3.8 5.0 7.8 6.5 Total derivatives not subject to enforceable master netting agreements 3 1.3 1.2 3.3 2.6 Total net derivatives presented in the consolidated balance sheets 5.1 6.2 11.1 9.1 of which recorded in trading assets and trading liabilities 5.1 5.8 11.1 8.9 of which recorded in other assets and other liabilities 0.0 0.4 0.0 0.2 1 Primarily precious metals, commodity and energy products. 2 Includes CHF 7,909 million and CHF 11,924 million as of the end of 2023 and 2022, respectively, related to trading derivatives. 3 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 2023 2022 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 48.7 (2.9) 45.8 47.9 (10.7) 37.2 Securities borrowing transactions 0.2 0.0 0.2 4.5 0.0 4.5 Total subject to enforceable master netting agreements 48.9 (2.9) 46.0 52.4 (10.7) 41.7 Total not subject to enforceable master netting agreements 1 1.2 – 1.2 17.1 – 17.1 Total 50.1 (2.9) 47.2 2 69.5 (10.7) 58.8 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 26,237 million and CHF 40,793 million of the total net amount as of the end of 2023 and 2022, respectively, were 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 2023 2022 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 3.8 (2.9) 0.9 27.8 (10.7) 17.1 Securities lending transactions 0.1 0.0 0.1 0.9 0.0 0.9 Obligation to return securities received as collateral, at fair value 2.2 0.0 2.2 2.9 0.0 2.9 Total subject to enforceable master netting agreements 6.1 (2.9) 3.2 31.6 (10.7) 20.9 Total not subject to enforceable master netting agreements 1 0.0 – 0.0 2.5 – 2.5 Total 6.1 (2.9) 3.2 34.1 (10.7) 23.4 of which securities sold under repurchase agreements and securities lending transactions 3.9 (2.9) 1.0 2 31.1 (10.7) 20.4 2 of which obligation to return securities received as collateral, at fair value 2.2 0.0 2.2 3.0 0.0 3.0 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 356 million and CHF 14,133 million of the total net amount as of the end of 2023 and 2022, respectively, were reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets 2023 2022 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 3.8 1.4 0.0 2.4 7.8 3.2 0.0 4.6 Securities purchased under resale agreements 45.8 45.8 0.0 0.0 37.2 37.1 0.1 0.0 Securities borrowing transactions 0.2 0.2 0.0 0.0 4.5 4.3 0.0 0.2 Total financial assets subject to enforceable master netting agreements 49.8 47.4 0.0 2.4 49.5 44.6 0.1 4.8 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 5.0 0.9 0.0 4.1 6.5 1.2 0.0 5.3 Securities sold under repurchase agreements 0.9 0.8 0.0 0.1 17.1 17.1 0.0 0.0 Securities lending transactions 0.1 0.1 0.0 0.0 0.9 0.8 0.0 0.1 Obligation to return securities received as collateral, at fair value 2.2 2.1 0.0 0.1 2.9 2.7 0.0 0.2 Total financial liabilities subject to enforceable master netting agreements 8.2 3.9 0.0 4.3 27.4 21.8 0.0 5.6 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, 2023 | |
Details of current and deferred taxes | Details of current and deferred taxes in 2023 2022 2021 Current and deferred taxes (CHF million) Switzerland 123 296 302 Foreign 451 (95) 472 Current income tax expense 574 201 774 Switzerland 37 73 156 Foreign 243 3,699 8 Deferred income tax expense 280 3,772 164 Income tax expense 854 3,973 938 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on own credit (675) 876 12 Gains/(losses) on cash flow hedges 66 (266) (62) Cumulative translation adjustment 1 (7) 4 Unrealized gains/(losses) on debt securities 6 (9) (4) Actuarial gains/(losses) (30) (84) 0 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2023 2022 2021 Income/(loss) before taxes (CHF million) Switzerland 6,689 543 1,659 Foreign (9,949) (3,874) (1,750) Income/(loss) before taxes (3,260) (3,331) (91) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate 1 (603) (616) (17) Increase/(decrease) in income taxes resulting from Foreign tax rate differential (701) (127) 92 Non-deductible amortization of other intangible assets and goodwill impairment 12 0 (181) Other non-deductible expenses 1,109 303 369 Additional taxable income 1,322 5 15 Lower taxed income (108) (144) (129) (Income)/loss taxable to noncontrolling interests 1 11 12 Changes in tax law and rates 44 24 (29) Changes in deferred tax valuation allowance (528) 4,512 612 Change in recognition of outside basis difference 41 (2) 3 (Windfall tax benefits)/shortfall tax charges on share-based compensation 65 82 37 Other 200 (75) 154 Income tax expense 854 3,973 938 1 The statutory tax rate was 18.5%. |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2023 2022 Deferred tax assets and liabilities (CHF million) Compensation and benefits 359 638 Loans 749 209 Investment securities 569 992 Provisions 132 641 Leases 213 229 Derivatives 24 38 Real estate 295 229 Net operating loss carry-forwards 7,796 7,720 Goodwill and intangible assets 14 67 Other 247 418 Gross deferred tax assets before valuation allowance 10,398 11,181 Less valuation allowance (9,643) (8,488) Gross deferred tax assets net of valuation allowance 755 2,693 Compensation and benefits (173) (202) Loans (34) (1,190) Investment securities (217) (744) Provisions (38) (282) Leases (164) (219) Derivatives (92) (286) Real estate (14) (43) Other (65) (138) Gross deferred tax liabilities (797) (3,104) Net deferred tax assets/(liabilities) (42) (411) of which deferred tax assets 71 259 of which net operating losses 29 138 of which deductible temporary differences 42 121 of which deferred tax liabilities (113) (670) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2023 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 28 Due to expire within 2 to 5 years 247 Due to expire within 6 to 10 years 3,465 Due to expire within 11 to 20 years 5,768 Amount due to expire 9,508 Amount not due to expire 26,219 Total net operating loss carry-forwards 35,727 |
Movements in the valuation allowance | Movements in the valuation allowance in 2023 2022 2021 Movements (CHF million) Balance at beginning of period 8,488 5,338 4,323 Net changes 1,155 3,150 1,015 Balance at end of period 9,643 8,488 5,338 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2023 2022 2021 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 269 213 227 1 Calculated at the statutory tax rate before valuation allowance considerations. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of gross unrecognized tax benefits in 2023 2022 2021 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 227 425 382 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 332 239 23 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (226) (434) (35) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 8 46 54 Decreases in unrecognized tax benefits as a result of tax positions taken during the current period (1) (41) 0 Decreases in unrecognized tax benefits relating to settlements with tax authorities (10) (4) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (6) (15) (6) Other (including foreign currency translation) (25) 11 7 Balance at end of period 299 227 425 of which, if recognized, would affect the effective tax rate 299 227 425 Interest and penalties in 2023 2022 2021 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 1 (5) 3 Interest and penalties recognized in the consolidated balance sheets 59 59 64 |
Employee deferred compensation
Employee deferred compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2023 2022 2021 Deferred compensation expense (CHF million) Share awards 275 293 466 Performance share awards 6 1 1 1 281 Strategic Delivery Plan 80 235 – Contingent Capital Awards (299) 2 (4) 194 Transformation Awards 65 – – Cash awards 659 623 370 Retention awards 368 170 123 Total deferred compensation expense 1,154 1,318 1,434 Total shares delivered (million) Total shares delivered 15.8 56.7 55.7 1 Included downward adjustment applied to outstanding performance share awards. 2 CCA cancelled in 2023, resulting in a credit of CHF 0.4 billion. |
Additional information | Estimated unrecognized deferred compensation end of 2023 Estimated unrecognized compensation expense (CHF million) Share awards 100 Performance share awards 4 Strategic Delivery Plan 23 Transformation Awards 45 Cash awards 215 Retention awards 125 Total 512 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 |
Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2023 2022 2021 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 139.8 8.59 135.3 11.22 115.2 11.82 Granted pre-acquisition 93.4 1 1.92 1 76.1 2 6.21 85.7 11.19 Settled pre-acquisition (9.3) 8.05 (57.8) 11.26 (50.1) 12.44 Forfeited pre-acquisition (19.6) 7.46 (13.8) 10.13 (15.5) 11.52 Balance pre-acquisition 204.3 5.67 139.8 8.59 135.3 11.22 Conversion impact: 22.48 CS shares to one UBS share 195.2 Balance post-acquisition 9.1 Granted post-acquisition 10.9 Settled post-acquisition (1.9) Forfeited post-acquisition (2.5) Balance at end of period 15.6 of which vested 2.1 – 24.1 – 11.8 – of which unvested 13.5 – 115.7 – 123.5 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. 2 Included an adjustment for share awards granted in the fourth quarter of 2022 to compensate for the proportionate dilution of Credit Suisse Group AG shares resulting from the rights offering approved on November 28, 2022. The number of deferred share-based awards held by each individual was increased by 5.64%. 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. |
Stock compensation plan | Strategic Delivery Plan | |
Share-based compensation disclosures | |
Share-based award activities | Strategic Delivery Plan activities 2023 2022 Number of Weighted- Number of Weighted- Strategic Delivery Plan Balance at beginning of period 58.8 8.10 – – Granted pre-acquisition (6.2) 1 8.09 1 62.6 2 8.12 Settled pre-acquisition 0.0 8.20 0.0 0.00 Forfeited pre-acquisition (4.6) 8.13 (3.8) 8.42 Balance pre-acquisition 48.0 8.09 58.8 8.10 Conversion impact: 22.48 CS shares to one UBS share 45.9 Balance post-acquisition 2.1 Forfeited post-acquisition (0.3) Balance at end of period 1.8 of which vested 0.6 – 6.8 – of which unvested 1.2 – 52.0 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. 2 Included an adjustment for Strategic Delivery Plan awards granted in the fourth quarter of 2022 to compensate for the proportionate dilution of Credit Suisse Group AG shares resulting from the rights offering approved on November 28, 2022. The number of deferred share-based awards held by each individual was increased by 5.64%. 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 Strategic Delivery Plan shares granted. |
Stock compensation plan | Transformation Awards [Member] | |
Share-based compensation disclosures | |
Share-based award activities | Transformation Awards activities 2023 Weighted- Transformation Awards Balance at beginning of period – – Granted pre-acquisition 30.3 1 1.91 1 Forfeited pre-acquisition 0.2 1.91 Balance pre-acquisition 30.5 1.91 Conversion impact: 22.48 CS shares to one UBS share 29.1 Balance post-acquisition 1.4 Forfeited post-acquisition (0.3) Balance at end of period 1.1 of which vested 0.2 – of which unvested 0.9 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. |
Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2023 2022 2021 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 42.1 9.93 73.8 11.67 88.0 11.67 Granted pre-acquisition (5.9) 1 8.45 1 2.9 2,3 (14.47) 3 27.4 12.71 Settled pre-acquisition (4.2) 10.67 (29.7) 11.70 (33.2) 12.50 Forfeited pre-acquisition (2.8) 10.18 (4.9) 11.00 (8.4) 11.78 Balance pre-acquisition 29.2 10.11 42.1 9.93 73.8 11.67 Conversion impact: 22.48 CS shares to one UBS share 27.9 Balance post-acquisition 1.3 Settled post-acquisition (0.4) Forfeited post-acquisition (0.2) Balance at end of period 0.7 of which vested 0.3 – 13.5 – 10.4 – of which unvested 0.4 – 28.6 – 63.4 – 1 Included cancellation of awards as instructed by the Swiss Federal Department of Finance. 2 Included an adjustment for performance share awards granted in the fourth quarter of 2022 to compensate for the proportionate dilution of Credit Suisse Group AG shares resulting from the rights offering approved on November 28, 2022. The number of deferred share-based awards held by each individual was increased by 5.64%. 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. 3 Included downward adjustment applied to outstanding performance share awards. |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Executive Board and Board of Directors loans | 2023 2022 2021 Executive Board loans (CHF million) Balance at beginning of period 6 1 18 13 Additions 1 1 10 Reductions (1) (13) (5) Balance at end of period 6 1 6 18 Board of Directors loans (CHF million) Balance at beginning of period 4 2 7 9 Additions 0 0 2 Reductions (1) (3) (4) Balance at end of period 3 2 4 7 1 The number of individuals with outstanding loans was four at the beginning of the year and three at the end of the year. 2 The number of individuals with outstanding loans was two at the beginning of the year and one at the end of the year. |
Schedule of Related Party Transactions [Table Text Block] | Related party assets and liabilities end of 2023 2022 Assets (CHF million) Cash and due from banks 418 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 376 0 Trading assets 111 42 Net loans 1,251 3,949 All other assets 796 86 Total assets 2,952 4,077 Liabilities (CHF million) Due to banks/customer deposits 1,020 1,320 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 343 91 Trading liabilities 67 0 Short-term borrowings 4,000 2,075 Long-term debt 48,843 56,822 All other liabilities 1,865 1,284 Total liabilities 56,138 61,592 Related party revenues and expenses in 2023 2022 2021 Revenues (CHF million) Interest and dividend income 114 13 (56) Interest expense (3,927) (2,506) (1,673) Net interest income (3,813) (2,493) (1,729) Commissions and fees 17 82 102 Other revenues 14,354 246 212 Net revenues 10,558 (2,165) (1,415) Expenses (CHF million) Total operating expenses 2,497 2,326 2,089 Related party guarantees and commitments end of 2023 2022 Guarantees and commitments (CHF million) Credit guarantees and similar instruments 0 4 Revocable loan commitments 32 59 |
Pension and other post-retire_2
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Components of total pension costs | Components of net periodic benefit costs International single-employer Other post-retirement in 2023 2022 2021 2023 2022 2021 Net periodic benefit costs (CHF million) Service costs on benefit obligation 12 14 14 0 0 0 Interest costs on benefit obligation 86 58 49 5 3 2 Expected return on plan assets (135) (67) (65) 0 0 0 Amortization of recognized prior service cost/(credit) 1 1 1 0 0 0 Amortization of recognized actuarial losses/(gains) (4) 9 14 0 1 1 Settlement losses/(gains) 14 11 8 0 0 0 Net periodic benefit costs/(credits) (26) 26 21 5 4 3 Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses. |
Obligations and funded status of the plans | Obligations and funded status of the plans International in / end of 2023 2022 2023 2022 PBO (CHF million) 1 Beginning of the measurement period 1,897 3,022 107 140 Service cost 12 14 0 0 Interest cost 86 58 5 3 Plan amendments 0 4 0 0 Settlements (59) (37) 0 0 Curtailments (1) 0 0 0 Actuarial losses/(gains) 20 (908) 2 (27) Benefit payments (67) (71) (12) (11) Exchange rate losses/(gains) (120) (185) (8) 2 End of the measurement period 1,768 1,897 94 107 Fair value of plan assets (CHF million) Beginning of the measurement period 2,316 3,802 0 0 Actual return on plan assets 92 (1,132) 0 0 Employer contributions 10 16 12 11 Settlements (59) (37) 0 0 Benefit payments (67) (71) (12) (11) Exchange rate gains/(losses) (126) (262) 0 0 End of the measurement period 2,166 2,316 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 398 419 (94) (107) Funded status recognized in the consolidated balance sheet as of December 31 398 419 (94) (107) Total amount recognized (CHF million) Noncurrent assets 520 559 0 0 Current liabilities (11) (7) (7) (10) Noncurrent liabilities (111) (133) (87) (97) Net amount recognized in the consolidated balance sheet as of December 31 398 419 (94) (107) ABO (CHF million) 2 End of the measurement period 1,758 1,880 94 107 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 ABO exceeds fair value December 31 2023 2022 2023 2022 PBO/ABO exceeded plan assets (CHF million) PBO 127 809 127 146 ABO 120 797 120 135 Fair value of plan assets 5 669 5 6 |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax International end of 2023 2022 2023 2022 2023 2022 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (599) (576) (8) (6) (607) (582) Prior service credits/(costs) (11) (12) 3 3 (8) (9) Total (610) (588) (5) (3) (615) (591) |
Amounts recognized in other comprehensive income | Amounts recognized in OCI International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2023 (CHF million) Actuarial gains/(losses) (63) 28 (35) (2) 0 (2) (37) Amortization of actuarial losses/(gains) (4) 2 (2) 0 0 0 (2) Amortization of prior service costs/(credits) 1 0 1 0 0 0 1 Immediate recognition due to curtailment/settlement 14 0 14 0 0 0 14 Total (52) 30 (22) (2) 0 (2) (24) 2022 (CHF million) Actuarial gains/(losses) (284) 94 (190) 27 (7) 20 (170) Prior service credits/(costs) (4) 0 (4) 0 0 0 (4) Amortization of actuarial losses/(gains) 9 (1) 8 1 0 1 9 Amortization of prior service costs/(credits) 1 0 1 0 0 0 1 Immediate recognition due to curtailment/settlement 11 (3) 8 0 0 0 8 Total (267) 90 (177) 28 (7) 21 (156) |
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 2023 2022 2021 2023 2022 2021 Net periodic benefit cost (%) Discount rate - service cost 4.60 2.90 2.64 – – – Discount rate - interest cost 5.03 2.10 1.56 5.02 2.23 1.74 Salary increases 3.20 3.32 2.97 – – – Expected long-term rate of return on plan assets 4.35 2.01 1.79 – – – Benefit obligation (%) Discount rate 4.69 4.75 2.13 4.83 5.18 2.89 Salary increases 3.25 3.18 3.32 – – – |
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 2023 2022 2023 2022 2023 2022 2023 2022 Life expectancy (years) UK SAPS S3 light tables 1 23.1 23.5 24.3 24.8 24.7 25.1 26.1 26.5 US Pri-2012 mortality tables 2 22.0 20.7 23.4 21.9 23.5 22.6 24.8 23.7 1 102% of Self-Administered Pension Scheme (SAPS) S3 light tables were used, which included CMI projections, with a long-term rate of improvement of 1.25% per annum. 2 The Private retirement plan 2012 (Pri-2012) 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 in / end of 2023 2022 2021 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.3 6.3 6.5 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 4.5% by 2034. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis 2023 2022 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 46 199 0 0 245 28 90 0 0 118 Debt securities 1,030 457 0 300 1,787 1,222 522 0 326 2,070 of which governments 1,030 0 0 0 1,030 1,222 44 0 0 1,266 of which corporates 0 457 0 300 757 0 478 0 326 804 Equity securities 0 54 0 16 70 0 61 0 45 106 Alternative investments 0 (10) 0 0 (10) 0 (59) 0 0 (59) of which other 0 (10) 1 0 0 (10) 0 (59) 1 0 0 (59) Other investments 0 74 0 0 74 0 81 0 0 81 Total plan assets at fair value 1,076 774 0 316 2,166 1,250 695 0 371 2,316 1 Primarily related to derivative instruments. |
Weighted-average plan asset allocation as of the measurement date | Plan asset allocation December 31 2023 2022 Weighted-average (%) Cash and cash equivalents 11.4 5.1 Debt securities 82.5 89.4 Equity securities 3.2 4.5 Alternative investments (0.5) (2.5) Insurance 3.4 3.5 Total 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | 2024 target plan asset allocation Weighted-average (%) Cash and cash equivalents 1.5 Debt securities 91.4 Equity securities 3.7 Insurance 3.4 Total 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments International Payments (CHF million) 2024 111 7 2025 108 9 2026 112 8 2027 107 8 2028 103 7 For five years thereafter 572 31 |
Derivatives and hedging activ_2
Derivatives and hedging activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 1,238.7 0.0 0.0 0.0 0.0 0.0 Swaps 4,321.1 13.2 12.4 118.4 0.0 0.0 Options bought and sold (OTC) 446.9 5.0 5.2 0.0 0.0 0.0 Futures 86.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.7 0.0 0.0 0.0 0.0 0.0 Interest rate products 6,096.0 18.2 17.6 118.4 0.0 0.0 Forwards 278.6 3.3 4.9 22.6 0.2 0.6 Swaps 287.3 9.3 11.0 0.0 0.0 0.0 Options bought and sold (OTC) 49.8 1.3 1.4 0.0 0.0 0.0 Futures 0.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 617.5 13.9 17.3 22.6 0.2 0.6 Forwards 0.1 0.0 0.0 0.0 0.0 0.0 Swaps 10.2 0.6 0.2 0.0 0.0 0.0 Options bought and sold (OTC) 70.1 2.6 3.6 0.0 0.0 0.0 Futures 7.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 122.5 5.7 5.1 0.0 0.0 0.0 Equity/index-related products 210.6 8.9 8.9 0.0 0.0 0.0 Credit derivatives 2 156.4 1.0 1.5 0.0 0.0 0.0 Forwards 3.7 0.1 0.1 0.0 0.0 0.0 Swaps 4.8 0.6 0.1 0.0 0.0 0.0 Options bought and sold (OTC) 4.0 0.1 0.1 0.0 0.0 0.0 Futures 0.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.2 0.0 0.0 0.0 0.0 0.0 Other products 3 14.3 0.8 0.3 0.0 0.0 0.0 Total derivative instruments 7,094.8 42.8 45.6 141.0 0.2 0.6 The notional amount, PRV and NRV (trading and hedging) was CHF 7,235.8 billion, CHF 43.0 billion and CHF 46.2 billion, respectively, as of December 31, 2024. 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 2,088.2 1.7 1.7 0.0 0.0 0.0 Swaps 9,140.3 24.3 21.7 130.1 0.1 1.8 Options bought and sold (OTC) 644.4 8.2 8.6 0.0 0.0 0.0 Futures 144.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 35.9 0.0 0.0 0.0 0.0 0.0 Interest rate products 12,053.7 34.2 32.0 130.1 0.1 1.8 Forwards 701.4 8.7 10.0 17.7 0.1 0.2 Swaps 353.5 14.3 13.5 0.0 0.0 0.0 Options bought and sold (OTC) 167.5 2.5 2.7 0.0 0.0 0.0 Futures 4.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.8 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,229.3 25.5 26.2 17.7 0.1 0.2 Forwards 0.3 0.0 0.0 0.0 0.0 0.0 Swaps 22.8 0.9 0.7 0.0 0.0 0.0 Options bought and sold (OTC) 181.4 5.2 7.5 0.0 0.0 0.0 Futures 42.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 469.3 18.9 18.5 0.0 0.0 0.0 Equity/index-related products 715.8 25.0 26.7 0.0 0.0 0.0 Credit derivatives 2 352.0 3.2 3.4 0.0 0.0 0.0 Forwards 6.9 0.1 0.1 0.0 0.0 0.0 Swaps 9.5 0.7 0.4 0.0 0.0 0.0 Options bought and sold (OTC) 8.8 0.1 0.1 0.0 0.0 0.0 Futures 12.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.7 0.1 0.0 0.0 0.0 0.0 Other products 3 40.5 1.0 0.6 0.0 0.0 0.0 Total derivative instruments 14,391.3 88.9 88.9 147.8 0.2 2.0 The notional amount, PRV and NRV (trading and hedging) was CHF 14,539.1 billion, CHF 89.1 billion and CHF 90.9 billion, respectively, as of December 31, 2022. 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 | Gains or (losses) on fair value hedges in 2023 2022 2021 Interest rate products (CHF million) Hedged items 1 485 4,677 1,523 Derivatives designated as hedging instruments 1 (557) (4,355) (1,448) The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table. 1 Included in net interest income. Hedged items in fair value hedges 2023 2022 Hedged items Hedged items Carrying Hedging 1 Discontinued 2 Carrying Hedging 1 Discontinued 2 Assets (CHF billion) Investment securities 0.0 0.0 0.0 0.8 (0.1) 0.0 Net loans 40.8 0.8 (1.6) 29.0 (1.3) (0.7) Liabilities (CHF billion) Long-term debt 64.1 0.6 (3.7) 72.0 (1.0) (4.4) 1 Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount. 2 Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued. |
Cash flow hedges | Cash flow hedges in 2023 2022 2021 Interest rate products (CHF million) Gains/(losses) recognized in AOCI on derivatives 407 (474) (314) Gains/(losses) reclassified from AOCI into interest and dividend income (299) 1,018 7 Foreign exchange products (CHF million) Gains/(losses) recognized in AOCI on derivatives 14 (56) (9) Total other operating expenses 3 (60) 34 Gains/(losses) reclassified from AOCI into income 3 (60) 34 |
Net investment hedges | Net investment hedges in 2023 2022 2021 Foreign exchange products (CHF million) Gains/(losses) recognized in the cumulative translation adjustments section of AOCI (497) (15) 51 Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues 4 0 0 |
Credit protection sold/purchased | Credit protection sold/purchased 2023 2022 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (18.0) 15.4 (2.6) 6.3 0.0 (52.8) 48.6 (4.2) 10.6 0.2 Non-investment grade (6.6) 5.0 (1.6) 2.1 0.1 (22.3) 20.7 (1.6) 4.9 (0.2) Total single-name instruments (24.6) 20.4 (4.2) 8.4 0.1 (75.1) 69.3 (5.8) 15.5 0.0 of which sovereign (4.1) 3.0 (1.1) 2.7 0.0 (12.8) 11.3 (1.5) 4.4 (0.1) of which non-sovereign (20.5) 17.4 (3.1) 5.7 0.1 (62.3) 58.0 (4.3) 11.1 0.1 Multi-name instruments (CHF billion) Investment grade 2 (36.4) 35.1 (1.3) 2.0 0.1 (54.3) 50.8 (3.5) 8.9 0.1 Non-investment grade (11.5) 10.6 (0.9) 3.2 3 (0.3) (30.9) 28.4 (2.5) 9.5 3 (0.6) Total multi-name instruments (47.9) 45.7 (2.2) 5.2 (0.2) (85.2) 79.2 (6.0) 18.4 (0.5) of which non-sovereign (47.9) 45.7 (2.2) 5.2 (0.2) (85.2) 79.2 (6.0) 18.4 (0.5) Total instruments (CHF billion) Investment grade 2 (54.4) 50.5 (3.9) 8.3 0.1 (107.1) 99.4 (7.7) 19.5 0.3 Non-investment grade (18.1) 15.6 (2.5) 5.3 (0.2) (53.2) 49.1 (4.1) 14.4 (0.8) Total instruments (72.5) 66.1 (6.4) 13.6 (0.1) (160.3) 148.5 (11.8) 33.9 (0.5) of which sovereign (4.1) 3.0 (1.1) 2.7 0.0 (12.8) 11.3 (1.5) 4.4 (0.1) of which non-sovereign (68.4) 63.1 (5.3) 10.9 (0.1) (147.5) 137.2 (10.3) 29.5 (0.4) 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 2023 2022 Special Special Contingent credit risk (CHF billion) Current net exposure 0.4 0.1 0.0 0.5 1.2 0.1 0.1 1.4 Collateral posted 0.3 0.1 – 0.4 1.0 0.1 – 1.1 Impact of a one-notch downgrade event 0.3 0.0 0.0 0.3 0.4 0.0 0.1 0.5 Impact of a two-notch downgrade event 0.3 0.0 0.1 0.4 0.5 0.1 0.2 0.8 Impact of a three-notch downgrade event 0.4 0.0 0.1 0.5 0.5 0.1 0.2 0.8 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 2023 2022 Credit derivatives (CHF billion) Credit protection sold 72.5 160.3 Credit protection purchased 66.1 148.5 Other protection purchased 13.6 33.9 Other instruments 1 4.2 9.3 Total credit derivatives 156.4 352.0 1 Consists of total return swaps and other derivative instruments. |
Maturity of credit protection sold | Maturity of credit protection sold Maturity Maturity Maturity 2023 (CHF billion) Single-name instruments 4.3 19.2 1.1 24.6 Multi-name instruments 10.3 33.1 4.5 47.9 Total instruments 14.6 52.3 5.6 72.5 2022 (CHF billion) Single-name instruments 10.0 61.8 3.3 75.1 Multi-name instruments 6.5 71.5 7.2 85.2 Total instruments 16.5 133.3 10.5 160.3 |
Guarantees and commitments (Tab
Guarantees and commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Guarantees | Guarantees Maturity Maturity Maturity Maturity 1 2023 (CHF million) Credit guarantees and similar instruments 1,716 859 33 368 2,976 2,932 14 2,244 Performance guarantees and similar instruments 2,383 1,329 778 340 4,830 4,377 45 2,340 Derivatives 2 894 33 16 6 949 949 40 – Other guarantees 3,329 625 141 1,105 5,200 5,200 59 2,413 Total guarantees 8,322 2,846 968 1,819 13,955 13,458 158 6,997 2022 (CHF million) Credit guarantees and similar instruments 2,261 451 127 471 3,310 3,197 22 2,068 Performance guarantees and similar instruments 4,280 1,750 729 513 7,272 6,527 61 3,778 Derivatives 2 2,646 1,702 520 374 5,242 5,242 101 – Other guarantees 4,455 859 182 1,172 6,668 6,668 56 3,292 Total guarantees 13,642 4,762 1,558 2,530 22,492 21,634 240 9,138 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. |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2023 (CHF million) Irrevocable commitments under documentary credits 2,195 28 0 0 2,223 2,159 Irrevocable loan commitments 2 11,471 22,514 22,980 4,615 61,580 58,361 Forward reverse repurchase agreements 147 0 0 0 147 147 Other commitments 274 6 1 202 483 482 Total other commitments 14,087 22,548 22,981 4,817 64,433 61,149 2022 (CHF million) Irrevocable commitments under documentary credits 3,378 41 0 1 3,420 3,233 Irrevocable loan commitments 2 19,272 33,512 44,563 14,782 112,129 108,118 Forward reverse repurchase agreements 1,021 0 0 0 1,021 1,021 Other commitments 212 16 2 268 498 498 Total other commitments 23,883 33,569 44,565 15,051 117,068 112,870 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments did not include a total gross amount of CHF 98,850 million and CHF 129,224 million of unused credit limits as of December 31, 2023 and 2022, respectively, which were revocable at the Bank's sole discretion upon notice to the client. |
Transfers of financial assets_2
Transfers of financial assets and variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Securitizations | Securitizations and asset-backed financings in 2023 2022 2021 Gains/(losses) and cash flows (CHF million) CMBS Net gain/(loss) 1 0 6 (7) Proceeds from transfer of assets 2 0 3,401 3,525 Cash received on interests that continue to be held 18 49 42 RMBS Net gain/(loss) 1 0 (2) 70 Proceeds from transfer of assets 3 0 7,534 37,048 Purchases of previously transferred financial assets or its underlying collateral 0 0 (1,604) Servicing fees 12 24 2 Cash received on interests that continue to be held 51 675 1,088 Other asset-backed financings Net gain 1 7 16 65 Proceeds from transfer of assets 4 7,008 6,740 12,129 Purchases of previously transferred financial assets or its underlying collateral (232) (1,479) (1,323) Fees 5 217 192 165 Cash received on interests that continue to be held 301 153 14 1 Includes primarily underwriting revenues, deferred origination fees 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. 2 Included the receipt of non-cash beneficial interests (including risk retention securities) of CHF 0 million, CHF 512 million and CHF 180 million in 2023 2022 2021 3 Included the receipt of non-cash beneficial interests (including risk retention securities) of CHF 0 million, CHF 1,081 million and CHF 3,072 million in 2023 2022 2021 4 Included the receipt of non-cash beneficial interests (including risk retention securities) and seller financing of CHF 4,186 million, CHF 168 million and CHF 54 million in 2023 2022 2021 5 Represents primarily 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 2023 2022 CHF million CMBS 4,195 17,193 RMBS 22,169 41,552 Other asset-backed financings 20,154 21,939 Principal amount outstanding relates to assets transferred from the Bank 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 2022 2021 at time of transfer, in CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 486 847 196 2,594 of which level 2 415 762 170 2,126 of which level 3 71 85 26 468 Weighted-average life, in years 4.1 9.5 5.2 5.3 Prepayment speed assumption (rate per annum), in % 1 – 2 5.0 – 22.2 – 2 3.0 – 37.7 Cash flow discount rate (rate per annum), in % 3 3.5 – 15.7 2.8 – 53.8 1.8 – 5.0 1.0 – 33.4 Expected credit losses (rate per annum), in % 4 2.7 – 5.6 1.3 – 49.8 0.9 – 4.3 0.1 – 32.5 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. 4 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. |
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 2023 2022 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 69 273 359 517 1,050 519 of which non-investment grade 27 91 15 111 137 34 Weighted-average life, in years 0.6 8.1 4.5 2.8 9.0 5.1 Prepayment speed assumption (rate per annum), in % 3 – 4.1 – 20.4 – – 2.4 – 21.4 – Impact on fair value from 10% adverse change – (2.2) – – (16.5) – Impact on fair value from 20% adverse change – (4.6) – – (32.7) – Cash flow discount rate (rate per annum), in % 4 27.8 – 40.8 6.5 – 28.1 3.2 – 39.6 5.4 – 42.1 4.4 – 29.6 4.1 – 41.9 Impact on fair value from 10% adverse change (0.4) (10.4) (7.5) (8.2) (41.6) (10.5) Impact on fair value from 20% adverse change (0.8) (20.1) (14.6) (16.1) (79.6) (20.5) Expected credit losses (rate per annum), in % 5 21.7 – 35.3 2.6 – 24.2 0.7 – 35.8 1.1 – 29.2 1.5 – 25.5 0.5 – 37.9 Impact on fair value from 10% adverse change (0.4) (5.3) (4.3) (4.6) (19.7) (5.7) Impact on fair value from 20% adverse change (0.7) (10.3) (8.3) (9.1) (38.2) (11.1) 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. 5 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. |
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 2023 2022 CHF million Other asset-backed financings Trading assets 36 366 Other assets 178 154 Liability to SPEs, included in other liabilities (214) (520) |
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 2023 2022 CHF billion Government debt securities 2.8 17.1 Corporate debt securities 1.0 6.9 Asset-backed securities 0.0 0.9 Equity securities 0.0 0.2 Other 0.0 5.1 Securities sold under repurchase agreements 3.8 30.2 Government debt securities 0.0 0.2 Corporate debt securities 0.0 0.3 Asset-backed securities 0.0 0.2 Equity securities 0.1 0.1 Other 0.0 0.1 Securities lending transactions 0.1 0.9 Government debt securities 1.0 1.2 Corporate debt securities 0.1 0.4 Asset-backed securities 0.1 0.1 Equity securities 1.0 1.3 Other 0.0 0.0 Obligation to return securities received as collateral, at fair value 2.2 3.0 Total 6.1 34.1 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities No stated Up to 1 31-90 More than 2023 (CHF billion) Securities sold under repurchase agreements 0.4 2.5 0.3 0.6 3.8 Securities lending transactions 0.1 0.0 0.0 0.0 0.1 Obligation to return securities received as collateral, at fair value 2.2 0.0 0.0 0.0 2.2 Total 2.7 2.5 0.3 0.6 6.1 2022 (CHF billion) Securities sold under repurchase agreements 4.1 12.8 5.9 7.4 30.2 Securities lending transactions 0.5 0.2 0.0 0.2 0.9 Obligation to return securities received as collateral, at fair value 3.0 0.0 0.0 0.0 3.0 Total 7.6 13.0 5.9 7.6 34.1 1 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- 2023 (CHF million) Cash and due from banks 0 40 79 8 25 9 161 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0 0 1 0 0 1 Trading assets 0 0 723 20 372 0 1,115 Other investments 0 0 0 39 439 0 478 Net loans 0 0 0 0 15 146 161 Other assets 0 22 1,113 34 105 138 1,412 of which loans held-for-sale 0 21 78 21 0 0 120 of which premises and equipment 0 0 0 0 0 0 0 Total assets of consolidated VIEs 0 62 1,915 102 956 293 3,328 Trading liabilities 0 0 0 0 3 0 3 Short-term borrowings 0 0 0 10 0 0 10 Long-term debt 0 0 1,392 0 0 100 1,492 Other liabilities 0 3 2 12 38 72 127 Total liabilities of consolidated VIEs 0 3 1,394 22 41 172 1,632 2022 (CHF million) Cash and due from banks 15 94 68 17 24 11 229 Trading assets 0 954 1,154 23 457 0 2,588 Other investments 0 0 0 58 587 136 781 Net loans 0 3,260 0 0 16 134 3,410 Other assets 281 2,466 1,349 39 42 417 4,594 of which loans held-for-sale 279 2,445 119 21 0 0 2,864 Total assets of consolidated VIEs 296 6,774 2,571 137 1,126 698 11,602 Trading liabilities 0 1,057 0 0 6 0 1,063 Short-term borrowings 0 3,124 0 13 0 0 3,137 Long-term debt 84 0 1,860 0 0 152 2,096 Other liabilities 0 49 2 19 49 70 189 Total liabilities of consolidated VIEs 84 4,230 1,862 32 55 222 6,485 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ CP 1 Securi- 2023 (CHF million) Trading assets 222 0 1,823 549 8 865 3,467 Net loans 1 24 1,895 1,108 8,926 749 12,703 Other assets 8 0 2 97 67 291 465 Total variable interest assets 231 24 3,720 1,754 9,001 1,905 16,635 Maximum exposure to loss 233 48 3,864 1,754 11,097 2,082 19,078 Total assets of non-consolidated VIEs 8,184 162 35,637 96,260 28,055 4,225 172,523 2022 (CHF million) Trading assets 214 0 3,877 750 7 1,816 6,664 Net loans 314 1,440 2,521 1,934 7,617 2,201 16,027 Other assets 6 0 3 122 4 884 1,019 Total variable interest assets 534 1,440 6,401 2,806 7,628 4,901 23,710 Maximum exposure to loss 547 4,374 9,514 2,806 9,999 5,490 32,730 Total assets of non-consolidated VIEs 9,713 7,297 79,322 115,900 38,632 14,620 265,484 1 Includes liquidity facilities provided to third-party CP conduits through Alpine. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 128 0 – – 128 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 26,237 0 – – 26,237 Securities received as collateral 1,778 444 0 – – 2,222 Trading assets 8,474 48,262 2,508 (37,692) 175 21,727 of which debt securities 2,520 7,253 718 – 34 10,525 of which foreign governments 2,496 5,349 38 – – 7,883 of which corporates 10 620 515 – – 1,145 of which RMBS 0 936 57 – – 993 of which equity securities 3,390 677 100 – 141 4,308 of which derivatives 1,298 40,305 1,179 (37,692) – 5,090 of which interest rate products 7 18,143 47 – – – of which foreign exchange products 7 13,868 33 – – – of which equity/index-related products 1,281 7,144 484 – – – of which other derivatives 3 75 499 – – – of which other trading assets 1,266 27 511 – – 1,804 Investment securities 0 4 0 – – 4 Other investments 0 14 1,943 – 411 2,368 of which other equity investments 0 14 1,493 – 310 1,817 of which life finance instruments 0 0 439 – – 439 Loans 0 1,578 880 – – 2,458 of which commercial and industrial loans 0 658 535 – – 1,193 of which financial institutions 0 466 97 – – 563 of which government and public institutions 0 453 133 – – 586 Other intangible assets (mortgage servicing rights) 0 0 305 – – 305 Other assets 50 2,073 1,845 (210) – 3,758 of which failed purchases 40 239 49 – – 328 of which loans held-for-sale 0 1,450 1,712 – – 3,162 Total assets at fair value 10,302 78,740 7,481 (37,902) 586 59,207 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 Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 100 0 – – 100 Customer deposits 0 1,366 289 – – 1,655 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 356 0 – – 356 Obligation to return securities received as collateral 1,778 444 0 – – 2,222 Trading liabilities 3,734 43,710 1,202 (39,814) – 8,832 of which short positions 2,606 102 5 – – 2,713 of which debt securities 256 99 0 – – 355 of which foreign governments 256 34 0 – – 290 of which corporates 0 65 0 – – 65 of which equity securities 2,350 3 5 – – 2,358 of which derivatives 1,128 43,607 856 (39,814) – 5,777 of which interest rate products 1 17,393 94 – – – of which foreign exchange products 13 17,276 2 – – – of which equity/index-related products 1,110 7,450 362 – – – of which credit derivatives 0 1,327 196 – – – of which other derivatives 4 20 202 – – – of which other trading liabilities 0 1 341 – – 342 Short-term borrowings 0 3,941 71 – – 4,012 Long-term debt 0 27,903 4,971 – – 32,874 of which structured notes over one year and up to two years 0 4,027 147 – – 4,174 of which structured notes over two years 0 18,603 3,489 – – 22,092 of which other debt instruments over two years 0 2,127 1,288 – – 3,415 Other liabilities 37 1,405 299 (241) – 1,500 Total liabilities at fair value 5,549 79,225 6,832 (40,055) – 51,551 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 Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 198 0 – – 198 Interest-bearing deposits with banks 0 14 0 – – 14 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 100 40,693 0 – – 40,793 Securities received as collateral 2,318 660 0 – – 2,978 Trading assets 33,724 105,555 3,828 (77,695) 543 65,955 of which debt securities 13,084 23,288 1,211 – 31 37,614 of which foreign governments 10,117 5,597 86 – – 15,800 of which corporates 2,718 4,998 413 – 31 8,160 of which RMBS 5 10,417 444 – – 10,866 of which CDO 197 941 216 – – 1,354 of which equity securities 11,772 676 222 – 512 13,182 of which derivatives 7,571 79,606 1,661 (77,695) – 11,143 of which interest rate products 1,617 31,900 671 – – – of which foreign exchange products 24 25,512 17 – – – of which equity/index-related products 5,927 18,669 295 – – – of which credit derivatives 0 3,059 130 – – – of which other derivatives 0 197 548 – – – of which other trading assets 1,297 1,985 734 – – 4,016 Investment securities 0 796 0 – – 796 Other investments 0 17 3,313 – 400 3,730 of which other equity investments 0 17 2,725 – 328 3,070 of which life finance instruments 0 0 587 – – 587 Loans 0 6,318 1,040 – – 7,358 of which commercial and industrial loans 0 2,381 300 – – 2,681 of which financial institutions 0 2,591 398 – – 2,989 of which government and public institutions 0 1,112 254 – – 1,366 Other intangible assets (mortgage servicing rights) 0 44 359 – – 403 Other assets 78 8,316 773 (220) – 8,947 of which failed purchases 54 664 12 – – 730 of which loans held-for-sale 0 7,165 648 – – 7,813 Total assets at fair value 36,220 162,611 9,313 (77,915) 943 131,172 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 Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 490 0 – – 490 Customer deposits 0 2,212 252 – – 2,464 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 14,133 0 – – 14,133 Obligation to return securities received as collateral 2,318 660 0 – – 2,978 Trading liabilities 13,131 83,351 1,881 (80,026) – 18,337 of which short positions 6,556 2,595 16 – – 9,167 of which debt securities 3,228 2,232 1 – – 5,461 of which foreign governments 3,150 272 0 – – 3,422 of which corporates 53 1,957 1 – – 2,011 of which equity securities 3,328 363 15 – – 3,706 of which derivatives 6,575 80,756 1,640 (80,026) – 8,945 of which interest rate products 1,566 30,288 118 – – – of which foreign exchange products 20 26,180 1 – – – of which equity/index-related products 4,981 20,731 1,083 – – – of which credit derivatives 0 3,157 242 – – – of which other derivatives 5 210 196 – – – of which other trading liabilities 0 0 225 – – 225 Short-term borrowings 0 6,330 453 – – 6,783 Long-term debt 0 51,185 6,734 – – 57,919 of which structured notes over one year and up to two years 0 10,697 439 – – 11,136 of which structured notes over two years 0 23,409 4,307 – – 27,716 of which other debt instruments over two years 0 2,961 1,728 – – 4,689 of which high-trigger instruments 0 7,484 28 – – 7,512 Other liabilities 133 3,794 203 (1,844) – 2,286 Total liabilities at fair value 15,582 162,155 9,523 (81,870) – 105,390 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 |
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 Foreign 1 Assets (CHF million) Interest-bearing deposits with banks 0 13 0 0 (13) 0 0 0 0 0 0 0 0 0 0 0 Trading assets 3,828 997 (765) 1,021 (1,660) 575 (658) 18 (570) 0 8 0 0 (286) 2,508 (583) of which debt securities 1,211 647 (367) 829 (1,247) 0 (28) (21) (229) 0 8 0 0 (85) 718 (60) of which corporates 413 334 (104) 783 (724) 0 0 (15) (124) 0 0 0 0 (48) 515 21 of which RMBS 444 138 (204) 18 (309) 0 (7) (5) 4 0 0 0 0 (22) 57 6 of which derivatives 1,661 258 (297) 0 0 575 (558) 40 (366) 0 0 0 0 (134) 1,179 (344) of which equity/index-related products 295 70 (171) 0 0 254 (111) 32 146 0 0 0 0 (31) 484 212 of which other derivatives 548 1 0 0 0 206 (217) 0 13 0 0 0 0 (52) 499 15 of which other trading assets 734 70 (87) 182 (312) 0 (72) 1 51 0 0 0 0 (56) 511 (78) Other investments 3,313 321 (920) 27 (281) 0 0 0 (267) 1 (75) 0 0 (176) 1,943 (276) of which other equity investments 2,725 312 (920) 5 (148) 0 0 0 (277) 1 (75) 0 0 (130) 1,493 (306) of which life finance instruments 587 0 0 21 (133) 0 0 0 10 0 0 0 0 (46) 439 42 Loans 1,040 694 (86) 1 (33) 91 (714) 0 (73) 0 0 0 0 (40) 880 (125) of which commercial and industrial loans 300 503 (75) 0 (33) 80 (267) 0 37 0 0 0 0 (10) 535 (94) of which financial institutions 398 3 0 0 0 11 (288) 1 (10) 0 0 0 0 (18) 97 (6) of which government and public institutions 254 124 (11) 0 0 0 (144) (1) (84) 0 0 0 0 (5) 133 2 Other intangible assets (mortgage servicing rights) 359 40 0 0 0 0 0 0 (66) 0 0 0 0 (28) 305 (66) Other assets 773 1,752 (256) 229 (332) 79 (224) 41 (193) 0 0 0 0 (24) 1,845 (107) of which loans held-for-sale 648 1,715 (250) 193 (306) 78 (223) 41 (171) 0 0 0 0 (13) 1,712 (109) Total assets at fair value 9,313 3,817 (2,027) 1,278 (2,319) 745 (1,596) 59 (1,169) 1 (67) 0 0 (554) 7,481 (1,157) Liabilities (CHF million) Customer deposits 252 0 0 0 0 302 (57) 0 (144) 0 0 0 (32) (32) 289 3 Trading liabilities 1,881 451 (637) 81 (112) 567 (1,407) 125 391 0 0 0 0 (138) 1,202 316 of which derivatives 1,640 451 (637) 0 0 567 (1,408) 125 223 0 0 0 0 (105) 856 244 of which equity/index-related products 1,083 225 (555) 0 0 414 (862) 108 17 0 0 0 0 (68) 362 57 of which credit derivatives 242 194 (56) 0 0 28 (261) 6 54 0 0 0 0 (11) 196 (3) of which other derivatives 196 1 0 0 0 92 (176) 1 105 0 0 0 0 (17) 202 147 of which other trading liabilities 225 (1) 0 80 (59) 0 1 0 128 0 0 0 0 (33) 341 89 Short-term borrowings 453 163 (205) 0 0 173 (450) (79) 34 0 0 0 0 (18) 71 (47) Long-term debt 6,734 2,938 (3,222) 0 0 1,662 (2,958) 200 (116) 0 (28) 35 289 (563) 4,971 135 of which structured notes over two years 4,307 2,202 (2,423) 0 0 1,491 (2,173) 151 7 0 0 33 284 (390) 3,489 308 of which other debt instruments over two years 1,728 92 (138) 0 0 0 (184) 46 (116) 0 0 0 0 (140) 1,288 (184) Other liabilities 203 327 (2) 9 (53) 103 (113) 1 26 0 (197) 0 0 (5) 299 64 Total liabilities at fair value 9,523 3,879 (4,066) 90 (165) 2,807 (4,985) 247 191 0 (225) 35 257 (756) 6,832 471 Net assets/(liabilities) at fair value (210) (62) 2,039 1,188 (2,154) (2,062) 3,389 (188) (1,360) 1 158 (35) (257) 202 649 (1,628) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value net revenues (1,047) (318) trading revenues other revenues (263) Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other Foreign 1 Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0 0 0 0 3 (3) 0 0 0 0 0 0 0 0 0 Securities received as collateral 14 0 0 0 (14) 0 0 0 0 0 0 0 0 0 0 0 Trading assets 4,503 1,818 (2,057) 5,563 (5,184) 967 (1,076) 83 (847) 0 (9) 0 0 67 3,828 (193) of which debt securities 1,225 1,206 (1,090) 4,622 (4,185) 0 0 (106) (499) 0 (9) 0 0 47 1,211 215 of which corporates 478 452 (582) 3,933 (3,342) 0 0 (97) (464) 0 0 0 0 35 413 226 of which RMBS 424 312 (179) 306 (564) 0 0 3 133 0 0 0 0 9 444 4 of which CDO 245 201 (138) 103 (148) 0 0 (5) (39) 0 (9) 0 0 6 216 (6) of which derivatives 2,187 406 (824) 0 0 967 (918) 144 (301) 0 0 0 0 0 1,661 (328) of which interest rate products 624 11 (182) 0 0 89 (66) (5) 229 0 0 0 0 (29) 671 166 of which equity/index-related products 212 262 (416) 0 0 473 (284) 106 (55) 0 0 0 0 (3) 295 2 of which credit derivatives 264 115 (189) 0 0 65 (142) 31 (19) 0 0 0 0 5 130 1 of which other derivatives 1,034 9 (4) 0 0 330 (317) 4 (537) 0 0 0 0 29 548 (489) of which other trading assets 896 27 (51) 827 (923) 0 (158) 6 94 0 0 0 0 16 734 (123) Other investments 3,666 69 (13) 65 (206) 0 0 0 (253) 0 (57) 0 0 42 3,313 (95) of which other equity investments 2,863 69 0 37 (16) 0 0 0 (190) 0 (65) 0 0 27 2,725 (50) of which life finance instruments 789 0 0 28 (182) 0 0 0 (63) 0 0 0 0 15 587 (45) Loans 1,534 566 (470) 16 (45) 63 (667) 39 (46) 0 (6) 0 0 56 1,040 (92) of which commercial and industrial loans 717 163 (327) 0 (18) 4 (218) 12 (50) 0 (6) 0 0 23 300 (74) of which financial institutions 465 141 (41) 15 (15) 58 (293) 16 29 0 0 0 0 23 398 9 of which government and public institutions 289 91 (39) 1 0 1 (72) 1 (24) 0 0 0 0 6 254 (25) Other intangible assets (mortgage servicing rights) 167 187 0 0 0 0 0 0 4 0 0 0 0 1 359 4 Other assets 694 452 (289) 743 (593) 157 (417) 46 (49) 0 3 0 0 26 773 (31) of which loans held-for-sale 562 379 (232) 724 (591) 157 (415) 15 26 0 0 0 0 23 648 (15) Total assets at fair value 10,578 3,092 (2,829) 6,387 (6,042) 1,190 (2,163) 168 (1,191) 0 (69) 0 0 192 9,313 (407) Liabilities (CHF million) Customer deposits 394 0 0 0 0 0 (18) 0 (49) 0 0 0 (57) (18) 252 (120) Obligation to return securities received as collateral 14 0 0 0 (14) 0 0 0 0 0 0 0 0 0 0 0 Trading liabilities 2,809 1,784 (1,381) 33 (106) 844 (2,066) 52 (165) 0 0 0 0 77 1,881 224 of which derivatives 2,542 1,651 (1,353) 0 0 844 (2,066) 51 (98) 0 0 0 0 69 1,640 216 of which equity/index-related products 1,787 615 (1,027) 0 0 476 (520) (5) (273) 0 0 0 0 30 1,083 (38) of which credit derivatives 374 991 (201) 0 0 176 (1,329) 26 172 0 0 0 0 33 242 152 of which other derivatives 298 0 (5) 0 0 143 (174) 3 (79) 0 0 0 0 10 196 (5) Short-term borrowings 1,032 204 (684) 0 0 785 (815) (75) (8) 0 0 0 0 14 453 9 Long-term debt 9,676 3,116 (6,609) 0 0 7,730 (5,575) (557) (785) 0 0 (51) (350) 139 6,734 (422) of which structured notes over two years 6,318 2,502 (4,930) 0 0 6,589 (4,729) (418) (737) 0 0 (49) (344) 105 4,307 (487) of which other debt instruments over two years 1,854 0 0 0 0 166 (279) 0 (38) 0 0 0 0 25 1,728 83 Other liabilities 517 126 (305) 22 (89) 110 (136) 82 (90) (46) 1 0 0 11 203 11 Total liabilities at fair value 14,442 5,230 (8,979) 55 (209) 9,469 (8,610) (498) (1,097) (46) 1 (51) (407) 223 9,523 (298) Net assets/(liabilities) at fair value (3,864) (2,138) 6,150 6,332 (5,833) (8,279) 6,447 666 (94) 46 (70) 51 407 (31) (210) (109) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value net revenues (472) (50) trading revenues other revenues |
Quantitative information about level 3 assets and liabilities at fair value | Quantitative information about level 3 assets measured at fair value on a recurring basis Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading assets 2,508 of which debt securities 718 of which corporates 515 of which 82 Discounted cash flow Credit spread, in bp 35 668 585 of which 5 Market comparable Price, in % 0 101 13 of which 1 Option model Correlation, in % (50) 100 69 Credit spread, in bp 30 148 0 Mean reversion, in % 7 25 0 Price, in % 30 100 38 Volatility, in % 5 142 40 of which 411 Price Price, in % 76 126 102 of which RMBS 57 Discounted cash flow Discount rate, in % 8 19 16 of which derivatives 1,179 of which equity/index-related products 484 of which 356 Option model Correlation, in % (50) 100 69 Mean reversion, in % 3 7 25 16 Volatility, in % 5 142 37 of which 90 Price Price, in % 95 95 95 of which other derivatives 499 Discounted cash flow Market implied life expectancy, in years 2 12 6 UK mortality, in % 75 141 100 of which other trading assets 511 of which 372 Discounted cash flow Market implied life expectancy, in years 3 12 6 of which 127 Market comparable Price, in % 0 105 8 of which 11 Option model Mortality rate, in % 0 70 6 Other investments 1,943 of which other equity investments 1,493 of which 1,065 Market comparable Price, in actuals 0 100 7 of which 1 Option model Price, in actuals 98 693 396 of which 417 Price Price, in actuals 0 9,271 1,050 of which life finance instruments 439 Discounted cash flow Market implied life expectancy, in years 2 14 6 Loans 880 of which commercial and industrial loans 535 of which 435 Discounted cash flow Credit spread, in bp 19 444 41 of which 11 Market comparable Price, in % 76 76 76 of which 90 Price Price, in % 11 97 58 of which financial institutions 97 of which 33 Discounted cash flow Credit spread, in bp 159 506 217 of which 62 Price Price, in % 23 75 43 of which government and public institutions 133 of which 126 Discounted cash flow Credit spread, in bp 154 1,217 864 of which 6 Price Price, in % 56 56 56 Other assets 1,845 of which loans held-for-sale 1,712 of which 229 Discounted cash flow Credit spread, in bp 315 380 316 Recovery rate, in % 65 65 65 of which 1,314 Market comparable Price, in % 0 120 70 of which 144 Price Price, in % 0 91 85 1 Weighted average is calculated based on the fair value of the instruments. 2 Estimate of 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 occurring between collateral settlement dates. Quantitative information about level 3 assets measured at fair value on a recurring basis (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading assets 3,828 of which debt securities 1,211 of which corporates 413 of which 118 Discounted cash flow Credit spread, in bp 10 7,589 620 Price, in % 0 101 53 of which 75 Market comparable Price, in % 0 101 51 Price, in actuals 1 218 29 of which 216 Price Price, in % 30 126 87 Price, in actuals 0 11,640 2,203 of which RMBS 444 Discounted cash flow Discount rate, in % 3 33 12 of which derivatives 1,661 of which interest rate products 671 of which 1 Discounted cash flow Volatility, in % 95 110 103 of which 662 Option model Contingent probability, in % 95 95 95 Mean reversion, in % 2 25 25 25 Prepayment rate, in % 14 19 17 Volatility, in % (3) 1 (1) of which other derivatives 548 Discounted cash flow Market implied life expectancy, in years 2 13 6 UK mortality, in % 74 139 99 of which other trading assets 734 of which 458 Discounted cash flow Market implied life expectancy, in years 3 13 6 Tax swap rate, in % 30 30 30 of which 251 Market comparable Price, in % 0 109 27 of which 25 Option model Mortality rate, in % 0 70 6 Other investments 3,313 of which other equity investments 2,725 of which 2,443 Market comparable Price, in actuals 0 275 109 of which 174 Price Price, in actuals 1 15 13 of which 46 Discounted cash flow Discount rate, in % 8 8 8 of which life finance instruments 587 Discounted cash flow Market implied life expectancy, in years 2 15 6 Loans 1,040 of which commercial and industrial loans 300 of which 124 Discounted cash flow Credit spread, in bp 280 2,596 756 of which 22 Market comparable Price, in % 74 74 74 of which 153 Price Price, in % 6 100 53 of which financial institutions 398 of which 282 Discounted cash flow Credit spread, in bp 242 1,278 497 of which 115 Price Price, in % 22 72 66 of which government and public institutions 254 of which 158 Discounted cash flow Credit spread, in bp 534 1,339 680 of which 96 Price Price, in % 35 42 36 Other assets 773 of which loans held-for-sale 648 of which 258 Discounted cash flow Credit spread, in bp 299 594 368 Recovery rate, in % 55 55 55 of which 363 Market comparable Price, in % 0 145 78 of which 14 Price Price, in % 0 79 59 1 Weighted average is calculated based on the fair value of the instruments. 2 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities measured at fair value on a recurring basis Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading liabilities 1,202 of which derivatives 856 of which equity/index-related products 362 of which 338 Option model Correlation, in % (50) 100 69 Volatility, in % 5 142 37 of which 22 Price Price, in actuals 0 119 17 of which credit derivatives 196 of which 87 Discounted cash flow Credit spread, in bp 3 2,002 309 Discount rate, in % 10 10 10 Recovery rate, in % 14 100 77 of which 106 Price Price, in % 100 403 106 of which other derivatives 202 Discounted cash flow Market implied life expectancy, in years 2 12 5 UK mortality, in % 75 102 97 of which other trading liabilities 341 Option model Mortality rate, in % 0 70 6 Short-term borrowings 71 of which 48 Option model Correlation, in % (50) 100 69 Volatility, in % 5 142 40 of which 2 Price Price, in % 11 11 11 Long-term debt 4,971 of which structured notes over two years 3,489 of which 425 Discounted cash flow Credit spread, in bp 3 255 79 of which 3,062 Option model Correlation, in % (50) 100 69 Credit spread, in bp 30 148 132 Mean reversion, in % 4 7 25 16 Unadjusted NAV, in actuals 16 12,069 218 Volatility, in % 0 142 37 of which other debt instruments over two years 1,288 of which 281 Option model Credit spread, in bp 34 2,159 313 of which 1,007 Price Price, in actuals 7 7 7 1 Weighted average is calculated based on the fair value of the instruments. 2 Estimate of 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 occurring 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 measured at fair value on a recurring basis (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading liabilities 1,881 of which derivatives 1,640 of which equity/index-related products 1,083 of which 1,040 Option model Correlation, in % (50) 100 71 Dividend yield, in % 0 13 5 Fund gap risk, in % 2 0 2 0 Volatility, in % 5 148 29 of which 31 Price Price, in actuals 0 1,197 34 of which credit derivatives 242 of which 162 Discounted cash flow Credit spread, in bp 3 2,149 341 Discount rate, in % 6 17 11 Recovery rate, in % 10 100 69 of which 9 Market comparable Price, in % 71 101 86 of which 10 Option model Credit spread, in bp 47 1,528 194 of which 3 Price Price, in % 74 102 101 of which other derivatives 196 Discounted cash flow Market implied life expectancy, in years 2 18 6 UK mortality, in % 74 103 97 Short-term borrowings 453 of which 8 Discounted cash flow Credit spread, in bp 142 276 267 of which 338 Option model Correlation, in % (50) 100 75 Buyback probability, in % 3 50 100 76 Volatility, in % 5 148 27 of which 94 Price Price, in % 20 20 20 Price, in actuals 1,296 1,296 1,296 Long-term debt 6,734 of which structured notes over two years 4,307 of which 508 Discounted cash flow Credit spread, in bp 10 430 142 of which 3,793 Option model Buyback probability, in % 3 50 100 76 Correlation, in % (50) 100 75 Credit spread, in bp 27 358 326 Fund gap risk, in % 2 0 2 0 Mean reversion, in % 4 25 25 25 Unadjusted NAV, in actuals 389 416 412 Volatility, in % 0 148 27 of which 6 Price Price, in % 17 17 17 of which other debt instruments over two years 1,728 of which 358 Option model Buyback probability, in % 3 50 100 76 Credit spread, in bp 50 770 317 Price, in actuals 8 8 8 of which 1,370 Price Price, in actuals 8 8 8 1 Weighted average is calculated based on the fair value of the instruments. 2 Risk of unexpected large declines in the underlying values occurring between collateral settlement dates. 3 Estimate of 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 | Gains/(losses) attributable to changes in instrument-specific credit risk 1 Gains/(losses) recorded 1 in 2023 Cumulative 2022 2023 2022 Financial instruments (CHF million) Customer deposits (32) (31) 57 0 0 Short-term borrowings (21) (47) 19 1 0 Long-term debt 3,753 (750) 6,787 (9,162) (31) of which treasury debt over two years 6,406 3 3,522 (9,025) 0 of which structured notes over two years (2,094) (672) 2,667 (137) (31) Total 3,700 (828) 6,863 (9,161) (31) 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 of investment funds measured at NAV per share 2023 2022 Unfunded Unfunded Fair value of investment funds and unfunded commitments (CHF million) Funds held in trading assets and trading liabilities 80 95 175 0 128 415 543 14 Private equity funds 88 0 88 52 58 0 58 48 Hedge funds 13 0 13 1 13 1 14 1 Equity method investment funds 299 11 310 82 315 13 328 114 Funds held in other investments 400 11 411 135 386 14 400 163 Total fair value of investment funds and unfunded commitments 480 1 106 2 586 135 514 3 429 4 943 177 1 CHF 290 million of the underlying assets had known liquidation periods and for CHF 190 million, the timing of liquidation was unknown. 2 CHF 63 million was redeemable on demand with a notice period of primarily less than 30 days. 3 CHF 276 million of the underlying assets had known liquidation periods and for CHF 238 million, the timing of liquidation was unknown. 4 CHF 234 million was redeemable on demand with a notice period of primarily less than 30 days. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Text Block] | Assets and liabilities measured at fair value on a nonrecurring basis end of 2023 Level 1 Level 2 Level 3 Total Assets (CHF million) Other investments 0 0 1,206 1,206 of which equity method investments 0 0 1,200 1,200 Net loans 0 0 13 13 Other assets 0 728 8,903 9,631 of which loans held-for-sale 0 728 8,189 8,917 Total assets recorded at fair value on a nonrecurring basis 0 728 10,122 10,850 Liabilities (CHF million) Other liabilities 0 203 529 732 of which commitments held-for-sale 0 203 529 732 Total liabilities recorded at fair value on a nonrecurring basis 0 203 529 732 end of 2022 Assets (CHF million) Other investments 0 259 106 365 of which equity method investments 0 0 78 78 of which equity securities (without a readily determinable fair value) 0 259 28 287 Net loans 0 14 1 15 Other assets 0 39 44 83 of which loans held-for-sale 0 39 32 71 of which real estate held-for-sale 0 0 12 12 Total assets recorded at fair value on a nonrecurring basis 0 312 151 463 Liabilities (CHF million) Other liabilities 0 2 21 23 of which commitments held-for-sale 0 2 21 23 Total liabilities recorded at fair value on a nonrecurring basis 0 2 21 23 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Quantitative information about level 3 assets and liabilities measured at fair value on a nonrecurring basis Valuation Unobservable Minimum Maximum Weighted 1 Assets (CHF million, except where indicated) Other investments 1,206 of which equity method investments 1,200 of which 1,062 Market comparable Price, in actuals 1 2,095 138 of which 138 Discounted cash flow Discount rate, in % 8 10 8 Other assets 8,903 of which loans held-for-sale 8,189 of which 6,966 Market comparable Price, in actuals 82 8,988 84 of which 673 Discounted cash flow Credit spread, in bp 6 2,471 614 of which 480 Market comparable Price, in % 0 98 93 of which 71 Discounted cash flow Discount rate, in % 9 10 9 Liabilities (CHF million, except where indicated) Other liabilities 529 of which commitments held-for-sale 529 of which 527 Market comparable Price, in % 0 100 83 of which 2 Discounted cash flow Credit spread, in bp 226 549 236 end of 2022 Assets (CHF million, except where indicated) Other investments 106 of which equity method investments 78 Discounted cash flow Discount rate, in % 8 18 15 of which equity securities (without a readily determinable fair value) 28 of which 13 Discounted cash flow Discount rate, in % 12 16 14 of which 13 Market comparable Price, in actuals 3 6,181 1,310 Other assets 44 of which loans held-for-sale 32 Market comparable Price, in % 90 90 90 of which real estate held-for-sale 12 Market comparable Price, in actuals 0 144 55 Liabilities (CHF million, except where indicated) Other liabilities 21 of which commitments held-for-sale 21 Market comparable Price, in % 87 96 90 1 Weighted average is calculated based on the fair value of the instruments. |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and unpaid principal balances of fair value option-elected financial instruments 2023 2022 Aggregate Aggregate Aggregate Aggregate Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 26,237 26,045 192 40,793 40,665 128 Loans 2,458 3,097 (639) 7,358 8,241 (883) Other assets 1 3,490 5,132 (1,642) 8,544 10,937 (2,393) Due to banks and customer deposits (331) (371) 40 (458) (562) 104 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (356) (357) 1 (14,133) (14,024) (109) Short-term borrowings (4,012) (3,988) (24) (6,783) (6,892) 109 Long-term debt 2 (32,874) (36,723) 3,849 (57,919) (71,891) 13,972 Other liabilities (218) (334) 116 (888) (1,043) 155 Non-accrual loans 3,4 511 1,352 (841) 733 2,213 (1,480) 1 Primarily loans held-for-sale. 2 Long-term debt includes both principal-protected and non-principal protected instruments. For non-principal-protected instruments, the original notional amount has been reported in the aggregate unpaid principal. 3 Generally, a loan is deemed non-accrual when the contractual payments of principal and/or interest are more than 90 days past due. 4 Included in loans or other assets. Gains and losses on financial instruments 2023 2022 2021 Net Net Net Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,718 1 1,450 1 638 1 Other investments (199) 2 (51) 3 304 3 of which related to credit risk 0 (3) 2 Loans 308 1 163 1 443 1 of which related to credit risk 89 (239) (13) Other assets 37 1 246 1 519 1 of which related to credit risk (312) (202) 133 Due to banks and customer deposits (71) 2 (44) 2 (22) 3 of which related to credit risk (3) (1) 0 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (151) 1 (156) 1 (43) 1 Short-term borrowings (495) 2 1,916 2 98 2 of which related to credit risk 2 1 2 Long-term debt 9,414 3 6,767 2 (2,644) 2 of which related to credit risk 4 3 0 Other liabilities (88) 2 54 2 171 2 of which related to credit risk (207) (164) 71 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Primarily recognized in other revenues. |
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 2023 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 20,977 0 20,977 0 20,977 Investment securities 1,416 1,246 161 0 1,407 Loans 1 210,132 0 66,697 140,132 206,829 Other financial assets 2 148,197 125,252 12,571 10,433 148,256 Financial liabilities Due to banks and customer deposits 208,624 108,417 100,146 0 208,563 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 598 0 598 0 598 Short-term borrowings 43,625 0 43,625 0 43,625 Long-term debt 95,610 0 94,343 3,092 97,435 Other financial liabilities 3 7,470 0 7,269 206 7,475 2022 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 18,005 0 18,005 0 18,005 Investment securities 921 911 0 0 911 Loans 256,825 0 107,101 4 146,677 4 253,778 Other financial assets 2 91,451 68,104 20,246 2,922 91,272 Financial liabilities Due to banks and customer deposits 243,506 149,696 93,714 0 243,410 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 6,238 0 6,238 0 6,238 Short-term borrowings 7,705 0 7,703 0 7,703 Long-term debt 92,742 0 73,596 13,366 86,962 Other financial liabilities 3 8,551 0 7,984 523 8,507 1 As a result of the acquisition, Credit Suisse has applied a change in estimate to align the discount rate for the fair value determination of the Swiss accrual loan book to that of UBS. 2 Primarily includes cash and due from banks, interest-bearing deposits with banks, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. 3 Primarily includes cash collateral on derivative instruments and interest and fees payable. 4 Credit Suisse has aligned the fair value levelling of the Swiss accrual loan book to that of UBS, resulting in a reclassification of CHF 133.9 billion from level 2 to level 3. |
Assets pledged and collateral (
Assets pledged and collateral (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Assets pledged and collateral | Assets pledged end of 2023 2022 CHF million Total assets pledged or assigned as collateral 105,835 1 63,111 of which encumbered 8,430 25,445 1 Includes Swiss mortgages pledged to SNB in connection with the Emergency Liquidity Assistance (ELA) facility. |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2023 2022 CHF million Fair value of collateral received with the right to sell or repledge 74,354 150,198 of which sold or repledged 23,374 75,819 |
Schedule of Other Assets Pledged and Collateral | Other information end of 2023 2022 CHF million Swiss National Bank required minimum liquidity reserves 2,041 2,258 Other restricted cash, securities and receivables 1 424 812 1 Includes cash, securities and receivables recorded on the Bank’s consolidated balance sheets and restricted under Swiss or foreign regulations for financial institutions; excludes restricted cash, securities and receivables held on behalf of clients which are not recorded on the Bank’s consolidated balance sheet. |
Capital adequacy (Tables)
Capital adequacy (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BIS statistics | Swiss metrics end of 2023 2022 Swiss capital (CHF million) Swiss CET1 capital 38,187 40,987 Going concern capital 38,646 54,843 Gone concern capital 38,284 42,930 Total loss-absorbing capacity (TLAC) 76,930 97,773 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 181,690 249,953 Leverage exposure 524,968 653,551 Swiss capital ratios (%) Swiss CET1 ratio 21.0 16.4 Going concern capital ratio 21.3 21.9 Gone concern capital ratio 21.1 17.2 TLAC ratio 42.3 39.1 Swiss leverage ratios (%) Swiss CET1 leverage ratio 7.3 6.3 Going concern leverage ratio 7.4 8.4 Gone concern leverage ratio 7.3 6.6 TLAC leverage ratio 14.7 15.0 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 10.0 9.28 Going concern capital ratio requirement 1 14.3 13.58 Gone concern capital ratio requirement 10.725 13.58 TLAC ratio requirement 25.025 27.16 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 3.5 3.25 Going concern leverage ratio requirement 1 5.0 4.75 Gone concern leverage ratio requirement 3.75 4.75 TLAC leverage ratio requirement 8.75 9.5 1 The total requirements excluded the FINMA Pillar 2 capital add-on of CHF 1,445 million and CHF 1,850 million as of December 31, 2023 and 2022, respectively, relating to the supply chain finance funds matter and the effects of countercyclical buffers. |
Assets under management (Tables
Assets under management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Assets under management and net new assets | Assets under management end of 2023 2022 CHF billion Assets in collective investment instruments managed by Credit Suisse 175.1 194.6 Assets with discretionary mandates 215.2 244.1 Other assets under management 785.6 852.8 Assets under management (including double counting) 1,175.9 1,291.5 of which double counting 23.8 31.9 Changes in assets under management 2023 2022 Assets under management (CHF billion) Balance at beginning of period 1 1,291.5 1,611.0 Net new assets/(net asset outflows) (106.7) (122.5) Market movements, interest, dividends and foreign exchange 17.7 (169.9) of which market movements, interest and dividends 2 69.8 (165.9) of which foreign exchange (52.1) (4.0) Other effects (26.6) (27.1) Balance at end of period 1,175.9 1,291.5 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, 2023 | |
Litigation provisions | Litigation provisions 2023 CHF million Balance at beginning of period 1,125 Increase in litigation accruals 1,492 Decrease in litigation accruals (142) Decrease for settlements and other cash payments (751) Reclassifications (80) 1 Foreign exchange translation (134) Balance at end of period 1,510 1 Reclassifications of litigation fees due to an alignment to UBS policies. |
Significant subsidiaries and _2
Significant subsidiaries and equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant subsidiaries and equity method investments | Significant subsidiaries Nominal Equity End of 2023 Credit Suisse AG Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 Bank-now AG Horgen, Switzerland CHF 30.0 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 8,192.9 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 170.0 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Bank (Europe), S.A. Spain, Madrid EUR 18.0 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 9.6 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 0.0 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Lime Residential, Ltd. Nassau, Bahamas USD 0.0 100 Credit Suisse International London, United Kingdom USD 7,267.5 98 1 1 Remaining 2% held directly by UBS Group AG. 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity End of 2023 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 SIX Group AG Zurich, Switzerland 18 |
Summary of significant accoun_3
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2023 day month year | |
Accounting Policies [Line Items] | |
Voting rights percentage threshold used to consolidate subsidiaries | 50% |
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 |
Equity method of accounting, low end of range of voting interest (as a percent) | 20% |
Equity method of accounting, high end of range of voting interest (as a percent) | 50% |
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 |
Non-performing loan classification, past due (in days) | 90 |
Non-performing loan classification subprime residential loans, past due (in days) | 120 |
Non-performing subprime residential loans typical period for transferring servicing (in days) | 30 |
Minimum | |
Accounting Policies [Line Items] | |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 3% |
Non-performing loan classification, past due (in days) | 90 |
Maximum | |
Accounting Policies [Line Items] | |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 5% |
Summary of significant accoun_4
Summary of significant accounting policies - Useful lives (Details 2) | Dec. 31, 2023 |
Building improvements | Minimum | |
Premises and equipment disclosures | |
Property, Plant and Equipment, Useful Life | 5 years |
Building improvements | Maximum | |
Premises and equipment disclosures | |
Property, Plant and Equipment, Useful Life | 10 years |
Other leasehold improvements | Maximum | |
Premises and equipment disclosures | |
Property, Plant and Equipment, Useful Life | 10 years |
Rented premises improvements | Maximum | |
Premises and equipment disclosures | |
Property, Plant and Equipment, Useful Life | 10 years |
Other tangible fixed assets | Minimum | |
Premises and equipment disclosures | |
Property, Plant and Equipment, Useful Life | 3 years |
Other tangible fixed assets | Maximum | |
Premises and equipment disclosures | |
Property, Plant and Equipment, Useful Life | 10 years |
Capitalized software | Maximum | |
Premises and equipment disclosures | |
Property, Plant and Equipment, Useful Life | 7 years |
Business developments (Details)
Business developments (Details) SFr in Millions, $ in Billions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 CHF (SFr) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) | |
Impairment | SFr 1,798 | SFr 250 | SFr 20 | |||
Compensation and benefits | 7,882 | 7,689 | 8,011 | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1,154 | 1,318 | 1,434 | |||
Net new assets/(net asset outflows) | (106,700) | (122,500) | ||||
Net revenues | 19,890 | 15,213 | 23,042 | |||
Contingent Capital Awards (CCA) | ||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | (299) | (4) | SFr 194 | |||
Acquisition by UBS [Member] | ||||||
Business development, Description | Acquisition by UBS and related developmentsOn June 12, 2023, the acquisition of Credit Suisse Group AG (the former parent company of Credit Suisse AG) by UBS Group AG (UBS) was consummated. The acquisition of Credit Suisse Group AG resulted in changes that had significant impacts on Credit Suisse’s US GAAP results in 2023. These acquisition-related effects included fair valuation adjustments, impairments of internally developed software, integration costs, acquisition-related compensation expenses, the write-down of intangible assets and other acquisition-related adjustments.The acquisition resulted in changes in exit strategies and principal markets as well as changes of intent in connection with UBS’s plans for underlying positions or portfolios. The effect of these changes were fair valuation adjustments of CHF 3.9 billion in 2023, including from asset reclassifications to held-for-sale and certain specific equity impairments.As a result of the acquisition, a detailed review of internally developed software applications and an assessment of their fair value have been performed reflecting the usability and useful life for UBS. Following this assessment, which included a number of applications that were found to be overlapping with UBS systems, an impairment of CHF 1.8 billion was recorded in 2023.2023 was further impacted by certain compensation-related developments in connection with the acquisition. Total operating expenses included amounts identified by Credit Suisse as integration costs, which were defined as expenses that were temporary, incremental and directly related to the integration of UBS and Credit Suisse, of CHF 2.3 billion. The integration costs primarily related to compensation costs of internal staff and contractors substantially dedicated to integration activities and certain retention awards granted during the period as well as costs relating to the termination of certain real estate leases. As a result of the alignment of certain Credit Suisse processes to those of UBS, including the variable incentive framework, acquisition-related compensation expenses were CHF 0.2 billion.In the third quarter of 2023, UBS established a Non-core and Legacy business division, which includes Credit Suisse positions and businesses not aligned with UBS’s strategy and policies. UBS is actively reducing the assets and liabilities of its Non-core and Legacy business division in order to reduce operating costs and financial resource consumption. Incremental costs or losses may arise in connection with the reduction of such assets and liabilities. UBS aims to substantially complete the integration of Credit Suisse into UBS by the end of 2026. Also, as part of the integration of Credit Suisse, UBS plans to simplify the legal structure, including planned mergers of Credit Suisse AG with UBS AG and Credit Suisse (Schweiz) AG with UBS Switzerland AG.In December 2023, the Board of Directors of UBS Group AG approved the merger of UBS AG and Credit Suisse AG. Following approvals from their respective Boards, both entities entered into a definitive merger agreement. The completion of the legal merger is subject to regulatory approvals and is expected to occur by the end of the second quarter of 2024. UBS also expects to complete the transition to a single US intermediate holding company in the second quarter of 2024 and the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in the third quarter of 2024. | |||||
Fair valuation adjustments | 3,900 | |||||
Impairment | 1,800 | |||||
Business Combination, Integration Related Costs | 2,300 | |||||
Compensation and benefits | (200) | |||||
Litigation provisions [Member] | ||||||
Business development, Description | Litigation provisionsIn 2023, net litigation provisions of CHF 1.4 billion were recorded, mainly related to developments including settlements and new information in a number of previously disclosed legal matters.> Refer to “Note 38 - Litigation” for further information. | |||||
Net litigation provisions recorded | 1,400 | |||||
Goodwill impairment [Member] | ||||||
Business development, Description | Goodwill impairmentCredit Suisse reported goodwill impairment charges of CHF 2.3 billion in 2023, mostly recognized in Wealth Management and in Asset Management.> Refer to “Note 19 - Goodwill” for further information. | |||||
Impairment | 2,300 | |||||
Compensation matters [Member] | ||||||
Business development, Description | CompensationOn April 5, 2023, the Swiss Federal Council instructed the Swiss Federal Department of Finance to cancel or reduce the outstanding variable remuneration for the top three levels of management at Credit Suisse. Under US GAAP accounting guidance, the nature of such a cancellation of deferred compensation required an acceleration of deferred compensation expense in 2023 for the outstanding share-based portion of the compensation awards, with a corresponding credit to shareholders’ equity, and for the smaller impact from the cancellation of cash-based awards, a credit to the income statement for previously accrued expenses. The net impact of these cancellations and reductions of variable remuneration on Credit Suisse’s compensation expenses in 2023 was CHF 90 million.Furthermore, 2023 included the cancellation of the prior-year contingent capital awards (CCA), resulting in a credit of CHF 408 million recognized in deferred compensation. | |||||
Compensation and benefits | (90) | |||||
Compensation matters [Member] | Contingent Capital Awards (CCA) | ||||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 408 | |||||
AT1-Write Down [Member] | ||||||
Business development, Description | Write-down of additional tier 1 capital notesIn March 2023, FINMA ordered that former Credit Suisse Group’s outstanding amount of additional tier 1 capital notes of nominal value of approximately CHF 16 billion and a fair value of approximately CHF 15 billion be written down to zero. Subsequently, the Bank recorded a gain of approximately CHF 14.1 billion from the write-down of such additional tier 1 capital notes, which was recognized in other revenues. | |||||
Additional Tier 1 Capital Notes, Nominal Value | SFr 16,000 | |||||
Additional Tier 1 Capital Notes, Fair Value | 0 | SFr 15,000 | ||||
Other revenues | SFr 14,100 | |||||
Liquidity matters [Member] | ||||||
Business development, Description | Liquidity developmentsFollowing the legal close of the acquisition of Credit Suisse Group AG by UBS, Credit Suisse became part of the overall UBS liquidity and funding management. Credit Suisse now leverages the market access of UBS and engages in secured and unsecured intercompany transactions to facilitate funding between entities.The SNB granted Credit Suisse access to liquidity facilities, including Emergency Liquidity Assistance (ELA), Emergency Liquidity Assistance Plus (ELA+) and the Public Liquidity Backstop (PLB), which has provided liquidity support to Credit Suisse, a portion of which was supported by default guarantees provided by the Swiss government. The improved liquidity situation and the ability to transfer funding between the UBS and Credit Suisse entities have allowed Credit Suisse to continue to repay the various liquidity facilities. All loans under the PLB were fully repaid by Credit Suisse Group AG as of the end of May 2023. Credit Suisse AG fully repaid the ELA+ loans as of August 10, 2023. Following a comprehensive review with UBS of the funding situation, Credit Suisse voluntarily terminated the PLB agreement with the SNB and the Federal Department of Finance as of August 11, 2023. As of December 31, 2023, Credit Suisse (Schweiz) AG had a total of CHF 38 billion outstanding under the ELA facility, which is fully collateralized by Swiss mortgages.Credit Suisse is reliant on funding from UBS, which has provided a letter of support that confirms its intent to keep Credit Suisse AG in good standing and in compliance with its regulatory capital, liquidity requirements as well as debt covenants and to fully support its operating, investing and financing activities through at least March 28, 2025, or a merger with UBS AG, if earlier. | |||||
Emergency Liquidity Assistance | 38,000 | |||||
AuM-Net asset outflows [Member] | ||||||
Business development, Description | Outflows in assets under managementAt the Credit Suisse level, net asset outflows in 2023 were CHF 107 billion or 8% of assets under management as of the end of 2022. | |||||
Net new assets/(net asset outflows) | SFr 107,000 | |||||
Net asset outflows, as a percentage of prior year balance | 8% | |||||
Sale of business [Member] | ||||||
Business development, Description | Securitized Products GroupIn 2023, Credit Suisse completed the sale of a significant part of the Securitized Products Group (SPG) (Apollo transaction) to entities and funds managed by affiliates of Apollo Global Management (collectively, Apollo). In connection with the initial closing of this transaction, Credit Suisse and Apollo entered into various ancillary agreements related to the transaction, including an investment management agreement, certain financing arrangements and a transition services agreement. In the first quarter of 2023, Credit Suisse recognized a pre-tax gain of USD 0.8 billion as a result of the Apollo transaction.> Refer to “Subsequent events” for further information. | |||||
Net revenues | $ | $ 0.8 | |||||
Contract termination [Member] | ||||||
Business development, Description | CS First BostonIn April 2023, Credit Suisse Group AG and M. Klein & Co LLC mutually agreed to terminate the acquisition of The Klein Group, LLC (i.e., the investment banking business of M. Klein & Co. LLC) by Credit Suisse Group AG considering UBS’s acquisition of Credit Suisse Group AG. |
Business developments - Subsequ
Business developments - Subsequent events (Details 4) $ in Millions, SFr in Billions | Mar. 27, 2024 USD ($) | Mar. 22, 2024 CHF (SFr) | Dec. 31, 2023 CHF (SFr) |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Senior secured asset-based financing transferred to Apollo | $ 8,000 | ||
Swingline facility under the transferred financing facilities to Apollo | 750 | ||
Expected net loss from conclusion of investment management agreement and assignment of the loan facilities | $ 900 | ||
Liquidity matters [Member] | |||
Subsequent Event [Line Items] | |||
Emergency Liquidity Assistance | SFr | SFr 38 | ||
Liquidity matters [Member] | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Emergency Liquidity Assistance | SFr | SFr 19 |
Business developments - Busines
Business developments - Business developments (Details 5) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||
Net revenues | SFr 19,890 | SFr 15,213 | SFr 23,042 |
Total operating expenses | SFr 22,122 | SFr 18,529 | SFr 18,924 |
Segment information - Income st
Segment information - Income statement related (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information | |||
Net revenues | SFr 19,890 | SFr 15,213 | SFr 23,042 |
Gain From Write-down Of AT1 Capital Notes Relating To Credit Suisse Group AG | 894 | ||
Income/(loss) before taxes | (3,260) | (3,331) | (91) |
Switzerland | |||
Segment Reporting Information | |||
Net revenues | 17,210 | 7,154 | 8,382 |
Income/(loss) before taxes | 6,689 | 543 | 1,659 |
EMEA | |||
Segment Reporting Information | |||
Net revenues | (1,488) | 523 | 2,916 |
Income/(loss) before taxes | (5,891) | (2,907) | (5,554) |
Americas | |||
Segment Reporting Information | |||
Net revenues | 4,270 | 6,134 | 8,896 |
Income/(loss) before taxes | (1,312) | 374 | 3,574 |
Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | (102) | 1,402 | 2,848 |
Income/(loss) before taxes | (2,746) | (1,341) | 230 |
Operating Segments [Member] | Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 3,058 | 4,904 | 5,549 |
Income/(loss) before taxes | (3,206) | 427 | 1,513 |
Operating Segments [Member] | Swiss Bank | |||
Segment Reporting Information | |||
Net revenues | 3,515 | 4,228 | 4,457 |
Income/(loss) before taxes | 180 | 1,579 | 1,981 |
Operating Segments [Member] | Asset Management | |||
Segment Reporting Information | |||
Net revenues | 659 | 1,214 | 1,352 |
Income/(loss) before taxes | (1,432) | 202 | 372 |
Operating Segments [Member] | Non-core Legacy | |||
Segment Reporting Information | |||
Net revenues | (1,185) | 4,635 | 11,347 |
Income/(loss) before taxes | (11,855) | (5,323) | (4,249) |
Corporate Center | |||
Segment Reporting Information | |||
Net revenues | 14,586 | (61) | (9) |
Income/(loss) before taxes | 14,075 | (144) | (218) |
Adjustments | |||
Segment Reporting Information | |||
Net revenues | (743) | 293 | 346 |
Income/(loss) before taxes | SFr (1,022) | SFr (72) | SFr 510 |
Segment information - Balance s
Segment information - Balance sheet related (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information | ||
Total assets | SFr 452,507 | SFr 530,039 |
Americas | ||
Segment Reporting Information | ||
Total assets | 123,327 | 181,228 |
Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 35,992 | 53,292 |
EMEA | ||
Segment Reporting Information | ||
Total assets | 74,240 | 93,767 |
Switzerland | ||
Segment Reporting Information | ||
Total assets | 218,948 | 201,752 |
Operating Segments | Wealth Management | ||
Segment Reporting Information | ||
Total assets | 86,484 | 120,524 |
Operating Segments | Swiss Bank | ||
Segment Reporting Information | ||
Total assets | 183,724 | 197,303 |
Operating Segments | Asset Management | ||
Segment Reporting Information | ||
Total assets | 1,626 | 3,091 |
Operating Segments | Non-core Legacy | ||
Segment Reporting Information | ||
Total assets | 108,837 | 184,951 |
Corporate Center | ||
Segment Reporting Information | ||
Total assets | 74,190 | 25,488 |
Adjustments | ||
Segment Reporting Information | ||
Total assets | SFr (2,354) | SFr (1,318) |
Net interest income (Details)
Net interest income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net interest income | |||
Loans | SFr 8,225 | SFr 5,900 | SFr 4,993 |
Investment securities | 74 | 14 | 1 |
Trading assets | 1,241 | 2,540 | 2,839 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,803 | 2,135 | 1,172 |
Other | 4,700 | 1,676 | 588 |
Interest and dividend income | 17,043 | 12,265 | 9,593 |
Deposits | (3,880) | (1,749) | (151) |
Short-term borrowings | (2,140) | (227) | 3 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (648) | (769) | (812) |
Long-term debt | (6,136) | (3,438) | (2,437) |
Other | (828) | (685) | (271) |
Interest expense | (13,632) | (6,868) | (3,668) |
Net interest income | SFr 3,411 | SFr 5,397 | SFr 5,925 |
Commissions and fees (Details)
Commissions and fees (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commissions and fees | |||
Commissions and fees | SFr 5,356 | SFr 8,861 | SFr 13,180 |
Lending business | |||
Commissions and fees | |||
Commissions and fees | 663 | 1,431 | 1,870 |
Investment and portfolio management | |||
Commissions and fees | |||
Commissions and fees | 2,478 | 3,028 | 3,401 |
Other securities business | |||
Commissions and fees | |||
Commissions and fees | 67 | 61 | 59 |
Fiduciary business | |||
Commissions and fees | |||
Commissions and fees | 2,545 | 3,089 | 3,460 |
Underwriting | |||
Commissions and fees | |||
Commissions and fees | 90 | 560 | 2,560 |
Brokerage | |||
Commissions and fees | |||
Commissions and fees | 1,281 | 2,265 | 3,088 |
Underwriting and brokerage | |||
Commissions and fees | |||
Commissions and fees | 1,371 | 2,825 | 5,648 |
Other services | |||
Commissions and fees | |||
Commissions and fees | SFr 777 | SFr 1,516 | SFr 2,202 |
Trading revenues (Details)
Trading revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trading revenues | |||
Trading revenues | SFr (2,116) | SFr (525) | SFr 2,371 |
Interest rate products | |||
Trading revenues | |||
Trading revenues | (1,734) | (1,367) | 1,081 |
Foreign exchange products | |||
Trading revenues | |||
Trading revenues | 851 | 521 | 1,133 |
Equity/index-related products | |||
Trading revenues | |||
Trading revenues | (356) | 427 | 1,589 |
Credit products | |||
Trading revenues | |||
Trading revenues | (565) | 540 | (1,416) |
Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | (29) | 8 | (6) |
Other trading securities | |||
Trading revenues | |||
Trading revenues | SFr (283) | SFr (654) | SFr (10) |
Other revenues (Details)
Other revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Revenues | |||
Loans held-for-sale | SFr (1,675) | SFr (133) | SFr (90) |
Long-lived assets held-for-sale | 0 | 355 | 232 |
Equity method investments | (138) | 167 | 60 |
Other investments | (660) | (38) | 256 |
Other | 15,712 | 1,129 | 1,108 |
Other revenues | SFr 13,239 | SFr 1,480 | SFr 1,566 |
Provision for credit losses (De
Provision for credit losses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provision for credit losses | |||
Loans held at amortized cost | SFr 895 | SFr 190 | SFr (23) |
Other financial assets held at amortized cost | 127 | (135) | 4,295 |
Off-balance sheet credit exposures | 6 | (40) | (63) |
Provision for credit losses | SFr 1,028 | 15 | 4,209 |
Archegos Capital Management [Member] | |||
Provision for credit losses | |||
Other financial assets held at amortized cost | SFr (155) | SFr 4,307 |
Compensation and benefits (Deta
Compensation and benefits (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compensation and benefits | |||
Salaries and variable compensation | SFr 6,696 | SFr 6,376 | SFr 6,730 |
Social security | 501 | 508 | 530 |
Other | 685 | 805 | 751 |
Compensation and benefits | 7,882 | 7,689 | 8,011 |
Defined benefit and defined contribution | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 427 | 440 | 497 |
International | Defined benefit pension plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 12 | 14 | 14 |
International | Other post-retirement defined benefit plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | SFr 0 | SFr 0 | SFr 0 |
General and administrative ex_3
General and administrative expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and Administrative Expenses | |||
Occupancy expenses | SFr 1,458 | SFr 889 | SFr 893 |
IT, machinery, etc. | 2,775 | 1,591 | 1,218 |
Provisions and losses | 1,389 | 1,529 | 1,489 |
Travel and entertainment | 157 | 206 | 127 |
Professional services | 4,121 | 3,985 | 3,625 |
Communication and market data services | 423 | 473 | 458 |
Amortization and impairment of other intangible assets | 31 | 4 | 8 |
Other | 454 | 661 | 763 |
General and administrative expenses | 10,808 | 9,338 | 8,581 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | SFr (33) | SFr 16 | SFr (10) |
Restructuring expenses (Details
Restructuring expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr 393 | SFr 467 | SFr 113 |
General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 232 | 117 | 68 |
of which pensions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 15 | 8 | 4 |
Compensation and benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 161 | 350 | 45 |
of which severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 88 | 150 | 26 |
of which accelerated deferred compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 66 | 191 | 19 |
Operating Segments | Wealth Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 46 | 96 | 16 |
Operating Segments | Swiss Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 36 | 22 | 11 |
Operating Segments | Asset Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 6 | 16 | 3 |
Operating Segments | Non-core Legacy | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 288 | 350 | 75 |
Corporate Center | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 48 | 49 | (2) |
Adjustments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr (31) | SFr (66) | SFr 10 |
Restructuring provision - Rollf
Restructuring provision - Rollforward (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 114 | SFr 19 | SFr 49 |
Restructuring expenses | 393 | 467 | 113 |
Reclassifications | (25) | ||
Utilization | 306 | 128 | 63 |
Restructuring Reserve, Ending Balance | SFr 15 | 114 | 19 |
Stock compensation plan | Share awards | |||
Restructuring provision | |||
Vesting period | 3 years | ||
General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 0 | 0 | 2 |
Restructuring expenses | 232 | 117 | 68 |
Reclassifications | (3) | ||
Utilization | 119 | 73 | 31 |
Restructuring Reserve, Ending Balance | 0 | 0 | 0 |
of which pensions | |||
Restructuring provision | |||
Restructuring expenses | 15 | 8 | 4 |
Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 114 | 19 | 47 |
Restructuring expenses | 88 | 150 | 26 |
Reclassifications | (22) | ||
Utilization | 187 | 55 | 32 |
Restructuring Reserve, Ending Balance | 15 | 114 | 19 |
Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 11 | 94 | 13 |
Other personnel-related charges | |||
Restructuring provision | |||
Restructuring expenses | 63 | 106 | 7 |
Excluding unsettled compensation, pension obligations and accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 207 | 223 | 58 |
General and Administrative Expense, Excluding accelerated accumulated depreciation and pension obligations [Member] | |||
Restructuring provision | |||
Restructuring expenses | 119 | 73 | 32 |
Accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | SFr 97 | SFr 36 | SFr 31 |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | SFr 4,690 | SFr 7,479 | SFr 11,353 |
Other securities business [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 67 | 61 | 61 |
Underwriting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 90 | 560 | 2,560 |
Brokerage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,280 | 2,264 | 3,087 |
Investment Advice [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 2,478 | 3,028 | 3,401 |
Service, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | SFr 775 | SFr 1,566 | SFr 2,244 |
Revenue from contracts with c_4
Revenue from contracts with customers (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | ||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Contract balances [Line Items] | |||||
Accounts Receivable, Net | SFr 457 | SFr 686 | |||
Contract with Customer, Liability | 47 | SFr 54 | |||
Contract with Customer, Liability, Revenue Recognized | SFr 29 | SFr (17) | SFr 7 | SFr 10 |
Securities borrowed, lent and_3
Securities borrowed, lent and subject to repurchase agreements (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | SFr 46,813 | SFr 42,256 |
Deposits paid for securities borrowed | 400 | 16,542 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 47,213 | 58,798 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 821 | 19,421 |
Deposits received for securities lent | 134 | 950 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | SFr 955 | SFr 20,371 |
Trading assets and liabilities
Trading assets and liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trading Assets and Liabilities | ||
Trading assets | SFr 21,727 | SFr 65,955 |
Trading liabilities | SFr 8,832 | SFr 18,337 |
Trading assets and liabilitie_2
Trading assets and liabilities - Cash collateral - netted (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash collateral - netted | ||
Cash collateral paid | SFr 7,909 | SFr 11,924 |
Cash collateral - not netted | ||
Cash collateral paid | 6,718 | 7,723 |
Cash collateral received | SFr 677 | SFr 2,079 |
Investment securities (Details)
Investment securities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investment securities disclosures | ||
Debt securities held-to-maturity, Net carrying value | SFr 1,417 | SFr 921 |
Available-for-sale Securities, Debt Securities | 4 | 796 |
Total investment securities | SFr 1,421 | SFr 1,717 |
Investment securities by type (
Investment securities by type (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Held-to-maturity securities | ||
Debt securities held-to-maturity | SFr 0 | SFr 0 |
Debt securities held-to-maturity, before allowance for credit losses | 1,417 | 921 |
Accrued interest excluded from amortized cost base of total Debt securities held-to-maturity | 19 | 10 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 117 | 40 |
Fair value | 1,300 | 881 |
Available-for-sale securities | ||
Amortized cost, before allowance for credit losses, Debt Securities | 4 | 952 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 156 |
Fair value, Debt securities | 4 | 796 |
Debt Securities Available-for-Sale Financing Receivable, Accrued Interest, Before Allowance for Credit Loss | 0 | 1 |
Debt securities issued by foreign governments | ||
Held-to-maturity securities | ||
Debt securities held-to-maturity | 0 | 0 |
Debt securities held-to-maturity, before allowance for credit losses | 1,259 | 921 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 110 | 40 |
Fair value | 1,149 | 881 |
Corporate debt securities | ||
Held-to-maturity securities | ||
Debt securities held-to-maturity | 0 | 0 |
Debt securities held-to-maturity, before allowance for credit losses | 158 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 7 | 0 |
Fair value | 151 | 0 |
Available-for-sale securities | ||
Amortized cost, before allowance for credit losses, Debt Securities | 4 | 952 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 156 |
Fair value, Debt securities | SFr 4 | SFr 796 |
Investment securities - Unreali
Investment securities - Unrealized losses/fair value (Details 3) SFr in Millions | Dec. 31, 2022 CHF (SFr) |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | |
Fair value, less than 12 months | SFr 374 |
Fair value, 12 months or more | 404 |
Fair value, total | 778 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Gross unrealized losses, less than 12 months | 58 |
Gross unrealized losses, 12 months or more | 98 |
Gross unrealized losses, total | 156 |
Corporate debt securities | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | |
Fair value, less than 12 months | 374 |
Fair value, 12 months or more | 404 |
Fair value, total | 778 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Gross unrealized losses, less than 12 months | 58 |
Gross unrealized losses, 12 months or more | 98 |
Gross unrealized losses, total | SFr 156 |
Investment securities - Proceed
Investment securities - Proceeds/realized gains/losses (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | SFr 845 | SFr 44 | SFr 0 |
Realized losses | SFr 4 | SFr 6 | SFr 0 |
Investment securities - Maturit
Investment securities - Maturities of amortized costs/FV/Avg yield (Details 5) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Due within 1 year, amortized cost | SFr 0 | |
Due from 1 to 5 years, amortized cost | 1,417 | |
Debt securities held-to-maturity, amortized cost | 1,417 | |
Accrued interest excluded from amortized cost base of total Debt securities held-to-maturity | 19 | SFr 10 |
Due within 1 year, fair value | 0 | |
Due from 1 to 5 years, fair value | 1,300 | |
Debt securities held-to-maturity, fair value | SFr 1,300 | |
Due within 1 year, average yield (as a percent) | 0% | |
Due from 1 to 5 years, average yield (as a percent) | 3.66% | |
Total, average yield (as a percent) | 3.66% |
Investment securities - Matur_2
Investment securities - Maturities of amortized costs/FV/Avg yield (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | SFr 4 | |
Due from 1 to 5 years, amortized cost | 0 | |
Total, amortized cost, before allowance for credit losses | 4 | SFr 952 |
Due within 1 year, fair value | 4 | |
Due from 1 to 5 years, fair value | 0 | |
Total, fair value | SFr 4 | 796 |
Due within 1 year, average yield (as a percent) | 33.55% | |
Due from 1 to 5 years, average yield (as a percent) | 0% | |
Total, average yield (as a percent) | 33.55% | |
Debt Securities Available-for-Sale Financing Receivable, Accrued Interest, Before Allowance for Credit Loss | SFr 0 | SFr 1 |
Investment securities - Allowan
Investment securities - Allowance for credit loss (Details 7) SFr in Millions | Dec. 31, 2023 CHF (SFr) |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | SFr 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | 0 |
Corporate debt securities | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Beginning Balance | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | SFr 0 |
Other investments (Details)
Other investments (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other investments | |||
Other investments | SFr 4,017 | SFr 5,463 | |
Accumulated depreciation, real estate held for investment | 25 | 24 | SFr 28 |
Impairment charges | 0 | 0 | SFr 0 |
Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 6 | 20 | |
Equity method investments | |||
Other investments | |||
Other investments | 1,856 | 1,618 | |
Equity securities (without a readily determinable fair value) | |||
Other investments | |||
Other investments | 1,691 | 3,212 | |
of which at net asset value | |||
Other investments | |||
Other investments | 101 | 72 | |
of which at measurement alternative | |||
Other investments | |||
Other investments | 49 | 366 | |
of which at fair value | |||
Other investments | |||
Other investments | 1,503 | 2,727 | |
of which at cost less impairment | |||
Other investments | |||
Other investments | 38 | 47 | |
Real estate held for investment | |||
Other investments | |||
Other investments | 31 | 46 | |
Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 6 | 20 | |
Life finance instruments | |||
Other investments | |||
Other investments | SFr 439 | SFr 587 |
Other investments (Details 2)
Other investments (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other investments | |||
Impairments and downward adjustments | SFr (66) | ||
Impairments and downward adjustments, Annual Amount | (14) | SFr (12) | |
Upward adjustments | 147 | ||
Upward adjustments, Annual Amount | 0 | 9 | |
Other Revenue, Other Investments | SFr (660) | SFr (38) | SFr 256 |
Loans, allowance for loan los_3
Loans, allowance for loan losses and credit quality (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | |||||
Gross loans | SFr 218,455 | SFr 269,537 | |||
of which held at amortized cost | 215,997 | 262,179 | |||
of which held at fair value | 2,458 | 7,358 | |||
Net (unearned income)/deferred expenses | (34) | (71) | |||
Allowance for credit losses | (1,680) | SFr (1,366) | (1,362) | SFr (1,296) | SFr (1,535) |
Net loans | 216,741 | 268,104 | |||
Non-performing loans | 1,618 | 1,614 | |||
Non-interest-earning loans | 308 | 338 | |||
Non-accrual loans | 1,926 | 1,952 | 1,952 | ||
Restructured loans | 484 | ||||
Potential problem loans | 1,349 | 977 | |||
Total other impaired loans | 1,349 | 1,461 | |||
Gross impaired loans | 3,275 | 3,413 | |||
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 110 | 130 | |||
Switzerland | |||||
Loans | |||||
Gross loans | 151,681 | 166,982 | |||
Foreign | |||||
Loans | |||||
Gross loans | 66,774 | 102,555 | |||
Corporate and institutional | |||||
Loans | |||||
Gross loans | 85,861 | 118,713 | |||
of which held at amortized cost | 82,169 | 107,421 | |||
Allowance for credit losses | (1,215) | (1,007) | (1,003) | (939) | (1,217) |
Non-accrual loans | 963 | 1,098 | 913 | ||
Corporate and institutional | Real estate | |||||
Loans | |||||
Gross loans | 21,201 | 25,463 | |||
of which held at amortized cost | 21,101 | 25,157 | |||
Non-accrual loans | 355 | 127 | 167 | ||
Corporate and institutional | Commercial and industrial loans | |||||
Loans | |||||
Gross loans | 48,351 | 62,740 | |||
of which held at amortized cost | 46,519 | 59,366 | |||
Non-accrual loans | 520 | 801 | 686 | ||
Corporate and institutional | Financial institutions | |||||
Loans | |||||
Gross loans | 14,693 | 27,955 | |||
of which held at amortized cost | 13,519 | 21,711 | |||
Non-accrual loans | 77 | 159 | 41 | ||
Corporate and institutional | Governments and public institutions | |||||
Loans | |||||
Gross loans | 1,616 | 2,555 | |||
of which held at amortized cost | 1,030 | 1,187 | |||
Non-accrual loans | 11 | 11 | 19 | ||
Consumer | |||||
Loans | |||||
Gross loans | 132,594 | 150,824 | |||
of which held at amortized cost | 132,577 | 150,808 | |||
Allowance for credit losses | (465) | SFr (359) | (359) | (357) | SFr (318) |
Non-accrual loans | 963 | 854 | 1,039 | ||
Consumer | Mortgages | |||||
Loans | |||||
Gross loans | 100,606 | 107,484 | |||
of which held at amortized cost | 100,606 | 107,484 | |||
Non-accrual loans | 462 | 383 | 572 | ||
Consumer | Loans collateralized by securities | |||||
Loans | |||||
Gross loans | 26,380 | 37,639 | |||
of which held at amortized cost | 26,380 | 37,639 | |||
Non-accrual loans | 291 | 283 | 262 | ||
Consumer | Consumer finance | |||||
Loans | |||||
Gross loans | 5,608 | 5,701 | |||
of which held at amortized cost | 5,591 | 5,685 | |||
Non-accrual loans | SFr 210 | SFr 188 | SFr 205 |
CECL - Financial instruments _3
CECL - Financial instruments measured at amortized cost and credit losses (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Overview of financial instruments measured at amortized cost, by balance sheet position [Line Items] | |||||
Cash and due from banks, Amortized cost basis | SFr 124,946 | SFr 67,548 | |||
Cash and due from banks, Allowance for credit losses | (108) | 0 | |||
Cash and due from banks, Net carrying value | 124,838 | 67,548 | |||
Interest-bearing deposits with banks, Amortized cost basis | 383 | 373 | |||
Interest-bearing deposits with banks, Allowance for credit losses | 0 | 0 | |||
Interest-bearing deposits with banks, Net carrying value | 383 | 373 | |||
Securities purchased under resale agreements and securities borrowing transactions, Amortized cost basis | 20,976 | 18,005 | |||
Securities purchased under resale agreements and securities borrowing transactions, Allowance for credit losses | 0 | 0 | |||
Securities purchased under resale agreements and securities borrowing transactions, Net carrying value | 20,976 | 18,005 | |||
Debt securities held-to-maturity, Amortized cost basis | 1,417 | 921 | |||
Debt securities held-to-maturity, Allowance for credit losses | 0 | 0 | |||
Debt securities held-to-maturity, Net carrying value | 1,417 | 921 | |||
Loans, Amortized cost basis | 215,963 | 262,108 | |||
Allowance for credit losses | (1,680) | SFr (1,366) | (1,362) | SFr (1,296) | SFr (1,535) |
Loans, Net carrying value | 214,283 | 260,746 | |||
Brokerage receivables, Amortized cost basis | 2,216 | 17,899 | |||
Brokerage receivables, Allowance for credit losses | 0 | (4,081) | |||
Brokerage receivables, Net carrying value | 2,216 | 13,818 | |||
Other assets, Amortized cost basis | 22,991 | 23,521 | |||
Other assets, Allowance for credit losses | (53) | (37) | |||
Other assets, Net carrying value | 22,938 | 23,484 | |||
Total, Amortized cost basis | 388,892 | 390,375 | |||
Total, Allowance for credit losses | (1,841) | (5,480) | |||
Total, Net carrying value | SFr 387,051 | SFr 384,895 |
CECL - Financial instruments _4
CECL - Financial instruments measured at amortized cost and credit losses (Details 1) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Overview of financial instruments measured at amortized cost, by balance sheet position [Line Items] | ||
Collateral Dependent Financial Assets, Collateral Coverage Ratio, Recovery Mgt Investment Bank/Asia Pacific | 98% | 94% |
Collateral Dependent Financial Assets, Collateral Coverage Ratio, Recovery Mgt International Wealth Management | 93% | 92% |
Collateral Dependent Financial Assets, Collateral Coverage Ratio, Recovery Mgt Swiss Universal Bank | 84% | 88% |
Accrued interest excluded from amortized cost base of total Financial assets held-at-amortized cost, before allowance of credit losses | SFr 465 | SFr 549 |
Allowance for credit losses on accrued interest excluded from amortized cost base of total Financial assets held at amortized cost | 0 | 0 |
Accrued interest excluded from amortized cost base of total Interest-bearing deposits with banks | 1 | 1 |
Accrued interest excluded from amortized cost base of total Securities purchased under resale agreements and securities borrowing transactions | 3 | 4 |
Accrued interest excluded from amortized cost base of total Debt securities held-to-maturity | 19 | 10 |
Accrued interest excluded from amortized cost base of total Loans held at amortized cost | 442 | 534 |
Financing Receivables,Accrued Interest on Nonaccrual Loans Included | SFr 88 | SFr 102 |
CECL (Details 2)
CECL (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | SFr 1,362 | SFr 1,296 | SFr 1,535 |
Current-period provision for expected credit losses | 1,013 | 241 | 25 |
of which methodology change | 5 | 0 | (1) |
of which provisions for interest | 118 | 51 | 48 |
Gross write-offs | (600) | (181) | (297) |
Recoveries | 11 | 15 | 14 |
Net write-offs | (589) | (166) | (283) |
Foreign currency translation impact and other adjustments, net | (110) | (9) | 19 |
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 1,680 | 1,362 | 1,296 |
of which individually evaluated | 1,174 | 845 | 785 |
of which collectively evaluated | 506 | 517 | 511 |
Loans held at amortized cost | |||
Purchases | 4,783 | 4,620 | 4,383 |
Reclassifications from loans held-for-sale | 30 | 95 | 133 |
Reclassifications to loans held-for-sale | 10,824 | 9,516 | 4,780 |
Sales | 2,454 | 2,485 | 4,442 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Current-period provision for expected credit losses | 4 | ||
Corporate and institutional | |||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | 1,003 | 939 | 1,217 |
Current-period provision for expected credit losses | 833 | 184 | (53) |
of which methodology change | 5 | 0 | (1) |
of which provisions for interest | 58 | 29 | 23 |
Gross write-offs | (542) | (116) | (242) |
Recoveries | 1 | 3 | 5 |
Net write-offs | (541) | (113) | (237) |
Foreign currency translation impact and other adjustments, net | (84) | (7) | 12 |
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 1,215 | 1,003 | 939 |
of which individually evaluated | 863 | 572 | 512 |
of which collectively evaluated | 352 | 431 | 427 |
Loans held at amortized cost | |||
Purchases | 4,714 | 4,603 | 4,361 |
Reclassifications from loans held-for-sale | 30 | 95 | 133 |
Reclassifications to loans held-for-sale | 10,824 | 9,516 | 4,780 |
Sales | 2,454 | 2,485 | 4,442 |
Consumer | |||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | 359 | 357 | 318 |
Current-period provision for expected credit losses | 180 | 57 | 78 |
of which methodology change | 0 | 0 | 0 |
of which provisions for interest | 60 | 22 | 25 |
Gross write-offs | (58) | (65) | (55) |
Recoveries | 10 | 12 | 9 |
Net write-offs | (48) | (53) | (46) |
Foreign currency translation impact and other adjustments, net | (26) | (2) | 7 |
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 465 | 359 | 357 |
of which individually evaluated | 311 | 273 | 273 |
of which collectively evaluated | 154 | 86 | 84 |
Loans held at amortized cost | |||
Purchases | 69 | 17 | 22 |
Reclassifications from loans held-for-sale | 0 | 0 | 0 |
Reclassifications to loans held-for-sale | 0 | 0 | 0 |
Sales | SFr 0 | SFr 0 | SFr 0 |
CECL (Details 3)
CECL (Details 3) SFr in Millions | Dec. 31, 2023 CHF (SFr) |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Beginning Balance | SFr 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Ending Balance | 0 |
Debt securities issued by foreign governments | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Beginning Balance | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Ending Balance | 0 |
Corporate debt securities | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Beginning Balance | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Ending Balance | SFr 0 |
CECL (Details 4)
CECL (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other financial assets, Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Cash and due from banks, held at amortized cost, Allowance for Credit Loss, Beginning Balance | SFr 0 | ||
Interest-bearing deposits with banks, held at amortized cost, Allowance for Credit Loss, Beginning Balance | 0 | ||
Securities purchased under resale agreements and securities borrowing transactions, held at amortized cost, Allowance for Credit Loss, Beginning Balance | 0 | ||
Brokerage receivables, held at amortized cost, Allowance for Credit Loss, Beginning Balance | 4,081 | ||
Other assets, held at amortized cost, Allowance for Credit Loss, Beginning Balance | 37 | ||
Other financial assets, held at amortized cost, Allowance for Credit Loss, Beginning Balance | 4,118 | SFr 4,214 | SFr 48 |
Other financial assets, Current-period provision for expected credit losses | 127 | (135) | 4,295 |
Other financial assets, Gross write-offs | (4,035) | (7) | (8) |
Other financial assets, Recovery | 2 | 0 | 0 |
Other financial assets, Net write-offs | (4,033) | (7) | (8) |
Other financial assets, Foreign currency translation impact and other adjustments, net | (51) | 46 | (121) |
Cash and due from banks, held at amortized cost, Allowance for Credit Loss, Ending Balance | 108 | 0 | |
Interest-bearing deposits with banks, held at amortized cost, Allowance for Credit Loss, Ending Balance | 0 | 0 | |
Securities purchased under resale agreements and securities borrowing transactions, held at amortized cost, Allowance for Credit Loss, Ending Balance | 0 | 0 | |
Brokerage receivables, held at amortized cost, Allowance for Credit Loss, Ending Balance | 0 | 4,081 | |
Other assets, held at amortized cost, Allowance for Credit Loss, Ending Balance | 53 | 37 | |
Other financial assets, held at amortized cost, Allowance for Credit Loss, Ending Balance | 161 | 4,118 | 4,214 |
Other financial assets, individually evaluated | 129 | 4,096 | 4,200 |
Other financial assets, collectively evaluated | 32 | 22 | 14 |
Other financial assets change in method credit loss expense reversal | 3 | 0 | 0 |
Debt securities held-to-maturity, before allowance for credit losses | 1,417 | 921 | |
Debt securities issued by foreign governments | |||
Other financial assets, Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Debt securities held-to-maturity, before allowance for credit losses | 1,259 | 921 | |
Corporate debt securities | |||
Other financial assets, Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Debt securities held-to-maturity, before allowance for credit losses | SFr 158 | 0 | |
Archegos Capital Management [Member] | |||
Other financial assets, Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Other financial assets, Current-period provision for expected credit losses | SFr (155) | SFr 4,307 |
CECL (Details 5)
CECL (Details 5) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt securities issued by foreign governments | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Purchases | SFr 463 | SFr 971 |
Corporate debt securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Purchases | SFr 168 |
CECL (Details 6)
CECL (Details 6) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | SFr 1,926 | SFr 1,952 | SFr 1,952 |
Interest income recognized | 32 | 29 | |
Amortized cost of non-accrual assets with no specific allowance | SFr 107 | 105 | |
Minimum [Member] | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Write-Down of Loan to Net Book Value Loan Provision Threshold as Percentage of Loan Notional Amount | 90% | ||
Corporate and institutional | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | SFr 963 | 1,098 | 913 |
Interest income recognized | 20 | 18 | |
Amortized cost of non-accrual assets with no specific allowance | 56 | 31 | |
Corporate and institutional | Real estate | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 355 | 127 | 167 |
Interest income recognized | 8 | 1 | |
Amortized cost of non-accrual assets with no specific allowance | 7 | 1 | |
Corporate and institutional | Commercial and industrial loans | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 520 | 801 | 686 |
Interest income recognized | 12 | 9 | |
Amortized cost of non-accrual assets with no specific allowance | 48 | 30 | |
Corporate and institutional | Financial institutions | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 77 | 159 | 41 |
Interest income recognized | 0 | 7 | |
Amortized cost of non-accrual assets with no specific allowance | 0 | 0 | |
Corporate and institutional | Governments and public institutions | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 11 | 11 | 19 |
Interest income recognized | 0 | 1 | |
Amortized cost of non-accrual assets with no specific allowance | 1 | 0 | |
Consumer | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 963 | 854 | 1,039 |
Interest income recognized | 12 | 11 | |
Amortized cost of non-accrual assets with no specific allowance | 51 | 74 | |
Consumer | Mortgages | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 462 | 383 | 572 |
Interest income recognized | 8 | 4 | |
Amortized cost of non-accrual assets with no specific allowance | 51 | 64 | |
Consumer | Loans collateralized by securities | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 291 | 283 | 262 |
Interest income recognized | 0 | 4 | |
Amortized cost of non-accrual assets with no specific allowance | 0 | 2 | |
Consumer | Consumer finance | |||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | |||
Amortized cost of non-accrual assets | 210 | 188 | SFr 205 |
Interest income recognized | 4 | 3 | |
Amortized cost of non-accrual assets with no specific allowance | SFr 0 | SFr 8 |
CECL (Details 7)
CECL (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | SFr 215,963 | SFr 262,108 |
Total | 215,997 | 262,179 |
Past due more than 90 days and still accruing | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 213,257 | 259,302 |
Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 2,740 | 2,877 |
Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 717 | 789 |
Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 382 | 220 |
Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 126 | 98 |
Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 1,515 | 1,770 |
Corporate and institutional | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 82,169 | 107,421 |
Corporate and institutional | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 80,749 | 105,864 |
Corporate and institutional | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 1,420 | 1,557 |
Corporate and institutional | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 362 | 432 |
Corporate and institutional | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 260 | 91 |
Corporate and institutional | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 53 | 24 |
Corporate and institutional | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 745 | 1,010 |
Corporate and institutional | Real estate | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 21,101 | 25,157 |
Corporate and institutional | Real estate | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 20,705 | 24,946 |
Corporate and institutional | Real estate | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 396 | 211 |
Corporate and institutional | Real estate | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 36 | 35 |
Corporate and institutional | Real estate | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 28 | 49 |
Corporate and institutional | Real estate | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 0 |
Corporate and institutional | Real estate | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 332 | 127 |
Corporate and institutional | Commercial and industrial loans | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 46,519 | 59,366 |
Corporate and institutional | Commercial and industrial loans | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 45,677 | 58,267 |
Corporate and institutional | Commercial and industrial loans | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 842 | 1,099 |
Corporate and institutional | Commercial and industrial loans | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 192 | 320 |
Corporate and institutional | Commercial and industrial loans | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 225 | 42 |
Corporate and institutional | Commercial and industrial loans | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 16 | 24 |
Corporate and institutional | Commercial and industrial loans | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 409 | 713 |
Corporate and institutional | Financial institutions | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 13,519 | 21,711 |
Corporate and institutional | Financial institutions | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 13,347 | 21,480 |
Corporate and institutional | Financial institutions | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 172 | 231 |
Corporate and institutional | Financial institutions | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 126 | 72 |
Corporate and institutional | Financial institutions | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 7 | 0 |
Corporate and institutional | Financial institutions | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 37 | 0 |
Corporate and institutional | Financial institutions | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 2 | 159 |
Corporate and institutional | Governments and public institutions | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 1,030 | 1,187 |
Corporate and institutional | Governments and public institutions | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 1,020 | 1,171 |
Corporate and institutional | Governments and public institutions | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 10 | 16 |
Corporate and institutional | Governments and public institutions | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 8 | 5 |
Corporate and institutional | Governments and public institutions | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 0 |
Corporate and institutional | Governments and public institutions | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 0 |
Corporate and institutional | Governments and public institutions | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 2 | 11 |
Consumer | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 132,577 | 150,808 |
Consumer | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 131,257 | 149,488 |
Consumer | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 1,320 | 1,320 |
Consumer | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 355 | 357 |
Consumer | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 122 | 129 |
Consumer | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 73 | 74 |
Consumer | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 770 | 760 |
Consumer | Mortgages | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 100,606 | 107,484 |
Consumer | Mortgages | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 100,160 | 107,033 |
Consumer | Mortgages | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 446 | 451 |
Consumer | Mortgages | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 86 | 66 |
Consumer | Mortgages | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 42 | 43 |
Consumer | Mortgages | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 10 | 8 |
Consumer | Mortgages | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 308 | 334 |
Consumer | Loans collateralized by securities | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 26,380 | 37,639 |
Consumer | Loans collateralized by securities | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 26,089 | 37,308 |
Consumer | Loans collateralized by securities | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 291 | 331 |
Consumer | Loans collateralized by securities | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 1 | 43 |
Consumer | Loans collateralized by securities | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 4 |
Consumer | Loans collateralized by securities | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 3 |
Consumer | Loans collateralized by securities | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 290 | 281 |
Consumer | Consumer finance | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 5,591 | 5,685 |
Consumer | Consumer finance | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 5,008 | 5,147 |
Consumer | Consumer finance | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 583 | 538 |
Consumer | Consumer finance | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 268 | 248 |
Consumer | Consumer finance | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 80 | 82 |
Consumer | Consumer finance | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 63 | 63 |
Consumer | Consumer finance | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 172 | 145 |
Total loans to third parties | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 214,746 | 258,229 |
Total loans to third parties | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 212,006 | 255,352 |
Total loans to third parties | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 2,740 | 2,877 |
Total loans to third parties | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 717 | 789 |
Total loans to third parties | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 382 | 220 |
Total loans to third parties | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 126 | 98 |
Total loans to third parties | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 1,515 | 1,770 |
Total loans to entities under common control | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Total | 1,251 | 3,950 |
Total loans to entities under common control | Financial Asset, Not Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 1,251 | 3,950 |
Total loans to entities under common control | Financial Asset, Past Due [Member] | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 0 |
Total loans to entities under common control | Past due up to 30 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 0 |
Total loans to entities under common control | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 0 |
Total loans to entities under common control | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | 0 | 0 |
Total loans to entities under common control | Past due more than 90 days | ||
Loans Held At Amortized Cost, Amortized cost, Past Due [Line Items] | ||
Gross loans held at amortized cost | SFr 0 | SFr 0 |
CECL (Details 8)
CECL (Details 8) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Asset, Past Due [Member] | ||
Debt Securities Held-To-Maturity, Amortized Cost, Past Due [Line Items] | ||
Total debt securities held-to-maturity, amortized cost | SFr 0 | SFr 0 |
CECL (Details 9)
CECL (Details 9) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Other financial assets held at amortized cost, past due | SFr 0 | SFr 0 |
Other financial assets held at amortized cost, total | SFr 1,271 | SFr 1,765 |
CECL (Details 10)
CECL (Details 10) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | SFr 41,447 | SFr 49,483 | |
Origination in current year-1 | 22,969 | 47,577 | |
Origination in current year-2 | 31,960 | 24,985 | |
Origination in current year-3 | 19,047 | 17,950 | |
Origination in current year-4 | 14,462 | 11,207 | |
Origination in current year-5 or more | 44,404 | 43,642 | |
Total term loans | 174,289 | 194,844 | |
Revolving loans | 40,457 | 63,385 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 215,997 | 262,179 | |
Gross write-offs | SFr (600) | (181) | SFr (297) |
Date when internal ratings were last updated | 2012 | ||
Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | SFr (51) | ||
Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (17) | ||
Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (27) | ||
Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (12) | ||
Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (6) | ||
Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (45) | ||
Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (158) | ||
Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (442) | ||
Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 28,170 | 31,284 | |
Origination in current year-1 | 16,629 | 37,658 | |
Origination in current year-2 | 26,116 | 19,524 | |
Origination in current year-3 | 15,656 | 13,408 | |
Origination in current year-4 | 11,239 | 8,667 | |
Origination in current year-5 or more | 39,828 | 38,301 | |
Total term loans | 137,638 | 148,842 | |
Revolving loans | 33,140 | 51,661 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 172,029 | 204,423 | |
Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 12,753 | 17,825 | |
Origination in current year-1 | 6,079 | 9,647 | |
Origination in current year-2 | 5,491 | 5,245 | |
Origination in current year-3 | 3,155 | 4,261 | |
Origination in current year-4 | 3,029 | 2,326 | |
Origination in current year-5 or more | 4,139 | 4,857 | |
Total term loans | 34,646 | 44,161 | |
Revolving loans | 6,590 | 10,875 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 41,236 | 55,066 | |
Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 524 | 374 | |
Origination in current year-1 | 261 | 272 | |
Origination in current year-2 | 353 | 216 | |
Origination in current year-3 | 236 | 281 | |
Origination in current year-4 | 194 | 214 | |
Origination in current year-5 or more | 437 | 484 | |
Total term loans | 2,005 | 1,841 | |
Revolving loans | 727 | 849 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,732 | 2,690 | |
Corporate and institutional | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 25,992 | 31,172 | |
Origination in current year-1 | 10,315 | 21,633 | |
Origination in current year-2 | 11,551 | 9,436 | |
Origination in current year-3 | 6,717 | 6,084 | |
Origination in current year-4 | 3,873 | 3,743 | |
Origination in current year-5 or more | 7,182 | 5,847 | |
Total term loans | 65,630 | 77,915 | |
Revolving loans | 16,539 | 29,506 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 82,169 | 107,421 | |
Gross write-offs | (542) | (116) | (242) |
Corporate and institutional | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (50) | ||
Corporate and institutional | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (11) | ||
Corporate and institutional | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (22) | ||
Corporate and institutional | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (7) | ||
Corporate and institutional | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (1) | ||
Corporate and institutional | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (10) | ||
Corporate and institutional | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (101) | ||
Corporate and institutional | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (441) | ||
Corporate and institutional | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 14,664 | 16,086 | |
Origination in current year-1 | 5,691 | 13,885 | |
Origination in current year-2 | 7,283 | 6,041 | |
Origination in current year-3 | 4,441 | 3,224 | |
Origination in current year-4 | 2,109 | 2,016 | |
Origination in current year-5 or more | 4,785 | 2,959 | |
Total term loans | 38,973 | 44,211 | |
Revolving loans | 11,508 | 21,091 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 50,481 | 65,302 | |
Corporate and institutional | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 10,826 | 14,728 | |
Origination in current year-1 | 4,414 | 7,536 | |
Origination in current year-2 | 4,010 | 3,213 | |
Origination in current year-3 | 2,142 | 2,664 | |
Origination in current year-4 | 1,675 | 1,564 | |
Origination in current year-5 or more | 2,180 | 2,658 | |
Total term loans | 25,247 | 32,363 | |
Revolving loans | 4,649 | 7,902 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 29,896 | 40,265 | |
Corporate and institutional | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 502 | 358 | |
Origination in current year-1 | 210 | 212 | |
Origination in current year-2 | 258 | 182 | |
Origination in current year-3 | 134 | 196 | |
Origination in current year-4 | 89 | 163 | |
Origination in current year-5 or more | 217 | 230 | |
Total term loans | 1,410 | 1,341 | |
Revolving loans | 382 | 513 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,792 | 1,854 | |
Corporate and institutional | Real estate | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 4,605 | 6,105 | |
Origination in current year-1 | 3,062 | 9,442 | |
Origination in current year-2 | 5,878 | 3,930 | |
Origination in current year-3 | 3,137 | 1,312 | |
Origination in current year-4 | 1,079 | 918 | |
Origination in current year-5 or more | 2,625 | 2,350 | |
Total term loans | 20,386 | 24,057 | |
Revolving loans | 715 | 1,100 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 21,101 | 25,157 | |
Gross write-offs | (24) | ||
Corporate and institutional | Real estate | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (24) | ||
Corporate and institutional | Real estate | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Real estate | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Real estate | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Real estate | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Real estate | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Real estate | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (24) | ||
Corporate and institutional | Real estate | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Real estate | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 2,663 | 3,601 | |
Origination in current year-1 | 1,926 | 7,001 | |
Origination in current year-2 | 4,431 | 3,071 | |
Origination in current year-3 | 2,402 | 959 | |
Origination in current year-4 | 818 | 698 | |
Origination in current year-5 or more | 2,298 | 2,109 | |
Total term loans | 14,538 | 17,439 | |
Revolving loans | 300 | 694 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 14,838 | 18,133 | |
Corporate and institutional | Real estate | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 1,907 | 2,499 | |
Origination in current year-1 | 1,007 | 2,441 | |
Origination in current year-2 | 1,283 | 855 | |
Origination in current year-3 | 725 | 297 | |
Origination in current year-4 | 230 | 219 | |
Origination in current year-5 or more | 304 | 217 | |
Total term loans | 5,456 | 6,528 | |
Revolving loans | 279 | 281 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,735 | 6,809 | |
Corporate and institutional | Real estate | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 35 | 5 | |
Origination in current year-1 | 129 | 0 | |
Origination in current year-2 | 164 | 4 | |
Origination in current year-3 | 10 | 56 | |
Origination in current year-4 | 31 | 1 | |
Origination in current year-5 or more | 23 | 24 | |
Total term loans | 392 | 90 | |
Revolving loans | 136 | 125 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 528 | 215 | |
Corporate and institutional | Commercial and industrial loans | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 15,147 | 19,302 | |
Origination in current year-1 | 5,953 | 7,992 | |
Origination in current year-2 | 4,609 | 4,239 | |
Origination in current year-3 | 2,743 | 4,055 | |
Origination in current year-4 | 2,456 | 2,246 | |
Origination in current year-5 or more | 3,744 | 4,178 | |
Total term loans | 34,652 | 42,012 | |
Revolving loans | 11,867 | 17,354 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 46,519 | 59,366 | |
Gross write-offs | (194) | ||
Corporate and institutional | Commercial and industrial loans | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (26) | ||
Corporate and institutional | Commercial and industrial loans | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (11) | ||
Corporate and institutional | Commercial and industrial loans | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (22) | ||
Corporate and institutional | Commercial and industrial loans | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (7) | ||
Corporate and institutional | Commercial and industrial loans | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (1) | ||
Corporate and institutional | Commercial and industrial loans | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (10) | ||
Corporate and institutional | Commercial and industrial loans | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (77) | ||
Corporate and institutional | Commercial and industrial loans | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (117) | ||
Corporate and institutional | Commercial and industrial loans | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 6,599 | 7,858 | |
Origination in current year-1 | 2,635 | 3,576 | |
Origination in current year-2 | 2,121 | 1,810 | |
Origination in current year-3 | 1,360 | 1,566 | |
Origination in current year-4 | 959 | 742 | |
Origination in current year-5 or more | 1,714 | 1,619 | |
Total term loans | 15,388 | 17,171 | |
Revolving loans | 7,607 | 10,277 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 22,995 | 27,448 | |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 8,126 | 11,181 | |
Origination in current year-1 | 3,237 | 4,204 | |
Origination in current year-2 | 2,394 | 2,251 | |
Origination in current year-3 | 1,259 | 2,359 | |
Origination in current year-4 | 1,440 | 1,343 | |
Origination in current year-5 or more | 1,838 | 2,355 | |
Total term loans | 18,294 | 23,693 | |
Revolving loans | 4,015 | 6,799 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 22,309 | 30,492 | |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 422 | 263 | |
Origination in current year-1 | 81 | 212 | |
Origination in current year-2 | 94 | 178 | |
Origination in current year-3 | 124 | 130 | |
Origination in current year-4 | 57 | 161 | |
Origination in current year-5 or more | 192 | 204 | |
Total term loans | 970 | 1,148 | |
Revolving loans | 245 | 278 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,215 | 1,426 | |
Corporate and institutional | Financial institutions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 6,092 | 5,596 | |
Origination in current year-1 | 925 | 3,706 | |
Origination in current year-2 | 963 | 1,101 | |
Origination in current year-3 | 688 | 609 | |
Origination in current year-4 | 243 | 524 | |
Origination in current year-5 or more | 664 | 868 | |
Total term loans | 9,575 | 10,668 | |
Revolving loans | 3,944 | 11,043 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 13,519 | 21,711 | |
Gross write-offs | (324) | ||
Corporate and institutional | Financial institutions | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Financial institutions | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Financial institutions | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Financial institutions | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Financial institutions | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Financial institutions | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Financial institutions | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Financial institutions | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (324) | ||
Corporate and institutional | Financial institutions | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 5,281 | 4,480 | |
Origination in current year-1 | 759 | 2,850 | |
Origination in current year-2 | 656 | 1,034 | |
Origination in current year-3 | 556 | 602 | |
Origination in current year-4 | 239 | 521 | |
Origination in current year-5 or more | 632 | 940 | |
Total term loans | 8,123 | 8,547 | |
Revolving loans | 3,592 | 10,111 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 11,715 | 18,658 | |
Corporate and institutional | Financial institutions | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 770 | 1,026 | |
Origination in current year-1 | 166 | 856 | |
Origination in current year-2 | 307 | 67 | |
Origination in current year-3 | 132 | 7 | |
Origination in current year-4 | 4 | 2 | |
Origination in current year-5 or more | 31 | 71 | |
Total term loans | 1,410 | 2,029 | |
Revolving loans | 351 | 822 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,761 | 2,851 | |
Corporate and institutional | Financial institutions | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 41 | 90 | |
Origination in current year-1 | 0 | 0 | |
Origination in current year-2 | 0 | 0 | |
Origination in current year-3 | 0 | 0 | |
Origination in current year-4 | 0 | 1 | |
Origination in current year-5 or more | 1 | 1 | |
Total term loans | 42 | 92 | |
Revolving loans | 1 | 110 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 43 | 202 | |
Corporate and institutional | Governments and public institutions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 148 | 169 | |
Origination in current year-1 | 375 | 493 | |
Origination in current year-2 | 101 | 166 | |
Origination in current year-3 | 149 | 108 | |
Origination in current year-4 | 95 | 55 | |
Origination in current year-5 or more | 149 | 187 | |
Total term loans | 1,017 | 1,178 | |
Revolving loans | 13 | 9 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,030 | 1,187 | |
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Corporate and institutional | Governments and public institutions | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 121 | 147 | |
Origination in current year-1 | 371 | 458 | |
Origination in current year-2 | 75 | 126 | |
Origination in current year-3 | 123 | 97 | |
Origination in current year-4 | 93 | 55 | |
Origination in current year-5 or more | 141 | 171 | |
Total term loans | 924 | 1,054 | |
Revolving loans | 9 | 9 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 933 | 1,063 | |
Corporate and institutional | Governments and public institutions | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 23 | 22 | |
Origination in current year-1 | 4 | 35 | |
Origination in current year-2 | 26 | 40 | |
Origination in current year-3 | 26 | 1 | |
Origination in current year-4 | 1 | 0 | |
Origination in current year-5 or more | 7 | 15 | |
Total term loans | 87 | 113 | |
Revolving loans | 4 | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 91 | 113 | |
Corporate and institutional | Governments and public institutions | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 4 | 0 | |
Origination in current year-1 | 0 | 0 | |
Origination in current year-2 | 0 | 0 | |
Origination in current year-3 | 0 | 10 | |
Origination in current year-4 | 1 | 0 | |
Origination in current year-5 or more | 1 | 1 | |
Total term loans | 6 | 11 | |
Revolving loans | 0 | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 6 | 11 | |
Consumer | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 15,455 | 18,311 | |
Origination in current year-1 | 12,654 | 25,944 | |
Origination in current year-2 | 20,409 | 15,549 | |
Origination in current year-3 | 12,330 | 11,866 | |
Origination in current year-4 | 10,589 | 7,464 | |
Origination in current year-5 or more | 37,222 | 37,795 | |
Total term loans | 108,659 | 116,929 | |
Revolving loans | 23,918 | 33,879 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 132,577 | 150,808 | |
Gross write-offs | (58) | (65) | SFr (55) |
Consumer | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (1) | ||
Consumer | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (6) | ||
Consumer | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (5) | ||
Consumer | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (5) | ||
Consumer | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (5) | ||
Consumer | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (35) | ||
Consumer | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (57) | ||
Consumer | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (1) | ||
Consumer | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 13,506 | 15,198 | |
Origination in current year-1 | 10,938 | 23,773 | |
Origination in current year-2 | 18,833 | 13,483 | |
Origination in current year-3 | 11,215 | 10,184 | |
Origination in current year-4 | 9,130 | 6,651 | |
Origination in current year-5 or more | 35,043 | 35,342 | |
Total term loans | 98,665 | 104,631 | |
Revolving loans | 21,632 | 30,570 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 120,297 | 135,201 | |
Consumer | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 1,927 | 3,097 | |
Origination in current year-1 | 1,665 | 2,111 | |
Origination in current year-2 | 1,481 | 2,032 | |
Origination in current year-3 | 1,013 | 1,597 | |
Origination in current year-4 | 1,354 | 762 | |
Origination in current year-5 or more | 1,959 | 2,199 | |
Total term loans | 9,399 | 11,798 | |
Revolving loans | 1,941 | 2,973 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 11,340 | 14,771 | |
Consumer | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 22 | 16 | |
Origination in current year-1 | 51 | 60 | |
Origination in current year-2 | 95 | 34 | |
Origination in current year-3 | 102 | 85 | |
Origination in current year-4 | 105 | 51 | |
Origination in current year-5 or more | 220 | 254 | |
Total term loans | 595 | 500 | |
Revolving loans | 345 | 336 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 940 | 836 | |
Consumer | Mortgages | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 11,645 | 14,049 | |
Origination in current year-1 | 11,404 | 23,068 | |
Origination in current year-2 | 18,316 | 13,999 | |
Origination in current year-3 | 11,930 | 11,367 | |
Origination in current year-4 | 10,346 | 7,295 | |
Origination in current year-5 or more | 36,170 | 36,666 | |
Total term loans | 99,811 | 106,444 | |
Revolving loans | 795 | 1,040 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 100,606 | 107,484 | |
Gross write-offs | (9) | ||
Consumer | Mortgages | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Mortgages | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Mortgages | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Mortgages | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Mortgages | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Mortgages | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (9) | ||
Consumer | Mortgages | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (9) | ||
Consumer | Mortgages | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Mortgages | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 10,953 | 12,501 | |
Origination in current year-1 | 10,154 | 21,627 | |
Origination in current year-2 | 17,263 | 12,869 | |
Origination in current year-3 | 11,009 | 10,029 | |
Origination in current year-4 | 9,096 | 6,609 | |
Origination in current year-5 or more | 34,366 | 34,525 | |
Total term loans | 92,841 | 98,160 | |
Revolving loans | 635 | 229 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 93,476 | 98,389 | |
Consumer | Mortgages | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 687 | 1,540 | |
Origination in current year-1 | 1,220 | 1,396 | |
Origination in current year-2 | 977 | 1,111 | |
Origination in current year-3 | 835 | 1,271 | |
Origination in current year-4 | 1,161 | 650 | |
Origination in current year-5 or more | 1,632 | 1,931 | |
Total term loans | 6,512 | 7,899 | |
Revolving loans | 160 | 807 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 6,672 | 8,706 | |
Consumer | Mortgages | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 5 | 8 | |
Origination in current year-1 | 30 | 45 | |
Origination in current year-2 | 76 | 19 | |
Origination in current year-3 | 86 | 67 | |
Origination in current year-4 | 89 | 36 | |
Origination in current year-5 or more | 172 | 210 | |
Total term loans | 458 | 385 | |
Revolving loans | 0 | 4 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 458 | 389 | |
Consumer | Loans collateralized by securities | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 802 | 1,114 | |
Origination in current year-1 | 115 | 1,877 | |
Origination in current year-2 | 1,450 | 1,028 | |
Origination in current year-3 | 87 | 178 | |
Origination in current year-4 | 97 | 41 | |
Origination in current year-5 or more | 894 | 991 | |
Total term loans | 3,445 | 5,229 | |
Revolving loans | 22,935 | 32,410 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 26,380 | 37,639 | |
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | 0 | ||
Consumer | Loans collateralized by securities | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 404 | 562 | |
Origination in current year-1 | 98 | 1,496 | |
Origination in current year-2 | 1,197 | 307 | |
Origination in current year-3 | 87 | 35 | |
Origination in current year-4 | 0 | 16 | |
Origination in current year-5 or more | 658 | 803 | |
Total term loans | 2,444 | 3,219 | |
Revolving loans | 20,928 | 30,023 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 23,372 | 33,242 | |
Consumer | Loans collateralized by securities | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 398 | 552 | |
Origination in current year-1 | 17 | 381 | |
Origination in current year-2 | 253 | 721 | |
Origination in current year-3 | 0 | 143 | |
Origination in current year-4 | 97 | 25 | |
Origination in current year-5 or more | 236 | 188 | |
Total term loans | 1,001 | 2,010 | |
Revolving loans | 1,731 | 2,124 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,732 | 4,134 | |
Consumer | Loans collateralized by securities | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 0 | 0 | |
Origination in current year-1 | 0 | 0 | |
Origination in current year-2 | 0 | 0 | |
Origination in current year-3 | 0 | 0 | |
Origination in current year-4 | 0 | 0 | |
Origination in current year-5 or more | 0 | 0 | |
Total term loans | 0 | 0 | |
Revolving loans | 276 | 263 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 276 | 263 | |
Consumer | Consumer finance | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 3,008 | 3,148 | |
Origination in current year-1 | 1,135 | 999 | |
Origination in current year-2 | 643 | 522 | |
Origination in current year-3 | 313 | 321 | |
Origination in current year-4 | 146 | 128 | |
Origination in current year-5 or more | 158 | 138 | |
Total term loans | 5,403 | 5,256 | |
Revolving loans | 188 | 429 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,591 | 5,685 | |
Gross write-offs | (49) | ||
Consumer | Consumer finance | Origination In Current Year | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (1) | ||
Consumer | Consumer finance | Origination In Current Year -1 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (6) | ||
Consumer | Consumer finance | Origination In Current Year -2 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (5) | ||
Consumer | Consumer finance | Origination In Current Year -3 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (5) | ||
Consumer | Consumer finance | Origination In Current Year -4 | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (5) | ||
Consumer | Consumer finance | Origination In Current Year -5 or more | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (26) | ||
Consumer | Consumer finance | Total term positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (48) | ||
Consumer | Consumer finance | Revolving positions | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Gross write-offs | (1) | ||
Consumer | Consumer finance | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 2,149 | 2,135 | |
Origination in current year-1 | 686 | 650 | |
Origination in current year-2 | 373 | 307 | |
Origination in current year-3 | 119 | 120 | |
Origination in current year-4 | 34 | 26 | |
Origination in current year-5 or more | 19 | 14 | |
Total term loans | 3,380 | 3,252 | |
Revolving loans | 69 | 318 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 3,449 | 3,570 | |
Consumer | Consumer finance | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 842 | 1,005 | |
Origination in current year-1 | 428 | 334 | |
Origination in current year-2 | 251 | 200 | |
Origination in current year-3 | 178 | 183 | |
Origination in current year-4 | 96 | 87 | |
Origination in current year-5 or more | 91 | 80 | |
Total term loans | 1,886 | 1,889 | |
Revolving loans | 50 | 42 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,936 | 1,931 | |
Consumer | Consumer finance | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Origination in current year | 17 | 8 | |
Origination in current year-1 | 21 | 15 | |
Origination in current year-2 | 19 | 15 | |
Origination in current year-3 | 16 | 18 | |
Origination in current year-4 | 16 | 15 | |
Origination in current year-5 or more | 48 | 44 | |
Total term loans | 137 | 115 | |
Revolving loans | 69 | 69 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 206 | 184 | |
Total loans to third parties | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 214,746 | 258,229 | |
Gross write-offs | (600) | ||
Total loans to third parties | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 170,778 | 200,503 | |
Total loans to third parties | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 41,236 | 55,036 | |
Total loans to third parties | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 2,732 | 2,690 | |
Total loans to entities under common control | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,251 | 3,950 | |
Gross write-offs | 0 | ||
Total loans to entities under common control | Investment grade | AAA to BBB | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 1,251 | 3,920 | |
Total loans to entities under common control | Non-investment grade | BB to C | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | 30 | |
Total loans to entities under common control | Non-investment grade | D | |||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | SFr 0 | SFr 0 |
CECL (Details 12)
CECL (Details 12) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Origination in current year | SFr 0 | SFr 0 | |
Origination in current year-1 | 7 | 7 | |
Origination in current year-2 | 0 | 0 | |
Origination in current year-3 | 0 | 0 | |
Origination in current year-4 | 0 | 47 | |
Origination 5 years or more | 0 | 0 | |
Total term positions | 7 | 54 | |
Revolving positions | 1,264 | 1,711 | |
Other financial assets held at amortized cost, total | 1,271 | 1,765 | |
Other financial assets, Gross write-offs | (4,035) | (7) | SFr (8) |
Origination In Current Year | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Origination In Current Year -1 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Origination In Current Year -2 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Origination In Current Year -3 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Origination In Current Year -4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Origination In Current Year -5 or more | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Total term positions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Revolving positions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Financing receivable, before Allowance for Credit Loss and Fee | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Other financial assets, Gross write-offs | 0 | ||
Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Origination in current year | 0 | 0 | |
Origination in current year-1 | 0 | 0 | |
Origination in current year-2 | 0 | 0 | |
Origination in current year-3 | 0 | 0 | |
Origination in current year-4 | 0 | 0 | |
Origination 5 years or more | 0 | 0 | |
Total term positions | 0 | 0 | |
Revolving positions | 0 | 0 | |
Other financial assets held at amortized cost, total | 0 | 0 | |
Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Origination in current year | 0 | 0 | |
Origination in current year-1 | 7 | 7 | |
Origination in current year-2 | 0 | 0 | |
Origination in current year-3 | 0 | 0 | |
Origination in current year-4 | 0 | 47 | |
Origination 5 years or more | 0 | 0 | |
Total term positions | 7 | 54 | |
Revolving positions | 1,264 | 1,711 | |
Other financial assets held at amortized cost, total | 1,271 | 1,765 | |
Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Origination in current year | 0 | 0 | |
Origination in current year-1 | 0 | 0 | |
Origination in current year-2 | 0 | 0 | |
Origination in current year-3 | 0 | 0 | |
Origination in current year-4 | 0 | 0 | |
Origination 5 years or more | 0 | 0 | |
Total term positions | 0 | 0 | |
Revolving positions | 0 | 0 | |
Other financial assets held at amortized cost, total | SFr 0 | SFr 0 |
CECL (Details 14)
CECL (Details 14) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) contract | Dec. 31, 2021 CHF (SFr) contract | |
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 16 | 21 | |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 306 | SFr 481 | |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 264 | SFr 465 | |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | 4 | |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 0 | SFr 170 | |
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 378.8 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.18% | ||
PF Principal Forgiveness [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 1 | ||
Financing Receivable Troubled Debt Restructuring Decrease From Modification | 18.9 | ||
IRR Interest Rate Reduction [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 79.2 | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.94% | ||
TE Term Extension [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 219.3 | ||
Financing Receivable Modified Weighted Average Term Increase From Modification | 11 months 12 days | ||
Consumer | Mortgages | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 50.2 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.05% | ||
Consumer | Mortgages | PF Principal Forgiveness [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 0.6 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0% | ||
Financing Receivable Troubled Debt Restructuring Decrease From Modification | SFr 11.7 | ||
Consumer | Mortgages | IRR Interest Rate Reduction [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 3.9 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0% | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 1.33% | ||
Consumer | Mortgages | TE Term Extension [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 45.7 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.05% | ||
Financing Receivable Modified Weighted Average Term Increase From Modification | 1 month 2 days | ||
Consumer | Loans collateralized by securities | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 1 | |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 33 | |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 25 | |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | 3 | |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 0 | SFr 156 | |
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 15.1 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.06% | ||
Consumer | Loans collateralized by securities | IRR Interest Rate Reduction [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 15.1 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.06% | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.72% | ||
Consumer | Consumer finance | IRR Interest Rate Reduction [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 0 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0% | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 2.71% | ||
Corporate and institutional | Real estate | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 1 | 1 | |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 102 | SFr 2 | |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 82 | SFr 2 | |
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 65.1 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.31% | ||
Corporate and institutional | Real estate | IRR Interest Rate Reduction [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 1.2 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.01% | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 1.50% | ||
Corporate and institutional | Real estate | TE Term Extension [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 63.9 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.30% | ||
Financing Receivable Modified Weighted Average Term Increase From Modification | 1 year 3 months | ||
Corporate and institutional | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 15 | 18 | |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 204 | SFr 402 | |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 182 | SFr 394 | |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | 1 | |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 0 | SFr 14 | |
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 246.4 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.53% | ||
Corporate and institutional | Commercial and industrial loans | PF Principal Forgiveness [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 0.4 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0% | ||
Financing Receivable Troubled Debt Restructuring Decrease From Modification | SFr 7.2 | ||
Corporate and institutional | Commercial and industrial loans | IRR Interest Rate Reduction [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 58.2 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.13% | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.94% | ||
Corporate and institutional | Commercial and industrial loans | TE Term Extension [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 108.5 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.23% | ||
Financing Receivable Modified Weighted Average Term Increase From Modification | 1 year 1 month 20 days | ||
Corporate and institutional | Commercial and industrial loans | OtIPD Payment Deferral [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 28 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.06% | ||
Financing Receivable Troubled Debt Restructuring Amortized Cost Amount Of Payment Deferral From Modification | SFr 7.8 | ||
Corporate and institutional | Commercial and industrial loans | Co4_IRR and TE [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 13.2 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.03% | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.29% | ||
Financing Receivable Modified Weighted Average Term Increase From Modification | 1 year 5 months 8 days | ||
Corporate and institutional | Commercial and industrial loans | Co5_IRR and OtIPD [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 0.5 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0% | ||
Financing Receivable Troubled Debt Restructuring Amortized Cost Amount Of Payment Deferral From Modification | SFr 0.4 | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.90% | ||
Corporate and institutional | Commercial and industrial loans | Co6_TE and OtIPD [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 37.6 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.08% | ||
Financing Receivable Troubled Debt Restructuring Amortized Cost Amount Of Payment Deferral From Modification | SFr 22 | ||
Financing Receivable Modified Weighted Average Term Increase From Modification | 2 years 8 months 19 days | ||
Corporate and institutional | Financial institutions | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 1 | |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 44 | |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 44 | |
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 2 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.02% | ||
Corporate and institutional | Financial institutions | IRR Interest Rate Reduction [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 0.8 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.01% | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 2% | ||
Corporate and institutional | Financial institutions | TE Term Extension [Member] | |||
Restructured loans | |||
Financing Receivable, Excluding Accrued Interest, Modified in Period, Amount | SFr 1.2 | ||
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.01% | ||
Financing Receivable Modified Weighted Average Term Increase From Modification | 6 months 29 days |
CECL (Details 15)
CECL (Details 15) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 | |
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Number of Macroeconomic Scenarios | 3 | |
Number of Macroeconomic Factors | 38 | |
Scenario, Macroeconomic scenario, Downside [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Macroeconomic Scenario Probability, in percent | 40% | |
Scenario, Macroeconomic scenario, Mild Downside [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Macroeconomic Scenario Probability, in percent | 15% | |
Scenario, Macroeconomic scenario, Severe Downside [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Macroeconomic Scenario Probability, in percent | 25% | |
Scenario, Macroeconomic scenario, Downside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (1.70%) | |
Scenario, Macroeconomic scenario, Downside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (0.90%) | |
Scenario, Macroeconomic scenario, Downside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0% | |
Scenario, Macroeconomic scenario, Downside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.40% | |
Scenario, Macroeconomic scenario, Downside, Forecast, One year [Member] | Industrial production (%YoY) [Member] | World [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (6.80%) | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (0.60%) | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2.20% | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (1.00%) | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (1.00%) | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, One year [Member] | Avg Earnings Bulk Carrier (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 10,096 | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, One year [Member] | Avg Earnings Tanker (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 42,458 | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (3.30%) | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (1.50%) | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0.70% | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.30% | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, One year [Member] | Avg Earnings Bulk Carrier (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 8,614 | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, One year [Member] | Avg Earnings Tanker (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 31,758 | |
Scenario, Macroeconomic scenario, Downside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0.50% | |
Scenario, Macroeconomic scenario, Downside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2.10% | |
Scenario, Macroeconomic scenario, Downside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 1% | |
Scenario, Macroeconomic scenario, Downside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2.30% | |
Scenario, Macroeconomic scenario, Downside, Forecast, Two years [Member] | Industrial production (%YoY) [Member] | World [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0.40% | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0.30% | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.30% | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0% | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0.40% | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, Two years [Member] | Avg Earnings Bulk Carrier (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 10,930 | |
Scenario, Macroeconomic scenario, Mild Downside, Forecast, Two years [Member] | Avg Earnings Tanker (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 38,392 | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | (1.20%) | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 1.40% | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2% | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2.10% | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, Two years [Member] | Avg Earnings Bulk Carrier (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 10,391 | |
Scenario, Macroeconomic scenario, Severe Downside, Forecast, Two years [Member] | Avg Earnings Tanker (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 25,269 | |
Scenario, Macroeconomic scenario, Baseline [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Macroeconomic Scenario Probability, in percent | 60% | 50% |
Scenario, Macroeconomic scenario, Baseline, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 0.70% | 0.90% |
Scenario, Macroeconomic scenario, Baseline, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 4.10% | 4.50% |
Scenario, Macroeconomic scenario, Baseline, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2.70% | 2.70% |
Scenario, Macroeconomic scenario, Baseline, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.90% | 5.20% |
Scenario, Macroeconomic scenario, Baseline, Forecast, One year [Member] | Industrial production (%YoY) [Member] | World [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 1.20% | |
Scenario, Macroeconomic scenario, Baseline, Forecast, One year [Member] | Avg Earnings Bulk Carrier (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 12,552 | |
Scenario, Macroeconomic scenario, Baseline, Forecast, One year [Member] | Avg Earnings Tanker (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 49,865 | |
Scenario, Macroeconomic scenario, Baseline, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2.40% | 1.50% |
Scenario, Macroeconomic scenario, Baseline, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 4.80% | 4.90% |
Scenario, Macroeconomic scenario, Baseline, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.20% | 2% |
Scenario, Macroeconomic scenario, Baseline, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.20% | 4.10% |
Scenario, Macroeconomic scenario, Baseline, Forecast, Two years [Member] | Industrial production (%YoY) [Member] | World [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 1.90% | |
Scenario, Macroeconomic scenario, Baseline, Forecast, Two years [Member] | Avg Earnings Bulk Carrier (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 12,346 | |
Scenario, Macroeconomic scenario, Baseline, Forecast, Two years [Member] | Avg Earnings Tanker (USD per Day) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast | $ 53,895 | |
Scenario, Macroeconomic scenario, Upside [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Macroeconomic Scenario Probability, in percent | 10% | |
Scenario, Macroeconomic scenario, Upside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 1.20% | |
Scenario, Macroeconomic scenario, Upside, Forecast, One year [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 6.20% | |
Scenario, Macroeconomic scenario, Upside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.20% | |
Scenario, Macroeconomic scenario, Upside, Forecast, One year [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 5.50% | |
Scenario, Macroeconomic scenario, Upside, Forecast, One year [Member] | Industrial production (%YoY) [Member] | World [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.90% | |
Scenario, Macroeconomic scenario, Upside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2% | |
Scenario, Macroeconomic scenario, Upside, Forecast, Two years [Member] | Real GDP growth rate (%YoY) [Member] | CHINA [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 5.80% | |
Scenario, Macroeconomic scenario, Upside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 2.10% | |
Scenario, Macroeconomic scenario, Upside, Forecast, Two years [Member] | Nominal GDP growth rate (%YoY) [Member] | European Union (EU) [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.80% | |
Scenario, Macroeconomic scenario, Upside, Forecast, Two years [Member] | Industrial production (%YoY) [Member] | World [Member] | ||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | ||
Allowance for Credit Losses, Macroeconomic Forecast, in percent | 3.90% |
CECL (Details 16)
CECL (Details 16) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other financial assets, held at amortized cost, Allowance for Credit Loss [Line Items] | ||
Purchases | SFr 931 | SFr 196 |
Goodwill (Details)
Goodwill (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gross amount of goodwill | |||
Balance at beginning of period | SFr 7,758 | SFr 7,748 | |
Foreign currency translation impact | (66) | 10 | |
Other | 0 | 0 | |
Balance at end of period | 7,692 | 7,758 | SFr 7,748 |
Accumulated impairment | |||
Balance at beginning of period | 4,890 | 4,867 | |
Goodwill impairment | 2,346 | 23 | 976 |
Balance at end of period | 7,236 | 4,890 | 4,867 |
Net book value | |||
Net book value | 456 | 2,868 | |
Operating Segments | Wealth Management | |||
Gross amount of goodwill | |||
Balance at beginning of period | 1,281 | 1,300 | |
Foreign currency translation impact | (10) | 4 | |
Other | 0 | (23) | |
Balance at end of period | 1,271 | 1,281 | 1,300 |
Accumulated impairment | |||
Balance at beginning of period | 0 | 0 | |
Goodwill impairment | 1,271 | 0 | |
Balance at end of period | 1,271 | 0 | 0 |
Net book value | |||
Net book value | 0 | 1,281 | |
Operating Segments | Swiss Bank | |||
Gross amount of goodwill | |||
Balance at beginning of period | 481 | 480 | |
Foreign currency translation impact | (25) | 1 | |
Other | 0 | 0 | |
Balance at end of period | 456 | 481 | 480 |
Accumulated impairment | |||
Balance at beginning of period | 0 | 0 | |
Goodwill impairment | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Net book value | |||
Net book value | 456 | 481 | |
Operating Segments | Asset Management | |||
Gross amount of goodwill | |||
Balance at beginning of period | 1,106 | 1,101 | |
Foreign currency translation impact | (31) | 5 | |
Other | (30) | 0 | |
Balance at end of period | 1,045 | 1,106 | 1,101 |
Accumulated impairment | |||
Balance at beginning of period | 0 | 0 | |
Goodwill impairment | 1,045 | 0 | |
Balance at end of period | 1,045 | 0 | 0 |
Net book value | |||
Net book value | 0 | 1,106 | |
Operating Segments | Non-core Legacy | |||
Gross amount of goodwill | |||
Balance at beginning of period | 4,890 | 4,867 | |
Foreign currency translation impact | 0 | 0 | |
Other | 30 | 23 | |
Balance at end of period | 4,920 | 4,890 | 4,867 |
Accumulated impairment | |||
Balance at beginning of period | 4,890 | 4,867 | |
Goodwill impairment | 30 | 23 | |
Balance at end of period | 4,920 | 4,890 | SFr 4,867 |
Net book value | |||
Net book value | 0 | SFr 0 | |
Operating Segments | Strategic Resolution Unit (old) | |||
Gross amount of goodwill | |||
Balance at end of period | 12 | ||
Adjustments | Wealth Management | |||
Accumulated impairment | |||
Goodwill impairment | 23 | ||
Adjustments | Asset Management | |||
Accumulated impairment | |||
Goodwill impairment | SFr 6 |
Other intangible assets (Detail
Other intangible assets (Details 1) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other intangible assets | |||
Gross carrying amount | SFr 52 | SFr 59 | |
Accumulated amortization | (28) | (37) | |
Net carrying amount | 24 | 22 | |
Non-amortizing other intangible assets | 298 | 430 | |
Other intangible assets (mortgage servicing rights), at fair value | 305 | 403 | |
Total other intangible assets, net | 322 | 452 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 3 | 4 | SFr 8 |
Impairment | 28 | 0 | SFr 0 |
Estimated amortization expenses | |||
In the next 12 months | 1 | ||
Year two | 1 | ||
Year three | 1 | ||
Year four | 1 | ||
Year five | 2 | ||
Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 27 | 25 | |
Accumulated amortization | (23) | (25) | |
Net carrying amount | 4 | 0 | |
Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 19 | 29 | |
Accumulated amortization | (2) | (9) | |
Net carrying amount | 17 | 20 | |
Other | |||
Other intangible assets | |||
Gross carrying amount | 6 | 5 | |
Accumulated amortization | (3) | (3) | |
Net carrying amount | 3 | 2 | |
Total other intangible assets, gross | SFr 350 | SFr 489 |
Other assets and other liabil_3
Other assets and other liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other assets | ||||
Cash collateral on derivative instruments | SFr 6,718 | SFr 7,723 | ||
Cash collateral on non-derivative transactions | 289 | 647 | ||
Derivative instruments used for hedging | 3 | 0 | ||
Assets held-for-sale | 12,992 | 16,112 | ||
of which loans | 12,929 | 16,090 | ||
allowance for loans held-for-sale | (1,154) | (101) | ||
of which real estate | 62 | 22 | ||
of which long-lived assets | 1 | 0 | ||
Premises, equipment and right-of-use assets | 2,674 | 5,799 | ||
Assets held for separate accounts | 59 | 64 | ||
Interest and fees receivable | 2,197 | 2,609 | ||
Deferred tax assets | 71 | 259 | ||
Prepaid expenses | 404 | 812 | ||
of which cloud computing arrangement implementation costs | 10 | 65 | ||
Failed purchases | 324 | 801 | ||
Defined benefit pension and post-retirement plan assets | 519 | 560 | ||
Other | 4,573 | 6,367 | ||
of which digital asset safeguarding assets | 127 | 102 | ||
Other assets | 30,823 | 41,753 | ||
Other liabilities | ||||
Cash collateral on derivative instruments | 677 | 2,079 | ||
Cash collateral on non-derivative transactions | 392 | 431 | ||
Derivative instruments used for hedging | 447 | 154 | ||
Operating Lease, Liability | 1,420 | 1,749 | ||
Provisions | 2,611 | 1,494 | ||
of which off-balance sheet risk | 185 | 217 | ||
Restructuring liabilities | 15 | 114 | SFr 19 | SFr 49 |
Liabilities held for separate accounts | 59 | 64 | ||
Interest and fees payable | 4,231 | 3,779 | ||
Current tax liabilities | 429 | 524 | ||
Deferred tax liabilities | 113 | 670 | ||
Failed sales | 402 | 1,471 | ||
Defined benefit pension and post-retirement plan liabilities | 227 | 258 | ||
Other | 3,715 | 4,039 | ||
of which digital asset safeguarding liabilities | 364 | 102 | ||
Other liabilities | 14,738 | 16,826 | ||
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 99 | 458 | ||
Foreclosed or repossessed real estate | 46 | 21 | ||
Foreclosed or repossessed residential real estate | 46 | 21 | ||
Other assets, held at amortized cost, Allowance for Credit Loss | SFr 53 | SFr 37 |
Other assets and other liabil_4
Other assets and other liabilities (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Premises and equipment | |||
Buildings and improvements | SFr 863 | SFr 839 | |
Land | 213 | 215 | |
Leasehold improvements | 1,238 | 1,438 | |
Software | 1,074 | 8,261 | |
Equipment | 859 | 990 | |
Premises and equipment | 4,247 | 11,743 | |
Accumulated depreciation | (2,666) | (7,637) | |
Total premises and equipment, net | 1,581 | 4,106 | |
Depreciation and impairment | |||
Depreciation | 805 | 997 | SFr 903 |
Impairment | 1,798 | 250 | 20 |
Amortization and impairment on right-of-use assets | 529 | 256 | SFr 313 |
Right-of-use assets [Abstract] | |||
Right-of-use assets | 1,093 | 1,693 | |
Premises, equipment and right-of-use assets | SFr 2,674 | SFr 5,799 |
Leases (Details)
Leases (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income and Expenses, Lessee [Abstract] | |||
Operating lease costs | SFr 370 | SFr 279 | SFr 293 |
Variable lease costs | 42 | 46 | 50 |
Sublease income | (51) | (65) | (75) |
Total lease costs | 361 | 260 | 268 |
Other information pertaining to leases [Abstract] | |||
Gains/(losses) on sale and leaseback transactions | 0 | 336 | 225 |
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows | (344) | (336) | (334) |
Right-of-use assets obtained in exchange of new operating lease liabilities | 35 | 165 | 107 |
Changes to right-of-use assets due to lease modifications for operating leases | SFr (1) | SFr 74 | SFr 29 |
Weighted average remaining lease term and discount rate [Abstract] | |||
Remaining lease term (years) | 8 years 8 months 12 days | 9 years 2 months 12 days | |
Discount rate | 3.30% | 3% | |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | |||
Due within 1 year | SFr 247 | SFr 312 | |
Due between 1 and 2 years | 236 | 260 | |
Due between 2 and 3 years | 215 | 236 | |
Due between 3 and 4 years | 171 | 219 | |
Due between 4 and 5 years | 139 | 186 | |
Thereafter | 638 | 811 | |
Total | 1,646 | 2,024 | |
Future interest payable | (226) | (275) | |
Lease liabilities | SFr 1,420 | SFr 1,749 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Sale Leaseback Transaction, Lease Terms | During 2023, the Bank had no sale-leaseback transactions. During 2022, the Bank entered into 12 sale-leaseback transactions with lease terms ranging from 5 to 10 years. During 2021, the Bank entered into 13 sale-leaseback transaction with lease terms ranging from 3 to 10 years. |
Leases (Details 2)
Leases (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor Disclosure [Line Items] | |||
Residual Value of Leased Asset | SFr 1,500 | SFr 1,300 | |
Lease income [Abstract] | |||
Sales-type Lease, Unguaranteed Residual Asset | 125 | 129 | |
Direct Financing Lease, Unguaranteed Residual Asset | 4 | 25 | |
Interest income on sales-type lease receivables | 44 | 33 | SFr 25 |
Interest income on direct financing lease receivables | 81 | 70 | 68 |
Lease income from operating leases | 65 | 80 | 93 |
Variable lease income | 1 | 3 | 1 |
Total lease income | 191 | 186 | SFr 187 |
Net Investment in Lease [Abstract] | |||
Lease receivables, Sales-type leases | 1,461 | 1,324 | |
Impairment recognized, Sales-type leases | 10 | 10 | |
Total net investment, Sales-type Lease | 1,576 | 1,443 | |
Lease receivables, Direct financing leases | 2,530 | 2,473 | |
Impairment recognized, Direct financing leases | 21 | 20 | |
Total net investment, Direct financing leases | 2,513 | 2,478 | |
Lessor, Operating Lease, Payments, Rolling Maturity [Abstract] | |||
Due within 1 year | 48 | 57 | |
Due between 1 and 2 years | 47 | 58 | |
Due between 2 and 3 years | 45 | 55 | |
Due between 3 and 4 years | 37 | 53 | |
Due between 4 and 5 years | 19 | 44 | |
Thereafter | 116 | 136 | |
Total | SFr 312 | 403 | |
Lessor, lease options | As of December 31, 2023 and 2022, the Bank had CHF 185 million and CHF 188 million, respectively, of related party operating leases. | ||
Related Party, Operating Lease | SFr 185 | 188 | |
Sales-type leases [Member] | |||
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | |||
Due within 1 year | 618 | 550 | |
Due between 1 and 2 years | 352 | 317 | |
Due between 2 and 3 years | 262 | 224 | |
Due between 3 and 4 years | 175 | 149 | |
Due between 4 and 5 years | 84 | 88 | |
Thereafter | 96 | 93 | |
Total | 1,587 | 1,421 | |
Future interest receivable | (126) | (97) | |
Lease receivables | 1,461 | 1,324 | |
Direct financing leases [Member] | |||
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | |||
Due within 1 year | 782 | 738 | |
Due between 1 and 2 years | 741 | 694 | |
Due between 2 and 3 years | 634 | 627 | |
Due between 3 and 4 years | 449 | 460 | |
Due between 4 and 5 years | 103 | 115 | |
Thereafter | 12 | 19 | |
Total | 2,721 | 2,653 | |
Future interest receivable | (191) | (180) | |
Lease receivables | SFr 2,530 | SFr 2,473 |
Deposits (Details)
Deposits (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits | ||
Non-interest-bearing demand deposits | SFr 2,062 | SFr 4,091 |
Interest-bearing demand deposits | 87,348 | 119,243 |
Savings deposits | 28,116 | 43,896 |
Time deposits | 92,853 | 79,229 |
Total deposits | 210,379 | 246,459 |
of which due to banks | 6,952 | 11,905 |
of which customer deposits | 203,427 | 234,554 |
Overdrawn deposits not included in total deposits, reclassified as loans | 40 | 55 |
Time Deposits, uninsured | 91,274 | 75,123 |
Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 786 | 1,502 |
Interest-bearing demand deposits | 10,004 | 16,295 |
Savings deposits | 11 | 1,459 |
Time deposits | 63,631 | 60,534 |
Total deposits | 74,432 | 79,790 |
Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 1,276 | 2,589 |
Interest-bearing demand deposits | 77,344 | 102,948 |
Savings deposits | 28,105 | 42,437 |
Time deposits | 29,222 | 18,695 |
Total deposits | SFr 135,947 | SFr 166,669 |
Long-term debt (Details)
Long-term debt (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term debt | ||
Senior | SFr 86,328 | SFr 89,187 |
Subordinated | 40,664 | 59,378 |
Non-recourse liabilities from consolidated VIEs | 1,492 | 2,096 |
Long-term debt | 128,484 | 150,661 |
of which reported at fair value | 32,874 | 57,919 |
Structured notes | ||
Long-term debt | ||
Long-term debt | SFr 26,336 | SFr 38,925 |
Long-term debt - Maturities (De
Long-term debt - Maturities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term debt by maturities | ||
Next twelve months | SFr 23,252 | |
Year two | 34,734 | |
Year three | 13,687 | |
Year four | 10,335 | |
Year five | 11,007 | |
Thereafter | 35,469 | |
Long-term debt | 128,484 | SFr 150,661 |
Notes with a contractual maturity of greater than one year, but likelihood of redemption within one year | SFr 800 | |
Senior notes | Debt Instrument, Redemption, Period One [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Senior notes | Debt Instrument, Redemption, Period One [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 7% | |
Senior notes | Debt Instrument, Redemption, Period Two [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Senior notes | Debt Instrument, Redemption, Period Two [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 8% | |
Senior notes | Debt Instrument, Redemption, Period Three [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Senior notes | Debt Instrument, Redemption, Period Three [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 7.90% | |
Senior notes | Debt Instrument, Redemption, Period Four [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Senior notes | Debt Instrument, Redemption, Period Four [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 5% | |
Senior notes | Debt Instrument, Redemption, Period Five [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Senior notes | Debt Instrument, Redemption, Period Five [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 7.90% | |
Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 7.10% | |
Subordinated | Debt Instrument, Redemption, Period One [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0.40% | |
Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 6.60% | |
Subordinated | Debt Instrument, Redemption, Period Two [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 6.40% | |
Subordinated | Debt Instrument, Redemption, Period Three [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0.90% | |
Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 5.90% | |
Subordinated | Debt Instrument, Redemption, Period Four [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0.70% | |
Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 6.40% | |
Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 1.10% | |
Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 7.80% | |
Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0.70% | |
Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 9% | |
Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 7.70% | |
Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 1.90% | |
Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 0% | |
Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | ||
Long-term debt by maturities | ||
Interest rate (as a percent) | 6.30% | |
Structured notes | ||
Long-term debt by maturities | ||
Next twelve months | SFr 6,401 | |
Year two | 4,599 | |
Year three | 2,775 | |
Year four | 2,639 | |
Year five | 1,201 | |
Thereafter | 8,721 | |
Long-term debt | 26,336 | 38,925 |
Structured notes | Equity | ||
Long-term debt by maturities | ||
Long-term debt | 11,064 | 21,437 |
Structured notes | Fixed income | ||
Long-term debt by maturities | ||
Long-term debt | 12,596 | 14,407 |
Structured notes | Credit | ||
Long-term debt by maturities | ||
Long-term debt | 2,518 | 2,815 |
Structured notes | Other | ||
Long-term debt by maturities | ||
Long-term debt | 158 | SFr 266 |
Fixed rate | Senior notes | ||
Long-term debt by maturities | ||
Next twelve months | 6,486 | |
Year two | 7,744 | |
Year three | 6,444 | |
Year four | 2,169 | |
Year five | 4,676 | |
Thereafter | 12,448 | |
Long-term debt | 39,967 | |
Fixed rate | Subordinated | ||
Long-term debt by maturities | ||
Next twelve months | 1,658 | |
Year two | 5,833 | |
Year three | 2,932 | |
Year four | 3,808 | |
Year five | 109 | |
Thereafter | 4,362 | |
Long-term debt | 18,702 | |
Fixed rate | Non-recourse liabilities from consolidated VIEs | ||
Long-term debt by maturities | ||
Next twelve months | 0 | |
Year two | 206 | |
Year three | 0 | |
Year four | 0 | |
Year five | 0 | |
Thereafter | 0 | |
Long-term debt | 206 | |
Variable rate | Senior notes | ||
Long-term debt by maturities | ||
Next twelve months | 10,671 | |
Year two | 17,829 | |
Year three | 4,262 | |
Year four | 2,917 | |
Year five | 1,780 | |
Thereafter | 8,902 | |
Long-term debt | 46,361 | |
Variable rate | Subordinated | ||
Long-term debt by maturities | ||
Next twelve months | 3,835 | |
Year two | 3,021 | |
Year three | 49 | |
Year four | 1,422 | |
Year five | 4,439 | |
Thereafter | 9,196 | |
Long-term debt | 21,962 | |
Variable rate | Non-recourse liabilities from consolidated VIEs | ||
Long-term debt by maturities | ||
Next twelve months | 602 | |
Year two | 101 | |
Year three | 0 | |
Year four | 19 | |
Year five | 3 | |
Thereafter | 561 | |
Long-term debt | SFr 1,286 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | SFr (15,067) | ||
Balance at end of period | (20,039) | SFr (15,067) | |
Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (1,317) | (95) | SFr 205 |
Increase/(decrease) | 413 | (454) | (259) |
Reclassification adjustments, included in net income | 238 | (768) | (41) |
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
Total increase/(decrease) | 651 | (1,222) | (300) |
Balance at end of period | (666) | (1,317) | (95) |
Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (17,020) | (16,760) | (17,517) |
Increase/(decrease) | (2,421) | (260) | 751 |
Reclassification adjustments, included in net income | 58 | 0 | 6 |
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 1,530 | 0 | 0 |
Total increase/(decrease) | (833) | (260) | 757 |
Balance at end of period | (17,853) | (17,020) | (16,760) |
Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (13) | 13 | 13 |
Increase/(decrease) | (1) | (21) | 0 |
Reclassification adjustments, included in net income | 0 | (5) | 0 |
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 19 | ||
Total increase/(decrease) | 18 | (26) | 0 |
Balance at end of period | 5 | (13) | 13 |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (582) | (429) | (460) |
Increase/(decrease) | (37) | (170) | 12 |
Reclassification adjustments, included in net income | 12 | 17 | 19 |
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
Total increase/(decrease) | (25) | (153) | 31 |
Balance at end of period | (607) | (582) | (429) |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (9) | (6) | (11) |
Increase/(decrease) | 0 | (4) | 4 |
Reclassification adjustments, included in net income | 1 | 1 | 1 |
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
Total increase/(decrease) | 1 | (3) | 5 |
Balance at end of period | (8) | (9) | (6) |
Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 3,874 | (2,082) | (2,469) |
Increase/(decrease) | 2,937 | 5,987 | 284 |
Reclassification adjustments, included in net income | (7,721) | (31) | 103 |
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
Reclassification from accumulated other comprehensive income current period impact write down additional tier 1 capital income tax expense benefit | 1,440 | ||
Reclassification from accumulated other comprehensive income, current period, write down additional tier 1 capital gross of tax | (9,048) | ||
Total increase/(decrease) | (4,784) | 5,956 | 387 |
Balance at end of period | (910) | 3,874 | (2,082) |
Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (15,067) | (19,359) | (20,239) |
Increase/(decrease) | 891 | 5,078 | 792 |
Reclassification adjustments, included in net income | (7,412) | (786) | 88 |
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 1,549 | ||
Total increase/(decrease) | (4,972) | 4,292 | 880 |
Balance at end of period | SFr (20,039) | SFr (15,067) | SFr (19,359) |
AOCI - Significant reclassifica
AOCI - Significant reclassification adjustments (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification adjustments, included in net income | |||
Income tax expense/(benefit) | SFr 854 | SFr 3,973 | SFr 938 |
Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 238 | (768) | (41) |
Reclassification adjustments, included in retained earnings | |||
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
Gains/(losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income, before tax | 296 | (959) | (40) |
Income tax expense/(benefit) | (58) | 191 | (1) |
Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 58 | 0 | 6 |
Reclassification adjustments, included in retained earnings | |||
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 1,530 | 0 | 0 |
Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | (5) | 0 |
Reclassification adjustments, included in retained earnings | |||
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 19 | ||
Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (7,412) | (786) | 88 |
Reclassification adjustments, included in retained earnings | |||
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 1,549 | ||
Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 1 | 1 | 1 |
Reclassification adjustments, included in retained earnings | |||
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 12 | 17 | 19 |
Reclassification adjustments, included in retained earnings | |||
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
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 | 10 | 21 | 23 |
Income tax expense/(benefit) | 2 | (4) | (4) |
Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (7,721) | (31) | 103 |
Reclassification adjustments, included in retained earnings | |||
Reclassification from accumulated other comprehensive income retained earnings current period net of tax | 0 | ||
Accumulated Gains (Losses) On Liabilities Related To Credit Risk | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income, before tax | (9,161) | (31) | 103 |
Income tax expense/(benefit) | 1,440 | SFr 0 | SFr 0 |
Bank | Holding Verde Empreendimentos e Particpacoes S.A. [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | SFr 58 |
Offsetting of financial asset_3
Offsetting of financial assets (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 41,700 | SFr 85,800 |
Offsetting | (37,900) | (78,000) |
of which counterparty netting | (32,100) | (68,300) |
of which cash collateral netting | (5,800) | (9,700) |
Total net derivatives subject to enforceable master netting agreements | 3,800 | 7,800 |
Total derivatives not subject to enforceable master netting agreements | 1,300 | 3,300 |
Total net derivatives presented in the consolidated balance sheets | 5,100 | 11,100 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 48,700 | 47,900 |
Securities purchased under resale agreements, offsetting | (2,900) | (10,700) |
Securities purchased under resale agreements, net | 45,800 | 37,200 |
Securities borrowing transactions, gross | 200 | 4,500 |
Securities borrowing transactions, offsetting | 0 | 0 |
Securities borrowing transactions, net | 200 | 4,500 |
Total subject to enforceable master netting agreements, gross | 48,900 | 52,400 |
Total subject to enforceable master netting agreements, offsetting | (2,900) | (10,700) |
Total subject to enforceable master netting agreements, net | 46,000 | 41,700 |
Total not subject to enforceable master netting agreements | 1,200 | 17,100 |
Total, gross | 50,100 | 69,500 |
Total, net | 47,200 | 58,800 |
of which reported at fair value | 26,237 | 40,793 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 3,800 | 7,800 |
Derivatives, financial instruments | 1,400 | 3,200 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 2,400 | 4,600 |
Securities purchased under resale agreements, net | 45,800 | 37,200 |
Securities purchased under resale agreements, financial instruments | 45,800 | 37,100 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 100 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 200 | 4,500 |
Securities borrowing transactions, financial instruments | 200 | 4,300 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 0 | 200 |
Total financial assets subject to enforceable master netting agreements, net | 49,800 | 49,500 |
Total financial assets subject to enforceable master netting agreements, financial instruments | 47,400 | 44,600 |
Total financial assets subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 100 |
Total financial assets subject to enforceable master netting agreements, net exposure | 2,400 | 4,800 |
Cash collateral - netted | ||
Cash collateral paid | 7,909 | 11,924 |
Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | SFr 5,100 | SFr 11,100 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Trading Securities | Trading Securities |
Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | SFr 0 | SFr 0 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 2,900 | SFr 9,600 |
Offsetting | (2,700) | (9,500) |
Total net derivatives subject to enforceable master netting agreements | 200 | 100 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 200 | 100 |
OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 33,000 | 57,600 |
Offsetting | (30,200) | (50,500) |
Total net derivatives subject to enforceable master netting agreements | 2,800 | 7,100 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 2,800 | 7,100 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 5,800 | 18,600 |
Offsetting | (5,000) | (18,000) |
Total net derivatives subject to enforceable master netting agreements | 800 | 600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 800 | 600 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 17,900 | 33,700 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,600 | 8,600 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 15,300 | 25,100 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 13,900 | 25,200 |
Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 300 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 13,800 | 24,900 |
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 | 8,200 | 22,900 |
Equity/index-related derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 200 | 0 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,300 | 4,300 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 5,700 | 18,600 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,000 | 3,000 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 600 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,000 | 2,400 |
Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 700 | 1,000 |
Other products | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 100 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 600 | 900 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 100 | SFr 0 |
Offsetting of financial liabili
Offsetting of financial liabilities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 45,000 | SFr 88,300 |
Offsetting | (40,000) | (81,800) |
of which counterparty netting | (32,100) | (68,300) |
of which cash collateral netting | (7,900) | (13,500) |
Total net derivatives subject to enforceable master netting agreements | 5,000 | 6,500 |
Total derivatives not subject to enforceable master netting agreements | 1,200 | 2,600 |
Total net derivatives presented in the consolidated balance sheets | 6,200 | 9,100 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 3,800 | 27,800 |
Securities sold under repurchase agreements, offsetting | (2,900) | (10,700) |
Securities sold under repurchase agreements, net | 900 | 17,100 |
Securities lending transactions, gross | 100 | 900 |
Securities lending transactions, offsetting | 0 | 0 |
Securities lending transactions, net | 100 | 900 |
Obligation to return securities received as collateral, at fair value, gross | 2,200 | 2,900 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 2,200 | 2,900 |
Total subject to enforceable master netting agreements, gross | 6,100 | 31,600 |
Total subject to enforceable master netting agreements, offsetting | (2,900) | (10,700) |
Total subject to enforceable master netting agreements, net | 3,200 | 20,900 |
Total not subject to enforceable master netting agreements | 0 | 2,500 |
Total, gross | 6,100 | 34,100 |
Total, net | 3,200 | 23,400 |
of which reported at fair value | 356 | 14,133 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 5,000 | 6,500 |
Derivatives, financial instruments | 900 | 1,200 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 4,100 | 5,300 |
Securities sold under repurchase agreements, net | 900 | 17,100 |
Securities sold under repurchase agreements, financial instruments | 800 | 17,100 |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 |
Securities sold under repurchase agreements, net exposure | 100 | 0 |
Securities lending transactions, net | 100 | 900 |
Securities lending transactions, financial instruments | 100 | 800 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 0 | 100 |
Obligation to return securities received as collateral, at fair value, net | 2,200 | 2,900 |
Obligation to return securities received as collateral, financial instruments | 2,100 | 2,700 |
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 | 100 | 200 |
Total financial liabilities subject to enforceable master netting agreements, net | 8,200 | 27,400 |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 3,900 | 21,800 |
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 | 4,300 | 5,600 |
Trading liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | SFr 5,800 | SFr 8,900 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Trading Liabilities | Trading Liabilities |
Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | SFr 400 | SFr 200 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
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 | SFr (2,900) | SFr (10,700) |
Total, gross | 3,900 | 31,100 |
Total, net | 1,000 | 20,400 |
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 | 2,200 | 3,000 |
Total, net | 2,200 | 3,000 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 2,300 | 10,800 |
Offsetting | (2,300) | (10,700) |
Total net derivatives subject to enforceable master netting agreements | 0 | 100 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 0 | 100 |
OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 37,600 | 59,100 |
Offsetting | (32,700) | (52,900) |
Total net derivatives subject to enforceable master netting agreements | 4,900 | 6,200 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 4,900 | 6,200 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,100 | 18,400 |
Offsetting | (5,000) | (18,200) |
Total net derivatives subject to enforceable master netting agreements | 100 | 200 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 100 | 200 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 17,400 | 33,300 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 2,100 | 9,800 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,300 | 23,500 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 17,700 | 25,900 |
Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 100 | 300 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 17,600 | 25,500 |
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 | 8,300 | 25,400 |
Equity/index-related derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 100 | 0 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 3,100 | 7,100 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,100 | 18,300 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,400 | 3,200 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 600 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,400 | 2,600 |
Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 500 |
Other products | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 100 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 400 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 0 | SFr 0 |
Tax - Income statement related_
Tax - Income statement related/reconciliation of tax rate (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income from continuing operations before taxes (CHF) | |||
Switzerland | SFr 6,689 | SFr 543 | SFr 1,659 |
Foreign | (9,949) | (3,874) | (1,750) |
Income/(loss) before taxes | (3,260) | (3,331) | (91) |
Current and deferred taxes | |||
Switzerland | 123 | 296 | 302 |
Foreign | 451 | (95) | 472 |
Current income tax expense | 574 | 201 | 774 |
Switzerland | 37 | 73 | 156 |
Foreign | 243 | 3,699 | 8 |
Deferred income tax expense | 280 | 3,772 | 164 |
Income tax expense | 854 | 3,973 | 938 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Other comprehensive income gains losses on own credit | (675) | 876 | 12 |
Gains/(losses) on cash flow hedges | 66 | (266) | (62) |
Cumulative translation adjustment | 1 | (7) | 4 |
Unrealized gains/(losses) on securities | 6 | (9) | (4) |
Actuarial gains/(losses), Tax | (30) | (84) | 0 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate | (603) | (616) | (17) |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (701) | (127) | 92 |
of which total foreign tax expense | 694 | 3,604 | 480 |
Changes in tax law and rates | 44 | 24 | (29) |
Non-deductible amortization of other intangible assets and goodwill impairment | 12 | 0 | (181) |
Other non-deductible expenses | 1,109 | 303 | 369 |
of which non-deductible interest expenses | 844 | 196 | 200 |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 6 | 8 | 39 |
of which non-deductible expenses or non-deductible provision accruals | 107 | 154 | 93 |
of which tax benefit from reassessment of interest cost deductibility relating to previously unrecognized tax benefits of non-deductible funds | (138) | ||
of which non-deductible other expenses | 136 | 74 | 28 |
of which contingency accrual relating to non-deductible interest expense | (11) | ||
Additional taxable income | 1,322 | 5 | 15 |
of which recognition of the legacy deferred intercompany gain | 705 | ||
of which impact of the surrender of non-taxable life insurance policies | 617 | ||
Lower taxed income | (108) | (144) | (129) |
of which tax benefit in respect to non-taxable dividend income | 44 | 39 | 41 |
of which tax benefit related non-taxable life insurance income | 65 | 77 | |
of which exempt income | 5 | ||
of which concessionary and lower taxed income | 36 | 5 | |
(Income)/loss taxable to non-controlling interests | 1 | 11 | 12 |
Changes in deferred tax valuation allowance | (528) | 4,512 | 612 |
Increase in deferred tax valuation allowance | 204 | 40 | |
Change in recognition of outside basis difference | 41 | (2) | 3 |
(Windfall tax benefits)/shortfall tax charges on share-based compensation | 65 | 82 | 37 |
Other | 200 | (75) | 154 |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 62 | ||
of which tax (benefit)/charge from the impact of prior year adjustments | (46) | (172) | (30) |
of which tax impact of transitional adjustments arising from adoption of new accounting standards | 45 | 51 | |
of which withholding taxes | 100 | ||
of which unrealized mark-to-marked results on share-based compensation | 24 | ||
of which tax credit | (29) | (24) | |
of which fair value changes on investments | 39 | ||
of which impact of write down of additional tier 1 capital notes | 15 | ||
of which reassessment of Credit Suisse deferred tax assets/(liabilities) impacted by the acquisition of Credit Suisse Group AG by UBS | (34) | ||
Income tax expense | 854 | 3,973 | 938 |
Current Period | |||
Increase/(decrease) in income taxes resulting from: | |||
of which US Base Erosion and Anti-abuse Tax | 57 | 29 | |
Prior period | |||
Increase/(decrease) in income taxes resulting from: | |||
of which US Base Erosion and Anti-abuse Tax | 165 | ||
US | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit related to non taxable gain in liquidation | 63 | ||
of which re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability | 3,655 | ||
Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 6,689 | 543 | 1,659 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 18.50% | ||
UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 771 | ||
US and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
of which releases of valuation allowances due to the change in corporation tax rates | SFr (2,267) | ||
US, UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
of which re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability | 817 | ||
UK, US, Singapore, Korea, Spain, Japan and Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
of which re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability | 1,535 | ||
Switzerland, Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (159) | ||
Asia Pacific | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr (2,746) | SFr (1,341) | SFr 230 |
Tax - Balance sheet related (De
Tax - Balance sheet related (Details 2) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 CHF (SFr) year | Dec. 31, 2022 CHF (SFr) | Dec. 31, 2021 CHF (SFr) | |
Tax effect of temporary differences | |||
Compensation and benefits | SFr 359 | SFr 638 | |
Loans | 749 | 209 | |
Investment securities | 569 | 992 | |
Provisions | 132 | 641 | |
Leases | 213 | 229 | |
Derivatives | 24 | 38 | |
Real estate | 295 | 229 | |
Net operating loss carry-forwards | 7,796 | 7,720 | |
Net operating loss carry-forwards, after allocation of valuation allowances | 29 | 138 | |
Goodwill and intangible assets | 14 | 67 | |
Other | 247 | 418 | |
Gross deferred tax assets before valuation allowance | 10,398 | 11,181 | |
Less valuation allowance | (9,643) | (8,488) | SFr (5,338) |
Gross deferred tax assets net of valuation allowance | 755 | 2,693 | |
Compensation and benefits | (173) | (202) | |
Loans | (34) | (1,190) | |
Investment securities | (217) | (744) | |
Provisions | (38) | (282) | |
Derivatives | (92) | (286) | |
Leases | (164) | (219) | |
Real estate | (14) | (43) | |
Other | (65) | (138) | |
Gross deferred tax liabilities | (797) | (3,104) | |
Net deferred tax assets | (42) | (411) | |
Net deferred tax assets change | 369 | ||
Net operating loss carry-forwards | |||
Due to expire within 1 year | 28 | ||
Due to expire within 2 to 5 years | 247 | ||
Due to expire within 6 to 10 years | 3,465 | ||
Due to expire within 11 to 20 years | 5,768 | ||
Amount due to expire | 9,508 | ||
Amount not due to expire | 26,219 | ||
Total net operating loss carry-forwards | 35,727 | ||
Movements in the valuation allowance | |||
Balance at beginning of period | 8,488 | 5,338 | 4,323 |
Net changes | 1,155 | 3,150 | 1,015 |
Balance at end of period | 9,643 | 8,488 | 5,338 |
Tax benefits associated with share-based compensation | |||
Tax benefits recorded in the consolidated statements of operations | 269 | 213 | 227 |
Movements in gross unrecognized tax benefits | |||
Balance at beginning of period | 227 | 425 | 382 |
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 332 | 239 | 23 |
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (226) | (434) | (35) |
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 8 | 46 | 54 |
Decreases in unrecognized tax benefits as a result of tax positions taken during the current period | (1) | (41) | 0 |
Decreases in unrecognized tax benefits relating to settlements with tax authorities | (10) | (4) | 0 |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (6) | (15) | (6) |
Other (including foreign currency translation) | (25) | 11 | 7 |
Balance at end of period | 299 | 227 | 425 |
of which, if recognized, would affect the effective tax rate | 299 | 227 | 425 |
Interest and penalties | |||
Interest and penalties recognized in the consolidated statements of operations, Recoveries | 1 | (5) | 3 |
Interest and penalties recognized in the consolidated balance sheets | SFr 59 | SFr 59 | SFr 64 |
US | Prior to 2018 | |||
Movements in the valuation allowance | |||
Net operating loss carryforward period as per US tax law (in years) | year | 20 | ||
US | 2018-2020 | |||
Movements in the valuation allowance | |||
Net operating loss carryforward period as per US tax law (in years) | year | 5 | ||
US | 2018 and subsequent | |||
Movements in the valuation allowance | |||
Net operating loss carryforward period as per US tax law (in years) | year | 0 | ||
Switzerland | |||
Movements in the valuation allowance | |||
Net operating loss carryforward period as per Swiss tax law (in years) | year | 7 |
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, 2023 | Dec. 31, 2022 | |
Net deferred tax assets | ||
Deferred tax assets | SFr 71 | SFr 259 |
Net operating loss carry-forwards | 7,796 | 7,720 |
Net operating loss carry-forwards, after allocation of valuation allowances | 29 | 138 |
Temporary differences | 42 | 121 |
Deferred tax liabilities | 113 | 670 |
Deferred Tax Assets (Liabilities), Net | (42) | SFr (411) |
Net deferred tax assets change | 369 | |
Accumulated undistributed earnings from foreign subsidiaries | 28 | |
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 | SFr 16 |
Deferred compensation expense (
Deferred compensation expense (Details) | 1 Months Ended | 12 Months Ended | |||||
Feb. 29, 2024 USD ($) | Feb. 29, 2024 CHF (SFr) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 CHF (SFr) shares | Dec. 31, 2022 CHF (SFr) shares | Dec. 31, 2021 CHF (SFr) shares | Jun. 12, 2023 shares | |
Deferred compensation expense | |||||||
Labor and Related Expense | SFr 7,882,000,000 | SFr 7,689,000,000 | SFr 8,011,000,000 | ||||
Total compensation expense relating to deferred compensation | 1,154,000,000 | 1,318,000,000 | 1,434,000,000 | ||||
Total shares delivered | |||||||
Minimum total compensation of certain employees to whom share awards are granted | $ 300,000 | SFr 300,000 | $ 250,000 | 250,000 | |||
Compensation matters [Member] | |||||||
Deferred compensation expense | |||||||
Labor and Related Expense | (90,000,000) | ||||||
Deferred cash awards | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | 659,000,000 | 623,000,000 | 370,000,000 | ||||
Retention Awards | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | 368,000,000 | 170,000,000 | 123,000,000 | ||||
Compensation expense relating to deferred compensation, of which granted in current year | 279,000,000 | ||||||
Contingent Capital Awards (CCA) | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | (299,000,000) | (4,000,000) | 194,000,000 | ||||
Contingent Capital Awards (CCA) | Compensation matters [Member] | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | 408,000,000 | ||||||
Performance shares | Performance share awards | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | 6,000,000 | SFr 1,000,000 | SFr 281,000,000 | ||||
Stock compensation plan | |||||||
Deferred compensation expense | |||||||
Award Expenses for employees who have met certain age and length-of-service criteria | SFr 123,000,000 | ||||||
Total shares delivered | |||||||
Total shares delivered (in shares) | shares | 15,800,000 | 15,800,000 | 56,700,000 | 55,700,000 | |||
Conversion rate of Credit Suisse shares to UBS shares | shares | 22.48 | ||||||
Stock compensation plan | Share awards | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | SFr 275,000,000 | SFr 293,000,000 | SFr 466,000,000 | ||||
Stock compensation plan | Strategic Delivery Plan | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | 80,000,000 | SFr 235,000,000 | |||||
Stock compensation plan | Transformation awards | |||||||
Deferred compensation expense | |||||||
Total compensation expense relating to deferred compensation | SFr 65,000,000 |
Estimated unrecognized deferred
Estimated unrecognized deferred compensation (Details 2) SFr in Millions | 12 Months Ended |
Dec. 31, 2023 CHF (SFr) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 512 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 3 months 18 days |
Deferred cash awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 215 |
Retention Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 125 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 4 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 100 |
Stock compensation plan | Strategic Delivery Plan | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 23 |
Share-based awards (Details 3)
Share-based awards (Details 3) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Jun. 12, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 15, 2023 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total estimated unrecognized compensation expense | SFr 512 | SFr 512 | |||||
Performance shares | Performance share awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total estimated unrecognized compensation expense | SFr 4 | SFr 4 | |||||
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 9.93 | SFr 9.93 | SFr 11.67 | SFr 11.67 | |||
Weighted-average grant-date fair value - Granted (in CHF per share) | 12.71 | ||||||
Weighted-average grant-date fair value - Granted (in CHF per share) | [1] | 8.45 | |||||
Weighted-average grant-date fair value - Settled (in CHF per share) | 10.67 | 11.70 | 12.50 | ||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 10.18 | 11 | 11.78 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 10.11 | SFr 10.11 | SFr 9.93 | SFr 11.67 | |||
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 | 73.8 | 88 | |||||
Granted (in shares) | 2.9 | 27.4 | |||||
Settled (in shares) | (29.7) | (33.2) | |||||
Forfeited (in shares) | (4.9) | (8.4) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 73.8 | ||||||
of which vested (in shares) | 0.3 | 0.3 | 13.5 | 10.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments, Conversion Impact | 27.9 | ||||||
of which unvested (in shares) | 0.4 | 0.4 | 28.6 | 63.4 | |||
Performance shares | Performance share awards | Pre-acquistion | |||||||
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 14.47 | ||||||
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 | 42.1 | 29.2 | 42.1 | ||||
Granted (in shares) | (5.9) | ||||||
Settled (in shares) | (4.2) | ||||||
Forfeited (in shares) | (2.8) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 29.2 | 42.1 | |||||
Performance shares | Performance share awards | Post -acquistion | |||||||
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 | 1.3 | ||||||
Settled (in shares) | (0.4) | ||||||
Forfeited (in shares) | (0.2) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 1.3 | 0.7 | 0.7 | ||||
Stock compensation plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 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 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. In 2023, deferred compensation was awarded to employees with total compensation for the performance year 2022 greater than or equal to CHF/USD 250,000 or the local currency equivalent or higher. With the alignment of compensation to UBS’s compensation policies, the mandatory deferral approach applies to all employees with regulatory-driven deferral requirements or total compensation for the performance year 2023 greater than CHF/USD 300,000. Certain regulated employees, such as senior management functions (SMFs) and material risk takers (MRTs), are subject to additional requirements (e.g., more stringent deferral requirements and additional blocking periods). In addition, SMFs and MRTs receive 50% of their cash portion in the form of immediately vested shares, which are blocked for 12 months after grant. | ||||||
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 | Each share award granted entitles the holder of the award to receive one UBS Group AG share, subject to service conditions. Existing share awards granted prior to the merger typically 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 certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. Share awards are expensed over the service period of the awards. The value of the share awards is solely dependent on the UBS Group AG share price at the time of delivery. | ||||||
Vesting period | 3 years | ||||||
Total estimated unrecognized compensation expense | SFr 100 | SFr 100 | |||||
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 8.59 | SFr 8.59 | SFr 11.22 | SFr 11.82 | |||
Weighted-average grant-date fair value - Granted (in CHF per share) | 1.92 | 6.21 | 11.19 | ||||
Weighted-average grant-date fair value - Settled (in CHF per share) | 8.05 | 11.26 | 12.44 | ||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 7.46 | 10.13 | 11.52 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 5.67 | SFr 5.67 | SFr 8.59 | SFr 11.22 | |||
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 | 135.3 | 115.2 | |||||
Granted (in shares) | 76.1 | 85.7 | |||||
Settled (in shares) | (57.8) | (50.1) | |||||
Forfeited (in shares) | (13.8) | (15.5) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 135.3 | ||||||
of which vested (in shares) | 2.1 | 2.1 | 24.1 | 11.8 | |||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments, Conversion Impact | 195.2 | ||||||
of which unvested (in shares) | 13.5 | 13.5 | 115.7 | 123.5 | |||
Stock compensation plan | Share awards | Pre-acquistion | |||||||
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 | 139.8 | 204.3 | 139.8 | ||||
Granted (in shares) | 93.4 | ||||||
Settled (in shares) | (9.3) | ||||||
Forfeited (in shares) | (19.6) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 204.3 | 139.8 | |||||
Stock compensation plan | Share awards | Post -acquistion | |||||||
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 | 9.1 | ||||||
Granted (in shares) | 10.9 | ||||||
Settled (in shares) | (1.9) | ||||||
Forfeited (in shares) | (2.5) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 9.1 | 15.6 | 15.6 | ||||
Stock compensation plan | 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 | Performance share awards are no longer used as a form of deferred compensation. Prior to 2023, managing directors and all MRTs and controllers (employees whose activities are considered to have a potentially material impact on the Bank’s risk profile) were awarded 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 is subject to performance-based malus provisions.The conditions for the outstanding performance share awards granted for prior years are subject to a downward adjustment in the event that UBS Group AG has a negative reported return on common equity tier 1 capital (RoCET1). | ||||||
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 Bank’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 UBS Group AG share and are generally subject to continued employment with the Bank, contain restrictive covenants and cancellation provisions and generally vest between zero and five 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 the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime and other applicable remuneration regulations, employees who hold key roles in respect of certain Bank 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 either six months or one year from the date of grant, depending on the location. | ||||||
Stock compensation plan | Strategic Delivery Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Strategic Delivery PlanThe Strategic Delivery Plan (SDP) was a one-time share-based award that was granted in February 2022 to certain managing directors and directors. SDP awards are subject to service conditions and performance-based metrics over the course of 2022-2024. SDP awards are scheduled to vest on the third anniversary of the grant date, with the exception of awards granted to certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. Prior to settlement, the principal amount of the SDP awards will be written down to zero and forfeited if UBS Group’s reported CET1 ratio is less than 7% on December 31, 2023 or December 31, 2024. | ||||||
Total estimated unrecognized compensation expense | SFr 23 | SFr 23 | |||||
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 8.10 | SFr 8.10 | |||||
Weighted-average grant-date fair value - Granted (in CHF per share) | 8.09 | SFr 8.12 | |||||
Weighted-average grant-date fair value - Settled (in CHF per share) | 8.20 | 0 | |||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 8.13 | 8.42 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 8.09 | SFr 8.09 | SFr 8.10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Granted (in shares) | 62.6 | ||||||
Settled (in shares) | 0 | ||||||
Forfeited (in shares) | (3.8) | ||||||
of which vested (in shares) | 0.6 | 0.6 | 6.8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments, Conversion Impact | 45.9 | ||||||
of which unvested (in shares) | 1.2 | 1.2 | 52 | ||||
Stock compensation plan | Strategic Delivery Plan | Pre-acquistion | |||||||
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 | 58.8 | 48 | 58.8 | ||||
Granted (in shares) | (6.2) | ||||||
Settled (in shares) | 0 | ||||||
Forfeited (in shares) | (4.6) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 48 | 58.8 | |||||
Stock compensation plan | Strategic Delivery Plan | Post -acquistion | |||||||
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 | 2.1 | ||||||
Forfeited (in shares) | (0.3) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 2.1 | 1.8 | 1.8 | ||||
Stock compensation plan | Transformation awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Transformation Awards In 2023, the Bank granted Transformation Awards, with a total award value of CHF 259 million, to employees identified as being critical to the delivery of the Bank’s transformation strategy announced in October 2022. The Transformation Award was granted to select employees in the form of both a deferred cash award and a deferred share award subject to performance conditions. These awards were not granted to members of the Executive Board. Transformation Awards are expensed over the service period of the award.Transformation cash awards vest over two years with one half of the cash awards vesting on each of the first and second anniversaries of the grant date (ratable vesting), with the exception of awards granted to certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. Transformation share awards vest on the third anniversary of grant and are subject to a share price condition and performance conditions, with the exception of awards granted to certain individuals classified as MRTs, risk manager MRTs or senior managers or equivalents under the requirements of EU Capital Requirements Directive V and UK Investment Firms Prudential Regime, where a longer vesting period applies. The share price condition and performance conditions were revised. No payment will be made unless the UBS Group AG share price is at CHF 85.87 or higher on December 31, 2025. If the share price condition is achieved, the amount payable is based on the underlying UBS Group RoCET1 for calendar year 2025, with 100% of the transformation share award due if an underlying UBS Group RoCET1 of 8% or higher is achieved. | ||||||
Total estimated unrecognized compensation expense | SFr 45 | SFr 45 | |||||
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 1.91 | ||||||
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 1.91 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 1.91 | SFr 1.91 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
of which vested (in shares) | 0.2 | 0.2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments, Conversion Impact | 29.1 | ||||||
of which unvested (in shares) | 0.9 | 0.9 | |||||
Stock compensation plan | Transformation awards | Pre-acquistion | |||||||
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 | 30.5 | ||||||
Granted (in shares) | 30.3 | ||||||
Forfeited (in shares) | 0.2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 30.5 | ||||||
Stock compensation plan | Transformation awards | Post -acquistion | |||||||
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 | 1.4 | ||||||
Forfeited (in shares) | (0.3) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 1.4 | 1.1 | 1.1 | ||||
Stock compensation plan | Transformation awards | Grant Date, 2023 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Value of awards at grant | SFr 259 | ||||||
Stock compensation plan | Transformation awards | Cliff vesting [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
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 85.87 | ||||||
[1]Included an adjustment for performance share awards granted in the fourth quarter of 2022 to compensate for the proportionate dilution of Credit Suisse Group AG shares resulting from the rights offering approved on November 28, 2022. The number of deferred share-based awards held by each individual was increased by 5.64%. 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. |
ISU-type awards (Details 4)
ISU-type awards (Details 4) | 12 Months Ended |
Dec. 31, 2023 | |
Stock compensation plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 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 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. In 2023, deferred compensation was awarded to employees with total compensation for the performance year 2022 greater than or equal to CHF/USD 250,000 or the local currency equivalent or higher. With the alignment of compensation to UBS’s compensation policies, the mandatory deferral approach applies to all employees with regulatory-driven deferral requirements or total compensation for the performance year 2023 greater than CHF/USD 300,000. Certain regulated employees, such as senior management functions (SMFs) and material risk takers (MRTs), are subject to additional requirements (e.g., more stringent deferral requirements and additional blocking periods). In addition, SMFs and MRTs receive 50% of their cash portion in the form of immediately vested shares, which are blocked for 12 months after grant. |
Cash-based awards (Details 5)
Cash-based awards (Details 5) SFr in Millions | 12 Months Ended |
Dec. 31, 2023 CHF (SFr) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Estimated unrecognized compensation expense | SFr 512 |
Contingent Capital Awards (CCA) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Deferred Compensation Arrangement with Individual, Description | Contingent Capital Awards (CCA), as referenced to capital instruments issued by Credit Suisse, are no longer used as a form of deferred compensation. All outstanding CCA were canceled in 2023, resulting in a credit of CHF 0.4 billion recognized in deferred compensation. |
Other variable compensation (De
Other variable compensation (Details 6) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Compensation expense relating to deferred compensation | SFr 1,154 | SFr 1,318 | SFr 1,434 |
Estimated unrecognized compensation expense | SFr 512 | ||
Retention Awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | The Bank granted deferred cash and share retention awards of CHF 447 million, CHF 355 million and CHF 395 million in 2023, 2022 and 2021, respectively. These awards are expensed over the applicable vesting period from the grant date. Amortization of these awards in 2023 totaled CHF 368 million, of which CHF 279 million was related to awards granted in 2023. | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 447 | 355 | 395 |
Compensation expense relating to deferred compensation | 368 | 170 | 123 |
Compensation expense relating to deferred compensation, of which granted in current year | 279 | ||
Estimated unrecognized compensation expense | SFr 125 | ||
Upfront cash award | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | The Bank granted upfront cash awards (UCA) of CHF 321 million, CHF 797 million and CHF 59 million in 2023, 2022 and 2021, respectively. These awards are subject to repayment (clawback) by the employee in the event of voluntary resignation, termination for cause or in connection with other specified events or conditions within three years of the award grant. The amount subject to repayment is reduced in equal monthly installments during the three-year period following the grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. Amortization of this compensation in 2023 totaled CHF 272 million, of which CHF 105 million was related to awards granted in 2023. | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Compensation expense relating to deferred compensation | SFr 272 | ||
Compensation expense relating to deferred compensation, of which granted in current year | 105 | ||
Upfront cash award | Grant Date, 2023 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 321 | ||
Upfront cash award | Grant Date, 2022 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 797 | ||
Upfront cash award | Grant Date, 2021 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 59 | ||
Deferred cash awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | Cash awardsCash awards include certain special awards as well as voluntary deferred compensation plans and employee investment plans. For certain special awards, compensation expense was primarily driven by their vesting schedule; for other cash awards, compensation expense was driven by mark-to-market and performance adjustments, as the majority of the awards are fully vested. | ||
Compensation expense relating to deferred compensation | SFr 659 | 623 | 370 |
Estimated unrecognized compensation expense | SFr 215 | ||
Deferred fixed cash awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | The Bank granted deferred fixed cash compensation of CHF 151 million, CHF 294 million and CHF 259 million in 2023, 2022 and 2021, respectively. This compensation has been expensed over a three-year vesting period from the grant date. Amortization of this compensation in 2023 totaled CHF 167 million, of which CHF 109 million was related to awards granted in 2023. | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 151 | SFr 294 | SFr 259 |
Compensation expense relating to deferred compensation | 167 | ||
Compensation expense relating to deferred compensation, of which granted in current year | SFr 109 |
Related parties - Executive Boa
Related parties - Executive Board/Board of directors loans (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 CHF (SFr) member year | Dec. 31, 2022 CHF (SFr) member | Dec. 31, 2021 CHF (SFr) | |
Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 6 | SFr 18 | SFr 13 |
Additions | 1 | 1 | 10 |
Reductions | (1) | (13) | (5) |
Balance at end of period | SFr 6 | SFr 6 | 18 |
Loans to members of the Executive Board, number of members | member | 3 | 4 | |
Loans to members of the Executive Board, term (in years) | year | 10 | ||
Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 4 | SFr 7 | 9 |
Additions | 0 | 0 | 2 |
Reductions | (1) | (3) | (4) |
Balance at end of period | SFr 3 | SFr 4 | 7 |
Loans to members of the Board of Directors, number of members | member | 1 | 2 | |
Related Party [Member] | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 3,949 | ||
Balance at end of period | 1,251 | SFr 3,949 | |
Loan exposure to related parties not made in ordinary course of business | SFr 0 | SFr 0 | SFr 0 |
Related parties - Liabilities t
Related parties - Liabilities to own pension funds (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party [Member] | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 511 | SFr 254 |
Related parties - Bank (Details
Related parties - Bank (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Liabilities and equity | |||
Other liabilities | SFr 14,738 | SFr 16,826 | |
Related party revenues and expenses | |||
Net revenues | 19,890 | 15,213 | SFr 23,042 |
Related Party [Member] | |||
Assets | |||
Cash and due from banks | 418 | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 376 | 0 | |
Trading assets | 111 | 42 | |
Net loans | 1,251 | 3,949 | |
Other assets | 796 | 86 | |
Total assets | 2,952 | 4,077 | |
Liabilities and equity | |||
Due to banks/customer deposits | 1,020 | 1,320 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 343 | 91 | |
Trading liabilities | 67 | 0 | |
Short-term borrowings | 4,000 | 2,075 | |
Long-term debt | 48,843 | 56,822 | |
Other Liabilities, Related Parties | 1,865 | 1,284 | |
Other liabilities | 56,138 | 61,592 | |
Related party revenues and expenses | |||
Interest and dividend income | 114 | 13 | (56) |
Interest expense | (3,927) | (2,506) | (1,673) |
Net interest income | (3,813) | (2,493) | (1,729) |
Commissions and fees | 17 | 82 | 102 |
Other revenues | 14,354 | 246 | 212 |
Net revenues | 10,558 | (2,165) | (1,415) |
Total operating expenses | 2,497 | 2,326 | SFr 2,089 |
Related party guarantees | |||
Revocable loan commitments | 32 | 59 | |
Credit guarantees and similar instruments | Related Party [Member] | |||
Related party guarantees | |||
Guarantees | SFr 0 | SFr 4 |
Pension and other post-retire_3
Pension and other post-retirement benefits - Obligation and funded status (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2024 | ||
Total amount recognized | |||||
Noncurrent assets | SFr 519 | SFr 560 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (607) | (582) | |||
Prior service credit/(cost) | (8) | (9) | |||
Total | (615) | (591) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Tax | 30 | 84 | SFr 0 | ||
Actuarial gains/(losses), Net | (37) | (170) | |||
Prior service credit/(cost), Net | (4) | ||||
Amortization of actuarial losses/ (gains), Net | (2) | 9 | |||
Amortization of prior service cost/(credit), Net | 1 | 1 | |||
Immediate recognition due to curtailment/settlement, Net | 14 | 8 | |||
Total amounts recognized in other comprehensive income, Net | (24) | (156) | |||
Defined benefit and defined contribution | |||||
Total benefit costs | |||||
Service costs on benefit obligation | 427 | 440 | 497 | ||
PBO | |||||
Service costs | 427 | 440 | 497 | ||
International | Defined benefit pension plans | |||||
Total benefit costs | |||||
Service costs on benefit obligation | 12 | 14 | 14 | ||
Interest costs on benefit obligation | 86 | 58 | 49 | ||
Expected return on plan assets | (135) | (67) | (65) | ||
Amortization of recognized prior service cost/(credit) | 1 | 1 | 1 | ||
Amortization of recognized actuarial losses/(gains) | (4) | 9 | 14 | ||
Settlement losses/(gains) | 14 | 11 | 8 | ||
Net periodic benefit/(costs) | (26) | 26 | 21 | ||
PBO | |||||
Beginning of the measurement period | 1,897 | 3,022 | |||
Service costs | 12 | 14 | 14 | ||
Interest costs | 86 | 58 | 49 | ||
Plan amendments | 0 | 4 | |||
Settlements | (59) | (37) | |||
Curtailments | (1) | 0 | |||
Actuarial losses/(gains) | 20 | (908) | |||
Benefit payments | (67) | (71) | |||
Exchange rate losses/(gains) | (120) | (185) | |||
End of the measurement period | 1,768 | 1,897 | 3,022 | ||
Fair value of plan assets | |||||
Beginning of the measurement period | 2,316 | 3,802 | |||
Actual return on plan assets | 92 | (1,132) | |||
Employer contributions | 10 | 16 | |||
Settlements | (59) | (37) | |||
Benefit payments | (67) | (71) | |||
Exchange rate gains/(losses) | (126) | (262) | |||
End of the measurement period | 2,166 | 2,316 | SFr 3,802 | ||
Funded status recognized | |||||
Funded status of the plan - overfunded/(underfunded) | 398 | 419 | |||
Total funded status recognized in the consolidated balance sheet at December 31 | 398 | 419 | |||
Total amount recognized | |||||
Noncurrent assets | 520 | 559 | |||
Current liabilities | (11) | (7) | |||
Noncurrent liabilities | (111) | (133) | |||
Total amount recognized in the consolidated balance sheet at December 31 | 398 | 419 | |||
Defined Benefit Plan, Asset Portfolio Gains/(Losses) | (43) | (1,199) | |||
ABO | |||||
End of the measurement period | 1,758 | 1,880 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (599) | (576) | |||
Prior service credit/(cost) | (11) | (12) | |||
Total | (610) | (588) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | (63) | (284) | |||
Actuarial gains/(losses), Tax | 28 | 94 | |||
Actuarial gains/(losses), Net | (35) | (190) | |||
Prior service credit/(cost), Gross | (4) | ||||
Prior service credit/(cost), Tax | 0 | ||||
Prior service credit/(cost), Net | (4) | ||||
Amortization of actuarial losses/(gains), Gross | (4) | 9 | |||
Amortization of actuarial losses/(gains), Tax | 2 | (1) | |||
Amortization of actuarial losses/ (gains), Net | (2) | 8 | |||
Amortization of prior service cost/(credit), Gross | 1 | 1 | |||
Amortization of prior service cost/(credit), Tax | 0 | 0 | |||
Amortization of prior service cost/(credit), Net | 1 | 1 | |||
Immediate recognition due to curtailment/settlement, Gross | 14 | 11 | |||
Immediate recognition due to curtailment/settlement, Tax | 0 | (3) | |||
Immediate recognition due to curtailment/settlement, Net | 14 | 8 | |||
Total amounts recognized in other comprehensive income, Gross | (52) | (267) | |||
Total amounts recognized in other comprehensive income, Tax | 30 | 90 | |||
Total amounts recognized in other comprehensive income, Net | SFr (22) | SFr (177) | |||
Net benefit pension cost (%) | |||||
Discount rate - service costs (as a percent) | 4.60% | 2.90% | 2.64% | ||
Discount rate - interest costs (as a percent) | 5.03% | 2.10% | 1.56% | ||
Salary increases (as a percent) | 3.20% | 3.32% | 2.97% | ||
Expected long-term rate of return on plan assets (as a percent) | 4.35% | 2.01% | 1.79% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 4.69% | 4.75% | 2.13% | ||
Salary increases (as a percent) | 3.25% | 3.18% | 3.32% | ||
International | Defined benefit pension plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | SFr 14 | ||||
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 | 5 | 3 | 2 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | ||
Amortization of recognized actuarial losses/(gains) | 0 | 1 | 1 | ||
Settlement losses/(gains) | 0 | 0 | 0 | ||
Net periodic benefit/(costs) | 5 | 4 | 3 | ||
PBO | |||||
Beginning of the measurement period | 107 | 140 | |||
Service costs | 0 | 0 | 0 | ||
Interest costs | 5 | 3 | 2 | ||
Plan amendments | 0 | 0 | |||
Settlements | 0 | 0 | |||
Curtailments | 0 | 0 | |||
Actuarial losses/(gains) | 2 | (27) | |||
Benefit payments | (12) | (11) | |||
Exchange rate losses/(gains) | (8) | 2 | |||
End of the measurement period | 94 | 107 | 140 | ||
Fair value of plan assets | |||||
Beginning of the measurement period | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contributions | 12 | 11 | |||
Settlements | 0 | 0 | |||
Benefit payments | (12) | (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) | (94) | (107) | |||
Total funded status recognized in the consolidated balance sheet at December 31 | (94) | (107) | |||
Total amount recognized | |||||
Noncurrent assets | 0 | 0 | |||
Current liabilities | (7) | (10) | |||
Noncurrent liabilities | (87) | (97) | |||
Total amount recognized in the consolidated balance sheet at December 31 | (94) | (107) | |||
ABO | |||||
End of the measurement period | 94 | 107 | |||
Amounts recognized in AOCI | |||||
Actuarial gains/(losses) | (8) | (6) | |||
Prior service credit/(cost) | 3 | 3 | |||
Total | (5) | (3) | |||
Amounts recognized in other comprehensive income | |||||
Actuarial gains/(losses), Gross | (2) | 27 | |||
Actuarial gains/(losses), Tax | 0 | (7) | |||
Actuarial gains/(losses), Net | (2) | 20 | |||
Prior service credit/(cost), Gross | 0 | ||||
Prior service credit/(cost), Tax | 0 | ||||
Prior service credit/(cost), Net | 0 | ||||
Amortization of actuarial losses/(gains), Gross | 0 | 1 | |||
Amortization of actuarial losses/(gains), Tax | 0 | 0 | |||
Amortization of actuarial losses/ (gains), Net | 0 | 1 | |||
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 | (2) | 28 | |||
Total amounts recognized in other comprehensive income, Tax | 0 | (7) | |||
Total amounts recognized in other comprehensive income, Net | SFr (2) | SFr 21 | |||
Net benefit pension cost (%) | |||||
Discount rate - interest costs (as a percent) | 5.02% | 2.23% | 1.74% | ||
Benefit obligation (%) | |||||
Discount rate (as a percent) | 4.83% | 5.18% | 2.89% | ||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | [1] | 8.30% | 6.30% | 6.50% | |
Weighted-average rate of health care benefit decrease (as a percent) | 4.50% | ||||
International | Other post-retirement defined benefit plans | Forecast/Estimate | |||||
Contributions disclosures | |||||
Contribution to be made by the entity in next fiscal year | SFr 7 | ||||
Health care cost assumptions | |||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.30% | ||||
[1]The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 4.5% by 2034. |
Pension and other post-retire_4
Pension and other post-retirement benefits - PBO/ABO/Fair value (Details 2) - International - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | SFr 1,768 | SFr 1,897 | SFr 3,022 |
ABO | 1,758 | 1,880 | |
Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 127 | 809 | |
ABO | 120 | 797 | |
Fair value of plan assets | 5 | 669 | |
Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 127 | 146 | |
ABO | 120 | 135 | |
Fair value of plan assets | 5 | 6 | |
Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
PBO | 94 | 107 | SFr 140 |
ABO | SFr 94 | SFr 107 |
Pension and other post-retire_5
Pension and other post-retirement benefits - Plan assets measured at fair value (Details 3) - International - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 2,166 | SFr 2,316 | SFr 3,802 |
Plan assets at fair value, measured at net asset value per share | 316 | 371 | |
Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | SFr 0 |
Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,076 | 1,250 | |
Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 774 | 695 | |
Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Group equity securities and options | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 70 | 106 | |
Plan assets at fair value, measured at net asset value per share | 16 | 45 | |
Group equity securities and options | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Group equity securities and options | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 54 | 61 | |
Group equity securities and options | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 245 | 118 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Cash and cash equivalents | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 46 | 28 | |
Cash and cash equivalents | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 199 | 90 | |
Cash and cash equivalents | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Debt securities | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,787 | 2,070 | |
Plan assets at fair value, measured at net asset value per share | 300 | 326 | |
Debt securities | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,030 | 1,222 | |
Debt securities | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 457 | 522 | |
Debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Government debt securities | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,030 | 1,266 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Government debt securities | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,030 | 1,222 | |
Government debt securities | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 44 | |
Government debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Corporate debt securities | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 757 | 804 | |
Plan assets at fair value, measured at net asset value per share | 300 | 326 | |
Corporate debt securities | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Corporate debt securities | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 457 | 478 | |
Corporate debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (10) | (59) | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Alternative investments | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (10) | (59) | |
Alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (10) | (59) | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Other alternative investments | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (10) | (59) | |
Other alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 74 | 81 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Other investments, plan assets | Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 74 | 81 | |
Other investments, plan assets | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 0 | SFr 0 |
Pension and other post-retire_6
Pension and other post-retirement benefits - Plan assets measured at fair value roll-forward (Details 4) - International - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | SFr 2,316 | SFr 3,802 |
Foreign currency translation impact | (126) | (262) |
End of the measurement period | 2,166 | 2,316 |
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 | 2,070 | |
End of the measurement period | 1,787 | 2,070 |
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 | 804 | |
End of the measurement period | 757 | 804 |
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 | 1,266 | |
End of the measurement period | 1,030 | 1,266 |
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 | 106 | |
End of the measurement period | 70 | 106 |
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 | (59) | |
End of the measurement period | (10) | (59) |
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 | (59) | |
End of the measurement period | (10) | (59) |
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 | 81 | |
End of the measurement period | 74 | 81 |
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 | 0 | |
End of the measurement period | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
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 |
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 |
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 |
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 |
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 |
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-retire_7
Pension and other post-retirement benefits - Weighted-average assumptions (Details 5) - International - Defined benefit pension plans | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100% | 100% | |
Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100% | ||
Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 11.40% | 5.10% | |
Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 1.50% | ||
Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 82.50% | 89.40% | |
Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 91.40% | ||
Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.20% | 4.50% | |
Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 3.70% | ||
Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.50% | 2.50% | |
Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.40% | 3.50% | |
Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 3.40% |
Pension and other post-retire_8
Pension and other post-retirement benefits - Estimated future benefit payments (Details 6) - International SFr in Millions | Dec. 31, 2023 CHF (SFr) |
Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | SFr 111 |
Year two | 108 |
Year three | 112 |
Year four | 107 |
Year five | 103 |
For five years thereafter | 572 |
Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 7 |
Year two | 9 |
Year three | 8 |
Year four | 8 |
Year five | 7 |
For five years thereafter | SFr 31 |
Pension and other post-retire_9
Pension and other post-retirement benefits - Contributions (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | SFr 415 | SFr 426 | SFr 483 |
Pension and other post-retir_10
Pension and other post-retirement benefits - Mortality tables and life expectancies (Details 9) - year | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
SAPS S3 [Member] | |||
Defined benefit plan, Disclosure | |||
Continuous Mortality Investigation (CMI) model, long-term improvement rate | 1.25% | ||
UK | SAPS S3 [Member] | 65 | |||
Defined benefit plan, Disclosure | |||
Life expectancy rate at age 65, Male | [1] | 23.1 | 23.5 |
Life expectancy rate at age 65, Female | [1] | 24.7 | 25.1 |
UK | SAPS S3 [Member] | 45 | |||
Defined benefit plan, Disclosure | |||
Life expectancy rate at age 65, Male | [1] | 24.3 | 24.8 |
Life expectancy rate at age 65, Female | [1] | 26.1 | 26.5 |
US | Pri-2012 [Member] | 65 | |||
Defined benefit plan, Disclosure | |||
Life expectancy rate at age 65, Male | [2] | 22 | 20.7 |
Life expectancy rate at age 65, Female | [2] | 23.5 | 22.6 |
US | Pri-2012 [Member] | 45 | |||
Defined benefit plan, Disclosure | |||
Life expectancy rate at age 65, Male | [2] | 23.4 | 21.9 |
Life expectancy rate at age 65, Female | [2] | 24.8 | 23.7 |
[1]102% of Self-Administered Pension Scheme (SAPS) S3 light tables were used, which included CMI projections, with a long-term rate of improvement of 1.25% per annum.[2]The Private retirement plan 2012 (Pri-2012) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. |
Pension and other post-retir_11
Pension and other post-retirement benefits (Details 11) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | SFr (37) | SFr (170) | SFr 12 |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | SFr 0 | SFr (4) | SFr 4 |
Derivatives and hedging activ_3
Derivatives and hedging activities - Fair value - balance sheet related (Details) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair value of derivative instruments | ||
Notional amount | SFr 7,235.8 | SFr 14,539.1 |
Positive replacement value (PRV) | 43 | 89.1 |
Negative replacement value (NRV) | SFr 46.2 | 90.9 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 12 months | |
Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 7,094.8 | 14,391.3 |
Positive replacement value (PRV) | 42.8 | 88.9 |
Negative replacement value (NRV) | 45.6 | 88.9 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 6,096 | 12,053.7 |
Positive replacement value (PRV) | 18.2 | 34.2 |
Negative replacement value (NRV) | 17.6 | 32 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 1,238.7 | 2,088.2 |
Positive replacement value (PRV) | 0 | 1.7 |
Negative replacement value (NRV) | 0 | 1.7 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 4,321.1 | 9,140.3 |
Positive replacement value (PRV) | 13.2 | 24.3 |
Negative replacement value (NRV) | 12.4 | 21.7 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 446.9 | 644.4 |
Positive replacement value (PRV) | 5 | 8.2 |
Negative replacement value (NRV) | 5.2 | 8.6 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 86.6 | 144.9 |
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 | 2.7 | 35.9 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 617.5 | 1,229.3 |
Positive replacement value (PRV) | 13.9 | 25.5 |
Negative replacement value (NRV) | 17.3 | 26.2 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 278.6 | 701.4 |
Positive replacement value (PRV) | 3.3 | 8.7 |
Negative replacement value (NRV) | 4.9 | 10 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 287.3 | 353.5 |
Positive replacement value (PRV) | 9.3 | 14.3 |
Negative replacement value (NRV) | 11 | 13.5 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 49.8 | 167.5 |
Positive replacement value (PRV) | 1.3 | 2.5 |
Negative replacement value (NRV) | 1.4 | 2.7 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0.4 | 4.1 |
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 | 1.4 | 2.8 |
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 | 156.4 | 352 |
Positive replacement value (PRV) | 1 | 3.2 |
Negative replacement value (NRV) | 1.5 | 3.4 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 210.6 | 715.8 |
Positive replacement value (PRV) | 8.9 | 25 |
Negative replacement value (NRV) | 8.9 | 26.7 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0.1 | 0.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 10.2 | 22.8 |
Positive replacement value (PRV) | 0.6 | 0.9 |
Negative replacement value (NRV) | 0.2 | 0.7 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 70.1 | 181.4 |
Positive replacement value (PRV) | 2.6 | 5.2 |
Negative replacement value (NRV) | 3.6 | 7.5 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 7.7 | 42 |
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 | 122.5 | 469.3 |
Positive replacement value (PRV) | 5.7 | 18.9 |
Negative replacement value (NRV) | 5.1 | 18.5 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 14.3 | 40.5 |
Positive replacement value (PRV) | 0.8 | 1 |
Negative replacement value (NRV) | 0.3 | 0.6 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 3.7 | 6.9 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 4.8 | 9.5 |
Positive replacement value (PRV) | 0.6 | 0.7 |
Negative replacement value (NRV) | 0.1 | 0.4 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 4 | 8.8 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0.6 | 12.6 |
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 | 1.2 | 2.7 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 141 | 147.8 |
Positive replacement value (PRV) | 0.2 | 0.2 |
Negative replacement value (NRV) | 0.6 | 2 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 118.4 | 130.1 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0 | 1.8 |
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 | 118.4 | 130.1 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0 | 1.8 |
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 | 22.6 | 17.7 |
Positive replacement value (PRV) | 0.2 | 0.1 |
Negative replacement value (NRV) | 0.6 | 0.2 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 22.6 | 17.7 |
Positive replacement value (PRV) | 0.2 | 0.1 |
Negative replacement value (NRV) | 0.6 | 0.2 |
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 | 0 | 0 |
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) | SFr 0 | SFr 0 |
Derivatives and hedging activ_4
Derivatives and hedging activities - Movements (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair value hedges | Interest rate derivatives | Interest and dividend income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Hedged items | SFr 485 | SFr 4,677 | SFr 1,523 |
Derivatives designated as hedging instruments | (557) | (4,355) | (1,448) |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | (347) | ||
Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 407 | (474) | (314) |
Cash flow hedges | Interest rate derivatives | Interest and dividend income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (299) | 1,018 | 7 |
Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 14 | (56) | (9) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 3 | (60) | 34 |
Cash flow hedges | Foreign exchange derivatives | Other Expense [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 3 | (60) | 34 |
Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (497) | (15) | 51 |
Net investment hedges | Foreign exchange derivatives | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | SFr 4 | SFr 0 | SFr 0 |
Derivatives and hedging activ_5
Derivatives and hedging activities - Contingent credit risk (Details 3) - CHF (SFr) SFr in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Contingent credit risk | ||
Current net exposure | SFr 0.5 | SFr 1.4 |
Collateral posted | 0.4 | 1.1 |
Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.3 | 0.5 |
Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.4 | 0.8 |
Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.5 | 0.8 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 0.4 | 1.2 |
Collateral posted | 0.3 | 1 |
Bilateral counterparties | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.3 | 0.4 |
Bilateral counterparties | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.3 | 0.5 |
Bilateral counterparties | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.4 | 0.5 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.1 | 0.1 |
Collateral posted | 0.1 | 0.1 |
Special purpose entities | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Special purpose entities | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Special purpose entities | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0 | 0.1 |
Accelerated terminations | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Accelerated terminations | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0.2 |
Accelerated terminations | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | SFr 0.1 | SFr 0.2 |
Derivatives and hedging activ_6
Derivatives and hedging activities - Credit protection sold/purchased (Details 4) - CHF (SFr) SFr in Billions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Credit protection sold/purchased | ||
Credit protection sold | SFr (160.3) | SFr (72.5) |
Credit protection purchased | 148.5 | 66.1 |
Net credit protection (sold)/purchased | (11.8) | (6.4) |
Other protection purchased | 33.9 | 13.6 |
Fair value of credit protection sold | (0.5) | (0.1) |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (5.9) | (2.5) |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.5) | (14.6) |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (133.3) | (52.3) |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (10.5) | (5.6) |
Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (12.8) | (4.1) |
Credit protection purchased | 11.3 | 3 |
Net credit protection (sold)/purchased | (1.5) | (1.1) |
Other protection purchased | 4.4 | 2.7 |
Fair value of credit protection sold | (0.1) | 0 |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (147.5) | (68.4) |
Credit protection purchased | 137.2 | 63.1 |
Net credit protection (sold)/purchased | (10.3) | (5.3) |
Other protection purchased | 29.5 | 10.9 |
Fair value of credit protection sold | (0.4) | (0.1) |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (107.1) | (54.4) |
Credit protection purchased | 99.4 | 50.5 |
Net credit protection (sold)/purchased | (7.7) | (3.9) |
Other protection purchased | 19.5 | 8.3 |
Fair value of credit protection sold | 0.3 | 0.1 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (53.2) | (18.1) |
Credit protection purchased | 49.1 | 15.6 |
Net credit protection (sold)/purchased | (4.1) | (2.5) |
Other protection purchased | 14.4 | 5.3 |
Fair value of credit protection sold | (0.8) | (0.2) |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (75.1) | (24.6) |
Credit protection purchased | 69.3 | 20.4 |
Net credit protection (sold)/purchased | (5.8) | (4.2) |
Other protection purchased | 15.5 | 8.4 |
Fair value of credit protection sold | 0 | 0.1 |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (10) | (4.3) |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (61.8) | (19.2) |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (3.3) | (1.1) |
Single-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (12.8) | (4.1) |
Credit protection purchased | 11.3 | 3 |
Net credit protection (sold)/purchased | (1.5) | (1.1) |
Other protection purchased | 4.4 | 2.7 |
Fair value of credit protection sold | (0.1) | 0 |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (62.3) | (20.5) |
Credit protection purchased | 58 | 17.4 |
Net credit protection (sold)/purchased | (4.3) | (3.1) |
Other protection purchased | 11.1 | 5.7 |
Fair value of credit protection sold | 0.1 | 0.1 |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.8) | (18) |
Credit protection purchased | 48.6 | 15.4 |
Net credit protection (sold)/purchased | (4.2) | (2.6) |
Other protection purchased | 10.6 | 6.3 |
Fair value of credit protection sold | 0.2 | 0 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (22.3) | (6.6) |
Credit protection purchased | 20.7 | 5 |
Net credit protection (sold)/purchased | (1.6) | (1.6) |
Other protection purchased | 4.9 | 2.1 |
Fair value of credit protection sold | (0.2) | 0.1 |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (85.2) | (47.9) |
Credit protection purchased | 79.2 | 45.7 |
Net credit protection (sold)/purchased | (6) | (2.2) |
Other protection purchased | 18.4 | 5.2 |
Fair value of credit protection sold | (0.5) | (0.2) |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (6.5) | (10.3) |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (71.5) | (33.1) |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (7.2) | (4.5) |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (85.2) | (47.9) |
Credit protection purchased | 79.2 | 45.7 |
Net credit protection (sold)/purchased | (6) | (2.2) |
Other protection purchased | 18.4 | 5.2 |
Fair value of credit protection sold | (0.5) | (0.2) |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (54.3) | (36.4) |
Credit protection purchased | 50.8 | 35.1 |
Net credit protection (sold)/purchased | (3.5) | (1.3) |
Other protection purchased | 8.9 | 2 |
Fair value of credit protection sold | 0.1 | 0.1 |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (30.9) | (11.5) |
Credit protection purchased | 28.4 | 10.6 |
Net credit protection (sold)/purchased | (2.5) | (0.9) |
Other protection purchased | 9.5 | 3.2 |
Fair value of credit protection sold | SFr (0.6) | SFr (0.3) |
Derivatives and hedging activ_7
Derivatives and hedging activities - Credit derivatives (Details 5) - CHF (SFr) SFr in Billions | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Credit Derivatives [Line Items] | ||
Credit protection sold | SFr 160.3 | SFr 72.5 |
Credit protection purchased | 148.5 | 66.1 |
Other protection purchased | 33.9 | 13.6 |
Other instruments | 9.3 | 4.2 |
Total credit derivatives | SFr 352 | SFr 156.4 |
Derivatives and hedging activ_8
Derivatives and hedging activities (Details 6) - CHF (SFr) SFr in Billions | Dec. 31, 2023 | Dec. 31, 2022 |
Hedged items in fair value hedges [Line Items] | ||
Hedged Liability, Fair Value Hedge | SFr 64.1 | SFr 72 |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Long-term Debt | Long-term Debt |
Investment securities | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Asset, Fair Value Hedge | SFr 0 | SFr 0.8 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Debt Securities, Available-for-sale and Held-to-maturity | Debt Securities, Available-for-sale and Held-to-maturity |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | SFr 0 | SFr (0.1) |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | 0 |
Long-term debt | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 0.6 | (1) |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | (3.7) | (4.4) |
Net loans | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Asset, Fair Value Hedge | SFr 40.8 | SFr 29 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Financing Receivable and Fair value Loans, Net Reported amount | Financing Receivable and Fair value Loans, Net Reported amount |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | SFr 0.8 | SFr (1.3) |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | SFr (1.6) | SFr (0.7) |
Guarantees and commitments - Gu
Guarantees and commitments - Guarantees maturity (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Guarantees | ||
Maturity less than 1 year | SFr 8,322 | SFr 13,642 |
Maturity between 1 to 3 years | 2,846 | 4,762 |
Maturity between 3 to 5 years | 968 | 1,558 |
Maturity greater than 5 years | 1,819 | 2,530 |
Total gross amount | 13,955 | 22,492 |
Total net amount | 13,458 | 21,634 |
Carrying value | 158 | 240 |
Collateral received | 6,997 | 9,138 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 1,716 | 2,261 |
Maturity between 1 to 3 years | 859 | 451 |
Maturity between 3 to 5 years | 33 | 127 |
Maturity greater than 5 years | 368 | 471 |
Total gross amount | 2,976 | 3,310 |
Total net amount | 2,932 | 3,197 |
Carrying value | 14 | 22 |
Collateral received | 2,244 | 2,068 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,383 | 4,280 |
Maturity between 1 to 3 years | 1,329 | 1,750 |
Maturity between 3 to 5 years | 778 | 729 |
Maturity greater than 5 years | 340 | 513 |
Total gross amount | 4,830 | 7,272 |
Total net amount | 4,377 | 6,527 |
Carrying value | 45 | 61 |
Collateral received | 2,340 | 3,778 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 894 | 2,646 |
Maturity between 1 to 3 years | 33 | 1,702 |
Maturity between 3 to 5 years | 16 | 520 |
Maturity greater than 5 years | 6 | 374 |
Total gross amount | 949 | 5,242 |
Total net amount | 949 | 5,242 |
Carrying value | 40 | 101 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,329 | 4,455 |
Maturity between 1 to 3 years | 625 | 859 |
Maturity between 3 to 5 years | 141 | 182 |
Maturity greater than 5 years | 1,105 | 1,172 |
Total gross amount | 5,200 | 6,668 |
Total net amount | 5,200 | 6,668 |
Carrying value | 59 | 56 |
Collateral received | SFr 2,413 | SFr 3,292 |
Guarantees and commitments - Ot
Guarantees and commitments - Other guarantees (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Guarantees | ||
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 6 | |
Deposit Insurance Guarantee Scheme, Amount Guaranteed, Percentage | 1.60% | |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 0.6 |
Guarantees and commitments - _2
Guarantees and commitments - Other commitments maturity (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other commitments | ||
Maturity less than 1 year | SFr 14,087 | SFr 23,883 |
Maturity between 1 to 3 years | 22,548 | 33,569 |
Maturity between 3 to 5 years | 22,981 | 44,565 |
Maturity greater than 5 years | 4,817 | 15,051 |
Total gross amount | 64,433 | 117,068 |
Total net amount | 61,149 | 112,870 |
Unused revocable credit limits | 98,850 | 129,224 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 2,195 | 3,378 |
Maturity between 1 to 3 years | 28 | 41 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 1 |
Total gross amount | 2,223 | 3,420 |
Total net amount | 2,159 | 3,233 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 11,471 | 19,272 |
Maturity between 1 to 3 years | 22,514 | 33,512 |
Maturity between 3 to 5 years | 22,980 | 44,563 |
Maturity greater than 5 years | 4,615 | 14,782 |
Total gross amount | 61,580 | 112,129 |
Total net amount | 58,361 | 108,118 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 147 | 1,021 |
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 | 147 | 1,021 |
Total net amount | 147 | 1,021 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 274 | 212 |
Maturity between 1 to 3 years | 6 | 16 |
Maturity between 3 to 5 years | 1 | 2 |
Maturity greater than 5 years | 202 | 268 |
Total gross amount | 483 | 498 |
Total net amount | SFr 482 | SFr 498 |
Transfers of financial assets (
Transfers of financial assets (TFA) - Securitizations (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | SFr 0 | SFr 6 | SFr (7) |
Proceeds from transfer of assets | 0 | 3,401 | 3,525 |
Cash received on interests that continue to be held | 18 | 49 | 42 |
Cash flows between transferee and transferor non cash proceeds from new transfers | 0 | 512 | 180 |
RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 0 | (2) | 70 |
Proceeds from transfer of assets | 0 | 7,534 | 37,048 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | 0 | (1,604) |
Servicing fees | 12 | 24 | 2 |
Cash received on interests that continue to be held | 51 | 675 | 1,088 |
Cash flows between transferee and transferor non cash proceeds from new transfers | 0 | 1,081 | 3,072 |
Other asset-backed financings | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 7 | 16 | 65 |
Proceeds from transfer of assets | 7,008 | 6,740 | 12,129 |
Purchases of previously transferred financial assets or their underlying collateral | (232) | (1,479) | (1,323) |
Servicing fees | 217 | 192 | 165 |
Cash received on interests that continue to be held | 301 | 153 | 14 |
Cash flows between transferee and transferor non cash proceeds from new transfers | SFr 4,186 | SFr 168 | SFr 54 |
TFA - Principal amounts outstan
TFA - Principal amounts outstanding / total assets - continuing involvement (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | SFr 4,195 | SFr 17,193 |
RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 22,169 | 41,552 |
Other asset-backed financings | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | SFr 20,154 | SFr 21,939 |
TFA - Key economic assumptions
TFA - Key economic assumptions at time of transfer (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 0 | ||
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100% | ||
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% | ||
CMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 486 | SFr 196 | |
Weighted-average life, in years | 4 years 1 month 6 days | 5 years 2 months 12 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) | 3.50% | 1.80% | |
Expected credit losses (rate per annum), in % (as a percent) | 2.70% | 0.90% | |
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) | 15.70% | 5% | |
Expected credit losses (rate per annum), in % (as a percent) | 5.60% | 4.30% | |
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 415 | SFr 170 | |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 71 | 26 | |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 847 | SFr 2,594 | |
Weighted-average life, in years | 9 years 6 months | 5 years 3 months 18 days | |
RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 5% | 3% | |
Cash flow discount rate (rate per annum), in % (as a percent) | 2.80% | 1% | |
Expected credit losses (rate per annum), in % (as a percent) | 1.30% | 0.10% | |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 22.20% | 37.70% | |
Cash flow discount rate (rate per annum), in % (as a percent) | 53.80% | 33.40% | |
Expected credit losses (rate per annum), in % (as a percent) | 49.80% | 32.50% | |
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 762 | SFr 2,126 | |
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 85 | SFr 468 |
TFA - Key economic assumption_2
TFA - Key economic assumptions at balance sheet date (Details 4) - CHF (SFr) SFr in Millions | 6 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
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 517 | SFr 69 |
Weighted-average life, in years | 2 years 9 months 18 days | 7 months 6 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (8.2) | SFr (0.4) |
Impact on fair value from 20% adverse change in cash flow discount rate | (16.1) | (0.8) |
Impact on fair value from 10% adverse change in expected credit losses | (4.6) | (0.4) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (9.1) | SFr (0.7) |
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) | 5.40% | 27.80% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.10% | 21.70% |
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) | 42.10% | 40.80% |
Expected credit losses rate (rate per annum), in % (as a percent) | 29.20% | 35.30% |
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 111 | SFr 27 |
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 1,050 | SFr 273 |
Weighted-average life, in years | 9 years | 8 years 1 month 6 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (16.5) | SFr (2.2) |
Impact on fair value from 20% adverse change in prepayment speed | (32.7) | (4.6) |
Impact on fair value from 10% adverse change in cash flow discount rate | (41.6) | (10.4) |
Impact on fair value from 20% adverse change in cash flow discount rate | (79.6) | (20.1) |
Impact on fair value from 10% adverse change in expected credit losses | (19.7) | (5.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (38.2) | SFr (10.3) |
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) | 2.40% | 4.10% |
Cash flow discount rate per annum, in % (as a percent) | 4.40% | 6.50% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.50% | 2.60% |
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) | 21.40% | 20.40% |
Cash flow discount rate per annum, in % (as a percent) | 29.60% | 28.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 25.50% | 24.20% |
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 137 | SFr 91 |
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 519 | SFr 359 |
Weighted-average life, in years | 5 years 1 month 6 days | 4 years 6 months |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (10.5) | SFr (7.5) |
Impact on fair value from 20% adverse change in cash flow discount rate | (20.5) | (14.6) |
Impact on fair value from 10% adverse change in expected credit losses | (5.7) | (4.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (11.1) | SFr (8.3) |
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) | 4.10% | 3.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.50% | 0.70% |
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) | 41.90% | 39.60% |
Expected credit losses rate (rate per annum), in % (as a percent) | 37.90% | 35.80% |
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 34 | SFr 15 |
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, 2023 | Dec. 31, 2022 |
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 36 | SFr 366 |
Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 178 | 154 |
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 (214) | SFr (520) |
TFA - Transfer of certain finan
TFA - Transfer of certain financial assets accounted for as secured borrowings (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | SFr 3,800 | SFr 30,200 |
Securities lending transactions | 100 | 900 |
Obligation to return securities received as collateral, at fair value | 2,222 | 2,978 |
Total | 6,100 | 34,100 |
Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 1,000 | 6,900 |
Securities lending transactions | 0 | 300 |
Obligation to return securities received as collateral, at fair value | 100 | 400 |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 0 | 900 |
Securities lending transactions | 0 | 200 |
Obligation to return securities received as collateral, at fair value | 100 | 100 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 0 | 200 |
Securities lending transactions | 100 | 100 |
Obligation to return securities received as collateral, at fair value | 1,000 | 1,300 |
Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 0 | 5,100 |
Securities lending transactions | 0 | 100 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Government debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 2,800 | 17,100 |
Securities lending transactions | 0 | 200 |
Obligation to return securities received as collateral, at fair value | 1,000 | 1,200 |
No stated maturity [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 400 | 4,100 |
Securities lending transactions | 100 | 500 |
Obligation to return securities received as collateral, at fair value | 2,200 | 3,000 |
Total | 2,700 | 7,600 |
Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 2,500 | 12,800 |
Securities lending transactions | 0 | 200 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 2,500 | 13,000 |
Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 300 | 5,900 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 300 | 5,900 |
Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 600 | 7,400 |
Securities lending transactions | 0 | 200 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | SFr 600 | SFr 7,600 |
Variable interest entities (VIE
Variable interest entities (VIE) - Consolidated (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
VIE Disclosures | |||||
Cash and due from banks | [1] | SFr 124,966 | SFr 67,746 | SFr 164,026 | SFr 138,207 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 47,213 | 58,798 | |||
Trading assets | 21,727 | 65,955 | |||
Investment securities | 1,421 | 1,717 | |||
Other investments | 4,017 | 5,463 | |||
Net loans | 216,741 | 268,104 | |||
Other assets | 30,823 | 41,753 | |||
of which loans held-for-sale | 12,929 | 16,090 | |||
Premises and equipment | 1,581 | 4,106 | |||
Assets | 452,507 | 530,039 | |||
Customer deposits | 203,427 | 234,554 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 955 | 20,371 | |||
Trading liabilities | 8,832 | 18,337 | |||
Short-term borrowings | 47,637 | 14,489 | |||
Long-term debt | 128,484 | 150,661 | |||
Other liabilities | 14,738 | 16,826 | |||
Liabilities | 414,391 | 481,563 | |||
Consolidated VIEs | |||||
VIE Disclosures | |||||
Cash and due from banks | 161 | 229 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1 | 0 | |||
Trading assets | 1,115 | 2,588 | |||
Other investments | 478 | 781 | |||
Net loans | 161 | 3,410 | |||
Other assets | 1,412 | 4,594 | |||
of which loans held-for-sale | 120 | 2,864 | |||
Premises and equipment | 0 | ||||
Assets | 3,328 | 11,602 | |||
Trading liabilities | 3 | 1,063 | |||
Short-term borrowings | 10 | 3,137 | |||
Long-term debt | 1,492 | 2,096 | |||
Other liabilities | 127 | 189 | |||
Liabilities | 1,632 | 6,485 | |||
Consolidated VIEs | Collateralized debt or loan obligations | |||||
VIE Disclosures | |||||
Cash and due from banks | 0 | 15 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 0 | 0 | |||
Other investments | 0 | 0 | |||
Net loans | 0 | 0 | |||
Other assets | 0 | 281 | |||
of which loans held-for-sale | 0 | 279 | |||
Premises and equipment | 0 | ||||
Assets | 0 | 296 | |||
Trading liabilities | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 0 | 84 | |||
Other liabilities | 0 | 0 | |||
Liabilities | 0 | 84 | |||
Consolidated VIEs | CP Conduit | |||||
VIE Disclosures | |||||
Cash and due from banks | 40 | 94 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 0 | 954 | |||
Other investments | 0 | 0 | |||
Net loans | 0 | 3,260 | |||
Other assets | 22 | 2,466 | |||
of which loans held-for-sale | 21 | 2,445 | |||
Premises and equipment | 0 | ||||
Assets | 62 | 6,774 | |||
Trading liabilities | 0 | 1,057 | |||
Short-term borrowings | 0 | 3,124 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 3 | 49 | |||
Liabilities | 3 | 4,230 | |||
Consolidated VIEs | Financial intermediation - Securitizations | |||||
VIE Disclosures | |||||
Cash and due from banks | 79 | 68 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 723 | 1,154 | |||
Other investments | 0 | 0 | |||
Net loans | 0 | 0 | |||
Other assets | 1,113 | 1,349 | |||
of which loans held-for-sale | 78 | 119 | |||
Premises and equipment | 0 | ||||
Assets | 1,915 | 2,571 | |||
Trading liabilities | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 1,392 | 1,860 | |||
Other liabilities | 2 | 2 | |||
Liabilities | 1,394 | 1,862 | |||
Consolidated VIEs | Financial intermediation - Funds | |||||
VIE Disclosures | |||||
Cash and due from banks | 8 | 17 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1 | ||||
Trading assets | 20 | 23 | |||
Other investments | 39 | 58 | |||
Net loans | 0 | 0 | |||
Other assets | 34 | 39 | |||
of which loans held-for-sale | 21 | 21 | |||
Premises and equipment | 0 | ||||
Assets | 102 | 137 | |||
Trading liabilities | 0 | 0 | |||
Short-term borrowings | 10 | 13 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 12 | 19 | |||
Liabilities | 22 | 32 | |||
Consolidated VIEs | Financial intermediation - Loans | |||||
VIE Disclosures | |||||
Cash and due from banks | 25 | 24 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 372 | 457 | |||
Other investments | 439 | 587 | |||
Net loans | 15 | 16 | |||
Other assets | 105 | 42 | |||
of which loans held-for-sale | 0 | 0 | |||
Premises and equipment | 0 | ||||
Assets | 956 | 1,126 | |||
Trading liabilities | 3 | 6 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 38 | 49 | |||
Liabilities | 41 | 55 | |||
Consolidated VIEs | Financial intermediation - Other | |||||
VIE Disclosures | |||||
Cash and due from banks | 9 | 11 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 0 | 0 | |||
Other investments | 0 | 136 | |||
Net loans | 146 | 134 | |||
Other assets | 138 | 417 | |||
of which loans held-for-sale | 0 | 0 | |||
Premises and equipment | 0 | ||||
Assets | 293 | 698 | |||
Trading liabilities | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 100 | 152 | |||
Other liabilities | 72 | 70 | |||
Liabilities | SFr 172 | SFr 222 | |||
[1]Includes restricted cash. |
VIE - Non-consolidated (Details
VIE - Non-consolidated (Details 8) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
VIE Disclosures | ||
Trading assets | SFr 21,727 | SFr 65,955 |
Net loans | 216,741 | 268,104 |
Other assets | 30,823 | 41,753 |
Assets | 452,507 | 530,039 |
Other liabilities | 14,738 | 16,826 |
Liabilities | 414,391 | 481,563 |
Non-consolidated VIEs | ||
VIE Disclosures | ||
Trading assets | 3,467 | 6,664 |
Net loans | 12,703 | 16,027 |
Other assets | 465 | 1,019 |
Assets | 16,635 | 23,710 |
Maximum exposure to loss | 19,078 | 32,730 |
Non-consolidated VIE assets | 172,523 | 265,484 |
Non-consolidated VIEs | Collateralized debt or loan obligations | ||
VIE Disclosures | ||
Trading assets | 222 | 214 |
Net loans | 1 | 314 |
Other assets | 8 | 6 |
Assets | 231 | 534 |
Maximum exposure to loss | 233 | 547 |
Non-consolidated VIE assets | 8,184 | 9,713 |
Non-consolidated VIEs | CP Conduit | ||
VIE Disclosures | ||
Trading assets | 0 | 0 |
Net loans | 24 | 1,440 |
Other assets | 0 | 0 |
Assets | 24 | 1,440 |
Maximum exposure to loss | 48 | 4,374 |
Non-consolidated VIE assets | 162 | 7,297 |
Non-consolidated VIEs | Financial intermediation - Securitizations | ||
VIE Disclosures | ||
Trading assets | 1,823 | 3,877 |
Net loans | 1,895 | 2,521 |
Other assets | 2 | 3 |
Assets | 3,720 | 6,401 |
Maximum exposure to loss | 3,864 | 9,514 |
Non-consolidated VIE assets | 35,637 | 79,322 |
Non-consolidated VIEs | Financial intermediation - Funds | ||
VIE Disclosures | ||
Trading assets | 549 | 750 |
Net loans | 1,108 | 1,934 |
Other assets | 97 | 122 |
Assets | 1,754 | 2,806 |
Maximum exposure to loss | 1,754 | 2,806 |
Non-consolidated VIE assets | 96,260 | 115,900 |
Non-consolidated VIEs | Financial intermediation - Loans | ||
VIE Disclosures | ||
Trading assets | 8 | 7 |
Net loans | 8,926 | 7,617 |
Other assets | 67 | 4 |
Assets | 9,001 | 7,628 |
Maximum exposure to loss | 11,097 | 9,999 |
Non-consolidated VIE assets | 28,055 | 38,632 |
Non-consolidated VIEs | Financial intermediation - Other | ||
VIE Disclosures | ||
Trading assets | 865 | 1,816 |
Net loans | 749 | 2,201 |
Other assets | 291 | 884 |
Assets | 1,905 | 4,901 |
Maximum exposure to loss | 2,082 | 5,490 |
Non-consolidated VIE assets | SFr 4,225 | SFr 14,620 |
Financial instruments (FI) - As
Financial instruments (FI) - Assets measured at fair value (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and Due from Banks | SFr 128 | SFr 198 |
Interest-bearing deposits with banks | 0 | 14 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,237 | 40,793 |
Securities received as collateral | 2,222 | 2,978 |
Trading assets | 21,727 | 65,955 |
Available-for-sale Securities, Debt Securities | 4 | 796 |
Other investments | 2,368 | 3,730 |
Loans | 2,458 | 7,358 |
Other intangible assets (mortgage servicing rights), at fair value | 305 | 403 |
Other assets | 3,758 | 8,947 |
Other assets - of which failed purchases | 324 | 801 |
Netting impact | (37,900) | (78,000) |
Total assets at fair value, measured at net asset value per share | 586 | 943 |
Recurring basis | ||
Assets | ||
Cash and Due from Banks | 128 | 198 |
Interest-bearing deposits with banks | 14 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,237 | 40,793 |
Securities received as collateral | 2,222 | 2,978 |
Trading assets | 21,727 | 65,955 |
Available-for-sale Securities, Debt Securities | 4 | 796 |
Other investments | 2,368 | 3,730 |
Loans | 2,458 | 7,358 |
Loans - of which commercial and industrial | 1,193 | 2,681 |
Loans - of which financial institutions | 563 | 2,989 |
Loans - of which government and public institutions | 586 | 1,366 |
Other intangible assets (mortgage servicing rights), at fair value | 305 | 403 |
Other assets | 3,758 | 8,947 |
Other assets - of which loans held-for-sale | 3,162 | 7,813 |
Other assets - of which failed purchases | 328 | 730 |
Netting impact | (37,902) | (77,915) |
Total assets at fair value | 59,207 | 131,172 |
Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,817 | 3,070 |
Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 439 | 587 |
Recurring basis | Debt securities | ||
Assets | ||
Trading assets | 10,525 | 37,614 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 7,883 | 15,800 |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 1,145 | 8,160 |
Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 993 | 10,866 |
Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 1,354 | |
Recurring basis | Equity securities | ||
Assets | ||
Trading assets | 4,308 | 13,182 |
Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 5,090 | 11,143 |
Netting impact | (37,692) | (77,695) |
Recurring basis | Trading assets | ||
Assets | ||
Netting impact | (37,692) | (77,695) |
Recurring basis | Other | ||
Assets | ||
Trading assets | 1,804 | 4,016 |
Recurring basis | Other assets | ||
Assets | ||
Netting impact | (210) | (220) |
Recurring basis | Level 1 | ||
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 | 100 |
Securities received as collateral | 1,778 | 2,318 |
Trading assets | 8,474 | 33,724 |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other investments | 0 | 0 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Loans - of which government and public institutions | 0 | 0 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 50 | 78 |
Other assets - of which loans held-for-sale | 0 | 0 |
Other assets - of which failed purchases | 40 | 54 |
Total assets at fair value | 10,302 | 36,220 |
Recurring basis | Level 1 | Other equity investments | ||
Assets | ||
Other investments | 0 | 0 |
Recurring basis | Level 1 | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Recurring basis | Level 1 | Debt securities | ||
Assets | ||
Trading assets | 2,520 | 13,084 |
Recurring basis | Level 1 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 2,496 | 10,117 |
Recurring basis | Level 1 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 10 | 2,718 |
Recurring basis | Level 1 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 5 |
Recurring basis | Level 1 | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 197 | |
Recurring basis | Level 1 | Equity securities | ||
Assets | ||
Trading assets | 3,390 | 11,772 |
Recurring basis | Level 1 | Derivative instruments | ||
Assets | ||
Trading assets | 1,298 | 7,571 |
Recurring basis | Level 1 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 7 | 1,617 |
Recurring basis | Level 1 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 7 | 24 |
Recurring basis | Level 1 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,281 | 5,927 |
Recurring basis | Level 1 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | |
Recurring basis | Level 1 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 3 | 0 |
Recurring basis | Level 1 | Other | ||
Assets | ||
Trading assets | 1,266 | 1,297 |
Recurring basis | Level 2 | ||
Assets | ||
Cash and Due from Banks | 128 | 198 |
Interest-bearing deposits with banks | 14 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,237 | 40,693 |
Securities received as collateral | 444 | 660 |
Trading assets | 48,262 | 105,555 |
Available-for-sale Securities, Debt Securities | 4 | 796 |
Other investments | 14 | 17 |
Loans | 1,578 | 6,318 |
Loans - of which commercial and industrial | 658 | 2,381 |
Loans - of which financial institutions | 466 | 2,591 |
Loans - of which government and public institutions | 453 | 1,112 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 44 |
Other assets | 2,073 | 8,316 |
Other assets - of which loans held-for-sale | 1,450 | 7,165 |
Other assets - of which failed purchases | 239 | 664 |
Total assets at fair value | 78,740 | 162,611 |
Recurring basis | Level 2 | Other equity investments | ||
Assets | ||
Other investments | 14 | 17 |
Recurring basis | Level 2 | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Recurring basis | Level 2 | Debt securities | ||
Assets | ||
Trading assets | 7,253 | 23,288 |
Recurring basis | Level 2 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 5,349 | 5,597 |
Recurring basis | Level 2 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 620 | 4,998 |
Recurring basis | Level 2 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 936 | 10,417 |
Recurring basis | Level 2 | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 941 | |
Recurring basis | Level 2 | Equity securities | ||
Assets | ||
Trading assets | 677 | 676 |
Recurring basis | Level 2 | Derivative instruments | ||
Assets | ||
Trading assets | 40,305 | 79,606 |
Recurring basis | Level 2 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 18,143 | 31,900 |
Recurring basis | Level 2 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 13,868 | 25,512 |
Recurring basis | Level 2 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 7,144 | 18,669 |
Recurring basis | Level 2 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 3,059 | |
Recurring basis | Level 2 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 75 | 197 |
Recurring basis | Level 2 | Other | ||
Assets | ||
Trading assets | 27 | 1,985 |
Recurring basis | Level 3 | ||
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 | 0 | 0 |
Trading assets | 2,508 | 3,828 |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other investments | 1,943 | 3,313 |
Loans | 880 | 1,040 |
Loans - of which commercial and industrial | 535 | 300 |
Loans - of which financial institutions | 97 | 398 |
Loans - of which government and public institutions | 133 | 254 |
Other intangible assets (mortgage servicing rights), at fair value | 305 | 359 |
Other assets | 1,845 | 773 |
Other assets - of which loans held-for-sale | 1,712 | 648 |
Other assets - of which failed purchases | 49 | 12 |
Total assets at fair value | 7,481 | 9,313 |
Recurring basis | Level 3 | Other equity investments | ||
Assets | ||
Other investments | 1,493 | 2,725 |
Recurring basis | Level 3 | Life finance instruments | ||
Assets | ||
Other investments | 439 | 587 |
Recurring basis | Level 3 | Debt securities | ||
Assets | ||
Trading assets | 718 | 1,211 |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 38 | 86 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 515 | 413 |
Recurring basis | Level 3 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 57 | 444 |
Recurring basis | Level 3 | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 216 | |
Recurring basis | Level 3 | Equity securities | ||
Assets | ||
Trading assets | 100 | 222 |
Recurring basis | Level 3 | Derivative instruments | ||
Assets | ||
Trading assets | 1,179 | 1,661 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 47 | 671 |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 33 | 17 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 484 | 295 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 130 | |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 499 | 548 |
Recurring basis | Level 3 | Other | ||
Assets | ||
Trading assets | 511 | 734 |
Recurring basis | Fair value measured at net asset value per share | ||
Assets | ||
Trading assets | 175 | 543 |
Other investments | 411 | 400 |
Total assets at fair value | 586 | 943 |
Recurring basis | Fair value measured at net asset value per share | Other equity investments | ||
Assets | ||
Other investments | 310 | 328 |
Recurring basis | Fair value measured at net asset value per share | Debt securities | ||
Assets | ||
Trading assets | 34 | 31 |
Recurring basis | Fair value measured at net asset value per share | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 31 | |
Recurring basis | Fair value measured at net asset value per share | Equity securities | ||
Assets | ||
Trading assets | 141 | 512 |
Nonrecurring basis | ||
Assets | ||
Other investments | 1,206 | 365 |
Loans | 13 | 15 |
Other assets | 9,631 | 83 |
Total assets at fair value | 10,850 | 463 |
Nonrecurring basis | Equity securities | ||
Assets | ||
Other investments | 1,200 | 78 |
Nonrecurring basis | Equity securities (without a readily determinable fair value) | ||
Assets | ||
Other investments | 287 | |
Nonrecurring basis | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 8,917 | 71 |
Other assets - of which real estate held-for-sale | 12 | |
Nonrecurring basis | Level 1 | ||
Assets | ||
Other investments | 0 | 0 |
Loans | 0 | 0 |
Other assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Nonrecurring basis | Level 1 | Equity securities | ||
Assets | ||
Other investments | 0 | 0 |
Nonrecurring basis | Level 1 | Equity securities (without a readily determinable fair value) | ||
Assets | ||
Other investments | 0 | |
Nonrecurring basis | Level 1 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 0 | 0 |
Other assets - of which real estate held-for-sale | 0 | |
Nonrecurring basis | Level 2 | ||
Assets | ||
Other investments | 0 | 259 |
Loans | 0 | 14 |
Other assets | 728 | 39 |
Total assets at fair value | 728 | 312 |
Nonrecurring basis | Level 2 | Equity securities | ||
Assets | ||
Other investments | 0 | 0 |
Nonrecurring basis | Level 2 | Equity securities (without a readily determinable fair value) | ||
Assets | ||
Other investments | 259 | |
Nonrecurring basis | Level 2 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 728 | 39 |
Other assets - of which real estate held-for-sale | 0 | |
Nonrecurring basis | Level 3 | ||
Assets | ||
Other investments | 1,206 | 106 |
Loans | 13 | 1 |
Other assets | 8,903 | 44 |
Total assets at fair value | 10,122 | 151 |
Nonrecurring basis | Level 3 | Equity securities | ||
Assets | ||
Other investments | 1,200 | 78 |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | ||
Assets | ||
Other investments | 28 | |
Nonrecurring basis | Level 3 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | SFr 8,189 | 32 |
Other assets - of which real estate held-for-sale | SFr 12 |
FI - Liabilities measured at fa
FI - Liabilities measured at fair value (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | ||
Due to banks | SFr 100 | SFr 490 |
Customer deposits | 1,655 | 2,464 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 356 | 14,133 |
Obligation to return securities received as collateral | 2,222 | 2,978 |
Trading liabilities | 8,832 | 18,337 |
Short-term borrowings | 4,012 | 6,783 |
Long-term debt | 32,874 | 57,919 |
Other liabilities | 1,500 | 2,286 |
Netting impact | (40,000) | (81,800) |
Recurring basis | ||
Liabilities | ||
Due to banks | 100 | 490 |
Customer deposits | 1,655 | 2,464 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 356 | 14,133 |
Obligation to return securities received as collateral | 2,222 | 2,978 |
Trading liabilities | 8,832 | 18,337 |
Short-term borrowings | 4,012 | 6,783 |
Long-term debt | 32,874 | 57,919 |
Other liabilities | 1,500 | 2,286 |
Netting impact | (40,055) | (81,870) |
Total liabilities at fair value | 51,551 | 105,390 |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 4,174 | 11,136 |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 22,092 | 27,716 |
Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 3,415 | 4,689 |
Recurring basis | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 7,512 | |
Recurring basis | Debt securities | ||
Liabilities | ||
Trading liabilities | 355 | 5,461 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 290 | 3,422 |
Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Trading liabilities | 65 | 2,011 |
Recurring basis | Equity securities | ||
Liabilities | ||
Trading liabilities | 2,358 | 3,706 |
Recurring basis | Short positions | ||
Liabilities | ||
Trading liabilities | 2,713 | 9,167 |
Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 5,777 | 8,945 |
Netting impact | (39,814) | (80,026) |
Recurring basis | Trading liabilities | ||
Liabilities | ||
Netting impact | (39,814) | (80,026) |
Recurring basis | Other | ||
Liabilities | ||
Trading liabilities | 342 | 225 |
Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (241) | (1,844) |
Recurring basis | Level 1 | ||
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 | 1,778 | 2,318 |
Trading liabilities | 3,734 | 13,131 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 37 | 133 |
Total liabilities at fair value | 5,549 | 15,582 |
Recurring basis | Level 1 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Recurring basis | Level 1 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Recurring basis | Level 1 | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Recurring basis | Level 1 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 0 | |
Recurring basis | Level 1 | Debt securities | ||
Liabilities | ||
Trading liabilities | 256 | 3,228 |
Recurring basis | Level 1 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 256 | 3,150 |
Recurring basis | Level 1 | Debt securities | Corporate debt securities | ||
Liabilities | ||
Trading liabilities | 0 | 53 |
Recurring basis | Level 1 | Equity securities | ||
Liabilities | ||
Trading liabilities | 2,350 | 3,328 |
Recurring basis | Level 1 | Short positions | ||
Liabilities | ||
Trading liabilities | 2,606 | 6,556 |
Recurring basis | Level 1 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 1,128 | 6,575 |
Recurring basis | Level 1 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 1 | 1,566 |
Recurring basis | Level 1 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 13 | 20 |
Recurring basis | Level 1 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Recurring basis | Level 1 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 1,110 | 4,981 |
Recurring basis | Level 1 | Derivative instruments | Other derivatives | ||
Liabilities | ||
Trading liabilities | 4 | 5 |
Recurring basis | Level 1 | Other | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Recurring basis | Level 2 | ||
Liabilities | ||
Due to banks | 100 | 490 |
Customer deposits | 1,366 | 2,212 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 356 | 14,133 |
Obligation to return securities received as collateral | 444 | 660 |
Trading liabilities | 43,710 | 83,351 |
Short-term borrowings | 3,941 | 6,330 |
Long-term debt | 27,903 | 51,185 |
Other liabilities | 1,405 | 3,794 |
Total liabilities at fair value | 79,225 | 162,155 |
Recurring basis | Level 2 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 4,027 | 10,697 |
Recurring basis | Level 2 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 18,603 | 23,409 |
Recurring basis | Level 2 | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,127 | 2,961 |
Recurring basis | Level 2 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 7,484 | |
Recurring basis | Level 2 | Debt securities | ||
Liabilities | ||
Trading liabilities | 99 | 2,232 |
Recurring basis | Level 2 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 34 | 272 |
Recurring basis | Level 2 | Debt securities | Corporate debt securities | ||
Liabilities | ||
Trading liabilities | 65 | 1,957 |
Recurring basis | Level 2 | Equity securities | ||
Liabilities | ||
Trading liabilities | 3 | 363 |
Recurring basis | Level 2 | Short positions | ||
Liabilities | ||
Trading liabilities | 102 | 2,595 |
Recurring basis | Level 2 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 43,607 | 80,756 |
Recurring basis | Level 2 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 17,393 | 30,288 |
Recurring basis | Level 2 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 17,276 | 26,180 |
Recurring basis | Level 2 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,327 | 3,157 |
Recurring basis | Level 2 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 7,450 | 20,731 |
Recurring basis | Level 2 | Derivative instruments | Other derivatives | ||
Liabilities | ||
Trading liabilities | 20 | 210 |
Recurring basis | Level 2 | Other | ||
Liabilities | ||
Trading liabilities | 1 | 0 |
Recurring basis | Level 3 | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 289 | 252 |
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 | 1,202 | 1,881 |
Short-term borrowings | 71 | 453 |
Long-term debt | 4,971 | 6,734 |
Other liabilities | 299 | 203 |
Total liabilities at fair value | 6,832 | 9,523 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 147 | 439 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 3,489 | 4,307 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 1,288 | 1,728 |
Recurring basis | Level 3 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 28 | |
Recurring basis | Level 3 | Debt securities | ||
Liabilities | ||
Trading liabilities | 0 | 1 |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Liabilities | ||
Trading liabilities | 0 | 1 |
Recurring basis | Level 3 | Equity securities | ||
Liabilities | ||
Trading liabilities | 5 | 15 |
Recurring basis | Level 3 | Short positions | ||
Liabilities | ||
Trading liabilities | 5 | 16 |
Recurring basis | Level 3 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 856 | 1,640 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 94 | 118 |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 2 | 1 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 196 | 242 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 362 | 1,083 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Liabilities | ||
Trading liabilities | 202 | 196 |
Recurring basis | Level 3 | Other | ||
Liabilities | ||
Trading liabilities | 341 | 225 |
Nonrecurring basis | ||
Liabilities | ||
Other liabilities | 732 | 23 |
Other liabilities of which commitments held-for-sale | 732 | 23 |
Total liabilities at fair value | 732 | 23 |
Nonrecurring basis | Level 1 | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Other liabilities of which commitments held-for-sale | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Nonrecurring basis | Level 2 | ||
Liabilities | ||
Other liabilities | 203 | 2 |
Other liabilities of which commitments held-for-sale | 203 | 2 |
Total liabilities at fair value | 203 | 2 |
Nonrecurring basis | Level 3 | ||
Liabilities | ||
Other liabilities | 529 | 21 |
Other liabilities of which commitments held-for-sale | 529 | 21 |
Total liabilities at fair value | SFr 529 | SFr 21 |
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, 2023 | Dec. 31, 2022 | |
Assets measured at fair value on a recurring basis for level 3 | ||
Retained Earnings (Accumulated Deficit) | SFr 2,062 | SFr 7,659 |
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 | 0 | |
Transfers in, assets | 13 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | |
Sales, assets | (13) | |
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 | |
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 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | 0 | |
Balance at end of period, assets | 0 | 0 |
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 | 0 | 0 |
Transfers in, assets | 0 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 3 | |
Settlements, assets | (3) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | |
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 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | 0 | |
Balance at end of period, assets | 0 | |
Changes in unrealized gains/losses | SFr 0 | |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | |
Recurring basis | Securities received as collateral | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 0 | SFr 14 |
Transfers in, assets | 0 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | |
Sales, assets | (14) | |
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 | |
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 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | 0 | |
Balance at end of period, assets | 0 | |
Changes in unrealized gains/losses | SFr 0 | |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | |
Recurring basis | Trading assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,828 | SFr 4,503 |
Transfers in, assets | 997 | 1,818 |
Transfers out, assets | (765) | (2,057) |
Purchases, assets | 1,021 | 5,563 |
Sales, assets | (1,660) | (5,184) |
Issuances, assets | 575 | 967 |
Settlements, assets | (658) | (1,076) |
Gain (loss) on transfers in/out included in trading revenues, assets | 18 | 83 |
Gain (loss) on all other activity included in trading revenues, assets | (570) | (847) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 8 | (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 | (286) | 67 |
Balance at end of period, assets | 2,508 | 3,828 |
Changes in unrealized gains/losses | SFr (583) | SFr (193) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Trading assets | Debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 1,211 | SFr 1,225 |
Transfers in, assets | 647 | 1,206 |
Transfers out, assets | (367) | (1,090) |
Purchases, assets | 829 | 4,622 |
Sales, assets | (1,247) | (4,185) |
Issuances, assets | 0 | 0 |
Settlements, assets | (28) | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (21) | (106) |
Gain (loss) on all other activity included in trading revenues, assets | (229) | (499) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 8 | (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 | (85) | 47 |
Balance at end of period, assets | 718 | 1,211 |
Changes in unrealized gains/losses | SFr (60) | SFr 215 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 413 | SFr 478 |
Transfers in, assets | 334 | 452 |
Transfers out, assets | (104) | (582) |
Purchases, assets | 783 | 3,933 |
Sales, assets | (724) | (3,342) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (15) | (97) |
Gain (loss) on all other activity included in trading revenues, assets | (124) | (464) |
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 | (48) | 35 |
Balance at end of period, assets | 515 | 413 |
Changes in unrealized gains/losses | SFr 21 | SFr 226 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 444 | SFr 424 |
Transfers in, assets | 138 | 312 |
Transfers out, assets | (204) | (179) |
Purchases, assets | 18 | 306 |
Sales, assets | (309) | (564) |
Issuances, assets | 0 | 0 |
Settlements, assets | (7) | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (5) | 3 |
Gain (loss) on all other activity included in trading revenues, assets | 4 | 133 |
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 | (22) | 9 |
Balance at end of period, assets | 57 | 444 |
Changes in unrealized gains/losses | SFr 6 | SFr 4 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 216 | SFr 245 |
Transfers in, assets | 201 | |
Transfers out, assets | (138) | |
Purchases, assets | 103 | |
Sales, assets | (148) | |
Issuances, assets | 0 | |
Settlements, assets | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (5) | |
Gain (loss) on all other activity included in trading revenues, assets | (39) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (9) | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | 6 | |
Balance at end of period, assets | 216 | |
Changes in unrealized gains/losses | SFr (6) | |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | |
Recurring basis | Trading assets | Derivative instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,661 | SFr 2,187 |
Transfers in, assets | 258 | 406 |
Transfers out, assets | (297) | (824) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 575 | 967 |
Settlements, assets | (558) | (918) |
Gain (loss) on transfers in/out included in trading revenues, assets | 40 | 144 |
Gain (loss) on all other activity included in trading revenues, assets | (366) | (301) |
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 | (134) | 0 |
Balance at end of period, assets | 1,179 | 1,661 |
Changes in unrealized gains/losses | SFr (344) | SFr (328) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 671 | SFr 624 |
Transfers in, assets | 11 | |
Transfers out, assets | (182) | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 89 | |
Settlements, assets | (66) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (5) | |
Gain (loss) on all other activity included in trading revenues, assets | 229 | |
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 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | (29) | |
Balance at end of period, assets | 671 | |
Changes in unrealized gains/losses | SFr 166 | |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | |
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 | 295 | SFr 212 |
Transfers in, assets | 70 | 262 |
Transfers out, assets | (171) | (416) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 254 | 473 |
Settlements, assets | (111) | (284) |
Gain (loss) on transfers in/out included in trading revenues, assets | 32 | 106 |
Gain (loss) on all other activity included in trading revenues, assets | 146 | (55) |
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 | (31) | (3) |
Balance at end of period, assets | 484 | 295 |
Changes in unrealized gains/losses | SFr 212 | SFr 2 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 130 | SFr 264 |
Transfers in, assets | 115 | |
Transfers out, assets | (189) | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 65 | |
Settlements, assets | (142) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 31 | |
Gain (loss) on all other activity included in trading revenues, assets | (19) | |
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 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | 5 | |
Balance at end of period, assets | 130 | |
Changes in unrealized gains/losses | SFr 1 | |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | |
Recurring basis | Trading assets | Derivative instruments | Other derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 548 | SFr 1,034 |
Transfers in, assets | 1 | 9 |
Transfers out, assets | 0 | (4) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 206 | 330 |
Settlements, assets | (217) | (317) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 4 |
Gain (loss) on all other activity included in trading revenues, assets | 13 | (537) |
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 | (52) | 29 |
Balance at end of period, assets | 499 | 548 |
Changes in unrealized gains/losses | SFr 15 | SFr (489) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 734 | SFr 896 |
Transfers in, assets | 70 | 27 |
Transfers out, assets | (87) | (51) |
Purchases, assets | 182 | 827 |
Sales, assets | (312) | (923) |
Issuances, assets | 0 | 0 |
Settlements, assets | (72) | (158) |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 6 |
Gain (loss) on all other activity included in trading revenues, assets | 51 | 94 |
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 | (56) | 16 |
Balance at end of period, assets | 511 | 734 |
Recurring basis | Trading assets | Other | Other derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | SFr (78) | SFr (123) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 3,313 | SFr 3,666 |
Transfers in, assets | 321 | 69 |
Transfers out, assets | (920) | (13) |
Purchases, assets | 27 | 65 |
Sales, assets | (281) | (206) |
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 | (267) | (253) |
Gain (loss) on transfers in/out included in other revenues, assets | 1 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (75) | (57) |
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 | (176) | 42 |
Balance at end of period, assets | 1,943 | 3,313 |
Changes in unrealized gains/losses | SFr (276) | SFr (95) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Other investments | Other equity investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 2,725 | SFr 2,863 |
Transfers in, assets | 312 | 69 |
Transfers out, assets | (920) | 0 |
Purchases, assets | 5 | 37 |
Sales, assets | (148) | (16) |
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 | (277) | (190) |
Gain (loss) on transfers in/out included in other revenues, assets | 1 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (75) | (65) |
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 | (130) | 27 |
Balance at end of period, assets | 1,493 | 2,725 |
Changes in unrealized gains/losses | SFr (306) | SFr (50) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 587 | SFr 789 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 21 | 28 |
Sales, assets | (133) | (182) |
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 | 10 | (63) |
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 | (46) | 15 |
Balance at end of period, assets | 439 | 587 |
Changes in unrealized gains/losses | SFr 42 | SFr (45) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 1,040 | SFr 1,534 |
Transfers in, assets | 694 | 566 |
Transfers out, assets | (86) | (470) |
Purchases, assets | 1 | 16 |
Sales, assets | (33) | (45) |
Issuances, assets | 91 | 63 |
Settlements, assets | (714) | (667) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 39 |
Gain (loss) on all other activity included in trading revenues, assets | (73) | (46) |
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 | (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 | (40) | 56 |
Balance at end of period, assets | 880 | 1,040 |
Changes in unrealized gains/losses | SFr (125) | SFr (92) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Commercial and industrial loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 300 | SFr 717 |
Transfers in, assets | 503 | 163 |
Transfers out, assets | (75) | (327) |
Purchases, assets | 0 | 0 |
Sales, assets | (33) | (18) |
Issuances, assets | 80 | 4 |
Settlements, assets | (267) | (218) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 12 |
Gain (loss) on all other activity included in trading revenues, assets | 37 | (50) |
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 | (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 | (10) | 23 |
Balance at end of period, assets | 535 | 300 |
Changes in unrealized gains/losses | SFr (94) | SFr (74) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Financial institutions loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 398 | SFr 465 |
Transfers in, assets | 3 | 141 |
Transfers out, assets | 0 | (41) |
Purchases, assets | 0 | 15 |
Sales, assets | 0 | (15) |
Issuances, assets | 11 | 58 |
Settlements, assets | (288) | (293) |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 16 |
Gain (loss) on all other activity included in trading revenues, assets | (10) | 29 |
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 | (18) | 23 |
Balance at end of period, assets | 97 | 398 |
Changes in unrealized gains/losses | SFr (6) | SFr 9 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Governments and public institutions loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 254 | SFr 289 |
Transfers in, assets | 124 | 91 |
Transfers out, assets | (11) | (39) |
Purchases, assets | 0 | 1 |
Sales, assets | 0 | 0 |
Issuances, assets | 0 | 1 |
Settlements, assets | (144) | (72) |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | 1 |
Gain (loss) on all other activity included in trading revenues, assets | (84) | (24) |
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) | 6 |
Balance at end of period, assets | 133 | 254 |
Changes in unrealized gains/losses | SFr 2 | SFr (25) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Other intangible assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 359 | SFr 167 |
Transfers in, assets | 40 | 187 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
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 | (66) | 4 |
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 | (28) | 1 |
Balance at end of period, assets | 305 | 359 |
Changes in unrealized gains/losses | SFr (66) | SFr 4 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Other assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 773 | SFr 694 |
Transfers in, assets | 1,752 | 452 |
Transfers out, assets | (256) | (289) |
Purchases, assets | 229 | 743 |
Sales, assets | (332) | (593) |
Issuances, assets | 79 | 157 |
Settlements, assets | (224) | (417) |
Gain (loss) on transfers in/out included in trading revenues, assets | 41 | 46 |
Gain (loss) on all other activity included in trading revenues, assets | (193) | (49) |
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 | 3 |
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) | 26 |
Balance at end of period, assets | 1,845 | 773 |
Changes in unrealized gains/losses | SFr (107) | SFr (31) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 648 | SFr 562 |
Transfers in, assets | 1,715 | 379 |
Transfers out, assets | (250) | (232) |
Purchases, assets | 193 | 724 |
Sales, assets | (306) | (591) |
Issuances, assets | 78 | 157 |
Settlements, assets | (223) | (415) |
Gain (loss) on transfers in/out included in trading revenues, assets | 41 | 15 |
Gain (loss) on all other activity included in trading revenues, assets | (171) | 26 |
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 | (13) | 23 |
Balance at end of period, assets | 1,712 | 648 |
Changes in unrealized gains/losses | SFr (109) | SFr (15) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Recurring basis | Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 9,313 | SFr 10,578 |
Transfers in, assets | 3,817 | 3,092 |
Transfers out, assets | (2,027) | (2,829) |
Purchases, assets | 1,278 | 6,387 |
Sales, assets | (2,319) | (6,042) |
Issuances, assets | 745 | 1,190 |
Settlements, assets | (1,596) | (2,163) |
Gain (loss) on transfers in/out included in trading revenues, assets | 59 | 168 |
Gain (loss) on all other activity included in trading revenues, assets | (1,169) | (1,191) |
Gain (loss) on transfers in/out included in other revenues, assets | 1 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (67) | (69) |
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 | (554) | 192 |
Balance at end of period, assets | 7,481 | 9,313 |
Changes in unrealized gains/losses | SFr (1,157) | SFr (407) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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, 2023 | Dec. 31, 2022 | |
Customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 252 | SFr 394 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 302 | 0 |
Settlements, liabilities | (57) | (18) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (144) | (49) |
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 | (32) | (57) |
Foreign currency translation impact, liabilities | (32) | (18) |
Balance at end of period, liabilities | 289 | 252 |
Changes in unrealized gains/losses | SFr 3 | SFr (120) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 0 | SFr 14 |
Transfers in, liabilities | 0 | |
Transfers out, liabilities | 0 | |
Purchases, liabilities | 0 | |
Sales, liabilities | (14) | |
Issuances, liabilities | 0 | |
Settlements, liabilities | 0 | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | 0 | |
Balance at end of period, liabilities | 0 | |
Changes in unrealized gains/losses | SFr 0 | |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | |
Trading liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,881 | SFr 2,809 |
Transfers in, liabilities | 451 | 1,784 |
Transfers out, liabilities | (637) | (1,381) |
Purchases, liabilities | 81 | 33 |
Sales, liabilities | (112) | (106) |
Issuances, liabilities | 567 | 844 |
Settlements, liabilities | (1,407) | (2,066) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 125 | 52 |
Gain (loss) on all other activity included in trading revenues, liabilities | 391 | (165) |
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 | (138) | 77 |
Balance at end of period, liabilities | 1,202 | 1,881 |
Changes in unrealized gains/losses | SFr 316 | SFr 224 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Trading liabilities | Derivative instruments | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 1,640 | SFr 2,542 |
Transfers in, liabilities | 451 | 1,651 |
Transfers out, liabilities | (637) | (1,353) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 567 | 844 |
Settlements, liabilities | (1,408) | (2,066) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 125 | 51 |
Gain (loss) on all other activity included in trading revenues, liabilities | 223 | (98) |
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 | (105) | 69 |
Balance at end of period, liabilities | 856 | 1,640 |
Changes in unrealized gains/losses | SFr 244 | SFr 216 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Trading liabilities | Derivative instruments | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 1,083 | SFr 1,787 |
Transfers in, liabilities | 225 | 615 |
Transfers out, liabilities | (555) | (1,027) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 414 | 476 |
Settlements, liabilities | (862) | (520) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 108 | (5) |
Gain (loss) on all other activity included in trading revenues, liabilities | 17 | (273) |
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 | (68) | 30 |
Balance at end of period, liabilities | 362 | 1,083 |
Changes in unrealized gains/losses | SFr 57 | SFr (38) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Trading liabilities | Derivative instruments | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 242 | SFr 374 |
Transfers in, liabilities | 194 | 991 |
Transfers out, liabilities | (56) | (201) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 28 | 176 |
Settlements, liabilities | (261) | (1,329) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 6 | 26 |
Gain (loss) on all other activity included in trading revenues, liabilities | 54 | 172 |
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 | (11) | 33 |
Balance at end of period, liabilities | 196 | 242 |
Changes in unrealized gains/losses | SFr (3) | SFr 152 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Trading liabilities | Derivative instruments | Other derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 196 | SFr 298 |
Transfers in, liabilities | 1 | 0 |
Transfers out, liabilities | 0 | (5) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 92 | 143 |
Settlements, liabilities | (176) | (174) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 1 | 3 |
Gain (loss) on all other activity included in trading revenues, liabilities | 105 | (79) |
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 | (17) | 10 |
Balance at end of period, liabilities | 202 | 196 |
Changes in unrealized gains/losses | SFr 147 | SFr (5) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Trading liabilities | Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 225 | |
Transfers in, liabilities | (1) | |
Transfers out, liabilities | 0 | |
Purchases, liabilities | 80 | |
Sales, liabilities | (59) | |
Issuances, liabilities | 0 | |
Settlements, liabilities | 1 | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | |
Gain (loss) on all other activity included in trading revenues, liabilities | 128 | |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (33) | |
Balance at end of period, liabilities | 341 | SFr 225 |
Changes in unrealized gains/losses | SFr 89 | |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | |
Short-term borrowings | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 453 | 1,032 |
Transfers in, liabilities | 163 | 204 |
Transfers out, liabilities | (205) | (684) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 173 | 785 |
Settlements, liabilities | (450) | (815) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (79) | (75) |
Gain (loss) on all other activity included in trading revenues, liabilities | 34 | (8) |
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 | (18) | 14 |
Balance at end of period, liabilities | 71 | 453 |
Changes in unrealized gains/losses | SFr (47) | SFr 9 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 6,734 | SFr 9,676 |
Transfers in, liabilities | 2,938 | 3,116 |
Transfers out, liabilities | (3,222) | (6,609) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,662 | 7,730 |
Settlements, liabilities | (2,958) | (5,575) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 200 | (557) |
Gain (loss) on all other activity included in trading revenues, liabilities | (116) | (785) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (28) | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 35 | (51) |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 289 | (350) |
Foreign currency translation impact, liabilities | (563) | 139 |
Balance at end of period, liabilities | 4,971 | 6,734 |
Changes in unrealized gains/losses | SFr 135 | SFr (422) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
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 | SFr 4,307 | SFr 6,318 |
Transfers in, liabilities | 2,202 | 2,502 |
Transfers out, liabilities | (2,423) | (4,930) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,491 | 6,589 |
Settlements, liabilities | (2,173) | (4,729) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 151 | (418) |
Gain (loss) on all other activity included in trading revenues, liabilities | 7 | (737) |
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 | 33 | (49) |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 284 | (344) |
Foreign currency translation impact, liabilities | (390) | 105 |
Balance at end of period, liabilities | 3,489 | 4,307 |
Changes in unrealized gains/losses | SFr 308 | SFr (487) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Long-term debt | Long-term debt - of which other debt instruments over two years | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 1,728 | SFr 1,854 |
Transfers in, liabilities | 92 | 0 |
Transfers out, liabilities | (138) | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 166 |
Settlements, liabilities | (184) | (279) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 46 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (116) | (38) |
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 | (140) | 25 |
Balance at end of period, liabilities | 1,288 | 1,728 |
Changes in unrealized gains/losses | SFr (184) | SFr 83 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 203 | SFr 517 |
Transfers in, liabilities | 327 | 126 |
Transfers out, liabilities | (2) | (305) |
Purchases, liabilities | 9 | 22 |
Sales, liabilities | (53) | (89) |
Issuances, liabilities | 103 | 110 |
Settlements, liabilities | (113) | (136) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 1 | 82 |
Gain (loss) on all other activity included in trading revenues, liabilities | 26 | (90) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | (46) |
Gain (loss) on all other activity included in other revenues, liabilities | (197) | 1 |
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) | 11 |
Balance at end of period, liabilities | 299 | 203 |
Changes in unrealized gains/losses | SFr 64 | SFr 11 |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 9,523 | SFr 14,442 |
Transfers in, liabilities | 3,879 | 5,230 |
Transfers out, liabilities | (4,066) | (8,979) |
Purchases, liabilities | 90 | 55 |
Sales, liabilities | (165) | (209) |
Issuances, liabilities | 2,807 | 9,469 |
Settlements, liabilities | (4,985) | (8,610) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 247 | (498) |
Gain (loss) on all other activity included in trading revenues, liabilities | 191 | (1,097) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | (46) |
Gain (loss) on all other activity included in other revenues, liabilities | (225) | 1 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 35 | (51) |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 257 | (407) |
Foreign currency translation impact, liabilities | (756) | 223 |
Balance at end of period, liabilities | 6,832 | 9,523 |
Changes in unrealized gains/losses | SFr 471 | SFr (298) |
Changes in unrealized gains/losses [Extensible Enumeration] | Net revenues | Net revenues |
FI - Roll-forward of net assets
FI - Roll-forward of net assets measured at fair value on recurring basis (Details 7) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | SFr (210) | SFr (3,864) |
Transfers in, net assets/liabilities | (62) | (2,138) |
Transfers out, net assets/liabilities | 2,039 | 6,150 |
Purchases, net assets/liabilities | 1,188 | 6,332 |
Sales, net assets/liabilities | (2,154) | (5,833) |
Issuances, net assets/liabilities | (2,062) | (8,279) |
Settlements, net assets/liabilities | 3,389 | 6,447 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | (188) | 666 |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | (1,360) | (94) |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 1 | 46 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | 158 | (70) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | (35) | 51 |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | (257) | 407 |
Foreign currency translation impact, net assets/liabilities | 202 | (31) |
Balance at beginning of period, net assets/liabilities | 649 | (210) |
Changes in unrealized gains/losses | SFr (1,628) | SFr (109) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues |
Other Comprehensive Income (Loss) [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | SFr (263) | SFr 413 |
Trading Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | SFr (1,047) | SFr (472) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Trading Gains (Losses) | Trading Gains (Losses) |
Other Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | SFr (318) | SFr (50) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
FI - Difference between fair va
FI - Difference between fair value and unpaid principle balances (Details 10) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial instruments | ||
Cash and Due from Banks | SFr 128 | SFr 198 |
Interest-bearing deposits with banks | 0 | 14 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,237 | 40,793 |
Loans | 2,458 | 7,358 |
Other assets | 3,758 | 8,947 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (356) | (14,133) |
Short-term borrowings | (4,012) | (6,783) |
Long-term debt | (32,874) | (57,919) |
Other liabilities | (1,500) | (2,286) |
Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 511 | 733 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,237 | 40,793 |
Loans | 2,458 | 7,358 |
Other assets | 3,490 | 8,544 |
Due to banks and customer deposits | (331) | (458) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (356) | (14,133) |
Short-term borrowings | (4,012) | (6,783) |
Long-term debt | (32,874) | (57,919) |
Other liabilities | (218) | (888) |
Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 1,352 | 2,213 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,045 | 40,665 |
Loans | 3,097 | 8,241 |
Other assets | 5,132 | 10,937 |
Due to banks and customer deposits | (371) | (562) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (357) | (14,024) |
Short-term borrowings | (3,988) | (6,892) |
Long-term debt | (36,723) | (71,891) |
Other liabilities | (334) | (1,043) |
Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (841) | (1,480) |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 192 | 128 |
Loans | (639) | (883) |
Other assets | (1,642) | (2,393) |
Due to banks and customer deposits | 40 | 104 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 1 | (109) |
Short-term borrowings | (24) | 109 |
Long-term debt | 3,849 | 13,972 |
Other liabilities | SFr 116 | SFr 155 |
FI - Gains_losses on financial
FI - Gains/losses on financial instruments (Details 11) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | SFr 1,718 | SFr 1,450 | SFr 638 |
Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (199) | (51) | 304 |
Net gains/(losses) of which related to credit risk - on assets | 0 | (3) | 2 |
Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 308 | 163 | 443 |
Net gains/(losses) of which related to credit risk - on assets | 89 | (239) | (13) |
Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 37 | 246 | 519 |
Net gains/(losses) of which related to credit risk - on assets | (312) | (202) | 133 |
Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (71) | (44) | (22) |
Net gains/(losses) of which related to credit risk - on liabilities | (3) | (1) | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (151) | (156) | (43) |
Short-term borrowings | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (495) | 1,916 | 98 |
Net gains/(losses) of which related to credit risk - on liabilities | 2 | 1 | 2 |
Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 9,414 | 6,767 | (2,644) |
Net gains/(losses) of which related to credit risk - on liabilities | 4 | 3 | 0 |
Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (88) | 54 | 171 |
Net gains/(losses) of which related to credit risk - on liabilities | SFr (207) | SFr (164) | SFr 71 |
FI - Fair value, unfunded commi
FI - Fair value, unfunded commitments, term of redemption conditions (Details 12) - CHF (SFr) SFr in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 480 | SFr 514 |
Redeemable | 106 | 429 |
Total fair value | 586 | 943 |
Unfunded commitments | 135 | 177 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable with known Liquidation Periods | 290 | 276 |
Nonredeemable with unknown Liquidation Periods | 190 | 238 |
Redeemable on demand with notice period less than 30 days | 63 | 234 |
Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 80 | 128 |
Redeemable | 95 | 415 |
Total fair value | 175 | 543 |
Unfunded commitments | 0 | 14 |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 400 | 386 |
Redeemable | 11 | 14 |
Total fair value | 411 | 400 |
Unfunded commitments | 135 | 163 |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 13 | 13 |
Redeemable | 0 | 1 |
Total fair value | 13 | 14 |
Unfunded commitments | 1 | 1 |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 88 | 58 |
Redeemable | 0 | 0 |
Total fair value | 88 | 58 |
Unfunded commitments | 52 | 48 |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 299 | 315 |
Redeemable | 11 | 13 |
Total fair value | 310 | 328 |
Unfunded commitments | SFr 82 | SFr 114 |
FI - Quantitative information a
FI - Quantitative information about level 3 assets at fair value (Details 14) | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) |
Assets | ||
Cash and Due from Banks | SFr 128,000,000 | SFr 198,000,000 |
Interest-bearing deposits with banks | 0 | 14,000,000 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,237,000,000 | 40,793,000,000 |
Securities received as collateral | 2,222,000,000 | 2,978,000,000 |
Trading assets | 21,727,000,000 | 65,955,000,000 |
Available-for-sale Securities, Debt Securities | 4,000,000 | 796,000,000 |
Other investments | 2,368,000,000 | 3,730,000,000 |
Loans | 2,458,000,000 | 7,358,000,000 |
Other intangible assets (mortgage servicing rights), at fair value | 305,000,000 | 403,000,000 |
Other assets | 3,758,000,000 | 8,947,000,000 |
Recurring basis | ||
Assets | ||
Cash and Due from Banks | 128,000,000 | 198,000,000 |
Interest-bearing deposits with banks | 14,000,000 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,237,000,000 | 40,793,000,000 |
Securities received as collateral | 2,222,000,000 | 2,978,000,000 |
Trading assets | 21,727,000,000 | 65,955,000,000 |
Available-for-sale Securities, Debt Securities | 4,000,000 | 796,000,000 |
Other investments | 2,368,000,000 | 3,730,000,000 |
Loans | 2,458,000,000 | 7,358,000,000 |
Loans - of which commercial and industrial | 1,193,000,000 | 2,681,000,000 |
Loans - of which financial institutions | 563,000,000 | 2,989,000,000 |
Loans - of which government and public institutions | 586,000,000 | 1,366,000,000 |
Other intangible assets (mortgage servicing rights), at fair value | 305,000,000 | 403,000,000 |
Other assets | 3,758,000,000 | 8,947,000,000 |
Other assets - of which loans held-for-sale | 3,162,000,000 | 7,813,000,000 |
Total assets at fair value | 59,207,000,000 | 131,172,000,000 |
Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,817,000,000 | 3,070,000,000 |
Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 439,000,000 | 587,000,000 |
Recurring basis | Debt securities | ||
Assets | ||
Trading assets | 10,525,000,000 | 37,614,000,000 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 7,883,000,000 | 15,800,000,000 |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 1,145,000,000 | 8,160,000,000 |
Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 993,000,000 | 10,866,000,000 |
Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 1,354,000,000 | |
Recurring basis | Equity securities | ||
Assets | ||
Trading assets | 4,308,000,000 | 13,182,000,000 |
Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 5,090,000,000 | 11,143,000,000 |
Recurring basis | Other | ||
Assets | ||
Trading assets | 1,804,000,000 | 4,016,000,000 |
Recurring basis | Level 3 | ||
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 | 0 | 0 |
Trading assets | 2,508,000,000 | 3,828,000,000 |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other investments | 1,943,000,000 | 3,313,000,000 |
Loans | 880,000,000 | 1,040,000,000 |
Loans - of which commercial and industrial | 535,000,000 | 300,000,000 |
Loans - of which financial institutions | 97,000,000 | 398,000,000 |
Loans - of which government and public institutions | 133,000,000 | 254,000,000 |
Other intangible assets (mortgage servicing rights), at fair value | 305,000,000 | 359,000,000 |
Other assets | 1,845,000,000 | 773,000,000 |
Other assets - of which loans held-for-sale | 1,712,000,000 | 648,000,000 |
Total assets at fair value | 7,481,000,000 | 9,313,000,000 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Loans - of which commercial and industrial | 435,000,000 | 124,000,000 |
Loans - of which financial institutions | 33,000,000 | 282,000,000 |
Loans - of which government and public institutions | 126,000,000 | 158,000,000 |
Other assets - of which loans held-for-sale | SFr 229,000,000 | SFr 258,000,000 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 19 | 280 |
Loans - of which financial institutions, measurement input | 159 | 242 |
Loans - of which government and public institutions, measurement input | 154 | 534 |
Other assets - of which loans held-for-sale, measurement input | 315 | 299 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 444 | 2,596 |
Loans - of which financial institutions, measurement input | 506 | 1,278 |
Loans - of which government and public institutions, measurement input | 1,217 | 1,339 |
Other assets - of which loans held-for-sale, measurement input | 380 | 594 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 41 | 756 |
Loans - of which financial institutions, measurement input | 217 | 497 |
Loans - of which government and public institutions, measurement input | 864 | 680 |
Other assets - of which loans held-for-sale, measurement input | 316 | 368 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 65 | 55 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 65 | 55 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 65 | 55 |
Recurring basis | Level 3 | Price | ||
Assets | ||
Loans - of which commercial and industrial | SFr 90,000,000 | SFr 153,000,000 |
Loans - of which financial institutions | 62,000,000 | 115,000,000 |
Loans - of which government and public institutions | 6,000,000 | 96,000,000 |
Other assets - of which loans held-for-sale | SFr 144,000,000 | SFr 14,000,000 |
Recurring basis | Level 3 | Price | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 11 | 6 |
Loans - of which financial institutions, measurement input | 23 | 22 |
Loans - of which government and public institutions, measurement input | 56 | 35 |
Other assets - of which loans held-for-sale, measurement input | 0 | 0 |
Recurring basis | Level 3 | Price | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 97 | 100 |
Loans - of which financial institutions, measurement input | 75 | 72 |
Loans - of which government and public institutions, measurement input | 56 | 42 |
Other assets - of which loans held-for-sale, measurement input | 91 | 79 |
Recurring basis | Level 3 | Price | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 58 | 53 |
Loans - of which financial institutions, measurement input | 43 | 66 |
Loans - of which government and public institutions, measurement input | 56 | 36 |
Other assets - of which loans held-for-sale, measurement input | 85 | 59 |
Recurring basis | Level 3 | Market comparable | ||
Assets | ||
Loans - of which commercial and industrial | SFr 11,000,000 | SFr 22,000,000 |
Other assets - of which loans held-for-sale | SFr 1,314,000,000 | SFr 363,000,000 |
Recurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 76 | 74 |
Other assets - of which loans held-for-sale, measurement input | 0 | 0 |
Recurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 76 | 74 |
Other assets - of which loans held-for-sale, measurement input | 120 | 145 |
Recurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 76 | 74 |
Other assets - of which loans held-for-sale, measurement input | 70 | 78 |
Recurring basis | Level 3 | Other equity investments | ||
Assets | ||
Other investments | SFr 1,493,000,000 | SFr 2,725,000,000 |
Recurring basis | Level 3 | Other equity investments | Option model | ||
Assets | ||
Other investments | 1,000,000 | |
Recurring basis | Level 3 | Other equity investments | Option model | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 98 | |
Recurring basis | Level 3 | Other equity investments | Option model | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 693 | |
Recurring basis | Level 3 | Other equity investments | Option model | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 396 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Other investments | 46,000,000 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other investments | 8 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other investments | 8 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other investments | 8 | |
Recurring basis | Level 3 | Other equity investments | Price | ||
Assets | ||
Other investments | 417,000,000 | 174,000,000 |
Recurring basis | Level 3 | Other equity investments | Price | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 0 | 1 |
Recurring basis | Level 3 | Other equity investments | Price | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 9,271 | 15 |
Recurring basis | Level 3 | Other equity investments | Price | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 1,050 | 13 |
Recurring basis | Level 3 | Other equity investments | Market comparable | ||
Assets | ||
Other investments | 1,065,000,000 | 2,443,000,000 |
Recurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 0 | 0 |
Recurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 100 | 275 |
Recurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 7 | 109 |
Recurring basis | Level 3 | Life finance instruments | ||
Assets | ||
Other investments | 439,000,000 | 587,000,000 |
Recurring basis | Level 3 | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Assets | ||
Other investments | 2 | 2 |
Recurring basis | Level 3 | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Assets | ||
Other investments | 14 | 15 |
Recurring basis | Level 3 | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Assets | ||
Other investments | 6 | 6 |
Recurring basis | Level 3 | Debt securities | ||
Assets | ||
Trading assets | 718,000,000 | 1,211,000,000 |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 38,000,000 | 86,000,000 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 515,000,000 | 413,000,000 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Trading assets | SFr 82,000,000 | SFr 118,000,000 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 35 | 10 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 668 | 7,589 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 585 | 620 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 101 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 53 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | ||
Assets | ||
Trading assets | SFr 1,000,000 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 30 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 148 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | (50) | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 100 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 69 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Mean reversion [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 7 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Mean reversion [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 25 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Mean reversion [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 30 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 100 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 38 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 5 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 142 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 40 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Price | ||
Assets | ||
Trading assets | SFr 411,000,000 | SFr 216,000,000 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Price | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Price | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 11,640 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Price | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 2,203 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Price | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 76 | 30 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Price | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 126 | 126 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Price | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 102 | 87 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | ||
Assets | ||
Trading assets | SFr 5,000,000 | SFr 75,000,000 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 1 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 218 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 29 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 101 | 101 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 13 | 51 |
Recurring basis | Level 3 | Debt securities | RMBS | ||
Assets | ||
Trading assets | SFr 57,000,000 | SFr 444,000,000 |
Recurring basis | Level 3 | Debt securities | RMBS | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 8 | 3 |
Recurring basis | Level 3 | Debt securities | RMBS | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 19 | 33 |
Recurring basis | Level 3 | Debt securities | RMBS | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 16 | 12 |
Recurring basis | Level 3 | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | SFr 216,000,000 | |
Recurring basis | Level 3 | Equity securities | ||
Assets | ||
Trading assets | SFr 100,000,000 | 222,000,000 |
Recurring basis | Level 3 | Derivative instruments | ||
Assets | ||
Trading assets | 1,179,000,000 | 1,661,000,000 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 47,000,000 | 671,000,000 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | ||
Assets | ||
Trading assets | SFr 662,000,000 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Contingent probability [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 95 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Contingent probability [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 95 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Contingent probability [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 95 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Mean reversion [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 25 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Mean reversion [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 25 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Mean reversion [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 25 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Prepayment Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 14 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Prepayment Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 19 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Prepayment Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 17 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | (3) | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 1 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | (1) | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Trading assets | SFr 1,000,000 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 95 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 110 | |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 103 | |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 33,000,000 | SFr 17,000,000 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 484,000,000 | 295,000,000 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | ||
Assets | ||
Trading assets | SFr 356,000,000 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | (50) | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 100 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 69 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 5 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 142 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 37 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Mean reversion [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 7 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Mean reversion [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 25 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Mean reversion [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 16 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | ||
Assets | ||
Trading assets | SFr 90,000,000 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 95 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 95 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 95 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 130,000,000 | |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | SFr 499,000,000 | SFr 548,000,000 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 2 | 2 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 12 | 13 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 6 | 6 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, UK Mortality Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 75 | 74 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, UK Mortality Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 141 | 139 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, UK Mortality Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 100 | 99 |
Recurring basis | Level 3 | Other | ||
Assets | ||
Trading assets | SFr 511,000,000 | SFr 734,000,000 |
Recurring basis | Level 3 | Other | Option model | ||
Assets | ||
Trading assets | SFr 11,000,000 | SFr 25,000,000 |
Recurring basis | Level 3 | Other | Option model | Measurement Input, Mortality Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Other | Option model | Measurement Input, Mortality Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 70 | 70 |
Recurring basis | Level 3 | Other | Option model | Measurement Input, Mortality Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 6 | 6 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Trading assets | SFr 372,000,000 | SFr 458,000,000 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 3 | 3 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 12 | 13 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 6 | 6 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Tax Swap Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 30 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Tax Swap Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 30 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Tax Swap Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 30 | |
Recurring basis | Level 3 | Other | Market comparable | ||
Assets | ||
Trading assets | SFr 127,000,000 | SFr 251,000,000 |
Recurring basis | Level 3 | Other | Market comparable | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Other | Market comparable | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 105 | 109 |
Recurring basis | Level 3 | Other | Market comparable | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 8 | 27 |
Nonrecurring basis | ||
Assets | ||
Other investments | SFr 1,206,000,000 | SFr 365,000,000 |
Loans | 13,000,000 | 15,000,000 |
Other assets | 9,631,000,000 | 83,000,000 |
Total assets at fair value | 10,850,000,000 | 463,000,000 |
Nonrecurring basis | Equity securities | ||
Assets | ||
Other investments | 1,200,000,000 | 78,000,000 |
Nonrecurring basis | Equity securities (without a readily determinable fair value) | ||
Assets | ||
Other investments | 287,000,000 | |
Nonrecurring basis | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 8,917,000,000 | 71,000,000 |
Other assets - of which real estate held-for-sale | 12,000,000 | |
Nonrecurring basis | Level 3 | ||
Assets | ||
Other investments | 1,206,000,000 | 106,000,000 |
Loans | 13,000,000 | 1,000,000 |
Other assets | 8,903,000,000 | 44,000,000 |
Total assets at fair value | SFr 10,122,000,000 | SFr 151,000,000 |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 6 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 2,471 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 614 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 9 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 10 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 9 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 0 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 144 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 55 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Minimum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 82 | 90 |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Maximum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 8,988 | 90 |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Weighted average | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 84 | 90 |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price per share, in actuals [Member] | Minimum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 0 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price per share, in actuals [Member] | Maximum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 98 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price per share, in actuals [Member] | Weighted average | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 93 | |
Nonrecurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | ||
Assets | ||
Other investments | SFr 673,000,000 | |
Nonrecurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Assets | ||
Other investments | 71,000,000 | |
Nonrecurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price in percent [Member] | ||
Assets | ||
Other investments | 480,000,000 | |
Nonrecurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price per share, in actuals [Member] | ||
Assets | ||
Other investments | 6,966,000,000 | |
Nonrecurring basis | Level 3 | Equity securities | ||
Assets | ||
Other investments | 1,200,000,000 | SFr 78,000,000 |
Nonrecurring basis | Level 3 | Equity securities | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Other investments | 1,062,000,000 | |
Nonrecurring basis | Level 3 | Equity securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other investments | 8 | 8 |
Nonrecurring basis | Level 3 | Equity securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other investments | 10 | 18 |
Nonrecurring basis | Level 3 | Equity securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other investments | 8 | 15 |
Nonrecurring basis | Level 3 | Equity securities | Market comparable | ||
Assets | ||
Other investments | 138,000,000 | |
Nonrecurring basis | Level 3 | Equity securities | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 1 | |
Nonrecurring basis | Level 3 | Equity securities | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 2,095 | |
Nonrecurring basis | Level 3 | Equity securities | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 138 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | ||
Assets | ||
Other investments | 28,000,000 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Other investments | 13,000,000 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other investments | 12 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other investments | 16 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other investments | 14 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Market comparable | ||
Assets | ||
Other investments | 13,000,000 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 3 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 6,181 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 1,310 | |
Nonrecurring basis | Level 3 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | SFr 8,189,000,000 | 32,000,000 |
Other assets - of which real estate held-for-sale | SFr 12,000,000 |
FI - Quantitative information_2
FI - Quantitative information about level 3 liabilities at fair value (Details 15) SFr in Millions | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) |
Liabilities | ||
Due to banks | SFr 100 | SFr 490 |
Customer deposits | 1,655 | 2,464 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 356 | 14,133 |
Obligation to return securities received as collateral | 2,222 | 2,978 |
Trading liabilities | 8,832 | 18,337 |
Short-term borrowings | 4,012 | 6,783 |
Long-term debt | 32,874 | 57,919 |
Other liabilities | 1,500 | 2,286 |
Recurring basis | ||
Liabilities | ||
Due to banks | 100 | 490 |
Customer deposits | 1,655 | 2,464 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 356 | 14,133 |
Obligation to return securities received as collateral | 2,222 | 2,978 |
Trading liabilities | 8,832 | 18,337 |
Short-term borrowings | 4,012 | 6,783 |
Long-term debt | 32,874 | 57,919 |
Other liabilities | 1,500 | 2,286 |
Total liabilities at fair value | 51,551 | 105,390 |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 4,174 | 11,136 |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 22,092 | 27,716 |
Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 3,415 | 4,689 |
Recurring basis | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 7,512 | |
Recurring basis | Debt securities | ||
Liabilities | ||
Trading liabilities | 355 | 5,461 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 290 | 3,422 |
Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Trading liabilities | 65 | 2,011 |
Recurring basis | Equity securities | ||
Liabilities | ||
Trading liabilities | 2,358 | 3,706 |
Recurring basis | Short positions | ||
Liabilities | ||
Trading liabilities | 2,713 | 9,167 |
Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 5,777 | 8,945 |
Recurring basis | Other | ||
Liabilities | ||
Trading liabilities | 342 | 225 |
Recurring basis | Level 3 | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 289 | 252 |
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 | 1,202 | 1,881 |
Short-term borrowings | 71 | 453 |
Long-term debt | 4,971 | 6,734 |
Other liabilities | 299 | 203 |
Total liabilities at fair value | 6,832 | 9,523 |
Recurring basis | Level 3 | Option model | ||
Liabilities | ||
Short-term borrowings | SFr 48 | SFr 338 |
Recurring basis | Level 3 | Option model | Measurement Input, Buyback probability [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 50 | |
Recurring basis | Level 3 | Option model | Measurement Input, Buyback probability [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 100 | |
Recurring basis | Level 3 | Option model | Measurement Input, Buyback probability [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 76 | |
Recurring basis | Level 3 | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | (50) | (50) |
Recurring basis | Level 3 | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 100 | 100 |
Recurring basis | Level 3 | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 69 | 75 |
Recurring basis | Level 3 | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 5 | 5 |
Recurring basis | Level 3 | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 142 | 148 |
Recurring basis | Level 3 | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 40 | 27 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | ||
Liabilities | ||
Short-term borrowings | SFr 8 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 142 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 276 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 267 | |
Recurring basis | Level 3 | Price | ||
Liabilities | ||
Short-term borrowings | SFr 2 | SFr 94 |
Recurring basis | Level 3 | Price | Measurement Input, Price Volatility [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 1,296 | |
Recurring basis | Level 3 | Price | Measurement Input, Price Volatility [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 1,296 | |
Recurring basis | Level 3 | Price | Measurement Input, Price Volatility [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 1,296 | |
Recurring basis | Level 3 | Price | Measurement Input, Price in percent [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 11 | 20 |
Recurring basis | Level 3 | Price | Measurement Input, Price in percent [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 11 | 20 |
Recurring basis | Level 3 | Price | Measurement Input, Price in percent [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 11 | 20 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | SFr 147 | SFr 439 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 3,489 | 4,307 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | ||
Liabilities | ||
Long-term debt | SFr 3,062 | SFr 3,793 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Buyback probability [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 50 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Buyback probability [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 100 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Buyback probability [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 76 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 30 | 27 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 148 | 358 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 132 | 326 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | (50) | (50) |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 100 | 100 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 69 | 75 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Fund gap risk [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Fund gap risk [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 2 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Fund gap risk [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 0 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Mean reversion [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 7 | 25 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Mean reversion [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 25 | 25 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Mean reversion [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 16 | 25 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | 0 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 142 | 148 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 37 | 27 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Unadjusted NAV [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 16 | 389 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Unadjusted NAV [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 12,069 | 416 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Unadjusted NAV [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 218 | 412 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | ||
Liabilities | ||
Long-term debt | SFr 425 | SFr 508 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 3 | 10 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 255 | 430 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 79 | 142 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Price | ||
Liabilities | ||
Long-term debt | SFr 6 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Price | Measurement Input, Price in percent [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 17 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Price | Measurement Input, Price in percent [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 17 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Price | Measurement Input, Price in percent [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 17 | |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | SFr 1,288 | SFr 1,728 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | ||
Liabilities | ||
Long-term debt | SFr 281 | SFr 358 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Buyback probability [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 50 | |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Buyback probability [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 100 | |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Buyback probability [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 76 | |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 34 | 50 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 2,159 | 770 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 313 | 317 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Price Volatility [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 8 | |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Price Volatility [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 8 | |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Option model | Measurement Input, Price Volatility [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 8 | |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Price | ||
Liabilities | ||
Long-term debt | SFr 1,007 | SFr 1,370 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Price | Measurement Input, Price Volatility [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 7 | 8 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Price | Measurement Input, Price Volatility [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 7 | 8 |
Recurring basis | Level 3 | Long-term debt - of which other debt instruments over two years | Price | Measurement Input, Price Volatility [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 7 | 8 |
Recurring basis | Level 3 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | SFr 28 | |
Recurring basis | Level 3 | Debt securities | ||
Liabilities | ||
Trading liabilities | SFr 0 | 1 |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Liabilities | ||
Trading liabilities | 0 | 1 |
Recurring basis | Level 3 | Equity securities | ||
Liabilities | ||
Trading liabilities | 5 | 15 |
Recurring basis | Level 3 | Short positions | ||
Liabilities | ||
Trading liabilities | 5 | 16 |
Recurring basis | Level 3 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 856 | 1,640 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 94 | 118 |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 2 | 1 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 196 | 242 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | ||
Liabilities | ||
Trading liabilities | SFr 10 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 47 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 1,528 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 194 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | ||
Liabilities | ||
Trading liabilities | SFr 87 | SFr 162 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 3 | 3 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 2,002 | 2,149 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 309 | 341 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 10 | 6 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 10 | 17 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 10 | 11 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 14 | 10 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 100 | 100 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 77 | 69 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Price | ||
Liabilities | ||
Trading liabilities | SFr 106 | SFr 3 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Price | Measurement Input, Price in percent [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 100 | 74 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Price | Measurement Input, Price in percent [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 403 | 102 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Price | Measurement Input, Price in percent [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 106 | 101 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | ||
Liabilities | ||
Trading liabilities | SFr 9 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price in percent [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 71 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price in percent [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 101 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price in percent [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 86 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | SFr 362 | SFr 1,083 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | ||
Liabilities | ||
Trading liabilities | SFr 338 | SFr 1,040 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | (50) | (50) |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 100 | 100 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 69 | 71 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Fund gap risk [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Fund gap risk [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 2 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Fund gap risk [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 5 | 5 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 142 | 148 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 37 | 29 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Dividend yield [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Dividend yield [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 13 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Dividend yield [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 5 | |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | ||
Liabilities | ||
Trading liabilities | SFr 22 | SFr 31 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | Measurement Input, Price Volatility [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | 0 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | Measurement Input, Price Volatility [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 119 | 1,197 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Price | Measurement Input, Price Volatility [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 17 | 34 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Liabilities | ||
Trading liabilities | SFr 202 | SFr 196 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 2 | 2 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 12 | 18 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 5 | 6 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, UK Mortality Rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 75 | 74 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, UK Mortality Rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 102 | 103 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, UK Mortality Rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 97 | 97 |
Recurring basis | Level 3 | Trading liabilities | Option model | Measurement Input, Mortality Rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | |
Recurring basis | Level 3 | Trading liabilities | Option model | Measurement Input, Mortality Rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 70 | |
Recurring basis | Level 3 | Trading liabilities | Option model | Measurement Input, Mortality Rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 6 | |
Recurring basis | Level 3 | Other | ||
Liabilities | ||
Trading liabilities | SFr 341 | SFr 225 |
Nonrecurring basis | ||
Liabilities | ||
Other liabilities | 732 | 23 |
Other liabilities of which commitments held-for-sale | 732 | 23 |
Total liabilities at fair value | 732 | 23 |
Nonrecurring basis | Level 3 | ||
Liabilities | ||
Other liabilities | 529 | 21 |
Other liabilities of which commitments held-for-sale | 529 | 21 |
Total liabilities at fair value | 529 | SFr 21 |
Nonrecurring basis | Level 3 | Measurement Input, Price in percent [Member] | ||
Liabilities | ||
Other liabilities of which commitments held-for-sale | 527 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | ||
Liabilities | ||
Other liabilities of which commitments held-for-sale | SFr 2 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 226 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 549 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 236 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Minimum | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 0 | 87 |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Maximum | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 100 | 96 |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price in percent [Member] | Weighted average | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 83 | 90 |
FI - Carrying value and fair va
FI - Carrying value and fair value not held at fair value (Details 16) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | ||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | SFr 40,793 | SFr 26,237 | |
Loans | 7,358 | 2,458 | |
Other assets | 8,947 | 3,758 | |
Prior period reclassification adjustment | [1] | 133,900 | |
Financial liabilities | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,133 | 356 | |
Short-term borrowings | 6,783 | 4,012 | |
Long-term debt | 57,919 | 32,874 | |
Other liabilities | 2,286 | 1,500 | |
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 | 18,005 | 20,977 | |
Investment securities | 921 | 1,416 | |
Loans | 256,825 | 210,132 | |
Other assets | 91,451 | 148,197 | |
Financial liabilities | |||
Due to banks and deposits | 243,506 | 208,624 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 6,238 | 598 | |
Short-term borrowings | 7,705 | 43,625 | |
Long-term debt | 92,742 | 95,610 | |
Other liabilities | 8,551 | 7,470 | |
Estimate of fair value | |||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 18,005 | 20,977 | |
Investment securities | 911 | 1,407 | |
Loans | 253,778 | 206,829 | |
Other assets | 91,272 | 148,256 | |
Financial liabilities | |||
Due to banks and deposits | 243,410 | 208,563 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 6,238 | 598 | |
Short-term borrowings | 7,703 | 43,625 | |
Long-term debt | 86,962 | 97,435 | |
Other liabilities | 8,507 | 7,475 | |
Estimate of fair value | Level 1 | |||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | |
Investment securities | 911 | 1,246 | |
Loans | 0 | 0 | |
Other assets | 68,104 | 125,252 | |
Financial liabilities | |||
Due to banks and deposits | 149,696 | 108,417 | |
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 | 0 | |
Estimate of fair value | Level 2 | |||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 18,005 | 20,977 | |
Investment securities | 0 | 161 | |
Loans | 107,101 | 66,697 | |
Other assets | 20,246 | 12,571 | |
Financial liabilities | |||
Due to banks and deposits | 93,714 | 100,146 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 6,238 | 598 | |
Short-term borrowings | 7,703 | 43,625 | |
Long-term debt | 73,596 | 94,343 | |
Other liabilities | 7,984 | 7,269 | |
Estimate of fair value | Level 3 | |||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | |
Investment securities | 0 | 0 | |
Loans | 146,677 | 140,132 | |
Other assets | 2,922 | 10,433 | |
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 | 13,366 | 3,092 | |
Other liabilities | SFr 523 | SFr 206 | |
[1]Credit Suisse has aligned the fair value levelling of the Swiss accrual loan book to that of UBS, resulting in a reclassification of CHF 133.9 billion from level 2 to level 3. |
FI - Own credit gains_(losses)
FI - Own credit gains/(losses) on fair value option elected instruments (Details 17) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial instruments | ||
Gains/(losses) recorded into AOCI | SFr 3,700 | SFr 6,863 |
Gains/(losses) recorded into AOCI, Cumulatively | (828) | |
Gains/(losses) recorded into AOCI transferred to net income | (9,161) | (31) |
Due to banks and customer deposits | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (32) | 57 |
Gains/(losses) recorded into AOCI, Cumulatively | (31) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Short-term borrowings | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (21) | 19 |
Gains/(losses) recorded into AOCI, Cumulatively | (47) | |
Gains/(losses) recorded into AOCI transferred to net income | 1 | 0 |
Long-term debt | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 3,753 | 6,787 |
Gains/(losses) recorded into AOCI, Cumulatively | (750) | |
Gains/(losses) recorded into AOCI transferred to net income | (9,162) | (31) |
Long-term debt - of which structured notes over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (2,094) | 2,667 |
Gains/(losses) recorded into AOCI, Cumulatively | (672) | |
Gains/(losses) recorded into AOCI transferred to net income | (137) | (31) |
Long-term debt - of which treasury debt over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 6,406 | 3,522 |
Gains/(losses) recorded into AOCI, Cumulatively | 3 | |
Gains/(losses) recorded into AOCI transferred to net income | SFr (9,025) | SFr 0 |
Assets pledged and collateral_2
Assets pledged and collateral (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | SFr 63,111 | SFr 105,835 |
of which encumbered | 25,445 | 8,430 |
Fair value of collateral received with the right to sell or repledge | 150,198 | 74,354 |
of which sold or repledged | 75,819 | 23,374 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 812 | 424 |
Swiss National Bank required minimum liquidity reserves | SFr 2,258 | SFr 2,041 |
Capital adequacy (Details)
Capital adequacy (Details) SFr in Millions | 12 Months Ended | |
Dec. 31, 2023 CHF (SFr) | Dec. 31, 2022 CHF (SFr) | |
Swiss capital | ||
Swiss CET1 capital | SFr 38,187 | SFr 40,987 |
Going concern capital | 38,646 | 54,843 |
Gone concern capital | 38,284 | 42,930 |
Total loss-absorbing capacity (TLAC) | 76,930 | 97,773 |
Swiss risk-weighted assets and leverage exposure | ||
Swiss risk-weighted assets | 181,690 | 249,953 |
Leverage exposure | SFr 524,968 | SFr 653,551 |
Swiss capital ratios | ||
Swiss CET1 ratio | 0.210 | 0.164 |
Going concern capital ratio | 21.30% | 21.90% |
Gone concern capital ratio | 21.10% | 17.20% |
TLAC ratio | 0.423 | 0.391 |
Swiss leverage ratios | ||
Swiss CET1 leverage ratio | 7.30% | 6.30% |
Going concern leverage ratio | 7.40% | 8.40% |
Gone concern leverage ratio | 7.30% | 6.60% |
TLAC leverage ratio | 14.70% | 15% |
Capital ratio requirements % | ||
Swiss CET1 ratio requirement | 10% | 9.28% |
Going concern capital ratio requirement | 14.30% | 13.58% |
Gone concern capital ratio requirement | 10.725% | 13.58% |
TLAC ratio requirement | 0.25025 | 0.2716 |
Leverage ratio requirements % | ||
Swiss CET1 leverage ratio requirement | 3.50% | 3.25% |
Going concern leverage ratio requirement | 5% | 4.75% |
Gone concern leverage ratio requirement | 3.75% | 4.75% |
TLAC leverage ratio requirement | 8.75% | 9.50% |
Description of Other Regulatory Limitations | 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).Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits or distributable reserves. For operating companies, legal reserves may be distributed if they exceed, after deduction of any accumulated losses, treasury shares and reserves for own shares held by subsidiaries, 50% of the share capital registered in the commercial register. Furthermore, dividends may be paid out only after shareholder approval. | |
FINMA Pillar 2 capital add-on | SFr 1,445 | SFr 1,850 |
Assets under management (Detail
Assets under management (Details) - CHF (SFr) SFr in Billions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | SFr 175.1 | SFr 194.6 | |
Assets with discretionary mandates | 215.2 | 244.1 | |
Other assets under management | 785.6 | 852.8 | |
Assets under management (including double counting) | 1,175.9 | 1,291.5 | SFr 1,611 |
of which double counting | SFr 23.8 | SFr 31.9 |
Assets under management - Chang
Assets under management - Change (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in Assets under management | ||
Assets under management at beginning of period | SFr 1,291.5 | SFr 1,611 |
Net new assets/(net asset outflows) | (106.7) | (122.5) |
Market movements, interest, dividends and foreign exchange | 17.7 | (169.9) |
of which market movements, interest and dividends | 69.8 | (165.9) |
of which foreign exchange | (52.1) | (4) |
Other effects | (26.6) | (27.1) |
Assets under management at end of period | SFr 1,175.9 | SFr 1,291.5 |
Litigation (Details)
Litigation (Details) - Pending Litigation SFr in Millions | 12 Months Ended |
Dec. 31, 2023 CHF (SFr) | |
Litigation provisions | |
Balance at beginning of period | SFr 1,125 |
Increases in litigation accruals | 1,492 |
Decreases in litigation accruals | (142) |
Decreases for settlement and other cash payments | (751) |
Reclassification of litigation fees due to policy alignment | (80) |
Foreign exchange translation | (134) |
Balance at end of period | 1,510 |
Minimum | |
Litigation provisions | |
Range of possible losses that are not covered by existing provisions | 0 |
Maximum | |
Litigation provisions | |
Range of possible losses that are not covered by existing provisions | SFr 3,200 |
Litigation (Details 1)
Litigation (Details 1) $ in Thousands, € in Millions, £ in Millions, SFr in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 CHF (SFr) | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | |
Mozambique matter | US Department of Justice (DOJ) and Securities and Exchange Commission (SEC) | |||||
Litigation disclosures | |||||
of which fines | $ 275,000 | ||||
Mozambique matter | US District Court for the Eastern District of New York (EDNY) | Penalty, final [Member] | |||||
Litigation disclosures | |||||
of which restitution | 22,600 | ||||
Mozambique matter | UK Financial Services Authority | |||||
Litigation disclosures | |||||
Debt Relief | 200,000 | ||||
Mozambique matter | UK Financial Services Authority | Penalty, basic [Member] | Minimum | |||||
Litigation disclosures | |||||
Loss contingency, damages paid, value | $ 200,000 | ||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Government and regulatory related | United States Department of Justice (DOJ) | |||||
Litigation disclosures | |||||
Litigation, Increase of Consumer Relief per Annum | 5% | 5% | 5% | 5% | |
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Loan Trust Series 2006-HE7 | New York state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | $ 374,000 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Litigation, Plaintiff, CSMC Asset-Backed Trust 2007-NC1 | New York state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 0 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2006-8 | New York state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 436,000 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-1 | New York state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 420,000 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-2 | New York state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 495,000 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-3 | Minnesota state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 206,000 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-5 | New York state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 500,000 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-1, 2006-3 and 2006-4 | New York state court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 730,000 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-1, 2006-3, 2006-4 and 2006-5 | New York state court | |||||
Litigation disclosures | |||||
Litigation Settlement, Amount Awarded to Other Party | 500,000 | ||||
Credit Suisse AG and certain affiliates | Mortgage-related matters | Litigation, Plaintiff, Loreley | English Court | Minimum | |||||
Litigation disclosures | |||||
Estimated damages | 100,000 | ||||
Credit Suisse Securities LLC and certain of its affiliates | Bank loan litigation | Highland Capital Management LP | Texas State Court | Original [Member] | |||||
Litigation disclosures | |||||
Litigation Settlement, Amount Awarded to Other Party | 287,000 | ||||
Credit Suisse Securities LLC and certain of its affiliates | Bank loan litigation | Highland Capital Management LP | Texas State Court | Revised [Member] | |||||
Litigation disclosures | |||||
Litigation Settlement, Amount Awarded to Other Party | 121,000 | ||||
Credit Suisse Securities LLC and certain of its affiliates | Bank loan litigation | Highland Capital Management LP | Texas supreme court | Reversed [Member] | |||||
Litigation disclosures | |||||
Litigation Settlement, Amount Awarded to Other Party | 212,000 | ||||
Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Securities (Europe) Limited | Rates Related Matters - regulatory matters - foreign exchange trading business | European Commission | |||||
Litigation disclosures | |||||
of which fines | € | € 83.3 | ||||
Credit Suisse Group AG, Credit Suisse Securities (Europe) Limited | Rates Related Matters - regulatory matters - SSA bonds trading business | European Commission | |||||
Litigation disclosures | |||||
of which fines | € | € 11.9 | ||||
Credit Suisse Life Bermuda Ltd [Member] | Customer acount matters, against former relationship manager | Supreme Court of Bermuda | |||||
Litigation disclosures | |||||
Estimated damages | $ 536,640 | $ 607,350 | |||
Bermuda Statutory Rate Of Interest | 3.50% | 3.50% | 3.50% | 3.50% | |
Credit Suisse Life Bermuda Ltd [Member] | Customer acount matters, against former relationship manager | Supreme Court of Bermuda | Minimum | |||||
Litigation disclosures | |||||
Loss contingency, damages paid, value | $ 75,000 | ||||
Credit Suisse Trust Limited, a Credit Suisse AG affiliate [Member] | Customer acount matters, against former relationship manager | Signapore International Commercial Court | |||||
Litigation disclosures | |||||
Estimated damages | 742,730 | ||||
UBS Group, Credit Suisse AG, Credit Suisse Holdings (USA) and Credit Suisse AG, New York Branch | Archegos Capital Management | Board of Governors of the Federal Reserve System (Fed) | Penalty, final [Member] | |||||
Litigation disclosures | |||||
of which fines | 269,000 | ||||
Credit Suisse International and Credit Suisse Securities (Europe) Limited | Archegos Capital Management | Prudential Regulation Authority (PRA) | Penalty, final [Member] | |||||
Litigation disclosures | |||||
of which fines | £ | £ 87 | ||||
Credit Suisse AG | Customer acount matters, against former relationship manager | Geneva Prosecutor's Office | |||||
Litigation disclosures | |||||
Estimated damages | $ 130,000 | ||||
Credit Suisse AG | Litigation Bulgarian former clients matter | Swiss Federal Criminal Court | |||||
Litigation disclosures | |||||
Estimated damages | SFr | SFr 19 | ||||
of which fines | SFr | 2 | ||||
Seized client assets | SFr | SFr 12 |
Significant subsidiaries and _3
Significant subsidiaries and equity method investments (Details) - 12 months ended Dec. 31, 2023 € in Millions, ¥ in Millions, £ in Millions, SFr in Millions, R$ in Millions, $ in Millions, $ in Millions | USD ($) | BRL (R$) | CHF (SFr) | EUR (€) | HKD ($) | GBP (£) | JPY (¥) |
BANK-now AG | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | SFr | SFr 30 | ||||||
Banco de Investimentos Credit Suisse (Brasil) S.A. | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | R$ | R$ 164.8 | ||||||
Credit Suisse (Deutschland) Aktiengesellschaft | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | € | € 130 | ||||||
Credit Suisse (Hong Kong) Limited | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | $ 8,192.9 | ||||||
Credit Suisse (Italy) S.P.A. | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | € | 170 | ||||||
Credit Suisse (Luxembourg) S.A. | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | SFr | 230.9 | ||||||
Credit Suisse (Schweiz) AG | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | SFr | 100 | ||||||
Credit Suisse (UK) Limited | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | £ | £ 245.2 | ||||||
Credit Suisse (USA), Inc. | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
SEC-registered debt securities maturing in July 2032 | $ 742 | ||||||
Equity interest in % | 100% | ||||||
Nominal capital | $ 0 | ||||||
redit Suisse Bank (Europe), S.A. | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | € | € 18 | ||||||
Credit Suisse Funds AG | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | SFr | SFr 7 | ||||||
Credit Suisse International (Bank) | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 98% | ||||||
Nominal capital | $ 7,267.5 | ||||||
Equity interest held by other subsidiary in % | 98% | ||||||
Voting rights held by other subsidiary in % | 98% | ||||||
Remaining voting interests held by parent in % | 2% | ||||||
Credit Suisse Securities (Europe) Limited | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | $ 9.6 | ||||||
Credit Suisse Securities (Japan) Limited | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | ¥ | ¥ 78,100 | ||||||
Credit Suisse Securities (USA) LLC | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | $ 0 | ||||||
Credit Suisse Services (USA) LLC | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | $ 0 | ||||||
DLJ Mortgage Capital, Inc. | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | $ 0 | ||||||
Lime Residential Ltd | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 100% | ||||||
Nominal capital | $ 0 | ||||||
Swisscard AECS GmBH | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 50% | ||||||
ICBC Credit Suisse Asset Management Co., Ltd. | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 20% | ||||||
SIX Group AG | |||||||
Significant subsidiaries and equity method investments disclosures | |||||||
Equity interest in % | 18% |
Significant valuation and inc_2
Significant valuation and income recognition differences between US GAAP and - Swiss GAAP banking law (Details) | 12 Months Ended |
Dec. 31, 2023 year week | |
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) | week | 6 |