Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'CREDIT SUISSE GROUP AG |
Entity Central Index Key | '0001159510 |
Document Type | '6-K |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,599,972,801 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Consolidated_statements_of_ope
Consolidated statements of operations (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest and dividend income | 5,690 | 4,445 | 6,220 | 10,135 | 11,042 |
Interest expense | -3,104 | -2,267 | -3,580 | -5,371 | -6,596 |
Net interest income | 2,586 | 2,178 | 2,640 | 4,764 | 4,446 |
Commissions and fees | 3,309 | 3,275 | 3,538 | 6,584 | 6,786 |
Trading revenues | 197 | 638 | 357 | 835 | 2,172 |
Other revenues | 371 | 738 | 417 | 1,109 | 637 |
Net revenues | 6,463 | 6,829 | 6,952 | 13,292 | 14,041 |
Provision for credit losses | 18 | 34 | 51 | 52 | 73 |
Compensation and benefits | 2,973 | 2,993 | 2,926 | 5,966 | 5,917 |
General and administrative expenses | 3,441 | 1,690 | 1,873 | 5,131 | 3,605 |
Commission expenses | 377 | 369 | 457 | 746 | 927 |
Total other operating expenses | 3,818 | 2,059 | 2,330 | 5,877 | 4,532 |
Total operating expenses | 6,791 | 5,052 | 5,256 | 11,843 | 10,449 |
Income from continuing operations before taxes | -346 | 1,743 | 1,645 | 1,397 | 3,519 |
Income tax expense | 307 | 543 | 472 | 850 | 971 |
Income from continuing operations | -653 | 1,200 | 1,173 | 547 | 2,548 |
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 |
Net income | -662 | 1,215 | 1,164 | 553 | 2,545 |
Net income/(loss) attributable to noncontrolling interests | 38 | 356 | 119 | 394 | 197 |
Net income attributable to shareholders | -700 | 859 | 1,045 | 159 | 2,348 |
of which from continuing operations | -691 | 844 | 1,054 | 153 | 2,351 |
of which from discontinued operations | -9 | 15 | -9 | 6 | -3 |
Basic earnings per share (CHF) | ' | ' | ' | ' | ' |
Basic earnings per share from continuing operations (in CHF per share) | -0.45 | 0.47 | 0.55 | 0.05 | 1.31 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | -0.01 | 0.01 | -0.01 | 0 | 0 |
Basic earnings per share (in CHF per share) | -0.46 | 0.48 | 0.54 | 0.05 | 1.31 |
Diluted earnings per share (CHF) | ' | ' | ' | ' | ' |
Diluted earnings per share from continuing operations (in CHF per share) | -0.45 | 0.47 | 0.53 | 0.05 | 1.28 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | -0.01 | 0.01 | -0.01 | 0 | 0 |
Diluted earnings per share (in CHF per share) | -0.46 | 0.48 | 0.52 | 0.05 | 1.28 |
Consolidated_statements_of_com
Consolidated statements of comprehensive income (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive income (CHF million) | ' | ' | ' | ' | ' |
Net income | -662 | 1,215 | 1,164 | 553 | 2,545 |
Gains/(losses) on cash flow hedges | 12 | 17 | -15 | 29 | -13 |
Foreign currency translation | 65 | -273 | -166 | -208 | 761 |
Unrealized gains/(losses) on securities | 12 | 8 | -14 | 20 | -21 |
Actuarial gains/(losses) | 42 | 35 | 81 | 77 | 151 |
Net prior service cost | -22 | -20 | -31 | -42 | -58 |
Other comprehensive income/(loss), net of tax | 109 | -233 | -145 | -124 | 820 |
Comprehensive income/(loss) | -553 | 982 | 1,019 | 429 | 3,365 |
Comprehensive income/(loss) attributable to noncontrolling interests | 41 | 331 | 110 | 372 | 315 |
Comprehensive income/(loss) attributable to shareholders | -594 | 651 | 909 | 57 | 3,050 |
Consolidated_balance_sheets
Consolidated balance sheets (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||||
In Millions, except Share data, unless otherwise specified | ||||||||
Assets (CHF million) | ' | ' | ' | ' | ||||
Cash and due from banks | 66,469 | 65,972 | 68,692 | 56,584 | ||||
of which reported at fair value | 724 | 404 | 527 | 386 | ||||
Interest-bearing deposits with banks | 1,749 | 1,728 | 1,515 | 1,563 | ||||
of which reported at fair value | 309 | 308 | 311 | 396 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 165,744 | 162,890 | 160,022 | 173,404 | ||||
of which reported at fair value | 86,586 | 88,081 | 96,587 | 99,972 | ||||
Securities received as collateral, at fair value | 21,611 | 23,029 | 22,800 | 21,675 | ||||
of which encumbered | 16,737 | 18,184 | 17,964 | 17,100 | ||||
Trading assets, at fair value | 235,427 | 237,069 | 229,413 | 245,834 | ||||
of which encumbered | 75,778 | 72,288 | 72,976 | 68,048 | ||||
Investment securities | 3,323 | 3,320 | 2,987 | 3,546 | ||||
of which reported at fair value | 3,323 | 3,320 | 2,987 | 3,546 | ||||
Other investments | 7,709 | 7,806 | 10,329 | 11,628 | ||||
of which reported at fair value | 5,252 | 5,274 | 7,596 | 8,603 | ||||
Net loans | 254,532 | 250,659 | 247,054 | 246,186 | ||||
of which reported at fair value | 19,897 | 19,980 | 19,457 | 19,570 | ||||
of which encumbered | 92 | 702 | 638 | 568 | ||||
allowance for loan losses | -821 | -866 | -869 | -900 | ||||
Premises and equipment | 4,811 | 4,926 | 5,091 | 5,459 | ||||
Goodwill | 7,983 | 7,956 | 7,999 | 8,554 | ||||
Other intangible assets | 245 | 228 | 210 | 237 | ||||
of which reported at fair value | 66 | 55 | 42 | 39 | ||||
Brokerage receivables | 56,309 | 49,353 | 52,045 | 72,247 | ||||
Other assets | 64,689 | 62,405 | 63,065 | 72,986 | ||||
of which reported at fair value | 31,273 | 32,588 | 31,518 | 38,168 | ||||
of which encumbered | 439 | 610 | 722 | 674 | ||||
Assets of discontinued operations held-for-sale | 979 | 749 | 1,584 | 0 | ||||
Total assets | 891,580 | 878,090 | 872,806 | 919,903 | ||||
Liabilities and equity (CHF million) | ' | ' | ' | ' | ||||
Due to banks | 26,701 | 24,211 | 23,108 | 29,440 | ||||
of which reported at fair value | 998 | 1,270 | 1,450 | 1,903 | ||||
Customer deposits | 346,296 | 348,450 | 333,089 | 328,389 | ||||
of which reported at fair value | 3,229 | 3,170 | 3,252 | 3,600 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 88,066 | 88,675 | 94,032 | 99,073 | ||||
of which reported at fair value | 60,529 | 70,824 | 76,104 | 79,443 | ||||
Obligation to return securities received as collateral, at fair value | 21,611 | 23,029 | 22,800 | 21,675 | ||||
Trading liabilities, at fair value | 75,129 | 73,029 | 76,635 | 89,917 | ||||
Short-term borrowings | 29,426 | 24,181 | 20,193 | 20,976 | ||||
of which reported at fair value | 7,132 | 6,305 | 6,053 | 5,620 | ||||
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 | ||||
of which reported at fair value | 70,217 | 64,694 | 63,369 | 63,942 | ||||
Brokerage payables | 68,842 | 70,250 | 73,154 | 91,404 | ||||
Other liabilities | 48,913 | 48,768 | 51,447 | 56,117 | ||||
of which reported at fair value | 20,009 | 21,617 | 21,973 | 23,740 | ||||
Liabilities of discontinued operations held-for-sale | 742 | 781 | 1,140 | 0 | ||||
Total liabilities | 849,553 | 833,808 | 825,640 | 870,496 | ||||
Common shares | 64 | 64 | 64 | 64 | ||||
Additional paid-in capital | 26,655 | 28,406 | 27,853 | 27,196 | ||||
Retained earnings | 30,392 | 31,092 | 30,261 | 30,405 | ||||
Treasury shares, at cost | -190 | -249 | -139 | -62 | ||||
Accumulated other comprehensive income/(loss) | -15,977 | -16,083 | -15,875 | -15,201 | ||||
Total shareholders' equity | 40,944 | 43,230 | 42,164 | 42,402 | ||||
Noncontrolling interests | 1,083 | 1,052 | 5,002 | 7,005 | ||||
Total equity | 42,027 | 44,282 | 47,166 | 49,407 | ||||
Total liabilities and equity | 891,580 | 878,090 | 872,806 | 919,903 | ||||
Additional share information | ' | ' | ' | ' | ||||
Par value (in CHF per share) | 0.04 | 0.04 | 0.04 | 0.04 | ||||
Authorized shares (in shares) | 2,299,616,660 | [1] | 2,269,616,660 | [1] | 2,269,616,660 | [1] | 2,269,616,660 | [1] |
Issued shares (in shares) | 1,607,168,947 | 1,596,119,349 | 1,596,119,349 | 1,594,295,735 | ||||
Treasury shares (in shares) | 7,196,146 | 8,866,124 | 5,183,154 | 2,328,381 | ||||
Common shares outstanding (in shares) | 1,599,972,801 | [2] | 1,587,253,225 | [3] | 1,590,936,195 | 1,591,967,354 | [4] | |
Consolidated VIEs | ' | ' | ' | ' | ||||
Assets (CHF million) | ' | ' | ' | ' | ||||
Cash and due from banks | 916 | 737 | 952 | 1,592 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1,224 | 1,104 | 1,959 | 1,336 | ||||
Trading assets, at fair value | 3,439 | 3,492 | 3,610 | 3,850 | ||||
Investment securities | 59 | 76 | 100 | 175 | ||||
Other investments | 1,928 | 1,951 | 1,983 | 2,196 | ||||
Net loans | 2,008 | 2,047 | 4,207 | 4,566 | ||||
Premises and equipment | 495 | 505 | 513 | 561 | ||||
Other assets | 13,815 | 13,711 | 14,330 | 15,410 | ||||
Liabilities and equity (CHF million) | ' | ' | ' | ' | ||||
Customer deposits | 269 | 233 | 265 | 167 | ||||
Trading liabilities, at fair value | 16 | 18 | 93 | 106 | ||||
Short-term borrowings | 8,733 | 5,176 | 4,286 | 4,450 | ||||
Long-term debt | 11,857 | 12,239 | 12,992 | 15,450 | ||||
Other liabilities | 859 | 777 | 710 | 1,140 | ||||
[1] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | |||||||
[2] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | |||||||
[3] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | |||||||
[4] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 662,873,212 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. |
Consolidated_statements_of_cha
Consolidated statements of changes in equity (CHF) | Total | Total shareholders' equity | Common shares | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | ||
In Millions, unless otherwise specified | ||||||||||
Balance at Dec. 31, 2012 | 42,284 | 35,498 | 53 | 23,636 | 28,171 | -459 | -15,903 | 6,786 | ||
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | -379 | ' | ' | ' | ' | ' | ' | -379 | ||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 298 | ' | ' | ' | ' | ' | ' | 298 | ||
Net income/(loss) | 2,545 | 2,348 | ' | ' | 2,348 | ' | ' | 197 | ||
Total other comprehensive income/(loss), net of tax | 820 | 702 | ' | ' | ' | ' | 702 | 118 | ||
Issuance of common shares | 4,185 | 4,185 | 11 | 4,174 | ' | ' | ' | ' | ||
Sale of treasury shares | 5,674 | 5,674 | ' | -45 | ' | 5,719 | ' | ' | ||
Repurchase of treasury shares | -5,479 | -5,479 | ' | ' | ' | -5,479 | ' | ' | ||
Share-based compensation, net of tax | -218 | -218 | ' | -375 | ' | 157 | ' | ' | ||
Financial instruments indexed to own shares | 80 | 80 | ' | 80 | ' | ' | ' | ' | ||
Dividends paid | -406 | -383 | ' | ' | -114 | ' | ' | ' | ||
Dividends paid out of reserves from capital contributions | ' | ' | ' | -269 | ' | ' | ' | ' | ||
Cash dividends paid to noncontrolling interest holders | ' | ' | ' | ' | ' | ' | ' | -23 | ||
Changes in redeemable noncontrolling interests, decrease | -5 | -5 | ' | -5 | ' | ' | ' | ' | ||
Change in scope of consolidation, net | 8 | ' | ' | ' | ' | ' | ' | 8 | ||
Balance at Jun. 30, 2013 | 49,407 | 42,402 | 64 | 27,196 | 30,405 | -62 | -15,201 | 7,005 | ||
Balance at Mar. 31, 2013 | 44,946 | 37,825 | 54 | 23,808 | 29,474 | -446 | -15,065 | 7,121 | ||
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | -216 | ' | ' | ' | ' | ' | ' | -216 | ||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 4 | ' | ' | ' | ' | ' | ' | 4 | ||
Net income/(loss) | 1,162 | 1,045 | ' | ' | 1,045 | ' | ' | 117 | ||
Total other comprehensive income/(loss), net of tax | -145 | -136 | ' | ' | ' | ' | -136 | -9 | ||
Issuance of common shares | 3,714 | 3,714 | 10 | 3,704 | ' | ' | ' | ' | ||
Sale of treasury shares | 3,491 | 3,491 | ' | -19 | ' | 3,510 | ' | ' | ||
Repurchase of treasury shares | -3,176 | -3,176 | ' | ' | ' | -3,176 | ' | ' | ||
Share-based compensation, net of tax | 25 | 25 | ' | -25 | ' | 50 | ' | ' | ||
Dividends paid | -395 | -383 | ' | ' | -114 | ' | ' | ' | ||
Dividends paid out of reserves from capital contributions | ' | ' | ' | -269 | ' | ' | ' | ' | ||
Cash dividends paid to noncontrolling interest holders | ' | ' | ' | ' | ' | ' | ' | -12 | ||
Changes in redeemable noncontrolling interests, decrease | -3 | -3 | ' | -3 | ' | ' | ' | ' | ||
Balance at Jun. 30, 2013 | 49,407 | 42,402 | 64 | 27,196 | 30,405 | -62 | -15,201 | 7,005 | ||
Balance at Dec. 31, 2013 | 47,166 | 42,164 | 64 | 27,853 | 30,261 | -139 | -15,875 | 5,002 | ||
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | -1,574 | 238 | ' | 238 | ' | ' | ' | -1,812 | ||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 21 | ' | ' | ' | ' | ' | ' | 21 | ||
Net income/(loss) | 1,215 | 859 | ' | ' | 859 | ' | ' | 356 | ||
Total other comprehensive income/(loss), net of tax | -233 | -208 | ' | ' | ' | ' | -208 | -25 | ||
Sale of treasury shares | 1,899 | 1,899 | ' | 3 | ' | 1,896 | ' | ' | ||
Repurchase of treasury shares | -2,025 | -2,025 | ' | ' | ' | -2,025 | ' | ' | ||
Share-based compensation, net of tax | 330 | 330 | ' | 311 | ' | 19 | ' | ' | ||
Dividends paid | -45 | -28 | ' | ' | -28 | ' | ' | ' | ||
Cash dividends paid to noncontrolling interest holders | ' | ' | ' | ' | ' | ' | ' | -17 | ||
Changes in redeemable noncontrolling interests, increase | 2 | 2 | ' | 2 | ' | ' | ' | ' | ||
Change in scope of consolidation, net | -2,473 | ' | ' | ' | ' | ' | ' | -2,473 | ||
Other | -1 | -1 | ' | -1 | ' | ' | ' | ' | ||
Balance at Mar. 31, 2014 | 44,282 | 43,230 | 64 | 28,406 | 31,092 | -249 | -16,083 | 1,052 | ||
Balance at Dec. 31, 2013 | 47,166 | 42,164 | 64 | 27,853 | 30,261 | -139 | -15,875 | 5,002 | ||
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [1],[2] | -1,700 | 238 | ' | 238 | ' | ' | ' | -1,938 | |
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [2] | 35 | ' | ' | ' | ' | ' | ' | 35 | |
Net income/(loss) | 553 | 159 | ' | ' | 159 | ' | ' | 394 | ||
Total other comprehensive income/(loss), net of tax | -124 | -102 | ' | ' | ' | ' | -102 | -22 | ||
Issuance of common shares | 297 | 297 | ' | 297 | ' | ' | ' | ' | ||
Sale of treasury shares | 4,033 | 4,033 | ' | -3 | ' | 4,036 | ' | ' | ||
Repurchase of treasury shares | -4,792 | -4,792 | ' | ' | ' | -4,792 | ' | ' | ||
Share-based compensation, net of tax | -42 | -42 | ' | -747 | [3] | ' | 705 | ' | ' | |
Financial instruments indexed to own shares | [4] | 193 | 193 | ' | 193 | ' | ' | ' | ' | |
Dividends paid | -1,227 | -1,205 | ' | ' | -28 | ' | ' | ' | ||
Dividends paid out of reserves from capital contributions | [5] | ' | ' | ' | -1,177 | ' | ' | ' | ' | |
Cash dividends paid to noncontrolling interest holders | ' | ' | ' | ' | ' | ' | ' | -22 | ||
Changes in redeemable noncontrolling interests, increase | 2 | 2 | ' | 2 | ' | ' | ' | ' | ||
Change in scope of consolidation, net | -2,366 | ' | ' | ' | ' | ' | ' | -2,366 | ||
Other | -1 | -1 | ' | -1 | ' | ' | ' | ' | ||
Balance at Jun. 30, 2014 | 42,027 | 40,944 | 64 | 26,655 | 30,392 | -190 | -15,977 | 1,083 | ||
Balance at Mar. 31, 2014 | 44,282 | 43,230 | 64 | 28,406 | 31,092 | -249 | -16,083 | 1,052 | ||
Increase (decrease) in shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [1],[2] | -126 | ' | ' | ' | ' | ' | ' | -126 | |
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [2] | 14 | ' | ' | ' | ' | ' | ' | 14 | |
Net income/(loss) | -662 | -700 | ' | ' | -700 | ' | ' | 38 | ||
Total other comprehensive income/(loss), net of tax | 109 | 106 | ' | ' | ' | ' | 106 | 3 | ||
Issuance of common shares | 297 | 297 | ' | 297 | ' | ' | ' | ' | ||
Sale of treasury shares | 2,134 | 2,134 | ' | -6 | ' | 2,140 | ' | ' | ||
Repurchase of treasury shares | -2,767 | -2,767 | ' | ' | ' | -2,767 | ' | ' | ||
Share-based compensation, net of tax | -372 | -372 | ' | -1,058 | [6] | ' | 686 | ' | ' | |
Financial instruments indexed to own shares | [4] | 193 | 193 | ' | 193 | ' | ' | ' | ' | |
Dividends paid | -1,182 | -1,177 | ' | ' | ' | ' | ' | ' | ||
Dividends paid out of reserves from capital contributions | [5] | ' | ' | ' | -1,177 | ' | ' | ' | ' | |
Cash dividends paid to noncontrolling interest holders | ' | ' | ' | ' | ' | ' | ' | -5 | ||
Change in scope of consolidation, net | 107 | ' | ' | ' | ' | ' | ' | 107 | ||
Balance at Jun. 30, 2014 | 42,027 | 40,944 | 64 | 26,655 | 30,392 | -190 | -15,977 | 1,083 | ||
[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 net tax charge of CHF (38) million from the excess recognized compensation expense over fair value of shares delivered. | |||||||||
[4] | The Group had purchased certain call options on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured. | |||||||||
[5] | Paid out of reserves from capital contributions. | |||||||||
[6] | Includes a net tax benefit of CHF 10 million from the excess fair value of shares delivered over recognized compensation expense. |
Consolidated_statements_of_cha1
Consolidated statements of changes in equity (Parenthetical) (CHF) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Tax benefit (charge) from the excess fair value of compensation expense | 10 | -38 |
Consolidated_statements_of_cas
Consolidated statements of cash flows (CHF) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities of continuing operations (CHF million) | ' | ' |
Net income | 553 | 2,545 |
(Income)/loss from discontinued operations, net of tax | -6 | 3 |
Income from continuing operations | 547 | 2,548 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations (CHF million) | ' | ' |
Impairment, depreciation and amortization | 621 | 667 |
Provision for credit losses | 52 | 73 |
Deferred tax provision/(benefit) | 562 | 623 |
Share of net income/(loss) from equity method investments | 251 | 144 |
Trading assets and liabilities, net | -5,986 | 17,091 |
(Increase)/decrease in other assets | -10,291 | -26,432 |
Increase/(decrease) in other liabilities | -4,124 | 22,064 |
Other, net | 750 | -2,224 |
Total adjustments | -18,165 | 12,006 |
Net cash provided by/(used in) operating activities of continuing operations | -17,618 | 14,554 |
Investing activities of continuing operations (CHF million) | ' | ' |
(Increase)/decrease in interest-bearing deposits with banks | -243 | 529 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -5,756 | 14,007 |
Purchase of investment securities | -459 | -212 |
Proceeds from sale of investment securities | 48 | 36 |
Maturities of investment securities | 92 | 92 |
Investments in subsidiaries and other investments | -483 | -901 |
Proceeds from sale of other investments | 850 | 1,617 |
(Increase)/decrease in loans | -9,057 | -3,652 |
Proceeds from sale of loans | 943 | 484 |
Capital expenditures for premises and equipment and other intangible assets | -411 | -440 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 8 |
Other, net | 150 | -2 |
Net cash provided by/(used in) investing activities of continuing operations | -14,326 | 11,566 |
Financing activities of continuing operations (CHF million) | ' | ' |
Increase/(decrease) in due to banks and customer deposits | 16,644 | 16,043 |
Increase/(decrease) in short-term borrowings | 9,095 | 5,896 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -5,659 | -37,364 |
Issuances of long-term debt | 32,023 | 17,259 |
Repayments of long-term debt | -19,616 | -33,622 |
Issuances of common shares | 297 | 928 |
Sale of treasury shares | 4,033 | 5,128 |
Repurchase of treasury shares | -4,792 | -5,479 |
Dividends paid/capital repayments | -1,227 | -406 |
Excess tax benefits related to share-based compensation | 0 | 0 |
Other, net | -1,468 | -464 |
Net cash provided by/(used in) financing activities of continuing operations | 29,330 | -32,081 |
Effect of exchange rate changes on cash and due from banks (CHF million) | ' | ' |
Effect of exchange rate changes on cash and due from banks | 574 | 1,130 |
Net cash provided by/(used in) discontinued operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of discontinued operations | -183 | -348 |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Net increase/(decrease) in cash and due from banks | -2,223 | -5,179 |
Cash and due from banks at beginning of period | 68,692 | 61,763 |
Cash and due from banks at end of period | 66,469 | 56,584 |
Cash paid for income taxes and interest (CHF million) | ' | ' |
Cash paid for income taxes | 812 | 475 |
Cash paid for interest | 5,468 | 6,597 |
Assets and liabilities sold in business divestitures (CHF million) | ' | ' |
Assets sold | 8 | 36 |
Liabilities sold | 1 | 8 |
Assets acquired and liabilities assumed in business acquisitions (CHF million) | ' | ' |
Fair value of assets acquired | 32 | 0 |
Summary_of_significant_account
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2014 | |
Summary of significant accounting policies | ' |
1 Summary of significant accounting policies | |
Basis of presentation | |
The accompanying unaudited condensed consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). These condensed consolidated financial statements should be read in conjunction with the US GAAP consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Credit Suisse Annual Report 2013. | |
> Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for a description of the Group’s significant accounting policies. | |
Certain financial information, which is normally included in annual consolidated financial statements prepared in accordance with US GAAP, but not required for interim reporting purposes, has been condensed or omitted. Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments that are necessary for a fair presentation of the condensed consolidated financial statements for the periods presented. The 1Q14 consolidated statements of operations and comprehensive income, the 1Q14 and 2Q13 consolidated balance sheets and the 2Q14, 1Q14 and 2Q13 consolidated statements of changes in equity have been added for convenience of the reader and are not a required presentation under US GAAP. The results of operations for interim periods are not indicative of results for the entire year. | |
In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recently_issued_accounting_sta
Recently issued accounting standards | 6 Months Ended |
Jun. 30, 2014 | |
Recently issued accounting standards | ' |
2 Recently issued accounting standards | |
Recently adopted accounting standards | |
The following provides the most relevant recently adopted accounting standards. | |
> Refer to “Note 2 – Recently issued accounting standards” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for a description of accounting standards adopted in 2013. | |
ASC Topic 210 – Balance Sheet | |
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-11, “Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11), an update to Accounting Standards Codification (ASC) Topic 210 – Balance Sheet. The amendments in ASU 2011-11 require an entity to prepare additional disclosures about offsetting and related arrangements. In January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (ASU 2013-01), an update to ASC Topic 210 – Balance Sheet. ASU 2013-01 clarifies the scope of ASU 2011-11. The adoption of ASU 2011-11 and ASU 2013-01 on January 1, 2013 did not have an impact on the Group’s financial position, results of operations or cash flows. | |
> Refer to “Note 20 – Offsetting of financial assets and financial liabilities” for further information. | |
ASC Topic 220 – Comprehensive Income | |
In January 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02), an update to ASC Topic 220 – Comprehensive Income. The amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (AOCI) by component. The adoption of ASU 2013-02 on January 1, 2013 did not have an impact on the Group’s financial position, results of operations or cash flows. | |
> Refer to “Note 19 – Accumulated other comprehensive income and additional share information” for further information. | |
ASC Topic 830 – Foreign Currency Matters | |
In March 2013, the FASB issued ASU 2013-05, “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (ASU 2013-05), an update to ASC Topic 830 – Foreign Currency Matters. The amendments provide guidance for the treatment of the cumulative translation adjustment when an entity ceases to hold a controlling financial interest in a subsidiary or group of assets within a foreign entity. ASU 2013-05 is effective prospectively for interim and annual reporting periods beginning after December 15, 2013 with early adoption permitted. The Group elected to early adopt ASU 2013-05 on January 1, 2013 which did not have a material impact on the Group’s financial position, results of operations or cash flows. | |
ASC Topic 946 – Financial Services – Investment Companies | |
In June 2013, the FASB issued ASU 2013-08, “Amendments to the Scope, Measurement, and Disclosure Requirements” (ASU 2013-08) an update to Topic 946 – Financial Services – Investment Companies. The amendments change the approach to the investment company assessment in Topic 946, clarify the characteristics of an investment company and provide comprehensive guidance for assessing whether an entity is an investment company. The adoption of ASU 2013-08 on January 1, 2014 did not have a material impact on the Group’s financial position, results of operations or cash flows. | |
Standards to be adopted in future periods | |
ASC Topic 205 – Presentation of Financial Statements | |
ASC Topic 360 – Property, Plant, and Equipment | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08), an update to Topic 205 – Presentation of Financial Statements and Topic 360 – Property, Plant, and Equipment. The amendments change the requirements for reporting discontinued operations and require additional disclosures about discontinued operations. ASU 2014-08 is effective for interim and annual reporting periods beginning after December 15, 2014 with early adoption permitted. The Group will evaluate the impact of adoption of ASU 2014-08 on the Group’s financial position, results of operations and cash flows when any future discontinued operations or disposals are identified. | |
ASC Topic 606 – Revenue from Contracts with Customers | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), an update to Topic 606 – Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU outlines key steps that an entity should follow to achieve the core principle. ASU 2014-09 is effective for annual periods beginning after December 15, 2016. The Group is currently evaluating the impact of the adoption of ASU 2014-09 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 718 – Compensation – Stock Compensation | |
In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (ASU 2014-12), an update to Topic 718 – Compensation – Stock Compensation. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted. The Group is currently evaluating the impact of the adoption of ASU 2014-12 on the Group’s financial position, results of operations and cash flows. | |
ASC Topic 860 – Transfers and Servicing | |
In June 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” (ASU 2014-11), an update to Topic 860 – Transfers and Servicing. ASU 2014-11 amends the accounting guidance for repurchase-to-maturity transactions and repurchase financing arrangements. As a result of these amendments repurchase-to-maturity transactions will be reported as secured borrowings. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also specify new disclosures that entities must include. ASU 2014-11 is effective for interim and annual periods beginning after December 15, 2014. The Group is currently evaluating the impact of the adoption of ASU 2014-11 on the Group’s financial position, results of operations and cash flows. | |
Business_developments
Business developments | 6 Months Ended |
Jun. 30, 2014 | |
Business developments | ' |
3 Business developments | |
Business developments | |
> Refer to “Note 4 – Discontinued operations” for information on business divestitures in 1Q14. | |
In July 2014, the Group entered into an agreement to sell Private Banking & Wealth Management’s local affluent and upper affluent business in Italy to Banca Generali S.p.A. The transaction also includes approximately 60 agents of Credit Suisse (Italy) S.p.A., with over EUR 2.0 billion of assets under management. The transaction is expected to close by November 2014, subject to customary closing conditions, including related to regulatory requirements and labor agreements. | |
In July 2014, the Group announced that with respect to the global macro products business, it decided to exit its small commodities trading business. The Group will also re-focus its foreign exchange business towards a combination of electronic trading and voice offering for larger and more complex trades and will further simplify its rates product offering to focus primarily on satisfying client liquidity needs in cash products and derivatives. | |
Discontinued_operations
Discontinued operations | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Discontinued operations | ' | |||||||||||
4 Discontinued operations | ||||||||||||
In December 2013, the Group announced the sale of its domestic private banking business booked in Germany (German private banking business) to Bethmann Bank AG, a subsidiary of ABN AMRO. This transaction is subject to customary closing conditions and is expected to close in the course of 2014. As of the end of 2Q14, the German private banking business had total assets and liabilities of CHF 979 million and CHF 742 million, respectively, that were held-for-sale. Bethmann Bank AG and ABN AMRO are companies unrelated to the Group. | ||||||||||||
In January 2014, the Group completed the sale of CFIG, its private equity fund of funds and co-investment business, to Grosvenor Capital Management and recognized a pre-tax gain on disposal of CHF 91 million in 1Q14 net of allocated goodwill of CHF 23 million. As of the end of 4Q13, CFIG had total assets of CHF 31 million that were held-for-sale. The Group continues to hold investments in, and have unfunded commitments to, investment funds managed by CFIG. Grosvenor Capital Management is a company unrelated to the Group. | ||||||||||||
In March 2014, the Group completed the spin-off of DLJ Merchant Banking Partners, the Group’s mid-market leveraged buyout business, for no consideration to aPriori Capital Partners L.P., an independent advisory firm established and controlled by members of the business’ management. The transaction was completed with no gain or loss from disposal and insignificant impact on net revenues, operating expenses and net income/(loss) from discontinued operations for 1Q14 and prior periods have not been restated. The Group will retain certain carried interest rights. aPriori Capital Partners L.P. is a company unrelated to the Group. | ||||||||||||
> Refer to “Note 4 – Discontinued operations” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information. | ||||||||||||
Assets held-for-sale | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | |||||||||
German private banking business (CHF million) | ||||||||||||
Cash | 277 | 234 | 960 | |||||||||
Loans | 686 | 507 | 575 | |||||||||
Other assets | 16 | 8 | 18 | |||||||||
Total assets held-for-sale | 979 | 749 | 1,553 | |||||||||
CFIG (CHF million) | ||||||||||||
Fees receivable | – | – | 8 | |||||||||
Goodwill | – | – | 23 | |||||||||
Total assets held-for-sale | – | – | 31 | |||||||||
Group (CHF million) | ||||||||||||
Total assets held-for-sale | 979 | 749 | 1,584 | |||||||||
Liabilities held-for-sale | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | |||||||||
German private banking business (CHF million) | ||||||||||||
Deposits | 696 | 740 | 1,118 | |||||||||
Other liabilities | 46 | 41 | 22 | |||||||||
Total liabilities held-for-sale | 742 | 781 | 1,140 | |||||||||
Group (CHF million) | ||||||||||||
Total liabilities held-for-sale | 742 | 781 | 1,140 | |||||||||
For the operations discontinued in 2013 and 2014, the revenues, expenses and gains from disposals were included in the results of the Private Banking & Wealth Management segment. The reclassification of these revenues and expenses from the segment results to discontinued operations for Group reporting was effected through the Corporate Center. | ||||||||||||
The results of operations of the businesses sold have been reflected in income/(loss) from discontinued operations in the consolidated statements of operations for the relevant periods presented. The assets and liabilities of discontinued operations for which the sale has not yet been completed are presented as assets of discontinued operations held-for-sale and liabilities of discontinued operations held-for-sale, respectively, and prior periods are not reclassified. | ||||||||||||
Income/(loss) from discontinued operations | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Operations-related (CHF million) | ||||||||||||
Net revenues | 12 | 12 | 68 | 24 | 142 | |||||||
of which German private banking business | 12 | 8 | 12 | 20 | 26 | |||||||
of which ETF business | – | – | 15 | – | 29 | |||||||
of which Strategic Partners | – | – | 14 | – | 28 | |||||||
of which CFIG | – | 0 | 26 | 0 | 56 | |||||||
Operating expenses | 12 | 16 | 59 | 28 | 111 | |||||||
of which German private banking business | 12 | 14 | 20 | 26 | 38 | |||||||
of which ETF business | – | – | 10 | – | 20 | |||||||
of which Strategic Partners | – | – | 2 | – | 8 | |||||||
of which CFIG | – | 0 | 25 | 0 | 41 | |||||||
Income tax expense/(benefit) | 0 | 1 | 9 | 1 | 22 | |||||||
of which German private banking business | 0 | 0 | 0 | 0 | -1 | |||||||
of which ETF business | – | – | 3 | – | 5 | |||||||
of which Strategic Partners | – | – | 5 | – | 9 | |||||||
of which CFIG | – | 0 | 1 | 0 | 9 | |||||||
Income/(loss), net of tax | 0 | -5 | 0 | -5 | 9 | |||||||
of which German private banking business | 0 | -6 | -8 | -6 | -11 | |||||||
of which ETF business | – | – | 2 | – | 4 | |||||||
of which Strategic Partners | – | – | 7 | – | 11 | |||||||
of which CFIG | – | 0 | 0 | 0 | 6 | |||||||
Transaction-related (CHF million) | ||||||||||||
Gain on disposal | – | 91 | – | 91 | – | |||||||
of which CFIG | – | 91 | – | 91 | – | |||||||
Operating expenses | 9 | 32 | 15 | 41 | 20 | |||||||
of which German private banking business | 9 | 26 | – | 35 | – | |||||||
of which ETF business | – | – | 3 | – | 6 | |||||||
of which Strategic Partners | – | – | 12 | – | 12 | |||||||
of which CFIG | – | 0 | – | 0 | 2 | |||||||
Income tax expense/(benefit) | 0 | 39 | -6 | 39 | -8 | |||||||
of which ETF business | – | – | -1 | – | -2 | |||||||
of which Strategic Partners | – | – | -5 | – | -5 | |||||||
of which CFIG | – | 42 | – | 42 | -1 | |||||||
Income/(loss), net of tax | -9 | 20 | -9 | 11 | -12 | |||||||
of which German private banking business | -9 | -26 | – | -35 | – | |||||||
of which ETF business | – | – | -2 | – | -4 | |||||||
of which Strategic Partners | – | – | -7 | – | -7 | |||||||
of which CFIG | – | 49 | – | 49 | -1 | |||||||
Discontinued operations – total (CHF million) | ||||||||||||
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 | |||||||
of which German private banking business | -9 | -32 | -8 | -41 | -11 | |||||||
of which ETF business | – | – | 0 | – | 0 | |||||||
of which Strategic Partners | – | – | 0 | – | 4 | |||||||
of which CFIG | – | 49 | 0 | 49 | 5 | |||||||
Segment_information
Segment information | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment information | ' | |||||||||||
5 Segment information | ||||||||||||
Overview | ||||||||||||
The Group is a global financial services company domiciled in Switzerland. The Group’s business consists of two segments: Private Banking & Wealth Management and Investment Banking. The two segments are complemented by Shared Services, which provides support in the areas of finance, operations, human resources, legal and compliance, risk management and IT. Corporate Center includes parent company operations such as Group financing, expenses for projects sponsored by the Group and certain expenses that have not been allocated to the segments. In addition, Corporate Center includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses. For the operations discontinued, the revenues, expenses and gains from disposals were included in the results of the Private Banking & Wealth Management segment. The reclassification of these revenues and expenses from the segment results to discontinued operations for Group reporting was effected through the Corporate Center. | ||||||||||||
Beginning in 2Q14, the majority of the balance sheet usage related to a portfolio of high-quality liquid assets managed by the Treasury function and previously recorded in the Corporate Center has been allocated to the business divisions to allow for a more efficient management of their business activities from an overall Group perspective with respect to LCR and Swiss leverage requirements arising from the portfolio of assets. Prior periods have been restated for the related impact on total assets. | ||||||||||||
> Refer to “Note 5 – Segment information” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information on segment information, revenue sharing and cost allocation, funding and taxes. | ||||||||||||
Net revenues and income before taxes | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Net revenues (CHF million) | ||||||||||||
Private Banking & Wealth Management | 3,046 | 3,240 | 3,419 | 6,286 | 6,697 | |||||||
Investment Banking | 3,342 | 3,416 | 3,400 | 6,758 | 7,345 | |||||||
Corporate Center | 45 | -187 | 11 | -142 | -194 | |||||||
Noncontrolling interests without SEI | 30 | 360 | 122 | 390 | 193 | |||||||
Net revenues | 6,463 | 6,829 | 6,952 | 13,292 | 14,041 | |||||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||||||
Private Banking & Wealth Management | -749 | 1,012 | 917 | 263 | 1,798 | |||||||
Investment Banking | 752 | 827 | 754 | 1,579 | 2,054 | |||||||
Corporate Center | -373 | -439 | -131 | -812 | -507 | |||||||
Noncontrolling interests without SEI | 24 | 343 | 105 | 367 | 174 | |||||||
Income/(loss) from continuing operations before taxes | -346 | 1,743 | 1,645 | 1,397 | 3,519 | |||||||
Total assets | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||||
Total assets (CHF million) | ||||||||||||
Private Banking & Wealth Management | 322,669 | 324,084 | 316,491 | 308,569 | ||||||||
Investment Banking | 525,101 | 521,495 | 519,712 | 575,215 | ||||||||
Corporate Center | 42,509 | 31,220 | 32,979 | 31,852 | ||||||||
Noncontrolling interests without SEI | 1,301 | 1,291 | 3,624 | 4,267 | ||||||||
Total assets | 891,580 | 878,090 | 872,806 | 919,903 | ||||||||
Net_interest_income
Net interest income | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Net interest income | ' | |||||||||||
6 Net interest income | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Net interest income (CHF million) | ||||||||||||
Loans | 1,216 | 1,226 | 1,211 | 2,442 | 2,399 | |||||||
Investment securities | 11 | 11 | 13 | 22 | 25 | |||||||
Trading assets | 3,394 | 2,168 | 3,705 | 5,562 | 6,130 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 542 | 561 | 705 | 1,103 | 1,376 | |||||||
Other | 527 | 479 | 586 | 1,006 | 1,112 | |||||||
Interest and dividend income | 5,690 | 4,445 | 6,220 | 10,135 | 11,042 | |||||||
Deposits | -248 | -236 | -260 | -484 | -518 | |||||||
Short-term borrowings | -30 | -22 | -17 | -52 | -97 | |||||||
Trading liabilities | -1,626 | -761 | -1,855 | -2,387 | -3,098 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -262 | -261 | -397 | -523 | -733 | |||||||
Long-term debt | -854 | -927 | -985 | -1,781 | -2,029 | |||||||
Other | -84 | -60 | -66 | -144 | -121 | |||||||
Interest expense | -3,104 | -2,267 | -3,580 | -5,371 | -6,596 | |||||||
Net interest income | 2,586 | 2,178 | 2,640 | 4,764 | 4,446 | |||||||
Commissions_and_fees
Commissions and fees | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commissions and fees | ' | |||||||||||
7 Commissions and fees | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Commissions and fees (CHF million) | ||||||||||||
Lending business | 454 | 434 | 489 | 888 | 930 | |||||||
Investment and portfolio management | 891 | 934 | 1,002 | 1,825 | 1,906 | |||||||
Other securities business | 25 | 23 | 26 | 48 | 54 | |||||||
Fiduciary business | 916 | 957 | 1,028 | 1,873 | 1,960 | |||||||
Underwriting | 603 | 460 | 479 | 1,063 | 898 | |||||||
Brokerage | 890 | 973 | 1,119 | 1,863 | 2,164 | |||||||
Underwriting and brokerage | 1,493 | 1,433 | 1,598 | 2,926 | 3,062 | |||||||
Other services | 446 | 451 | 423 | 897 | 834 | |||||||
Commissions and fees | 3,309 | 3,275 | 3,538 | 6,584 | 6,786 | |||||||
Trading_revenues
Trading revenues | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Trading revenues | ' | |||||||||||
8 Trading revenues | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Trading revenues (CHF million) | ||||||||||||
Interest rate products | 2,969 | 1,250 | -1,109 | 4,219 | 588 | |||||||
Foreign exchange products | -1,337 | -1,014 | 519 | -2,351 | 903 | |||||||
Equity/index-related products | -680 | 176 | 571 | -504 | 489 | |||||||
Credit products | -850 | 40 | 316 | -810 | -44 | |||||||
Commodity, emission and energy products | -17 | 63 | 148 | 46 | 191 | |||||||
Other products | 112 | 123 | -88 | 235 | 45 | |||||||
Trading revenues | 197 | 638 | 357 | 835 | 2,172 | |||||||
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. | ||||||||||||
> Refer to “Note 8 – Trading revenues” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information on trading revenues and managing trading risks. | ||||||||||||
Other_revenues
Other revenues | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Other revenues | ' | |||||||||||
9 Other revenues | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Other revenues (CHF million) | ||||||||||||
Noncontrolling interests without SEI | 25 | 358 | 152 | 383 | 216 | |||||||
Loans held-for-sale | -1 | 1 | 2 | 0 | -3 | |||||||
Long-lived assets held-for-sale | -2 | 28 | -7 | 26 | -22 | |||||||
Equity method investments | 55 | 61 | 30 | 116 | 66 | |||||||
Other investments | 97 | 110 | 82 | 207 | 139 | |||||||
Other | 197 | 180 | 158 | 377 | 241 | |||||||
Other revenues | 371 | 738 | 417 | 1,109 | 637 | |||||||
Provision_for_credit_losses
Provision for credit losses | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Provision for credit losses | ' | |||||||||||
10 Provision for credit losses | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Provision for credit losses (CHF million) | ||||||||||||
Provision for loan losses | 22 | 30 | 49 | 52 | 69 | |||||||
Provision for lending-related and other exposures | -4 | 4 | 2 | 0 | 4 | |||||||
Provision for credit losses | 18 | 34 | 51 | 52 | 73 | |||||||
Compensation_and_benefits
Compensation and benefits | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Compensation and benefits | ' | |||||||||||
11 Compensation and benefits | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Compensation and benefits (CHF million) | ||||||||||||
Salaries and variable compensation | 2,536 | 2,653 | 2,462 | 5,189 | 5,044 | |||||||
Social security | 283 | 188 | 229 | 471 | 451 | |||||||
Other 1 | 154 | 152 | 235 | 306 | 422 | |||||||
Compensation and benefits 2 | 2,973 | 2,993 | 2,926 | 5,966 | 5,917 | |||||||
1 | ||||||||||||
Includes pension and other post-retirement expense of CHF 85 million, CHF 84 million, CHF 157 million, CHF 169 million and CHF 267 million in 2Q14, 1Q14, 2Q13, 6M14 and 6M13, respectively. | ||||||||||||
2 | ||||||||||||
Includes severance and other compensation expense relating to headcount reductions of CHF 63 million, CHF 24 million, CHF 90 million, CHF 87 million and CHF 157 million as of 2Q14, 1Q14, 2Q13, 6M14 and 6M13, respectively. | ||||||||||||
General_and_administrative_exp
General and administrative expenses | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
General and administrative expenses | ' | |||||||||||
12 General and administrative expenses | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
General and administrative expenses (CHF million) | ||||||||||||
Occupancy expenses | 305 | 273 | 283 | 578 | 571 | |||||||
IT, machinery, etc. | 347 | 341 | 377 | 688 | 761 | |||||||
Provisions and losses | 1,810 | 111 | 273 | 1,921 | 443 | |||||||
Travel and entertainment | 90 | 81 | 92 | 171 | 181 | |||||||
Professional services | 545 | 526 | 455 | 1,071 | 902 | |||||||
Amortization and impairment of other intangible assets | 5 | 5 | 7 | 10 | 13 | |||||||
Other | 339 | 353 | 386 | 692 | 734 | |||||||
General and administrative expenses | 3,441 | 1,690 | 1,873 | 5,131 | 3,605 | |||||||
Earnings_per_share
Earnings per share | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings per share | ' | |||||||||||
13 Earnings per share | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Basic net income/(loss) attributable to shareholders (CHF million) | ||||||||||||
Income/(loss) from continuing operations | -691 | 844 | 1,054 | 153 | 2,351 | |||||||
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 | |||||||
Net income/(loss) attributable to shareholders | -700 | 859 | 1,045 | 159 | 2,348 | |||||||
Preferred securities dividends | – | -28 | -114 | -28 | -114 | |||||||
Net income/(loss) attributable to shareholders for basic earnings per share | -700 | 831 | 931 | 131 | 2,234 | |||||||
Available for common shares | -752 | 785 | 852 | 79 | 1,918 | |||||||
Available for unvested share-based payment awards | 52 | 46 | 70 | 52 | 164 | |||||||
Available for mandatory convertible securities 1 | – | – | 9 | – | 152 | |||||||
Diluted net income/(loss) attributable to shareholders (CHF million) | ||||||||||||
Net income/(loss) attributable to shareholders for basic earnings per share | -700 | 831 | 931 | 131 | 2,234 | |||||||
Income impact of assumed conversion on contracts that may be settled in shares or cash 2 | – | – | -17 | – | -22 | |||||||
Net income/(loss) attributable to shareholders for diluted earnings per share | -700 | 831 | 914 | 131 | 2,212 | |||||||
Available for common shares | -752 | 785 | 838 | 79 | 1,904 | |||||||
Available for unvested share-based payment awards | 52 | 46 | 67 | 52 | 160 | |||||||
Available for mandatory convertible securities 1 | – | – | 9 | – | 148 | |||||||
Weighted-average shares outstanding (million) | ||||||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 1,625.00 | 1,621.20 | 1,574.90 | 1,623.10 | 1,464.80 | |||||||
Dilutive contracts that may be settled in shares or cash 3 | – | – | 23.1 | – | 23.5 | |||||||
Dilutive share options and warrants | 0 | 1.4 | 1.9 | 0.7 | 1.9 | |||||||
Dilutive share awards | 0 | 5.2 | 1.5 | 2.6 | 1.7 | |||||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 4 | 1,625.00 | 5 | 1,627.80 | 1,601.40 | 1,626.40 | 1,491.90 | ||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 68.3 | 95.5 | 130 | 81.9 | 126.3 | |||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 | – | – | 20.4 | – | 126.1 | |||||||
Basic earnings/(loss) per share available for common shares (CHF) | ||||||||||||
Basic earnings/(loss) per share from continuing operations | -0.45 | 0.47 | 0.55 | 0.05 | 1.31 | |||||||
Basic earnings/(loss) per share from discontinued operations | -0.01 | 0.01 | -0.01 | 0 | 0 | |||||||
Basic earnings/(loss) per share available for common shares | -0.46 | 0.48 | 0.54 | 0.05 | 1.31 | |||||||
Diluted earnings/(loss) per share available for common shares (CHF) | ||||||||||||
Diluted earnings/(loss) per share from continuing operations | -0.45 | 0.47 | 0.53 | 0.05 | 1.28 | |||||||
Diluted earnings/(loss) per share from discontinued operations | -0.01 | 0.01 | -0.01 | 0 | 0 | |||||||
Diluted earnings/(loss) per share available for common shares | -0.46 | 0.48 | 0.52 | 0.05 | 1.28 | |||||||
1 | ||||||||||||
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013. | ||||||||||||
2 | ||||||||||||
Reflects changes in the fair value of the PAF2 units which were reflected in the net results of the Group until the awards were finally settled. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. | ||||||||||||
3 | ||||||||||||
Reflects weighted-average shares outstanding on PAF2 units. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. | ||||||||||||
4 | ||||||||||||
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 8.8 million, 9.1 million, 12.1 million, 8.9 million and 12.9 million for 2Q14, 1Q14, 2Q13, 6M14 and 6M13, respectively. | ||||||||||||
5 | ||||||||||||
Due to the net loss in 2Q14, 1.3 million weighted-average share options and warrants outstanding and 12.2 million weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. | ||||||||||||
Trading_assets_and_liabilities
Trading assets and liabilities | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Trading assets and liabilities | ' | |||||||||
14 Trading assets and liabilities | ||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Trading assets (CHF million) | ||||||||||
Debt securities | 105,038 | 112,678 | 110,116 | 116,923 | ||||||
Equity securities 1 | 88,159 | 83,044 | 76,695 | 78,281 | ||||||
Derivative instruments 2 | 30,957 | 30,538 | 31,603 | 39,240 | ||||||
Other | 11,273 | 10,809 | 10,999 | 11,390 | ||||||
Trading assets | 235,427 | 237,069 | 229,413 | 245,834 | ||||||
Trading liabilities (CHF million) | ||||||||||
Short positions | 40,617 | 40,647 | 40,161 | 49,214 | ||||||
Derivative instruments 2 | 34,512 | 32,382 | 36,474 | 40,703 | ||||||
Trading liabilities | 75,129 | 73,029 | 76,635 | 89,917 | ||||||
1 | ||||||||||
Including convertible bonds. | ||||||||||
2 | ||||||||||
Amounts shown net of cash collateral receivables and payables. | ||||||||||
Cash collateral on derivative instruments | ||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Cash collateral – netted (CHF million) 1 | ||||||||||
Cash collateral paid | 25,122 | 24,735 | 23,870 | 31,514 | ||||||
Cash collateral received | 20,058 | 19,425 | 20,500 | 28,102 | ||||||
Cash collateral – not netted (CHF million) 2 | ||||||||||
Cash collateral paid | 8,097 | 7,058 | 8,359 | 10,212 | ||||||
Cash collateral received | 12,844 | 11,984 | 11,663 | 13,047 | ||||||
1 | ||||||||||
Recorded as cash collateral netting on derivative instruments in Note 20 – Offsetting of financial assets and financial liabilities. | ||||||||||
2 | ||||||||||
Recorded as cash collateral on derivative instruments in Note 17 – Other assets and other liabilities. | ||||||||||
Investment_securities
Investment securities | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Investment securities | ' | |||||||||||||||||
15 Investment securities | ||||||||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||||||||||
Investment securities (CHF million) | ||||||||||||||||||
Securities available-for-sale | 3,323 | 3,320 | 2,987 | 3,546 | ||||||||||||||
Total investment securities | 3,323 | 3,320 | 2,987 | 3,546 | ||||||||||||||
Investment securities by type | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Gross | Gross | Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | Amortized | unrealized | unrealized | Fair | |||||||||||
cost | gains | losses | value | cost | gains | losses | value | |||||||||||
Investment securities by type (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 373 | 24 | 0 | 397 | 389 | 15 | 2 | 402 | ||||||||||
Debt securities issued by foreign governments | 1,758 | 52 | 0 | 1,810 | 1,350 | 39 | 1 | 1,388 | ||||||||||
Corporate debt securities | 573 | 14 | 0 | 587 | 590 | 16 | 0 | 606 | ||||||||||
Collateralized debt obligations | 408 | 15 | 0 | 423 | 480 | 11 | 1 | 490 | ||||||||||
Debt securities available-for-sale | 3,112 | 105 | 0 | 3,217 | 2,809 | 81 | 4 | 2,886 | ||||||||||
Banks, trust and insurance companies | 74 | 22 | 0 | 96 | 74 | 18 | 0 | 92 | ||||||||||
Industry and all other | 10 | 0 | 0 | 10 | 9 | 0 | 0 | 9 | ||||||||||
Equity securities available-for-sale | 84 | 22 | 0 | 106 | 83 | 18 | 0 | 101 | ||||||||||
Securities available-for-sale | 3,196 | 127 | 0 | 3,323 | 2,892 | 99 | 4 | 2,987 | ||||||||||
Gross unrealized losses on investment securities and the related fair value | ||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||
end of | Gross | Gross | Gross | |||||||||||||||
Fair | unrealized | Fair | unrealized | Fair | unrealized | |||||||||||||
value | losses | value | losses | value | losses | |||||||||||||
4Q13 (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 168 | 2 | 0 | 0 | 168 | 2 | ||||||||||||
Debt securities issued by foreign governments | 109 | 1 | 0 | 0 | 109 | 1 | ||||||||||||
Collateralized debt obligation | 10 | 1 | 0 | 0 | 10 | 1 | ||||||||||||
Debt securities available-for-sale | 287 | 4 | 0 | 0 | 287 | 4 | ||||||||||||
There were no unrealized losses on investment securities as of the end of 2Q14. No significant impairment charges were recorded as the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. | ||||||||||||||||||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||
in | Debt | Equity | Debt | Equity | ||||||||||||||
securities | securities | securities | securities | |||||||||||||||
Additional information (CHF million) | ||||||||||||||||||
Proceeds from sales | 41 | 7 | 27 | 9 | ||||||||||||||
Amortized cost, fair value and average yield of debt securities | ||||||||||||||||||
Debt securities | ||||||||||||||||||
available-for-sale | ||||||||||||||||||
end of | Average | |||||||||||||||||
Amortized | Fair | yield | ||||||||||||||||
cost | value | (in %) | ||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||
Due within 1 year | 561 | 563 | 1.43 | |||||||||||||||
Due from 1 to 5 years | 1,666 | 1,730 | 2.35 | |||||||||||||||
Due from 5 to 10 years | 832 | 868 | 1.46 | |||||||||||||||
Due after 10 years | 53 | 56 | 1.62 | |||||||||||||||
Total debt securities | 3,112 | 3,217 | 1.93 | |||||||||||||||
Loans_allowance_for_loan_losse
Loans, allowance for loan losses and credit quality | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Loans, allowance for loan losses and credit quality | ' | |||||||||||||||||||||||
16 Loans, allowance for loan losses and credit quality | ||||||||||||||||||||||||
Loans are divided in two portfolio segments, “consumer” and “corporate & institutional”. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate & institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions and governments and public institutions. | ||||||||||||||||||||||||
The determination of the loan classes is primarily driven by the customer segmentation in the two business divisions, Private Banking & Wealth Management and Investment Banking, both of which are engaged in credit activities. | ||||||||||||||||||||||||
The Group assigns both counterparty and transaction ratings to its credit exposures. The counterparty rating reflects the probability of default of the counterparty. The transaction rating reflects the expected loss, considering collateral, on a given transaction if the counterparty defaults. Credit risk is assessed and monitored on the single obligor and single obligation level as well as on the credit portfolio level as represented by the classes of loans. Credit limits are used to manage counterparty credit risk. | ||||||||||||||||||||||||
> Refer to “Note 18 – Loans, allowance for loan losses and credit quality” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information on loans, allowance for loan losses, credit quality and impaired loans. | ||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||
Mortgages | 96,915 | 95,700 | 94,978 | 93,602 | ||||||||||||||||||||
Loans collateralized by securities | 35,882 | 34,253 | 31,565 | 30,316 | ||||||||||||||||||||
Consumer finance | 5,438 | 5,783 | 5,938 | 7,368 | ||||||||||||||||||||
Consumer | 138,235 | 135,736 | 132,481 | 131,286 | ||||||||||||||||||||
Real estate | 27,268 | 27,320 | 27,312 | 26,244 | 1 | |||||||||||||||||||
Commercial and industrial loans | 65,734 | 65,760 | 63,334 | 63,718 | 1 | |||||||||||||||||||
Financial institutions | 21,058 | 19,472 | 21,840 | 23,113 | 1 | |||||||||||||||||||
Governments and public institutions | 3,177 | 3,341 | 3,047 | 2,815 | 1 | |||||||||||||||||||
Corporate & institutional | 117,237 | 115,893 | 115,533 | 115,890 | ||||||||||||||||||||
Gross loans | 255,472 | 251,629 | 248,014 | 247,176 | ||||||||||||||||||||
of which held at amortized cost | 235,575 | 231,649 | 228,557 | 227,606 | ||||||||||||||||||||
of which held at fair value | 19,897 | 19,980 | 19,457 | 19,570 | ||||||||||||||||||||
Net (unearned income)/deferred expenses | -119 | -104 | -91 | -90 | ||||||||||||||||||||
Allowance for loan losses | -821 | -866 | -869 | -900 | ||||||||||||||||||||
Net loans | 254,532 | 250,659 | 247,054 | 246,186 | ||||||||||||||||||||
Gross loans by location (CHF million) | ||||||||||||||||||||||||
Switzerland | 156,377 | 153,766 | 151,992 | 150,810 | ||||||||||||||||||||
Foreign | 99,095 | 97,863 | 96,022 | 96,366 | ||||||||||||||||||||
Gross loans | 255,472 | 251,629 | 248,014 | 247,176 | ||||||||||||||||||||
Impaired loan portfolio (CHF million) | ||||||||||||||||||||||||
Non-performing loans | 851 | 845 | 862 | 904 | ||||||||||||||||||||
Non-interest-earning loans | 286 | 283 | 281 | 305 | ||||||||||||||||||||
Total non-performing and non-interest-earning loans | 1,137 | 1,128 | 1,143 | 1,209 | ||||||||||||||||||||
Restructured loans | 83 | 29 | 2 | 6 | 20 | |||||||||||||||||||
Potential problem loans | 252 | 342 | 2 | 340 | 444 | |||||||||||||||||||
Total other impaired loans | 335 | 371 | 346 | 464 | ||||||||||||||||||||
Gross impaired loans | 1,472 | 1,499 | 1,489 | 1,673 | ||||||||||||||||||||
1 | ||||||||||||||||||||||||
Prior periods have been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions, and from governments and public institutions to commercial and industrial loans, respectively. | ||||||||||||||||||||||||
2 | ||||||||||||||||||||||||
Prior period has been corrected to reclassify a counterparty exposure from potential problem loans to restructured loans. | ||||||||||||||||||||||||
Allowance for loan losses by loan portfolio | ||||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | ||||||||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||||||
Balance at beginning of period | 263 | 603 | 866 | 267 | 602 | 869 | 285 | 631 | 916 | |||||||||||||||
Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Net movements recognized in statements of operations | 20 | 2 | 22 | 17 | 13 | 30 | 15 | 34 | 49 | |||||||||||||||
Gross write-offs | -28 | -64 | -92 | -26 | -20 | -46 | -27 | -72 | -99 | |||||||||||||||
Recoveries | 4 | 15 | 19 | 5 | 5 | 10 | 7 | 22 | 29 | |||||||||||||||
Net write-offs | -24 | -49 | -73 | -21 | -15 | -36 | -20 | -50 | -70 | |||||||||||||||
Provisions for interest | 0 | 3 | 3 | 1 | 4 | 5 | 0 | 6 | 6 | |||||||||||||||
Foreign currency translation impact and other adjustments, net | 1 | 2 | 3 | -1 | -1 | -2 | 2 | -3 | -1 | |||||||||||||||
Balance at end of period | 260 | 561 | 821 | 263 | 603 | 866 | 282 | 618 | 900 | |||||||||||||||
of which individually evaluated for impairment | 210 | 403 | 613 | 213 | 440 | 653 | 229 | 447 | 676 | |||||||||||||||
of which collectively evaluated for impairment | 50 | 158 | 208 | 50 | 163 | 213 | 53 | 171 | 224 | |||||||||||||||
Gross loans held at amortized cost (CHF million) | ||||||||||||||||||||||||
Balance at end of period | 138,223 | 97,352 | 235,575 | 135,725 | 95,924 | 231,649 | 131,276 | 96,330 | 227,606 | |||||||||||||||
of which individually evaluated for impairment 1 | 613 | 859 | 1,472 | 560 | 939 | 1,499 | 607 | 1,066 | 1,673 | |||||||||||||||
of which collectively evaluated for impairment | 137,610 | 96,493 | 234,103 | 135,165 | 94,985 | 230,150 | 130,669 | 95,264 | 225,933 | |||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | |||||||||||||||||||
institutional | institutional | |||||||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||||||
Balance at beginning of period | 267 | 602 | 869 | 288 | 634 | 922 | ||||||||||||||||||
Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Net movements recognized in statements of operations | 37 | 15 | 52 | 36 | 33 | 69 | ||||||||||||||||||
Gross write-offs | -54 | -84 | -138 | -60 | -93 | -153 | ||||||||||||||||||
Recoveries | 9 | 20 | 29 | 12 | 24 | 36 | ||||||||||||||||||
Net write-offs | -45 | -64 | -109 | -48 | -69 | -117 | ||||||||||||||||||
Provisions for interest | 1 | 7 | 8 | 2 | 11 | 13 | ||||||||||||||||||
Foreign currency translation impact and other adjustments, net | 0 | 1 | 1 | 4 | 9 | 13 | ||||||||||||||||||
Balance at end of period | 260 | 561 | 821 | 282 | 618 | 900 | ||||||||||||||||||
1 | ||||||||||||||||||||||||
Represents gross impaired loans both with and without a specific allowance. | ||||||||||||||||||||||||
Purchases, reclassifications and sales | ||||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | ||||||||||||||||||||||
in | Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | |||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||||||
Purchases 1 | 18 | 982 | 1,000 | 11 | 423 | 434 | 0 | 423 | 423 | |||||||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 165 | 165 | 0 | 23 | 23 | 0 | 62 | 62 | |||||||||||||||
Reclassifications to loans held-for-sale 3 | 0 | 334 | 334 | 0 | 76 | 76 | 0 | 132 | 132 | |||||||||||||||
Sales 3 | 0 | 11 | 11 | 0 | 53 | 53 | 0 | 70 | 70 | |||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||
in | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||||||||
institutional | institutional | |||||||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||||||
Purchases 1 | 29 | 1,405 | 1,434 | 0 | 2,115 | 2,115 | ||||||||||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 188 | 188 | 0 | 106 | 106 | ||||||||||||||||||
Reclassifications to loans held-for-sale 3 | 0 | 410 | 410 | 0 | 308 | 308 | ||||||||||||||||||
Sales 3 | 0 | 64 | 64 | 0 | 187 | 187 | ||||||||||||||||||
1 | ||||||||||||||||||||||||
Includes drawdowns under purchased loan commitments. | ||||||||||||||||||||||||
2 | ||||||||||||||||||||||||
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. | ||||||||||||||||||||||||
3 | ||||||||||||||||||||||||
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. | ||||||||||||||||||||||||
Credit quality of loans held at amortized cost | ||||||||||||||||||||||||
Management monitors the credit quality of loans through its credit risk management processes, which are structured to assess, quantify, measure, monitor and manage risk on a consistent basis. This process requires careful consideration of proposed extensions of credit, the setting of specific limits, monitoring during the life of the exposure, active use of credit mitigation tools and a disciplined approach to recognizing credit impairment. | ||||||||||||||||||||||||
Management evaluates many factors when assessing the credit quality of loans. These factors include the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. For the purpose of credit quality disclosures, the Group uses internal risk ratings as credit quality indicators. | ||||||||||||||||||||||||
The Group employs a set of credit ratings for the purpose of internally rating counterparties. Credit ratings are intended to reflect the risk of default of each obligor or counterparty. Ratings are assigned based on internally developed rating models and processes, which are subject to governance and internally independent validation procedures. | ||||||||||||||||||||||||
> Refer to “Credit quality of loans held at amortized cost” in V – Consolidated financial statements – Credit Suisse Group – Note 18 – Loans, allowance for loan losses and credit quality in the Credit Suisse Annual Report 2013 for further information on internal ratings and the scope of the credit quality disclosures. | ||||||||||||||||||||||||
Gross loans held at amortized cost by internal counterparty rating | ||||||||||||||||||||||||
end of | AAA | AA | A | BBB | BB | B | CCC | CC | C | D | Total | |||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||
Mortgages | 509 | 2,514 | 18,009 | 58,673 | 16,165 | 781 | 32 | 1 | 0 | 231 | 96,915 | |||||||||||||
Loans collateralized by securities | 1,834 | 717 | 4,557 | 26,235 | 2,210 | 228 | 5 | 9 | 0 | 87 | 35,882 | |||||||||||||
Consumer finance | 250 | 51 | 112 | 2,077 | 1,834 | 690 | 29 | 0 | 122 | 261 | 5,426 | |||||||||||||
Consumer | 2,593 | 3,282 | 22,678 | 86,985 | 20,209 | 1,699 | 66 | 10 | 122 | 579 | 138,223 | |||||||||||||
Real estate | 867 | 1,602 | 2,723 | 14,970 | 6,276 | 270 | 0 | 0 | 0 | 93 | 26,801 | |||||||||||||
Commercial and industrial loans | 451 | 988 | 1,849 | 22,411 | 24,047 | 3,908 | 226 | 15 | 10 | 611 | 54,516 | |||||||||||||
Financial institutions | 924 | 1,608 | 2,939 | 6,261 | 2,253 | 441 | 104 | 17 | 0 | 98 | 14,645 | |||||||||||||
Governments and public institutions | 49 | 368 | 173 | 403 | 117 | 58 | 222 | 0 | 0 | 0 | 1,390 | |||||||||||||
Corporate & institutional | 2,291 | 4,566 | 7,684 | 44,045 | 32,693 | 4,677 | 552 | 32 | 10 | 802 | 97,352 | |||||||||||||
Gross loans held at amortized cost | 4,884 | 7,848 | 30,362 | 131,030 | 52,902 | 6,376 | 618 | 42 | 132 | 1,381 | 235,575 | |||||||||||||
Value of collateral 1 | 3,866 | 6,675 | 27,168 | 123,969 | 44,650 | 4,153 | 118 | 33 | 12 | 726 | 211,370 | |||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||
Mortgages | 302 | 2,257 | 17,398 | 57,033 | 16,857 | 883 | 39 | 0 | 0 | 209 | 94,978 | |||||||||||||
Loans collateralized by securities | 182 | 349 | 4,214 | 24,497 | 2,131 | 90 | 2 | 6 | 0 | 94 | 31,565 | |||||||||||||
Consumer finance | 0 | 14 | 226 | 2,501 | 1,952 | 824 | 43 | 0 | 119 | 248 | 5,927 | |||||||||||||
Consumer | 484 | 2,620 | 21,838 | 84,031 | 20,940 | 1,797 | 84 | 6 | 119 | 551 | 132,470 | |||||||||||||
Real estate | 1,344 | 1,050 | 3,511 | 13,669 | 6,897 | 322 | 0 | 1 | 0 | 72 | 26,866 | |||||||||||||
Commercial and industrial loans | 183 | 740 | 1,901 | 21,232 | 23,131 | 3,621 | 232 | 6 | 6 | 671 | 51,723 | |||||||||||||
Financial institutions | 1,319 | 1,706 | 4,041 | 5,625 | 2,440 | 776 | 14 | 1 | 0 | 112 | 16,034 | |||||||||||||
Governments and public institutions | 78 | 324 | 178 | 440 | 148 | 73 | 223 | 0 | 0 | 0 | 1,464 | |||||||||||||
Corporate & institutional | 2,924 | 3,820 | 9,631 | 40,966 | 32,616 | 4,792 | 469 | 8 | 6 | 855 | 96,087 | |||||||||||||
Gross loans held at amortized cost | 3,408 | 6,440 | 31,469 | 124,997 | 53,556 | 6,589 | 553 | 14 | 125 | 1,406 | 228,557 | |||||||||||||
Value of collateral 1 | 2,553 | 5,046 | 28,186 | 116,971 | 45,376 | 3,372 | 102 | 1 | 10 | 616 | 202,233 | |||||||||||||
1 | ||||||||||||||||||||||||
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan. | ||||||||||||||||||||||||
Value of collateral | ||||||||||||||||||||||||
In Private Banking & Wealth Management, all collateral values for loans are regularly reviewed according to our risk management policies and directives, with maximum review periods determined by market liquidity, market transparency and appraisal costs. For example, traded securities are revalued on a daily basis and property values are appraised over a period of more than one year considering the characteristics of the borrower, current developments in the relevant real estate market and the current level of credit exposure to the borrower. If the credit exposure to a borrower has changed significantly, in volatile markets or in times of increasing general market risk, collateral values may be appraised more frequently. Management judgment is applied in assessing whether markets are volatile or general market risk has increased to a degree that warrants a more frequent update of collateral values. Movements in monitored risk metrics that are statistically different compared to historical experience are considered in addition to analysis of externally-provided forecasts, scenario techniques and macro-economic research. For impaired loans, the fair value of collateral is determined within 90 days of the date the impairment was identified and thereafter regularly revalued by Group credit risk management within the impairment review process. | ||||||||||||||||||||||||
In Investment Banking, few loans are collateral dependent. The collateral values for these loans are appraised on at least an annual basis, or when a loan-relevant event occurs. | ||||||||||||||||||||||||
Gross loans held at amortized cost – aging analysis | ||||||||||||||||||||||||
Current | Past due | |||||||||||||||||||||||
end of | More | Total | Total | |||||||||||||||||||||
Up to | 31–60 | 61–90 | than | |||||||||||||||||||||
30 days | days | days | 90 days | |||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||
Mortgages | 96,494 | 147 | 42 | 29 | 203 | 421 | 96,915 | |||||||||||||||||
Loans collateralized by securities | 35,663 | 118 | 3 | 10 | 88 | 219 | 35,882 | |||||||||||||||||
Consumer finance | 4,451 | 640 | 82 | 61 | 192 | 975 | 5,426 | |||||||||||||||||
Consumer | 136,608 | 905 | 127 | 100 | 483 | 1,615 | 138,223 | |||||||||||||||||
Real estate | 26,691 | 18 | 1 | 0 | 91 | 110 | 26,801 | |||||||||||||||||
Commercial and industrial loans | 53,455 | 582 | 68 | 123 | 288 | 1,061 | 54,516 | |||||||||||||||||
Financial institutions | 14,357 | 171 | 2 | 0 | 115 | 288 | 14,645 | |||||||||||||||||
Governments and public institutions | 1,388 | 2 | 0 | 0 | 0 | 2 | 1,390 | |||||||||||||||||
Corporate & institutional | 95,891 | 773 | 71 | 123 | 494 | 1,461 | 97,352 | |||||||||||||||||
Gross loans held at amortized cost | 232,499 | 1,678 | 198 | 223 | 977 | 3,076 | 235,575 | |||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||
Mortgages | 94,657 | 103 | 26 | 25 | 167 | 321 | 94,978 | |||||||||||||||||
Loans collateralized by securities | 31,365 | 95 | 2 | 12 | 91 | 200 | 31,565 | |||||||||||||||||
Consumer finance | 5,218 | 377 | 93 | 55 | 184 | 709 | 5,927 | |||||||||||||||||
Consumer | 131,240 | 575 | 121 | 92 | 442 | 1,230 | 132,470 | |||||||||||||||||
Real estate | 26,774 | 19 | 2 | 2 | 69 | 92 | 26,866 | |||||||||||||||||
Commercial and industrial loans | 50,879 | 343 | 77 | 74 | 350 | 844 | 51,723 | |||||||||||||||||
Financial institutions | 15,841 | 87 | 2 | 1 | 103 | 193 | 16,034 | |||||||||||||||||
Governments and public institutions | 1,459 | 5 | 0 | 0 | 0 | 5 | 1,464 | |||||||||||||||||
Corporate & institutional | 94,953 | 454 | 81 | 77 | 522 | 1,134 | 96,087 | |||||||||||||||||
Gross loans held at amortized cost | 226,193 | 1,029 | 202 | 169 | 964 | 2,364 | 228,557 | |||||||||||||||||
Impaired loans | ||||||||||||||||||||||||
> Refer to “Impaired loans” in V – Consolidated financial statements – Credit Suisse Group – Note 18 – Loans, allowance for loan losses and credit quality in the Credit Suisse Annual Report 2013 for further information on impaired loan categories and allowance for specifically identified credit losses on impaired loans. | ||||||||||||||||||||||||
Gross impaired loans by category | ||||||||||||||||||||||||
Non-performing and | Other impaired loans | |||||||||||||||||||||||
non-interest-earning loans | ||||||||||||||||||||||||
end of | Non- | Total | Total | Total | ||||||||||||||||||||
Non- | interest- | Restruc- | Potential | |||||||||||||||||||||
performing | earning | tured | problem | |||||||||||||||||||||
loans | loans | loans | loans | |||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||
Mortgages | 192 | 19 | 211 | 0 | 45 | 45 | 256 | |||||||||||||||||
Loans collateralized by securities | 22 | 68 | 90 | 0 | 3 | 3 | 93 | |||||||||||||||||
Consumer finance | 249 | 5 | 254 | 0 | 10 | 10 | 264 | |||||||||||||||||
Consumer | 463 | 92 | 555 | 0 | 58 | 58 | 613 | |||||||||||||||||
Real estate | 78 | 15 | 93 | 0 | 3 | 3 | 96 | |||||||||||||||||
Commercial and industrial loans | 226 | 147 | 373 | 83 | 188 | 271 | 644 | |||||||||||||||||
Financial institutions | 84 | 32 | 116 | 0 | 3 | 3 | 119 | |||||||||||||||||
Corporate & institutional | 388 | 194 | 582 | 83 | 194 | 277 | 859 | |||||||||||||||||
Gross impaired loans | 851 | 286 | 1,137 | 83 | 252 | 335 | 1,472 | |||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||
Mortgages | 167 | 13 | 180 | 0 | 45 | 45 | 225 | |||||||||||||||||
Loans collateralized by securities | 20 | 71 | 91 | 0 | 4 | 4 | 95 | |||||||||||||||||
Consumer finance | 244 | 5 | 249 | 0 | 0 | 0 | 249 | |||||||||||||||||
Consumer | 431 | 89 | 520 | 0 | 49 | 49 | 569 | |||||||||||||||||
Real estate | 53 | 15 | 68 | 0 | 5 | 5 | 73 | |||||||||||||||||
Commercial and industrial loans | 307 | 144 | 451 | 6 | 258 | 264 | 715 | |||||||||||||||||
Financial institutions | 71 | 33 | 104 | 0 | 28 | 28 | 132 | |||||||||||||||||
Corporate & institutional | 431 | 192 | 623 | 6 | 291 | 297 | 920 | |||||||||||||||||
Gross impaired loans | 862 | 281 | 1,143 | 6 | 340 | 346 | 1,489 | |||||||||||||||||
Gross impaired loan detail | ||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||
end of | Unpaid | Associated | Unpaid | Associated | ||||||||||||||||||||
Recorded | principal | specific | Recorded | principal | specific | |||||||||||||||||||
investment | balance | allowance | investment | balance | allowance | |||||||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||||||
Mortgages | 205 | 194 | 29 | 207 | 197 | 28 | ||||||||||||||||||
Loans collateralized by securities | 67 | 63 | 51 | 67 | 63 | 55 | ||||||||||||||||||
Consumer finance | 224 | 205 | 130 | 231 | 211 | 134 | ||||||||||||||||||
Consumer | 496 | 462 | 210 | 505 | 471 | 217 | ||||||||||||||||||
Real estate | 94 | 88 | 10 | 71 | 65 | 15 | ||||||||||||||||||
Commercial and industrial loans | 611 | 562 | 323 | 705 | 656 | 340 | ||||||||||||||||||
Financial institutions | 119 | 114 | 70 | 131 | 127 | 82 | ||||||||||||||||||
Corporate & institutional | 824 | 764 | 403 | 907 | 848 | 437 | ||||||||||||||||||
Gross impaired loans with a specific allowance | 1,320 | 1,226 | 613 | 1,412 | 1,319 | 654 | ||||||||||||||||||
Mortgages | 51 | 51 | – | 18 | 18 | – | ||||||||||||||||||
Loans collateralized by securities | 26 | 26 | – | 28 | 28 | – | ||||||||||||||||||
Consumer finance | 40 | 40 | – | 18 | 18 | – | ||||||||||||||||||
Consumer | 117 | 117 | – | 64 | 64 | – | ||||||||||||||||||
Real estate | 2 | 2 | – | 2 | 2 | – | ||||||||||||||||||
Commercial and industrial loans | 33 | 33 | – | 10 | 10 | – | ||||||||||||||||||
Financial institutions | 0 | 0 | – | 1 | 1 | – | ||||||||||||||||||
Corporate & institutional | 35 | 35 | – | 13 | 13 | – | ||||||||||||||||||
Gross impaired loans without specific allowance | 152 | 152 | – | 77 | 77 | – | ||||||||||||||||||
Gross impaired loans | 1,472 | 1,378 | 613 | 1,489 | 1,396 | 654 | ||||||||||||||||||
of which consumer | 613 | 579 | 210 | 569 | 535 | 217 | ||||||||||||||||||
of which corporate & institutional | 859 | 799 | 403 | 920 | 861 | 437 | ||||||||||||||||||
Gross impaired loan detail (continued) | ||||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | ||||||||||||||||||||||
in | Interest | Interest | Interest | |||||||||||||||||||||
income | income | income | ||||||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | Average | Interest | recognized | ||||||||||||||||
recorded | income | on a | recorded | income | on a | recorded | income | on a | ||||||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | investment | recognized | cash basis | ||||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||||||
Mortgages | 197 | 1 | 1 | 200 | 0 | 0 | 210 | 1 | 1 | |||||||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 65 | 0 | 0 | 74 | 0 | 0 | |||||||||||||||
Consumer finance | 223 | 0 | 0 | 228 | 0 | 0 | 258 | 0 | 0 | |||||||||||||||
Consumer | 485 | 1 | 1 | 493 | 0 | 0 | 542 | 1 | 1 | |||||||||||||||
Real estate | 81 | 0 | 0 | 80 | 0 | 0 | 74 | 0 | 0 | |||||||||||||||
Commercial and industrial loans | 676 | 0 | 0 | 698 | 0 | 0 | 810 | 0 | 0 | |||||||||||||||
Financial institutions | 119 | 0 | 0 | 129 | 0 | 0 | 135 | 0 | 0 | |||||||||||||||
Corporate & institutional | 876 | 0 | 0 | 907 | 0 | 0 | 1,019 | 0 | 0 | |||||||||||||||
Gross impaired loans with a specific allowance | 1,361 | 1 | 1 | 1,400 | 0 | 0 | 1,561 | 1 | 1 | |||||||||||||||
Mortgages | 30 | 0 | 0 | 20 | 0 | 0 | 26 | 0 | 0 | |||||||||||||||
Loans collateralized by securities | 40 | 0 | 0 | 27 | 0 | 0 | 27 | 0 | 0 | |||||||||||||||
Consumer finance | 22 | 0 | 0 | 18 | 0 | 0 | 18 | 0 | 0 | |||||||||||||||
Consumer | 92 | 0 | 0 | 65 | 0 | 0 | 71 | 0 | 0 | |||||||||||||||
Real estate | 19 | 0 | 0 | 6 | 0 | 0 | 11 | 0 | 0 | |||||||||||||||
Commercial and industrial loans | 12 | 0 | 0 | 11 | 0 | 0 | 91 | 0 | 0 | |||||||||||||||
Financial institutions | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | |||||||||||||||
Corporate & institutional | 31 | 0 | 0 | 17 | 0 | 0 | 105 | 0 | 0 | |||||||||||||||
Gross impaired loans without specific allowance | 123 | 0 | 0 | 82 | 0 | 0 | 176 | 0 | 0 | |||||||||||||||
Gross impaired loans | 1,484 | 1 | 1 | 1,482 | 0 | 0 | 1,737 | 1 | 1 | |||||||||||||||
of which consumer | 577 | 1 | 1 | 558 | 0 | 0 | 613 | 1 | 1 | |||||||||||||||
of which corporate & institutional | 907 | 0 | 0 | 924 | 0 | 0 | 1,124 | 0 | 0 | |||||||||||||||
Gross impaired loan detail (continued) | ||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||
in | Interest | Interest | ||||||||||||||||||||||
income | income | |||||||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | |||||||||||||||||||
recorded | income | on a | recorded | income | on a | |||||||||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | |||||||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||||||
Mortgages | 198 | 1 | 1 | 201 | 1 | 1 | ||||||||||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 71 | 0 | 0 | ||||||||||||||||||
Consumer finance | 226 | 0 | 0 | 269 | 0 | 0 | ||||||||||||||||||
Consumer | 489 | 1 | 1 | 541 | 1 | 1 | ||||||||||||||||||
Real estate | 80 | 0 | 0 | 68 | 0 | 0 | ||||||||||||||||||
Commercial and industrial loans | 688 | 0 | 0 | 782 | 3 | 3 | ||||||||||||||||||
Financial institutions | 124 | 0 | 0 | 145 | 0 | 0 | ||||||||||||||||||
Corporate & institutional | 892 | 0 | 0 | 995 | 3 | 3 | ||||||||||||||||||
Gross impaired loans with a specific allowance | 1,381 | 1 | 1 | 1,536 | 4 | 4 | ||||||||||||||||||
Mortgages | 25 | 0 | 0 | 32 | 0 | 0 | ||||||||||||||||||
Loans collateralized by securities | 34 | 0 | 0 | 27 | 0 | 0 | ||||||||||||||||||
Consumer finance | 20 | 0 | 0 | 28 | 0 | 0 | ||||||||||||||||||
Consumer | 79 | 0 | 0 | 87 | 0 | 0 | ||||||||||||||||||
Real estate | 13 | 0 | 0 | 7 | 0 | 0 | ||||||||||||||||||
Commercial and industrial loans | 12 | 0 | 0 | 103 | 0 | 0 | ||||||||||||||||||
Financial institutions | 0 | 0 | 0 | 3 | 0 | 0 | ||||||||||||||||||
Corporate & institutional | 25 | 0 | 0 | 113 | 0 | 0 | ||||||||||||||||||
Gross impaired loans without specific allowance | 104 | 0 | 0 | 200 | 0 | 0 | ||||||||||||||||||
Gross impaired loans | 1,485 | 1 | 1 | 1,736 | 4 | 4 | ||||||||||||||||||
of which consumer | 568 | 1 | 1 | 628 | 1 | 1 | ||||||||||||||||||
of which corporate & institutional | 917 | 0 | 0 | 1,108 | 3 | 3 | ||||||||||||||||||
Other_assets_and_other_liabili
Other assets and other liabilities | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Other assets and other liabilities | ' | |||||||||
17 Other assets and other liabilities | ||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Other assets (CHF million) | ||||||||||
Cash collateral on derivative instruments | 8,097 | 7,058 | 8,359 | 10,212 | ||||||
Cash collateral on non-derivative transactions | 2,445 | 1,541 | 1,412 | 1,905 | ||||||
Derivative instruments used for hedging | 2,100 | 1,894 | 2,062 | 2,387 | ||||||
Assets held-for-sale | 20,102 | 20,615 | 19,306 | 23,763 | ||||||
of which loans | 19,755 | 20,223 | 18,914 | 23,284 | ||||||
of which real estate | 347 | 392 | 392 | 478 | ||||||
Assets held for separate accounts | 9,046 | 10,268 | 11,236 | 12,032 | ||||||
Interest and fees receivable | 6,041 | 4,831 | 4,859 | 5,733 | ||||||
Deferred tax assets | 5,557 | 5,683 | 6,185 | 6,599 | ||||||
Prepaid expenses | 649 | 585 | 552 | 809 | ||||||
Failed purchases | 2,996 | 2,542 | 2,365 | 3,131 | ||||||
Other | 7,656 | 7,388 | 6,729 | 6,415 | ||||||
Other assets | 64,689 | 62,405 | 63,065 | 72,986 | ||||||
Other liabilities (CHF million) | ||||||||||
Cash collateral on derivative instruments | 12,844 | 11,984 | 11,663 | 13,047 | ||||||
Cash collateral on non-derivative transactions | 740 | 754 | 955 | 1,957 | ||||||
Derivative instruments used for hedging | 202 | 512 | 384 | 763 | ||||||
Provisions 1 | 2,653 | 2,633 | 2,641 | 1,251 | ||||||
of which off-balance sheet risk | 59 | 62 | 60 | 65 | ||||||
Liabilities held for separate accounts | 9,046 | 10,268 | 11,236 | 12,032 | ||||||
Interest and fees payable | 6,055 | 5,001 | 5,641 | 7,665 | ||||||
Current tax liabilities | 788 | 841 | 864 | 853 | ||||||
Deferred tax liabilities | 423 | 427 | 394 | 165 | ||||||
Failed sales | 1,267 | 2,235 | 2,396 | 2,944 | ||||||
Other | 14,895 | 14,113 | 15,273 | 15,440 | ||||||
Other liabilities | 48,913 | 48,768 | 51,447 | 56,117 | ||||||
1 | ||||||||||
Includes provisions for bridge commitments. | ||||||||||
Longterm_debt
Long-term debt | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Long-term debt | ' | |||||||||
18 Long-term debt | ||||||||||
Long-term debt | ||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Long-term debt (CHF million) | ||||||||||
Senior | 108,419 | 99,050 | 96,048 | 102,475 | ||||||
Subordinated | 23,551 | 21,145 | 21,002 | 15,580 | ||||||
Non-recourse liabilities from consolidated VIEs | 11,857 | 12,239 | 12,992 | 15,450 | ||||||
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 | ||||||
of which reported at fair value | 70,217 | 64,694 | 63,369 | 63,942 | ||||||
of which structured notes | 41,739 | 38,427 | 34,815 | 34,320 | ||||||
Structured notes by product | ||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | |||||||
Structured notes (CHF million) | ||||||||||
Equity | 29,855 | 26,362 | 22,605 | |||||||
Fixed income | 6,080 | 5,981 | 6,455 | |||||||
Credit | 4,778 | 4,826 | 5,016 | |||||||
Other | 1,026 | 1,258 | 739 | |||||||
Total structured notes | 41,739 | 38,427 | 34,815 | |||||||
Accumulated_other_comprehensiv
Accumulated other comprehensive income | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accumulated other comprehensive income | ' | |||||||||||||
19 Accumulated other comprehensive income and additional share information | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Unrealized | Accumu- | |||||||||||||
Gains/ | gains/ | Net prior | lated other | |||||||||||
(losses) | Cumulative | (losses) | Actuarial | service | compre- | |||||||||
on cash | translation | on | gains/ | credit/ | hensive | |||||||||
flow hedges | adjustments | securities | (losses) | (cost) | income | |||||||||
2Q14 (CHF million) | ||||||||||||||
Balance at beginning of period | 6 | -13,922 | 60 | -2,722 | 495 | -16,083 | ||||||||
Increase/(decrease) | 12 | 62 | 12 | 4 | 0 | 90 | ||||||||
Increase/(decrease) due to equity method investments | 5 | 0 | 0 | 0 | 0 | 5 | ||||||||
Reclassification adjustments, included in net income | -5 | 0 | 0 | 38 | -22 | 11 | ||||||||
Total increase/(decrease) | 12 | 62 | 12 | 42 | -22 | 106 | ||||||||
Balance at end of period | 18 | -13,860 | 72 | -2,680 | 473 | -15,977 | ||||||||
1Q14 (CHF million) | ||||||||||||||
Balance at beginning of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
Increase/(decrease) | 12 | -248 | 8 | -3 | 0 | -231 | ||||||||
Increase/(decrease) due to equity method investments | 8 | 0 | 0 | 0 | 0 | 8 | ||||||||
Reclassification adjustments, included in net income | -3 | 0 | 0 | 38 | -20 | 15 | ||||||||
Total increase/(decrease) | 17 | -248 | 8 | 35 | -20 | -208 | ||||||||
Balance at end of period | 6 | -13,922 | 60 | -2,722 | 495 | -16,083 | ||||||||
2Q13 (CHF million) | ||||||||||||||
Balance at beginning of period | -27 | -11,967 | 77 | -3,731 | 583 | -15,065 | ||||||||
Increase/(decrease) | -22 | -159 | -14 | 15 | 0 | -180 | ||||||||
Increase/(decrease) due to equity method investments | 5 | 0 | 0 | 0 | 0 | 5 | ||||||||
Reclassification adjustments, included in net income | 2 | 2 | 0 | 66 | -31 | 39 | ||||||||
Total increase/(decrease) | -15 | -157 | -14 | 81 | -31 | -136 | ||||||||
Balance at end of period | -42 | -12,124 | 63 | -3,650 | 552 | -15,201 | ||||||||
6M14 (CHF million) | ||||||||||||||
Balance at beginning of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
Increase/(decrease) | 24 | -186 | 20 | 1 | 0 | -141 | ||||||||
Increase/(decrease) due to equity method investments | 13 | 0 | 0 | 0 | 0 | 13 | ||||||||
Reclassification adjustments, included in net income | -8 | 0 | 0 | 76 | -42 | 26 | ||||||||
Total increase/(decrease) | 29 | -186 | 20 | 77 | -42 | -102 | ||||||||
Balance at end of period | 18 | -13,860 | 72 | -2,680 | 473 | -15,977 | ||||||||
6M13 (CHF million) | ||||||||||||||
Balance at beginning of period | -29 | -12,767 | 84 | -3,801 | 610 | -15,903 | ||||||||
Increase/(decrease) | -17 | 595 | -21 | 21 | 0 | 578 | ||||||||
Increase/(decrease) due to equity method investments | 2 | 0 | 0 | 0 | 0 | 2 | ||||||||
Reclassification adjustments, included in net income | 2 | 48 | 0 | 130 | -58 | 122 | ||||||||
Total increase/(decrease) | -13 | 643 | -21 | 151 | -58 | 702 | ||||||||
Balance at end of period | -42 | -12,124 | 63 | -3,650 | 552 | -15,201 | ||||||||
Details on significant reclassification adjustments | ||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||
Reclassification adjustments, included in net income (CHF million) | ||||||||||||||
Cumulative translation adjustments | ||||||||||||||
Sale of subsidiaries | 0 | 0 | 2 | 0 | 48 | 1 | ||||||||
Actuarial gains/(losses) | ||||||||||||||
Amortization of recognized actuarial losses 2 | 50 | 50 | 88 | 100 | 174 | |||||||||
Tax expense/(benefit) | -12 | -12 | -22 | -24 | -44 | |||||||||
Net of tax | 38 | 38 | 66 | 76 | 130 | |||||||||
Net prior service credit/(cost) | ||||||||||||||
Amortization of recognized prior service credit/(cost) 2 | -28 | -25 | -40 | -53 | -74 | |||||||||
Tax expense | 6 | 5 | 9 | 11 | 16 | |||||||||
Net of tax | -22 | -20 | -31 | -42 | -58 | |||||||||
1 | ||||||||||||||
Includes net releases of CHF 46 million in 1Q13 on the sale of JO Hambro. Upon settlement in 3Q13, further net releases of CHF 38 million were recognized. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. | ||||||||||||||
2 | ||||||||||||||
These components are included in the computation of total benefit costs. Refer to "Note 23 – Pension and other post-retirement benefits" for further information. | ||||||||||||||
Additional share information | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | ||||||||||
Common shares issued | ||||||||||||||
Balance at beginning of period | 1,596,119,349 | 1,596,119,349 | 1,339,652,645 | 1,596,119,349 | 1,320,829,922 | |||||||||
Issuance of common shares | 11,049,598 | 0 | 254,643,090 | 11,049,598 | 273,465,813 | |||||||||
of which MACCS settlement | 0 | 0 | 199,964,015 | 0 | 199,964,015 | |||||||||
of which share-based compensation | 11,049,598 | 0 | 17,126,788 | 11,049,598 | 35,949,511 | |||||||||
Balance at end of period | 1,607,168,947 | 1,596,119,349 | 1,594,295,735 | 1,607,168,947 | 1,594,295,735 | |||||||||
Treasury shares | ||||||||||||||
Balance at beginning of period | -8,866,124 | -5,183,154 | -27,495,313 | -5,183,154 | -27,036,831 | |||||||||
Sale of treasury shares | 78,696,088 | 67,970,125 | 144,989,659 | 146,666,213 | 230,922,166 | |||||||||
of which MACCS settlement | 0 | 0 | 33,488,655 | 0 | 33,488,655 | |||||||||
Repurchase of treasury shares | -101,311,442 | -72,306,505 | -121,624,269 | -173,617,947 | -212,129,195 | |||||||||
Share-based compensation | 24,285,332 | 653,410 | 1,801,542 | 24,938,742 | 5,915,479 | |||||||||
Balance at end of period | -7,196,146 | -8,866,124 | -2,328,381 | -7,196,146 | -2,328,381 | |||||||||
Common shares outstanding | ||||||||||||||
Balance at end of period | 1,599,972,801 | 1 | 1,587,253,225 | 2 | 1,591,967,354 | 3 | 1,599,972,801 | 1 | 1,591,967,354 | 3 | ||||
1 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
2 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
3 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 662,873,212 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
Offsetting_of_financial_assets
Offsetting of financial assets and financial liabilities | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Offsetting of financial assets and financial liabilities | ' | |||||||||||||||||
20 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: | ||||||||||||||||||
– are offset in the Group’s consolidated balance sheets; or | ||||||||||||||||||
– are subject to an enforceable master netting agreement or similar agreement (enforceable master netting agreements), irrespective of whether they are offset in the Group’s consolidated balance sheets. | ||||||||||||||||||
Similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities lending agreements. | ||||||||||||||||||
Derivatives | ||||||||||||||||||
The Group transacts bilateral OTC derivatives mainly under ISDA Master Agreements and Swiss Master Agreements for OTC derivative instruments. These agreements provide for the net settlement of all transactions under the agreement through a single payment in the event of default or termination under the agreement. They allow the Group to offset balances from derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives is received and provided in the form of cash and marketable securities. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. The terms of an ISDA Credit Support Annex provide that securities received or provided as collateral may be pledged or sold during the term of the transactions and must be returned upon maturity of the transaction. These terms also give each counterparty the right to terminate the related transactions upon the other counterparty’s failure to post collateral. Financial collateral received or pledged for OTC derivatives may also be subject to collateral agreements which restrict the use of financial collateral. | ||||||||||||||||||
For derivatives transacted with exchanges (exchange-traded derivatives) and central clearing counterparties (OTC-cleared derivatives), positive and negative replacement values and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. | ||||||||||||||||||
Where no such agreements exist, fair values are recorded on a gross basis. | ||||||||||||||||||
Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. There is an exception for certain bifurcatable hybrid debt instruments which the Group did not elect to account for at fair value. However, these bifurcated embedded derivatives are generally not subject to enforceable master netting agreements and are not recorded as derivative instruments under trading assets and liabilities or other assets and other liabilities. Information on bifurcated embedded derivatives has therefore not been included in the offsetting disclosures. | ||||||||||||||||||
The following table presents the gross amount of derivatives subject to enforceable master netting agreements by contract and transaction type, the amount of offsetting, the amount of derivatives not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. | ||||||||||||||||||
Offsetting of derivatives | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
assets | liabilities | assets | liabilities | |||||||||||||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
OTC-cleared | 212.7 | 207.1 | 265.4 | 262.1 | ||||||||||||||
OTC | 182.5 | 178.7 | 183 | 178.1 | ||||||||||||||
Exchange-traded | 0.1 | 0 | 0.3 | 0 | ||||||||||||||
Interest rate products | 395.3 | 385.8 | 448.7 | 440.2 | ||||||||||||||
OTC | 41.8 | 53.7 | 58.5 | 68.2 | ||||||||||||||
Exchange-traded | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||
Foreign exchange products | 41.9 | 53.8 | 58.6 | 68.4 | ||||||||||||||
OTC | 13.6 | 16.1 | 15.5 | 18.6 | ||||||||||||||
Exchange-traded | 12.8 | 14.4 | 14.8 | 15.1 | ||||||||||||||
Equity/index-related products | 26.4 | 30.5 | 30.3 | 33.7 | ||||||||||||||
OTC-cleared | 6.4 | 5.9 | 5.2 | 5.1 | ||||||||||||||
OTC | 18.6 | 19.8 | 20.8 | 21.2 | ||||||||||||||
Credit derivatives | 25 | 25.7 | 26 | 26.3 | ||||||||||||||
OTC | 3.8 | 2.6 | 4.4 | 4 | ||||||||||||||
Exchange-traded | 0.5 | 0.7 | 0.5 | 0.8 | ||||||||||||||
Other products | 4.3 | 3.3 | 4.9 | 4.8 | ||||||||||||||
OTC-cleared | 219.1 | 213 | 270.6 | 267.2 | ||||||||||||||
OTC | 260.3 | 270.9 | 282.2 | 290.1 | ||||||||||||||
Exchange-traded | 13.5 | 15.2 | 15.7 | 16.1 | ||||||||||||||
Total gross derivatives subject to enforceable master netting agreements | 492.9 | 499.1 | 568.5 | 573.4 | ||||||||||||||
Offsetting (CHF billion) | ||||||||||||||||||
OTC-cleared | -216.1 | -212.8 | -269.1 | -267 | ||||||||||||||
OTC | -239.8 | -247.8 | -260.7 | -265.7 | ||||||||||||||
Exchange-traded | -13.1 | -13.6 | -15.1 | -15.1 | ||||||||||||||
Offsetting | -469 | -474.2 | -544.9 | -547.8 | ||||||||||||||
of which counterparty netting | -448.9 | -448.9 | -523.9 | -523.9 | ||||||||||||||
of which cash collateral netting | -20.1 | -25.3 | -21 | -23.9 | ||||||||||||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | ||||||||||||||||||
OTC-cleared | 3 | 0.2 | 1.5 | 0.2 | ||||||||||||||
OTC | 20.5 | 23.1 | 21.5 | 24.4 | ||||||||||||||
Exchange-traded | 0.4 | 1.6 | 0.6 | 1 | ||||||||||||||
Total net derivatives subject to enforceable master netting agreements | 23.9 | 24.9 | 23.6 | 25.6 | ||||||||||||||
Total derivatives not subject to enforceable master netting agreements 1 | 9.2 | 9.8 | 10.1 | 11.3 | ||||||||||||||
Total net derivatives presented in the consolidated balance sheets | 33.1 | 34.7 | 33.7 | 36.9 | ||||||||||||||
of which recorded in trading assets and trading liabilities | 31 | 34.5 | 31.6 | 36.5 | ||||||||||||||
of which recorded in other assets and other liabilities | 2.1 | 0.2 | 2.1 | 0.4 | ||||||||||||||
1 | ||||||||||||||||||
Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. | ||||||||||||||||||
Reverse repurchase and repurchase agreements and securities lending and borrowing transactions | ||||||||||||||||||
Reverse repurchase and repurchase agreements are generally covered by global master repurchase agreements with netting terms similar to ISDA Master 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. Transactions under such agreements are netted in the consolidated balance sheets if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. The amounts offset are measured on the same basis as the underlying transaction (i.e., on an accrual basis or fair value basis). | ||||||||||||||||||
Securities lending and borrowing transactions are generally executed under global master securities lending agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreement are terminated and are settled net in one single payment. Transactions under these agreements are netted in the consolidated balance sheets if they meet the same right of offset criteria as for reverse repurchase and repurchase agreements. In general, most securities lending and borrowing transactions do not meet the criterion of having the same settlement date specified at inception of the transaction, and therefore they are not eligible for netting in the consolidated balance sheets. However, securities lending and borrowing transactions with explicit maturity dates may be eligible for netting in the consolidated balance sheets. | ||||||||||||||||||
Reverse repurchase and repurchase agreements are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. As is the case in the Group’s normal course of business, substantially all of the collateral received that may be sold or repledged was sold or repledged as of June 30, 2014 and December 31, 2013. 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 | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Gross | Offsetting | Net | Gross | Offsetting | Net | ||||||||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | ||||||||||||||||||
Securities purchased under resale agreements | 113.6 | -32.4 | 81.2 | 112 | -25.1 | 86.9 | ||||||||||||
Securities borrowing transactions | 16.7 | 0 | 16.7 | 22.7 | -1.7 | 21 | ||||||||||||
Total subject to enforceable master netting agreements | 130.3 | -32.4 | 97.9 | 134.7 | -26.8 | 107.9 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 67.8 | – | 67.8 | 52.1 | – | 52.1 | ||||||||||||
Total | 198.1 | -32.4 | 165.7 | 2 | 186.8 | -26.8 | 160 | 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 86,586 million and CHF 96,587 million of the total net amount as of the end of 2Q14 and 4Q13, respectively, are reported at fair value. | ||||||||||||||||||
The following table presents the gross amount of securities sold under repurchase agreements and securities lending transactions subject to enforceable master netting agreements, the amount of offsetting, the amount of securities sold under repurchase agreements and securities lending transactions not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. | ||||||||||||||||||
Offsetting of securities sold under repurchase agreements and securities lending transactions | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Gross | Offsetting | Net | Gross | Offsetting | Net | ||||||||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | ||||||||||||||||||
Securities sold under repurchase agreements | 82.8 | -32.4 | 50.4 | 86.5 | -26.8 | 59.7 | ||||||||||||
Securities lending transactions | 9.3 | 0 | 9.3 | 6.6 | 0 | 6.6 | ||||||||||||
Obligation to return securities received as collateral, at fair value | 17.3 | 0 | 17.3 | 18.5 | 0 | 18.5 | ||||||||||||
Total subject to enforceable master netting agreements | 109.4 | -32.4 | 77 | 111.6 | -26.8 | 84.8 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 32.7 | – | 32.7 | 32 | – | 32 | ||||||||||||
Total | 142.1 | -32.4 | 109.7 | 143.6 | -26.8 | 116.8 | ||||||||||||
of which securities sold under repurchase agreements and securities lending transactions | 120.5 | -32.4 | 88.1 | 2 | 120.8 | -26.8 | 94 | 2 | ||||||||||
of which obligation to return securities received as collateral, at fair value | 21.6 | 0 | 21.6 | 22.8 | 0 | 22.8 | ||||||||||||
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 60,529 million and CHF 76,104 million of the total net amount as of the end of 2Q14 and 4Q13, respectively, are reported at fair value. | ||||||||||||||||||
The following table presents the net amount presented in the consolidated balance sheets of financial assets and liabilities subject to enforceable master netting agreements and the gross amount of financial instruments and cash collateral not offset in the consolidated balance sheets. The table excludes derivatives, reverse repurchase and repurchase agreements and securities lending and borrowing transactions not subject to enforceable master netting agreements where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Net exposure reflects risk mitigation in the form of collateral. | ||||||||||||||||||
Amounts not offset in the consolidated balance sheets | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Net | 1 | Cash | 1 | Net | 1 | Cash | 1 | ||||||||||
collateral | collateral | |||||||||||||||||
Financial | received/ | Net | Financial | received/ | Net | |||||||||||||
instruments | pledged | exposure | instruments | pledged | exposure | |||||||||||||
Financial assets subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 23.9 | 4.2 | 0 | 19.7 | 23.6 | 4.9 | 0.1 | 18.6 | ||||||||||
Securities purchased under resale agreements | 81.2 | 81.2 | 0 | 0 | 86.9 | 86.9 | 0 | 0 | ||||||||||
Securities borrowing transactions | 16.7 | 16.3 | 0 | 0.4 | 21 | 20.2 | 0 | 0.8 | ||||||||||
Total financial assets subject to enforceable master netting agreements | 121.8 | 101.7 | 0 | 20.1 | 131.5 | 112 | 0.1 | 19.4 | ||||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 24.9 | 9.6 | 0 | 15.3 | 25.6 | 9.9 | 0 | 15.7 | ||||||||||
Securities sold under repurchase agreements | 50.4 | 50.4 | 0 | 0 | 59.7 | 59.7 | 0 | 0 | ||||||||||
Securities lending transactions | 9.3 | 9.1 | 0 | 0.2 | 6.6 | 6.2 | 0 | 0.4 | ||||||||||
Obligation to return securities received as collateral, at fair value | 17.3 | 16.5 | 0 | 0.8 | 18.5 | 17.5 | 0 | 1 | ||||||||||
Total financial liabilities subject to enforceable master netting agreements | 101.9 | 85.6 | 0 | 16.3 | 110.4 | 93.3 | 0 | 17.1 | ||||||||||
1 | ||||||||||||||||||
The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. | ||||||||||||||||||
Net exposure is subject to further credit mitigation through the transfer of the exposure to other market counterparties by the use of CDS and credit insurance contracts. Therefore the net exposure presented in the table above is not representative for the Group’s counterparty exposure. | ||||||||||||||||||
Tax
Tax | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Tax | ' | |||||||||||
21 Tax | ||||||||||||
The income tax expense of CHF 307 million recorded in 2Q14 reflected the impact of the geographical mix of results, the recognition of additional Swiss deferred tax assets relating to timing differences following certain changes in Swiss GAAP and the re-assessment of UK deferred tax assets resulting in a reduction of deferred tax assets on net operating losses. | ||||||||||||
The presentation of income tax expense and deferred tax assets and liabilities is in accordance with ASC Topic 740 – Income Taxes – guidance to interim reporting. | ||||||||||||
The quarterly income tax expense includes the impact of the continuous re-assessment of the estimated annual effective tax rate as well as the impact of items that need to be recorded in the specific interim period in which they occur. | ||||||||||||
Net deferred tax assets related to net operating losses, net deferred tax assets on temporary differences and net deferred tax liabilities are presented in the following manner. Nettable gross deferred tax liabilities are allocated on a pro-rata basis to gross deferred tax assets on net operating losses and gross deferred tax assets on temporary differences. This approach is aligned with the underlying treatment of netting gross deferred tax assets and liabilities under the Basel III framework. Valuation allowances have been allocated against such deferred tax assets on net operating losses first with any remainder allocated to such deferred tax assets on temporary differences. This presentation is considered the most appropriate disclosure given the underlying nature of the gross deferred tax balances. | ||||||||||||
As of June 30, 2014, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 6.6 billion which are considered indefinitely reinvested. The Group would need to accrue and pay taxes on these undistributed earnings if such earnings were repatriated. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. | ||||||||||||
The Group is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease between zero and CHF 55 million in unrecognized tax benefits within 12 months of the reporting date. | ||||||||||||
The Group remains open to examination from federal, state, provincial or similar local jurisdictions from the following years onward in these major countries: Switzerland – 2010; Brazil – 2009; Japan – 2009; the UK – 2006; the US – 2006; and the Netherlands – 2005. | ||||||||||||
Effective tax rate | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Effective tax rate (%) | -88.7 | 31.2 | 28.7 | 60.8 | 27.6 | |||||||
Tax expense reconciliation | ||||||||||||
in | 2Q14 | |||||||||||
CHF million | ||||||||||||
Income tax expense/(benefit) computed at the Swiss statutory tax rate of 22% | -76 | |||||||||||
Increase/(decrease) in income taxes resulting from | ||||||||||||
Foreign tax rate differential | 228 | |||||||||||
Other non-deductible expenses | 386 | |||||||||||
Changes in deferred tax valuation allowance | 505 | |||||||||||
Lower taxed income | -5 | |||||||||||
Income taxable to noncontrolling interests | -10 | |||||||||||
Change in recognition of outside basis difference | -733 | |||||||||||
Other | 12 | |||||||||||
Income tax expense | 307 | |||||||||||
Foreign tax rate differential | ||||||||||||
2Q14 included a foreign tax expense of CHF 228 million in respect of profits earned in higher tax jurisdictions, mainly Brazil and the US. | ||||||||||||
Other non-deductible expenses | ||||||||||||
2Q14 included the impact of CHF 328 million relating to the non-deductible amount of the litigation settlement charge, non-deductible interest expenses of CHF 40 million, non-deductible bank levy costs and other non-deductible expenses of CHF 18 million. | ||||||||||||
Changes in deferred tax valuation allowance | ||||||||||||
2Q14 included the impact of the increase of valuation allowances of CHF 105 million mainly in respect of three of the Group’s operating entities, two in Europe and one in Asia, related to estimated current year earnings. Additionally, it also included an increase in valuation allowance for previously recognized deferred tax assets in respect of a Group operating entity in the UK of CHF 400 million. | ||||||||||||
Lower taxed income | ||||||||||||
2Q14 included a CHF 5 million income tax benefit related to non-taxable life insurance income. | ||||||||||||
Change in recognition of outside basis difference | ||||||||||||
2Q14 included a CHF 733 million income tax benefit related to the enactment of a Swiss GAAP change impacting the expected reversal of the outside basis differences relating to Swiss subsidiary investments. | ||||||||||||
Other | ||||||||||||
2Q14 included a tax charge of CHF 7 million relating to non-recoverable foreign taxes, a tax charge of CHF 6 million relating to non-deductible foreign exchange losses partially offset by a tax benefit of CHF 4 million relating to the net decrease of tax contingency accruals. | ||||||||||||
Net deferred tax assets | ||||||||||||
end of | 2Q14 | 1Q14 | ||||||||||
Net deferred tax assets (CHF million) | ||||||||||||
Deferred tax assets | 5,557 | 5,683 | ||||||||||
of which net operating losses | 758 | 1,436 | ||||||||||
of which deductible temporary differences | 4,799 | 4,247 | ||||||||||
Deferred tax liabilities | -423 | -427 | ||||||||||
Net deferred tax assets | 5,134 | 5,256 | ||||||||||
Employee_deferred_compensation
Employee deferred compensation | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Employee deferred compensation | ' | |||||||||||||||||||||
22 Employee deferred compensation | ||||||||||||||||||||||
The Group’s current and previous deferred compensation plans include share awards, performance share awards, Contingent Capital Awards, Capital Opportunity Facility awards, Plus Bond awards, Partner Asset Facilities awards, Adjustable Performance Plan awards, Restricted Cash Awards, Scaled Incentive Share Units (SISUs), Incentive Share Units (ISUs) and other cash awards. | ||||||||||||||||||||||
> Refer to “Note 28 – Employee deferred compensation” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information. | ||||||||||||||||||||||
The following tables show the expense for deferred compensation awards recognized in the consolidated statements of operations, the estimated unrecognized expense for deferred compensation awards granted in 2Q14 and prior periods and the associated remaining requisite service period over which the unrecognized expense will be recognized. The estimated unrecognized deferred compensation expense was based on the fair value of each award on the date of grant and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments. | ||||||||||||||||||||||
Deferred compensation expense | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Deferred compensation expense (CHF million) | ||||||||||||||||||||||
Share awards | 227 | 250 | 203 | 477 | 457 | |||||||||||||||||
Performance share awards | 156 | 172 | 126 | 328 | 330 | |||||||||||||||||
Contingent Capital Awards | 79 | 96 | – | 175 | – | |||||||||||||||||
Capital Opportunity Facility awards | 4 | 1 | – | 5 | – | |||||||||||||||||
Plus Bond awards 1 | 7 | 10 | 6 | 17 | 16 | |||||||||||||||||
2011 Partner Asset Facility awards 2 | -1 | 11 | -23 | 10 | -30 | |||||||||||||||||
Adjustable Performance Plan share awards 3 | -3 | 1 | 16 | -2 | 21 | |||||||||||||||||
Adjustable Performance Plan cash awards 3 | -11 | -2 | 2 | -13 | -1 | |||||||||||||||||
Restricted Cash Awards | 24 | 23 | 37 | 47 | 91 | |||||||||||||||||
Scaled Incentive Share Units 3 | -3 | 0 | 17 | -3 | 24 | |||||||||||||||||
Incentive Share Units 4 | 0 | 0 | 0 | 0 | -2 | |||||||||||||||||
2008 Partner Asset Facility awards 2 | 61 | 22 | 11 | 83 | 53 | |||||||||||||||||
Other cash awards | 98 | 128 | 120 | 226 | 237 | |||||||||||||||||
Discontinued operations | -6 | -3 | -5 | -9 | -6 | |||||||||||||||||
Total deferred compensation expense | 632 | 709 | 510 | 1,341 | 1,190 | |||||||||||||||||
1 | ||||||||||||||||||||||
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in 1Q13 and expensed over a three-year vesting period. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes forfeitures and downward adjustments according to the plan terms and conditions. | ||||||||||||||||||||||
4 | ||||||||||||||||||||||
Includes forfeitures. | ||||||||||||||||||||||
Additional information | ||||||||||||||||||||||
end of | 2Q14 | |||||||||||||||||||||
Estimated unrecognized deferred compensation expense (CHF million) | ||||||||||||||||||||||
Share awards | 1,195 | |||||||||||||||||||||
Performance share awards | 535 | |||||||||||||||||||||
Contingent Capital Awards | 276 | |||||||||||||||||||||
Capital Opportunity Facility awards | 6 | |||||||||||||||||||||
Plus Bond awards | 10 | |||||||||||||||||||||
Adjustable Performance Plan share awards | 4 | |||||||||||||||||||||
Adjustable Performance Plan cash awards | 5 | |||||||||||||||||||||
Restricted Cash Awards | 82 | |||||||||||||||||||||
Other cash awards | 220 | |||||||||||||||||||||
Estimated unrecognized deferred compensation expense | 2,333 | |||||||||||||||||||||
Weighted-average requisite service period (years) | ||||||||||||||||||||||
Aggregate remaining weighted-average requisite service period | 1.2 | |||||||||||||||||||||
2Q14 activity | ||||||||||||||||||||||
In June 2014, the Group granted to certain employees 2.7 million in share awards with a fair value of CHF 66 million for the 2014 performance year. The share awards entitle the holder to receive one Group share for each award granted, subject to the award terms, and vest equally on each of the three years anniversaries of the grant date. | ||||||||||||||||||||||
Share-based award activity | ||||||||||||||||||||||
2Q14 | 6M14 | |||||||||||||||||||||
Number of awards (in millions) | Adjustable | Adjustable | ||||||||||||||||||||
Performance | Performance | |||||||||||||||||||||
Performance | Plan | Performance | Plan | |||||||||||||||||||
Share | share | share | SISU | ISU | Share | share | share | SISU | ISU | |||||||||||||
awards | awards | awards | awards | awards | awards | awards | awards | awards | awards | |||||||||||||
Share-based award activities | ||||||||||||||||||||||
Balance at beginning of period | 103.6 | 65.7 | 15.3 | 4.7 | 1 | 72.9 | 41.4 | 14.5 | 4.7 | 1.2 | ||||||||||||
Granted | 3.2 | 0 | 0 | 0 | 0 | 35.2 | 24.3 | 0.8 | 1 | 0 | 0 | |||||||||||
Settled | -27 | -15.9 | -7.6 | -4.5 | 0 | -28 | -15.9 | -7.6 | -4.5 | 0 | ||||||||||||
Forfeited | -1.4 | -0.4 | -0.2 | -0.1 | -0.3 | -1.7 | -0.4 | -0.2 | -0.1 | -0.5 | ||||||||||||
Balance at end of period | 78.4 | 49.4 | 7.5 | 0.1 | 0.7 | 78.4 | 49.4 | 7.5 | 0.1 | 0.7 | ||||||||||||
of which vested | 5 | 2.6 | 1 | 0.1 | 0.1 | 5 | 2.6 | 1 | 0.1 | 0.1 | ||||||||||||
of which unvested | 73.4 | 46.8 | 6.5 | 0 | 0.6 | 73.4 | 46.8 | 6.5 | 0 | 0.6 | ||||||||||||
1 | ||||||||||||||||||||||
Represents additional units earned in 1Q14 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. | ||||||||||||||||||||||
Pension_and_other_postretireme
Pension and other post-retirement benefits | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Pension and other post-retirement benefits | ' | |||||||||||
23 Pension and other post-retirement benefits | ||||||||||||
The Group previously disclosed that it expected to contribute CHF 529 million to the Swiss and international defined benefit plans and other post-retirement defined benefit plans in 2014. As of the end of 2Q14, CHF 259 million of contributions had been made. | ||||||||||||
Components of total benefit costs | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Total benefit costs (CHF million) | ||||||||||||
Service costs on benefit obligation | 69 | 69 | 94 | 138 | 188 | |||||||
Interest costs on benefit obligation | 120 | 120 | 108 | 240 | 217 | |||||||
Expected return on plan assets | -181 | -181 | -184 | -362 | -368 | |||||||
Amortization of recognized prior service cost/(credit) | -22 | -22 | -23 | -44 | -46 | |||||||
Amortization of recognized actuarial losses | 50 | 50 | 87 | 100 | 173 | |||||||
Net periodic benefit costs | 36 | 36 | 82 | 72 | 164 | |||||||
Settlement losses/(gains) | 0 | 0 | 1 | 0 | 1 | |||||||
Curtailment losses/(gains) | -7 | -3 | -17 | -10 | -28 | |||||||
Special termination benefits | 4 | 3 | 4 | 7 | 12 | |||||||
Total benefit costs | 33 | 36 | 70 | 69 | 149 | |||||||
Derivatives_and_hedging_activi
Derivatives and hedging activities | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Derivatives and hedging activities | ' | |||||||||||||||||||||
24 Derivatives and hedging activities | ||||||||||||||||||||||
> Refer to “Note 31 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information. | ||||||||||||||||||||||
Fair value of derivative instruments | ||||||||||||||||||||||
The tables below present gross derivative replacement values by type of contract and balance sheet location and whether the derivative is used for trading purposes or in a qualifying hedging relationship. Notional amounts have also been provided as an indication of the volume of derivative activity within the Group. | ||||||||||||||||||||||
Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. | ||||||||||||||||||||||
> Refer to “Note 27 – Financial instruments” for further information. | ||||||||||||||||||||||
Fair value of derivative instruments | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2Q14 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 11,635.40 | 4.4 | 4.8 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 27,381.70 | 340.7 | 333.5 | 55.6 | 2.7 | 0.9 | ||||||||||||||||
Options bought and sold (OTC) | 3,705.90 | 48.8 | 48.4 | 0 | 0 | 0 | ||||||||||||||||
Futures | 1,287.20 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 688.8 | 0.2 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 44,699.00 | 394.1 | 386.8 | 55.6 | 2.7 | 0.9 | ||||||||||||||||
Forwards | 1,992.90 | 12.3 | 12.7 | 25.3 | 0.2 | 0.1 | ||||||||||||||||
Swaps | 1,409.40 | 23 | 34.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 952.6 | 8.5 | 9.3 | 9.8 | 0 | 0 | ||||||||||||||||
Futures | 49.7 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 14.5 | 0.1 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,419.10 | 43.9 | 57 | 35.1 | 0.2 | 0.1 | ||||||||||||||||
Forwards | 4.3 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 263.4 | 5.1 | 7.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 242.1 | 10.4 | 10 | 0 | 0 | 0 | ||||||||||||||||
Futures | 56.9 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 430.3 | 14.5 | 15.9 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 997 | 30.7 | 33.9 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,356.40 | 25.7 | 26.3 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 20.2 | 0.6 | 0.4 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 48.1 | 2.7 | 2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 34 | 0.9 | 0.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 30.7 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 51.8 | 0.6 | 0.7 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 184.8 | 4.8 | 3.9 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 51,656.30 | 499.2 | 507.9 | 90.7 | 2.9 | 1 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 51,747.0 billion, CHF 502.1 billion and CHF 508.9 billion, respectively, as of June 30, 2014. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value of derivative instruments (continued) | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 4Q13 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 9,366.20 | 2.5 | 2.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 30,589.60 | 399.6 | 393.8 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Options bought and sold (OTC) | 3,889.50 | 44.3 | 44.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 830.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 705.9 | 0.3 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 45,382.00 | 446.7 | 441.5 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Forwards | 2,098.00 | 21.6 | 21.5 | 30.5 | 0.3 | 0.1 | ||||||||||||||||
Swaps | 1,382.10 | 28.9 | 39.2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 815.6 | 10.7 | 11.6 | 9.4 | 0 | 0 | ||||||||||||||||
Futures | 48.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 5.5 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,350.00 | 61.3 | 72.5 | 39.9 | 0.3 | 0.1 | ||||||||||||||||
Forwards | 4 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 236.1 | 5.4 | 7.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 225.3 | 12.2 | 12 | 0 | 0 | 0 | ||||||||||||||||
Futures | 50.6 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 416.2 | 17 | 17.2 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 932.2 | 35.3 | 37.2 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,483.30 | 26.8 | 27.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 19.2 | 0.7 | 1.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 45.4 | 2.9 | 2.5 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 35.2 | 1.1 | 1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 31.1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 48.9 | 0.7 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 179.8 | 5.4 | 5.5 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 52,327.30 | 575.5 | 583.9 | 108.4 | 3.1 | 0.8 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 52,435.7 billion, CHF 578.6 billion and CHF 584.7 billion, respectively, as of December 31, 2013. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Netting of derivative instruments | ||||||||||||||||||||||
> Refer to “Derivatives” in Note 20 – Offsetting of financial assets and financial liabilities for further information of the netting of derivative instruments. | ||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Gains/(losses) recognized in income on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | -26 | -290 | 249 | -316 | 337 | |||||||||||||||||
Foreign exchange products | 2 | 0 | -6 | 2 | -8 | |||||||||||||||||
Total | -24 | -290 | 243 | -314 | 329 | |||||||||||||||||
Gains/(losses) recognized in income on hedged items (CHF million) | ||||||||||||||||||||||
Interest rate products | 16 | 300 | -253 | 316 | -339 | |||||||||||||||||
Foreign exchange products | -2 | 0 | 6 | -2 | 8 | |||||||||||||||||
Total | 14 | 300 | -247 | 314 | -331 | |||||||||||||||||
Details of fair value hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -10 | 10 | -4 | 0 | -2 | |||||||||||||||||
Represents gains/(losses) recognized in trading revenues. | ||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | 13 | 14 | -25 | 27 | -20 | |||||||||||||||||
Foreign exchange products | 5 | 9 | 5 | 14 | 2 | |||||||||||||||||
Total | 18 | 23 | -20 | 41 | -18 | |||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Interest rate products 1 | 5 | 4 | -1 | 9 | 0 | |||||||||||||||||
Foreign exchange products 2 | 0 | -1 | -1 | -1 | -2 | |||||||||||||||||
Total | 5 | 3 | -2 | 8 | -2 | |||||||||||||||||
Details of cash flow hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion 1 | -1 | 0 | 0 | -1 | 0 | |||||||||||||||||
1 | ||||||||||||||||||||||
Included in trading revenues. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
As of the end of 2Q14, the maximum length of time over which the Group hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. | ||||||||||||||||||||||
The net gain associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months is CHF 15 million. | ||||||||||||||||||||||
Net investment hedges | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Foreign exchange products | -279 | 59 | 260 | -220 | -291 | |||||||||||||||||
Total | -279 | 59 | 260 | -220 | -291 | |||||||||||||||||
Represents gains/(losses) on effective portion. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
The Group includes all derivative instruments not included in hedge accounting relationships in its trading activities. | ||||||||||||||||||||||
> Refer to “Note 8 – Trading revenues” for gains and losses on trading activities by product type. | ||||||||||||||||||||||
Disclosures relating to contingent credit risk | ||||||||||||||||||||||
Certain of the Group’s derivative instruments contain provisions that require it to maintain a specified credit rating from each of the major credit rating agencies. If the ratings fall below the level specified in the contract, the counterparties to the agreements could request payment of additional collateral on those derivative instruments that are in a net liability position. Certain of the derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Group or the counterparty, at the existing mark-to-market replacement value of the derivative contract. | ||||||||||||||||||||||
The following table provides the Group’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and SPEs that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch and a two-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the NRV and a percentage of the notional value of the derivative. | ||||||||||||||||||||||
Contingent credit risk | ||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||
end of | Special | Total | Special | Total | ||||||||||||||||||
Bilateral | purpose | Accelerated | Bilateral | purpose | Accelerated | |||||||||||||||||
counterparties | entities | terminations | counterparties | entities | terminations | |||||||||||||||||
Contingent credit risk (CHF billion) | ||||||||||||||||||||||
Current net exposure | 11.9 | 0.9 | 0.2 | 13 | 11.7 | 1.1 | 0.1 | 12.9 | ||||||||||||||
Collateral posted | 11 | 0.9 | – | 11.9 | 10.6 | 1.2 | – | 11.8 | ||||||||||||||
Additional collateral required in a one-notch downgrade event | 0.6 | 0.6 | 0 | 1.2 | 0.6 | 0.8 | 0 | 1.4 | ||||||||||||||
Additional collateral required in a two-notch downgrade event | 2 | 0.8 | 0.1 | 2.9 | 2.3 | 1.1 | 0 | 3.4 | ||||||||||||||
Credit derivatives | ||||||||||||||||||||||
> Refer to “Note 31 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information on credit derivatives. | ||||||||||||||||||||||
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” tables. 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. | ||||||||||||||||||||||
Certain cash collateralized debt obligations (CDOs) and other derivative instruments were excluded as they do not fall within the scope of US GAAP rules. TRS of CHF 9.9 billion and CHF 7.4 billion as of the end of 2Q14 and 4Q13, 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 | ||||||||||||||||||||||
Credit protection sold is the maximum potential payout, which is based on the notional value of derivatives and represents the amount of future payments that the Group would be required to make as a result of credit risk-related events. | ||||||||||||||||||||||
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. | ||||||||||||||||||||||
Other protection purchased | ||||||||||||||||||||||
In the normal course of business, the Group purchases protection to offset the risk of credit protection sold that may have similar, but not identical, reference instruments and may use similar, but not identical, products, which reduces the total credit derivative exposure. Other protection purchased is based on the notional value of the instruments. | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||
end of | 1 | Net credit | Fair value | 1 | Net credit | Fair value | ||||||||||||||||
Credit | Credit | protection | Other | of credit | Credit | Credit | protection | Other | of credit | |||||||||||||
protection | protection | (sold)/ | protection | protection | protection | protection | (sold)/ | protection | protection | |||||||||||||
sold | purchased | purchased | purchased | sold | sold | purchased | purchased | purchased | sold | |||||||||||||
Single-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -285 | 271.4 | -13.6 | 34.8 | 5.9 | -305.9 | 287.9 | -18 | 37.7 | 5.2 | ||||||||||||
Non-investment grade | -102.2 | 98.5 | -3.7 | 14.8 | 3.2 | -108.7 | 104.9 | -3.8 | 10.5 | 2.5 | ||||||||||||
Total single-name instruments | -387.2 | 369.9 | -17.3 | 49.6 | 9.1 | -414.6 | 392.8 | -21.8 | 48.2 | 7.7 | ||||||||||||
of which sovereign | -77.7 | 75.2 | -2.5 | 8.3 | 0.3 | -88.1 | 85 | -3.1 | 8.9 | -0.4 | ||||||||||||
of which non-sovereign | -309.5 | 294.7 | -14.8 | 41.3 | 8.8 | -326.5 | 307.8 | -18.7 | 39.3 | 8.1 | ||||||||||||
Multi-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -182.6 | 178.4 | -4.2 | 42.8 | 2.9 | -219.1 | 212.1 | -7 | 47.3 | 3.3 | ||||||||||||
Non-investment grade | -62.5 | 54.9 | 3 | -7.6 | 11.3 | 0.8 | -65 | 59 | 3 | -6 | 13.5 | 1.5 | ||||||||||
Total multi-name instruments | -245.1 | 233.3 | -11.8 | 54.1 | 3.7 | -284.1 | 271.1 | -13 | 60.8 | 4.8 | ||||||||||||
of which sovereign | -6 | 11.4 | 5.4 | 1.1 | 0.2 | -10.8 | 10.9 | 0.1 | 1.1 | 0 | ||||||||||||
of which non-sovereign | -239.1 | 221.9 | -17.2 | 53 | 3.5 | -273.3 | 260.2 | -13.1 | 59.7 | 4.8 | ||||||||||||
Total instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -467.6 | 449.8 | -17.8 | 77.6 | 8.8 | -525 | 500 | -25 | 85 | 8.5 | ||||||||||||
Non-investment grade | -164.7 | 153.4 | -11.3 | 26.1 | 4 | -173.7 | 163.9 | -9.8 | 24 | 4 | ||||||||||||
Total instruments | -632.3 | 603.2 | -29.1 | 103.7 | 12.8 | -698.7 | 663.9 | -34.8 | 109 | 12.5 | ||||||||||||
of which sovereign | -83.7 | 86.6 | 2.9 | 9.4 | 0.5 | -98.9 | 95.9 | -3 | 10 | -0.4 | ||||||||||||
of which non-sovereign | -548.6 | 516.6 | -32 | 94.3 | 12.3 | -599.8 | 568 | -31.8 | 99 | 12.9 | ||||||||||||
1 | ||||||||||||||||||||||
Represents credit protection purchased with identical underlyings and recoveries. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Based on internal ratings of BBB and above. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes the Clock Finance transaction. | ||||||||||||||||||||||
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 | 2Q14 | 4Q13 | ||||||||||||||||||||
Credit derivatives (CHF billion) | ||||||||||||||||||||||
Credit protection sold | 632.3 | 698.7 | ||||||||||||||||||||
Credit protection purchased | 603.2 | 663.9 | ||||||||||||||||||||
Other protection purchased | 103.7 | 109 | ||||||||||||||||||||
Other instruments 1 | 17.2 | 11.7 | ||||||||||||||||||||
Total credit derivatives | 1,356.40 | 1,483.30 | ||||||||||||||||||||
1 | ||||||||||||||||||||||
Consists of certain cash collateralized debt obligations, 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 | ||||||||||||||||||||||
end of | Maturity | Maturity | Maturity | Total | ||||||||||||||||||
less | between | greater | ||||||||||||||||||||
than | 1 to 5 | than | ||||||||||||||||||||
1 year | years | 5 years | ||||||||||||||||||||
2Q14 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 82.7 | 258.2 | 46.3 | 387.2 | ||||||||||||||||||
Multi-name instruments | 31.5 | 153.6 | 60 | 245.1 | ||||||||||||||||||
Total instruments | 114.2 | 411.8 | 106.3 | 632.3 | ||||||||||||||||||
4Q13 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 91.2 | 281.4 | 42 | 414.6 | ||||||||||||||||||
Multi-name instruments | 19.2 | 208.2 | 56.7 | 284.1 | ||||||||||||||||||
Total instruments | 110.4 | 489.6 | 98.7 | 698.7 | ||||||||||||||||||
Guarantees_and_commitments
Guarantees and commitments | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Guarantees and commitments | ' | |||||||||||||||||||||
25 Guarantees and commitments | ||||||||||||||||||||||
Guarantees | ||||||||||||||||||||||
In the ordinary course of business, guarantees are provided that contingently obligate Credit Suisse to make payments to third parties if the counterparty fails to fulfill its obligation under a borrowing or other contractual arrangement. The total gross amount disclosed within the Guarantees table reflects the maximum potential payment under the guarantees. The carrying value represents the higher of the initial fair value (generally the related fee received or receivable) less cumulative amortization and the Group’s current best estimate of payments that will be required under existing guarantee arrangements. | ||||||||||||||||||||||
Guarantees provided by the Group are classified as follows: credit guarantees and similar instruments, performance guarantees and similar instruments, securities lending indemnifications, derivatives and other guarantees. | ||||||||||||||||||||||
> Refer to “Guarantees” in V – Consolidated financial statements – Credit Suisse Group – Note 32 – Guarantees and commitments in the Credit Suisse Annual Report 2013 for a detailed description of guarantees. | ||||||||||||||||||||||
Guarantees | ||||||||||||||||||||||
end of | Maturity | Maturity | Total | Total | 1 | |||||||||||||||||
less than | greater than | gross | net | Carrying | Collateral | |||||||||||||||||
1 year | 1 year | amount | amount | value | received | |||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||
Credit guarantees and similar instruments | 2,692 | 1,469 | 4,161 | 3,969 | 11 | 2,214 | ||||||||||||||||
Performance guarantees and similar instruments | 5,026 | 2,429 | 7,455 | 6,603 | 63 | 3,073 | ||||||||||||||||
Securities lending indemnifications | 11,968 | 0 | 11,968 | 11,968 | 0 | 11,968 | ||||||||||||||||
Derivatives 2 | 21,973 | 9,010 | 30,983 | 30,983 | 664 | – | 3 | |||||||||||||||
Other guarantees | 3,303 | 1,241 | 4,544 | 4,533 | 39 | 2,460 | ||||||||||||||||
Total guarantees | 44,962 | 14,149 | 59,111 | 58,056 | 777 | 19,715 | ||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||
Credit guarantees and similar instruments | 2,688 | 1,526 | 4,214 | 4,066 | 14 | 2,333 | ||||||||||||||||
Performance guarantees and similar instruments | 4,910 | 3,136 | 8,046 | 7,125 | 107 | 3,312 | ||||||||||||||||
Securities lending indemnifications | 11,479 | 0 | 11,479 | 11,479 | 0 | 11,479 | ||||||||||||||||
Derivatives 2 | 18,247 | 13,403 | 31,650 | 31,650 | 715 | – | 3 | |||||||||||||||
Other guarantees | 4,003 | 1,212 | 5,215 | 5,191 | 3 | 2,631 | ||||||||||||||||
Total guarantees | 41,327 | 19,277 | 60,604 | 59,511 | 839 | 19,755 | ||||||||||||||||
1 | ||||||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Collateral for derivatives accounted for as guarantees is not significant. | ||||||||||||||||||||||
Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by FINMA or by the compulsory liquidation of another deposit-taking bank, the Group’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Group’s banking subsidiaries in Switzerland, the Group’s share in the deposit insurance guarantee program for the period July 1, 2013 to June 30, 2014 is CHF 0.6 billion. These deposit insurance guarantees were reflected in other guarantees. For the period July 1, 2014 to June 30, 2015, the Group’s share in this deposit insurance guarantee program based on FINMA’s estimate will be unchanged at CHF 0.6 billion. | ||||||||||||||||||||||
Representations and warranties on residential mortgage loans sold | ||||||||||||||||||||||
In connection with Investment Banking’s sale of US residential mortgage loans, the Group has provided certain representations and warranties relating to the loans sold. The Group has provided these representations and warranties relating to sales of loans to: the US government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac; institutional investors, primarily banks; and non-agency, or private label, securitizations. The loans sold are primarily loans that the Group has purchased from other parties. The scope of representations and warranties, if any, depends on the transaction, but can include: ownership of the mortgage loans and legal capacity to sell the loans; loan-to-value ratios and other characteristics of the property, the borrower and the loan; validity of the liens securing the loans and absence of delinquent taxes or related liens; conformity to underwriting standards and completeness of documentation; and origination in compliance with law. If it is determined that representations and warranties were breached, the Group may be required to repurchase the related loans or indemnify the investors to make them whole for losses. Whether the Group will incur a loss in connection with repurchases and make whole payments depends on: the extent to which claims are made; the validity of such claims (including the likelihood and ability to enforce claims); whether the Group can successfully claim against parties that sold loans to the Group and made representations and warranties to the Group; the residential real estate market, including the number of defaults; and whether the obligations of the securitization vehicles were guaranteed or insured by third parties. | ||||||||||||||||||||||
With respect to its outstanding repurchase claims, the Group is unable to estimate reasonably possible losses in excess of the amounts accrued because of the heterogeneity of its portfolio, the complexity of legal and factual determinations related to each claim, the limited amount of discovery and/or other factors. | ||||||||||||||||||||||
The following tables present the total amount of residential mortgage loans sold during the period from January 1, 2004 to June 30, 2014 by counterparty type and the development of outstanding repurchase claims and provisions for outstanding repurchase claims in 2Q14, 1Q14 and 2Q13, including realized losses from the repurchase of residential mortgage loans sold. | ||||||||||||||||||||||
Residential mortgage loans sold | ||||||||||||||||||||||
January 1, 2004 to June 30, 2014 (USD billion) | ||||||||||||||||||||||
Government-sponsored enterprises | 8.2 | |||||||||||||||||||||
Private investors 1 | 24 | |||||||||||||||||||||
Non-agency securitizations | 134.5 | 2 | ||||||||||||||||||||
Total residential mortgage loans sold | 166.7 | |||||||||||||||||||||
1 | ||||||||||||||||||||||
Primarily banks. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Of the total residential mortgage loans sold to non-agency securitizations USD 25.3 billion were outstanding as of the end of 2Q14. The difference of the total balance of mortgage loans sold and the outstanding balance as of the end of 2Q14 is attributable to borrower payments of USD 90.1 billion and losses of USD 19.1 billion due to loan defaults. | ||||||||||||||||||||||
Residential mortgage loans sold – outstanding repurchase claims | ||||||||||||||||||||||
2Q14 | 1Q14 | |||||||||||||||||||||
Government- | Non-agency | Total | Government- | Non-agency | Total | |||||||||||||||||
sponsored | Private | securitiza- | sponsored | Private | securitiza- | |||||||||||||||||
enterprises | investors | tions | enterprises | investors | tions | |||||||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||||||
Balance at beginning of period | 69 | 418 | 83 | 570 | 77 | 420 | 83 | 580 | ||||||||||||||
New claims | 3 | 0 | 314 | 317 | 6 | 1 | 6 | 13 | ||||||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other settlements | -1 | -415 | 0 | -416 | 2 | -3 | -1 | -5 | -9 | 2 | ||||||||||||
Total claims settled | -1 | -415 | 0 | -416 | -3 | -1 | -5 | -9 | ||||||||||||||
Claims rescinded | -4 | 0 | 0 | -4 | -11 | 0 | 0 | -11 | ||||||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | 0 | -314 | -314 | 0 | -2 | -1 | -3 | ||||||||||||||
Balance at end of period | 67 | 3 | 83 | 153 | 69 | 418 | 83 | 570 | ||||||||||||||
2Q13 | ||||||||||||||||||||||
Government- | Non-agency | Total | ||||||||||||||||||||
sponsored | Private | securitiza- | ||||||||||||||||||||
enterprises | investors | tions | ||||||||||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||||||
Balance at beginning of period | 67 | 482 | 1,398 | 1,947 | ||||||||||||||||||
New claims | 24 | 93 | 149 | 266 | ||||||||||||||||||
Claims settled through repurchases | -1 | 0 | -2 | -3 | 1 | |||||||||||||||||
Other settlements | -5 | -155 | -4 | -164 | 2 | |||||||||||||||||
Total claims settled | -6 | -155 | -6 | -167 | ||||||||||||||||||
Claims rescinded | -4 | 0 | 0 | -4 | ||||||||||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | 0 | -347 | -347 | ||||||||||||||||||
Balance at end of period | 81 | 420 | 1,194 | 1,695 | ||||||||||||||||||
1 | ||||||||||||||||||||||
Settled at a repurchase price of USD 3 million. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Settled at USD 59 million, USD 7 million and USD 20 million in 2Q14, 1Q14 and 2Q13, respectively. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||||||
Residential mortgage loans sold – outstanding repurchase claims (continued) | ||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||
Government- | Non-agency | Total | Government- | Non-agency | Total | |||||||||||||||||
sponsored | Private | securitiza- | sponsored | Private | securitiza- | |||||||||||||||||
enterprises | investors | tions | enterprises | investors | tions | |||||||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||||||
Balance at beginning of period | 77 | 420 | 83 | 580 | 67 | 464 | 1,395 | 1,926 | ||||||||||||||
New claims | 9 | 1 | 320 | 330 | 36 | 115 | 489 | 640 | ||||||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | -4 | 0 | -2 | -6 | 1 | |||||||||||||
Other settlements | -4 | -416 | -5 | -425 | 2 | -8 | -155 | -7 | -170 | 2 | ||||||||||||
Total claims settled | -4 | -416 | -5 | -425 | -12 | -155 | -9 | -176 | ||||||||||||||
Claims rescinded | -15 | 0 | 0 | -15 | -10 | -4 | 0 | -14 | ||||||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | -2 | -315 | -317 | 0 | 0 | -681 | -681 | ||||||||||||||
Balance at end of period | 67 | 3 | 83 | 153 | 81 | 420 | 1,194 | 1,695 | ||||||||||||||
1 | ||||||||||||||||||||||
Settled at a repurchase price of USD 6 million. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Settled at USD 66 million and USD 25 million in 6M14 and 6M13, respectively. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||||||
Provisions for outstanding repurchase claims | ||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | ||||||||||||||||||
Provisions for outstanding repurchase claims (USD million) 1 | ||||||||||||||||||||||
Balance at beginning of period | 136 | 146 | 59 | 146 | 55 | |||||||||||||||||
Increase/(decrease) in provisions, net | -17 | -3 | 62 | -20 | 74 | |||||||||||||||||
Realized losses 2 | -59 | 3 | -7 | 4 | -23 | -66 | 3 | -31 | ||||||||||||||
Balance at end of period | 60 | 5 | 136 | 6 | 98 | 5 | 60 | 5 | 98 | 5 | ||||||||||||
1 | ||||||||||||||||||||||
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 29 – Litigation" for further information. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Includes indemnifications paid to resolve loan repurchase claims. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily related to private investors. | ||||||||||||||||||||||
4 | ||||||||||||||||||||||
Primarily related to non-agency securitizations. | ||||||||||||||||||||||
5 | ||||||||||||||||||||||
Primarily related to government-sponsored enterprises. | ||||||||||||||||||||||
6 | ||||||||||||||||||||||
Primarily related to government-sponsored enterprises and private investors. | ||||||||||||||||||||||
Representations and warranties relating to residential mortgage loans sold to non-agency securitization vehicles are more limited in scope than those relating to residential mortgage loans sold to GSEs, and it can be more difficult to establish causation and standing in making a repurchase claim for breach of representations and warranties on residential mortgage loans sold in non-agency securitizations. The Group is involved in litigation relating to representations and warranties on residential mortgage loans sold. | ||||||||||||||||||||||
> Refer to “Note 29 – Litigation” for further information. | ||||||||||||||||||||||
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 the Guarantees and commitments disclosure of repurchase claims and related loss contingencies and provisions but are addressed in litigation and related loss contingencies and provisions. | ||||||||||||||||||||||
Repurchase claims relating to residential mortgage loans sold may increase in the future based on the large number of defaults in residential mortgages, including those sold or securitized by the Group. | ||||||||||||||||||||||
Disposal-related contingencies and other indemnifications | ||||||||||||||||||||||
The Group has certain guarantees for which its maximum contingent liability cannot be quantified. These guarantees include disposal-related contingencies in connection with the sale of assets or businesses, and other indemnifications. These guarantees are not reflected in the “Guarantees” table. | ||||||||||||||||||||||
> Refer to “Disposal-related contingencies and other indemnifications” in V – Consolidated financial statements – Credit Suisse Group – Note 32 – Guarantees and commitments in the Credit Suisse Annual Report 2013 for a description of these guarantees. | ||||||||||||||||||||||
Other commitments | ||||||||||||||||||||||
Other commitments of the Group are classified as follows: irrevocable commitments under documentary credits, irrevocable loan commitments, forward reverse repurchase agreements and other commitments. | ||||||||||||||||||||||
> Refer to “Other commitments” in V – Consolidated financial statements – Credit Suisse Group – Note 32 – Guarantees and commitments in the Credit Suisse Annual Report 2013 for a description of these commitments. | ||||||||||||||||||||||
Other commitments | ||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||
end of | Maturity | Maturity | Total | Total | 1 | Maturity | Maturity | Total | Total | 1 | ||||||||||||
less than | greater than | gross | net | Collateral | less than | greater than | gross | net | Collateral | |||||||||||||
1 year | 1 year | amount | amount | received | 1 year | 1 year | amount | amount | received | |||||||||||||
Other commitments (CHF million) | ||||||||||||||||||||||
Irrevocable commitments under documentary credits | 4,616 | 28 | 4,644 | 4,487 | 2,725 | 5,484 | 28 | 5,512 | 5,452 | 3,381 | ||||||||||||
Irrevocable loan commitments 2 | 38,081 | 70,604 | 108,685 | 104,802 | 52,452 | 27,250 | 69,740 | 96,990 | 92,732 | 47,996 | ||||||||||||
Forward reverse repurchase agreements | 28,969 | 0 | 28,969 | 28,969 | 28,969 | 26,893 | 0 | 26,893 | 26,893 | 26,893 | ||||||||||||
Other commitments | 3,971 | 1,305 | 5,276 | 5,276 | 2,679 | 2,481 | 1,410 | 3,891 | 3,891 | 350 | ||||||||||||
Total other commitments | 75,637 | 71,937 | 147,574 | 143,534 | 86,825 | 62,108 | 71,178 | 133,286 | 128,968 | 78,620 | ||||||||||||
1 | ||||||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Irrevocable loan commitments do not include a total gross amount of CHF 95,482 million and CHF 90,254 million of unused credit limits as of the end of 2Q14 and 4Q13, respectively, which were revocable at the Group's sole discretion upon notice to the client. | ||||||||||||||||||||||
Transfers_of_financial_assets_
Transfers of financial assets and variable interest entities | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Transfers of financial assets and variable interest entities | ' | |||||||||||||||||||||||||
26 Transfers of financial assets and variable interest entities | ||||||||||||||||||||||||||
In the normal course of business, the Group enters into transactions with, and makes use of, SPEs. An SPE is an entity in the form of a trust or other legal structure designed to fulfill a specific limited need of the company that organized it and is generally structured to isolate the SPE’s assets from creditors of other entities, including the Group. The principal uses of SPEs are to assist the Group and its clients in securitizing financial assets and creating investment products. The Group also uses SPEs for other client-driven activity, such as to facilitate financings, and Group tax or regulatory purposes. | ||||||||||||||||||||||||||
Transfers of financial assets | ||||||||||||||||||||||||||
Securitizations | ||||||||||||||||||||||||||
The majority of the Group’s securitization activities involve mortgages and mortgage-related securities and are predominantly transacted using SPEs. In a typical securitization, the SPE purchases assets financed by proceeds received from the SPE’s issuance of debt and equity instruments, certificates, commercial paper (CP) and other notes of indebtedness. These assets and liabilities are recorded on the balance sheet of the SPE and not reflected on the Group’s consolidated balance sheet, unless either the Group sold the assets to the entity and the accounting requirements for sale were not met or the Group consolidates the SPE. | ||||||||||||||||||||||||||
The Group purchases commercial and residential mortgages for the purpose of securitization and sells these mortgage loans to SPEs. These SPEs issue commercial mortgage-backed securities (CMBS), RMBS and asset-backed securities (ABS) that are collateralized by the assets transferred to the SPE and that pay a return based on the returns on those assets. Investors in these mortgage-backed securities or ABS typically have recourse to the assets in the SPEs, unless a third-party guarantee has been received to further enhance the creditworthiness of the assets. The investors and the SPEs have no recourse to the Group’s assets. The Group is typically an underwriter of, and makes a market in, these securities. | ||||||||||||||||||||||||||
The Group also transacts in re-securitizations of previously issued RMBS securities. Typically, certificates issued out of an existing securitization vehicle are sold into a newly created and separate securitization vehicle. Often, these re-securitizations are initiated in order to repackage an existing security to give the investor a higher rated tranche. | ||||||||||||||||||||||||||
The Group also uses SPEs for other asset-backed financings relating to client-driven activity and for Group tax or regulatory purposes. Types of structures included in this category include CDOs, 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. CDOs are collateralized by the assets transferred to the CDO vehicle and pay a return based on the returns on those assets. Leveraged finance structures are used to assist in the syndication of certain loans held by the Group, while repack structures are designed to give a client collateralized exposure to specific cash flows or credit risk backed by collateral purchased from the Group. In these asset-backed financing structures investors typically only have recourse to the collateral of the SPE and do not have recourse to the Group’s assets. | ||||||||||||||||||||||||||
When the Group transfers assets into an SPE, it must assess whether that transfer is accounted for as a sale of the assets. Transfers of assets may not meet sale requirements if the assets have not been legally isolated from the Group and/or if the Group’s continuing involvement is deemed to give it effective control over the assets. If the transfer is not deemed a sale, it is instead accounted for as a secured borrowing, with the transferred assets as collateral. | ||||||||||||||||||||||||||
Gains and losses on securitization transactions depend, in part, on the carrying values of mortgages and CDOs involved in the transfer and are allocated between the assets sold and any beneficial interests retained according to the relative fair values at the date of sale. | ||||||||||||||||||||||||||
The Group does not retain material servicing responsibilities from securitization activities. | ||||||||||||||||||||||||||
The following table provides the gains or losses and proceeds from the transfer of assets relating to 6M14 and 6M13 securitizations of financial assets that qualify for sale accounting and subsequent derecognition, along with the cash flows between the Group and the SPEs used in any securitizations in which the Group still has continuing involvement, regardless of when the securitization occurred. | ||||||||||||||||||||||||||
Securitizations | ||||||||||||||||||||||||||
in | 6M14 | 6M13 | ||||||||||||||||||||||||
Gains and cash flows (CHF million) | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Net gain 1 | 3 | 1 | ||||||||||||||||||||||||
Proceeds from transfer of assets | 1,581 | 3,631 | ||||||||||||||||||||||||
Cash received on interests that continue to be held | 53 | 32 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Net gain 1 | 14 | 2 | ||||||||||||||||||||||||
Proceeds from transfer of assets | 10,842 | 14,257 | ||||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral | -4 | -8 | ||||||||||||||||||||||||
Servicing fees | 1 | 2 | ||||||||||||||||||||||||
Cash received on interests that continue to be held | 206 | 275 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Net gain 1 | 15 | 7 | ||||||||||||||||||||||||
Proceeds from transfer of assets | 964 | 553 | ||||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral 2 | 0 | -65 | ||||||||||||||||||||||||
Cash received on interests that continue to be held | 4 | 329 | ||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. | ||||||||||||||||||||||||||
Continuing involvement in transferred financial assets | ||||||||||||||||||||||||||
The Group may have continuing involvement in the financial assets that are transferred to an SPE which may take several forms, including, but not limited to, servicing, recourse and guarantee arrangements, agreements to purchase or redeem transferred assets, derivative instruments, pledges of collateral and beneficial interests in the transferred assets. | ||||||||||||||||||||||||||
> Refer to “Transfer of financial assets” in V – Consolidated financial statements – Credit Suisse Group – Note 33 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2013 for a detailed description of continuing involvement in transferred financial assets. | ||||||||||||||||||||||||||
The following table provides the outstanding principal balance of assets to which the Group continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of the end of 2Q14 and 4Q13, regardless of when the transfer of assets occurred. | ||||||||||||||||||||||||||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||||||||||||||||||||||||||
end of | 2Q14 | 4Q13 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 36,855 | 37,308 | ||||||||||||||||||||||||
Total assets of SPE | 47,837 | 48,715 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 45,774 | 45,571 | ||||||||||||||||||||||||
Total assets of SPE | 47,591 | 48,741 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Principal amount outstanding | 23,632 | 27,854 | ||||||||||||||||||||||||
Total assets of SPE | 23,632 | 27,854 | ||||||||||||||||||||||||
Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. | ||||||||||||||||||||||||||
Fair value of beneficial interests | ||||||||||||||||||||||||||
The fair value measurement of the beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Group may utilize to hedge the inherent risks. | ||||||||||||||||||||||||||
Key economic assumptions at the time of transfer | ||||||||||||||||||||||||||
> Refer to “Note 27 – Financial instruments” for information on fair value hierarchy levels. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | ||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||
at time of transfer, in | CMBS | RMBS | CMBS | RMBS | ||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 566 | 1,865 | 158 | 1,963 | ||||||||||||||||||||||
of which level 2 | 501 | 1,720 | 141 | 1,922 | ||||||||||||||||||||||
of which level 3 | 65 | 145 | 17 | 41 | ||||||||||||||||||||||
Weighted-average life, in years | 3.6 | 4.6 | 8.9 | 7 | ||||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 1.5 | – | 23 | – | 2 | 6.3 | – | 31 | ||||||||||||||||
Cash flow discount rate (rate per annum), in % 3 | 1 | – | 11 | 2 | – | 17 | 1.6 | – | 8.2 | 0 | – | 45.9 | ||||||||||||||
Expected credit losses (rate per annum), in % | 1 | – | 2 | 2.6 | – | 14 | 0 | – | 7.5 | 0 | – | 45.8 | ||||||||||||||
Transfers of assets in which the Group does not have beneficial interests are not included in this table. | ||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Key economic assumptions as of the reporting date | ||||||||||||||||||||||||||
The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of the end of 2Q14 and 4Q13. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | ||||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||||
CMBS | 1 | RMBS | Other asset- | 2 | CMBS | 1 | RMBS | Other asset- | 2 | |||||||||||||||||
backed | backed | |||||||||||||||||||||||||
financing | financing | |||||||||||||||||||||||||
activities | activities | |||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,297 | 2,761 | 204 | 1,132 | 2,354 | 284 | ||||||||||||||||||||
of which non-investment grade | 8 | 350 | 157 | 26 | 359 | 204 | ||||||||||||||||||||
Weighted-average life, in years | 5.4 | 8.5 | 4.7 | 6.5 | 8.6 | 3.7 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 1.3 | – | 35 | – | – | 1 | – | 23.5 | – | ||||||||||||||||
Impact on fair value from 10% adverse change | – | -31 | – | – | -26.6 | – | ||||||||||||||||||||
Impact on fair value from 20% adverse change | – | -61 | – | – | -48.6 | – | ||||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 1.4 | – | 24.4 | 1.8 | – | 39.6 | 0.2 | – | 21.2 | 1.1 | – | 37.1 | 1.7 | – | 22.4 | 1 | – | 23.1 | ||||||||
Impact on fair value from 10% adverse change | -20.7 | -57.3 | -2.8 | -25.5 | -65 | -2.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -40.6 | -111.5 | -5.5 | -50 | -124.9 | -4.9 | ||||||||||||||||||||
Expected credit losses (rate per annum), in % | 0.9 | – | 23.6 | 1.3 | – | 38.4 | 1.1 | – | 9.7 | 0.2 | – | 36.6 | 0.1 | – | 17.3 | 0.7 | – | 21 | ||||||||
Impact on fair value from 10% adverse change | -9.8 | -34.3 | -0.9 | -10.9 | -42.2 | -0.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -19.6 | -67.3 | -1.7 | -21.5 | -79.6 | -0.7 | ||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
These sensitivities are hypothetical and do not reflect economic hedging activities. Changes in fair value based on a 10% or 20% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the beneficial interests is calculated without changing any other assumption. In practice, changes in one assumption may result in changes in other assumptions (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. | ||||||||||||||||||||||||||
Secured borrowings | ||||||||||||||||||||||||||
The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of the end of 2Q14 and 4Q13. | ||||||||||||||||||||||||||
> Refer to “Note 28 – Assets pledged and collateral” for further information. | ||||||||||||||||||||||||||
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | ||||||||||||||||||||||||||
end of | 2Q14 | 4Q13 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Other assets | 244 | 432 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -244 | -432 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Trading assets | 165 | 216 | ||||||||||||||||||||||||
Other assets | 162 | 157 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -327 | -373 | ||||||||||||||||||||||||
Variable interest entities | ||||||||||||||||||||||||||
As a normal part of its business, the Group engages in various transactions that include entities that are considered VIEs and are grouped into three primary categories: CDOs, CP conduits and financial intermediation. | ||||||||||||||||||||||||||
> Refer to “Variable interest entities” in V – Consolidated financial statements – Credit Suisse Group – Note 33 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2013 for a detailed description of VIEs, CDOs, CP conduit or financial intermediation. | ||||||||||||||||||||||||||
Collateralized debt obligations | ||||||||||||||||||||||||||
The Group engages in CDO transactions to meet client and investor needs, earn fees and sell financial assets. The Group may act as underwriter, placement agent or asset manager and may warehouse assets prior to the closing of a transaction. | ||||||||||||||||||||||||||
Commercial paper conduit | ||||||||||||||||||||||||||
The Group continues to act as the administrator and provider of liquidity and credit enhancement facilities for one asset-backed CP conduit, Alpine, a client-focused multi-seller conduit vehicle. Alpine publishes portfolio and asset data and submits its portfolio to a rating agency for public ratings based on the cash flows of the portfolio taken as a whole. This CP conduit purchases assets, primarily loans and receivables, from clients and finances such purchases through the issuance of CP backed by these assets. For an asset to qualify for acquisition by the CP conduit, it must be rated at least investment grade after giving effect to the related asset-specific credit enhancement primarily provided by the client seller of the asset. The clients provide credit support to investors of the CP conduit in the form of over-collateralization and other asset-specific enhancements. Further, an unaffiliated investor retains a limited first-loss position in Alpine’s entire portfolio. Alpine is a separate legal entity that is wholly owned by the Group. However, its assets are available to satisfy only the claims of its creditors. In addition, the Group, as administrator and liquidity and credit enhancement facilities provider, has significant exposure to and power over the activities of Alpine. Alpine is considered a VIE for accounting purposes and the Group is deemed the primary beneficiary and consolidates this entity. | ||||||||||||||||||||||||||
The overall average maturity of the conduit’s outstanding CP was approximately 53 days and 19 days as of 2Q14 and 4Q13, respectively. As of 2Q14 and 4Q13, Alpine had the highest short-term ratings from Moody’s and Dominion Bond Rating Service and was rated A-1 by Standard & Poor’s and F-1 by Fitch. The majority of Alpine’s purchased assets were highly rated loans or receivables in the consumer sector, including residential, commercial and timeshare mortgages, auto and equipment loans or leases, advance financing receivables and student loans. As of 2Q14 and 4Q13, those assets had an average rating of AA, based on the lowest of each asset’s external or internal rating, and an average maturity of 2.4 years and 2.1 years as of 2Q14 and 4Q13, respectively. | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. | ||||||||||||||||||||||||||
Financial intermediation consists of securitizations, funds, loans and other vehicles. | ||||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||||
The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Group consolidates all VIEs related to financial intermediation for which it was the primary beneficiary. | ||||||||||||||||||||||||||
The consolidated VIEs tables provide the carrying amounts and classifications of the assets and liabilities of consolidated VIEs as of the end of 2Q14 and 4Q13. | ||||||||||||||||||||||||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | CP | Securi- | Funds | Loans | Other | Total | |||||||||||||||||||
Conduit | tizations | |||||||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 619 | 0 | 50 | 113 | 100 | 34 | 916 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,224 | 0 | 0 | 0 | 0 | 1,224 | |||||||||||||||||||
Trading assets | 768 | 51 | 0 | 1,507 | 731 | 382 | 3,439 | |||||||||||||||||||
Investment securities | 0 | 59 | 0 | 0 | 0 | 0 | 59 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 46 | 1,489 | 393 | 1,928 | |||||||||||||||||||
Net loans | 0 | 579 | 876 | 0 | 18 | 535 | 2,008 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 423 | 72 | 495 | |||||||||||||||||||
Other assets | 6,881 | 1,639 | 3,424 | 3 | 228 | 1,640 | 13,815 | |||||||||||||||||||
of which loans held-for-sale | 6,843 | 0 | 2,245 | 0 | 54 | 0 | 9,142 | |||||||||||||||||||
Total assets of consolidated VIEs | 8,268 | 3,552 | 4,350 | 1,669 | 2,989 | 3,056 | 23,884 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 269 | 269 | |||||||||||||||||||
Trading liabilities | 6 | 0 | 0 | 0 | 7 | 3 | 16 | |||||||||||||||||||
Short-term borrowings | 0 | 8,733 | 0 | 0 | 0 | 0 | 8,733 | |||||||||||||||||||
Long-term debt | 8,260 | 21 | 2,796 | 327 | 87 | 366 | 11,857 | |||||||||||||||||||
Other liabilities | 24 | 40 | 196 | 19 | 154 | 426 | 859 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 8,290 | 8,794 | 2,992 | 346 | 248 | 1,064 | 21,734 | |||||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 702 | 1 | 2 | 100 | 87 | 60 | 952 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,959 | 0 | 0 | 0 | 0 | 1,959 | |||||||||||||||||||
Trading assets | 869 | 51 | 3 | 1,687 | 665 | 335 | 3,610 | |||||||||||||||||||
Investment securities | 0 | 100 | 0 | 0 | 0 | 0 | 100 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 0 | 1,491 | 492 | 1,983 | |||||||||||||||||||
Net loans | 0 | 2,012 | 885 | 0 | 779 | 531 | 4,207 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 447 | 66 | 513 | |||||||||||||||||||
Other assets | 7,516 | 1,473 | 3,353 | 0 | 308 | 1,680 | 14,330 | |||||||||||||||||||
of which loans held-for-sale | 7,479 | 0 | 3,093 | 0 | 56 | 0 | 10,628 | |||||||||||||||||||
Total assets of consolidated VIEs | 9,087 | 5,596 | 4,243 | 1,787 | 3,777 | 3,164 | 27,654 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 265 | 265 | |||||||||||||||||||
Trading liabilities | 9 | 0 | 0 | 0 | 8 | 76 | 93 | |||||||||||||||||||
Short-term borrowings | 0 | 4,280 | 0 | 7 | 0 | -1 | 4,286 | |||||||||||||||||||
Long-term debt | 9,067 | 17 | 3,187 | 179 | 93 | 449 | 12,992 | |||||||||||||||||||
Other liabilities | 34 | 16 | 67 | 2 | 153 | 438 | 710 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 9,110 | 4,313 | 3,254 | 188 | 254 | 1,227 | 18,346 | |||||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||||||||||||
The non-consolidated VIEs tables provide the carrying amounts and classification of the assets and liabilities of variable interests recorded in the Group’s consolidated balance sheets, maximum exposure to loss and total assets of the non-consolidated VIEs. | ||||||||||||||||||||||||||
Certain VIEs have not been included in the following table, including VIEs structured by third parties in which the Group’s interest is in the form of securities held in the Group’s inventory, certain single-asset financing vehicles not sponsored by the Group to which the Group provides financing but has very little risk of loss due to over-collateralization and guarantees, failed sales where the Group does not have any other holdings and other entities out of scope. | ||||||||||||||||||||||||||
> Refer to “Variable interest entities” in V – Consolidated financial statements – Credit Suisse Group – Note 33 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2013 for further information on non-consolidated VIEs. | ||||||||||||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | Securi- | Funds | Loans | Other | Total | ||||||||||||||||||||
tizations | ||||||||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 141 | 5,071 | 1,322 | 575 | 613 | 7,722 | ||||||||||||||||||||
Net loans | 174 | 717 | 2,858 | 1,682 | 1,128 | 6,559 | ||||||||||||||||||||
Other assets | 0 | 4 | 30 | 0 | 187 | 221 | ||||||||||||||||||||
Total variable interest assets | 315 | 5,792 | 4,210 | 2,257 | 1,928 | 14,502 | ||||||||||||||||||||
Maximum exposure to loss | 1,417 | 9,674 | 4,373 | 6,284 | 2,017 | 23,765 | ||||||||||||||||||||
Non-consolidated VIE assets | 9,140 | 96,746 | 64,524 | 27,684 | 18,483 | 216,577 | ||||||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 183 | 4,920 | 979 | 725 | 713 | 7,520 | ||||||||||||||||||||
Net loans | 2 | 613 | 2,812 | 2,856 | 1,282 | 7,565 | ||||||||||||||||||||
Other assets | 0 | 0 | 47 | 0 | 6 | 53 | ||||||||||||||||||||
Total variable interest assets | 185 | 5,533 | 3,838 | 3,581 | 2,001 | 15,138 | ||||||||||||||||||||
Maximum exposure to loss | 186 | 7,496 | 4,026 | 7,433 | 2,090 | 21,231 | ||||||||||||||||||||
Non-consolidated VIE assets | 10,211 | 101,524 | 55,509 | 31,144 | 19,450 | 217,838 | ||||||||||||||||||||
Financial_instruments
Financial instruments | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Financial instruments | ' | |||||||||||||||||||||||||||
27 Financial instruments | ||||||||||||||||||||||||||||
The disclosure of the Group’s financial instruments below includes the following sections: | ||||||||||||||||||||||||||||
– Concentration of credit risk; | ||||||||||||||||||||||||||||
– Fair value measurement (including fair value hierarchy, transfers between levels; level 3 reconciliation; qualitative and quantitative disclosures of valuation techniques and nonrecurring fair value changes) | ||||||||||||||||||||||||||||
– Fair value option; and | ||||||||||||||||||||||||||||
– Disclosures about fair value of financial instruments not carried at fair value. | ||||||||||||||||||||||||||||
Concentrations of credit risk | ||||||||||||||||||||||||||||
Credit risk concentrations arise when a number of counterparties are engaged in similar business activities, are located in the same geographic region or when there are similar economic features that would cause their ability to meet contractual obligations to be similarly impacted by changes in economic conditions. | ||||||||||||||||||||||||||||
> Refer to “Note 34 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information on the Group’s concentrations of credit risk. | ||||||||||||||||||||||||||||
Fair value measurement | ||||||||||||||||||||||||||||
A significant portion of the Group’s financial instruments are carried at fair value. Deterioration of financial markets could significantly impact the fair value of these financial instruments and the results of operations. | ||||||||||||||||||||||||||||
The fair value of the majority of the Group’s financial instruments is based on quoted prices in active markets or observable inputs. These instruments include government and agency securities, certain CP, most investment grade corporate debt, certain high yield debt securities, exchange-traded and certain OTC derivative instruments and most listed equity securities. | ||||||||||||||||||||||||||||
In addition, the Group holds financial instruments for which no prices are available and which have little or no observable inputs. For these instruments, the determination of fair value requires subjective assessment and judgment, depending on liquidity, pricing assumptions, the current economic and competitive environment and the risks affecting the specific instrument. In such circumstances, valuation is determined based on management’s own judgments about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These instruments include certain OTC derivatives, including equity and credit derivatives, certain corporate equity-linked securities, mortgage-related and CDO securities, private equity investments, certain loans and credit products, including leveraged finance, certain syndicated loans and certain high yield bonds, and life finance instruments. | ||||||||||||||||||||||||||||
The fair value of financial assets and liabilities is impacted by factors such as benchmark interest rates, prices of financial instruments issued by third parties, commodity prices, foreign exchange rates and index prices or rates. In addition, valuation adjustments are an integral part of the valuation process when market prices are not indicative of the credit quality of a counterparty, and are applied to both OTC derivatives and debt instruments. The impact of changes in a counterparty’s credit spreads (known as CVA) is considered when measuring the fair value of assets and the impact of changes in the Group’s own credit spreads (known as DVA) is considered when measuring the fair value of its liabilities. For OTC derivatives, the impact of changes in both the Group’s and the counterparty’s credit standing is considered when measuring their fair value, based on current CDS prices. The adjustments also take into account contractual factors designed to reduce the Group’s credit exposure to a counterparty, such as collateral held and master netting agreements. For hybrid debt instruments with embedded derivative features, the impact of changes in the Group’s credit standing is considered when measuring their fair value, based on current funded debt spreads. | ||||||||||||||||||||||||||||
ASU 2011-04 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. This change to the fair value measurement guidance is consistent with industry practice. As such, the Group continues to apply bid and offer adjustments to net portfolios of cash securities and/or derivative instruments to adjust the value of the net position from a mid-market price to the appropriate bid or offer level that would be realized under normal market conditions for the net long or net short position for a specific market risk. In addition, the Group reflects the net exposure to credit risk for its derivative instruments where the Group has legally enforceable agreements with its counterparties that mitigate credit risk exposure in the event of default. Valuation adjustments are recorded in a reasonable and consistent manner that results in an allocation to the relevant disclosures in the notes to the financial statements as if the valuation adjustment had been allocated to the individual unit of account. | ||||||||||||||||||||||||||||
Fair value hierarchy | ||||||||||||||||||||||||||||
The levels of the fair value hierarchy are defined as follows: | ||||||||||||||||||||||||||||
– Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access. This level of the fair value hierarchy provides the most reliable evidence of fair value and is used to measure fair value whenever available. | ||||||||||||||||||||||||||||
– Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. These inputs include: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current or price quotations vary substantially either over time or among market makers, or in which little information is publicly available; (iii) inputs other than quoted prices that are observable for the asset or liability; or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||||||||||||||||||||||||||
– Level 3: Inputs that are unobservable for the asset or liability. These inputs reflect the Group’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). These inputs are developed based on the best information available in the circumstances, which include the Group’s own data. The Group’s own data used to develop unobservable inputs is adjusted if information indicates that market participants would use different assumptions. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||||||||||
end of 2Q14 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 724 | 0 | 0 | 724 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 309 | 0 | 0 | 309 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 86,517 | 69 | 0 | 86,586 | |||||||||||||||||||||||
Debt | 177 | 698 | 0 | 0 | 875 | |||||||||||||||||||||||
of which corporates | 0 | 655 | 0 | 0 | 655 | |||||||||||||||||||||||
Equity | 20,704 | 32 | 0 | 0 | 20,736 | |||||||||||||||||||||||
Securities received as collateral | 20,881 | 730 | 0 | 0 | 21,611 | |||||||||||||||||||||||
Debt | 39,520 | 60,918 | 4,600 | 0 | 105,038 | |||||||||||||||||||||||
of which foreign governments | 38,953 | 5,224 | 305 | 0 | 44,482 | |||||||||||||||||||||||
of which corporates | 69 | 24,480 | 1,774 | 0 | 26,323 | |||||||||||||||||||||||
of which RMBS | 0 | 23,794 | 548 | 0 | 24,342 | |||||||||||||||||||||||
of which CMBS | 0 | 5,122 | 334 | 0 | 5,456 | |||||||||||||||||||||||
of which CDO | 0 | 2,232 | 1,369 | 0 | 3,601 | |||||||||||||||||||||||
Equity | 81,385 | 6,100 | 674 | 0 | 88,159 | |||||||||||||||||||||||
Derivatives | 8,808 | 485,198 | 5,125 | -468,174 | 30,957 | |||||||||||||||||||||||
of which interest rate products | 2,165 | 390,254 | 1,713 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 210 | 43,251 | 390 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 6,138 | 23,641 | 932 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 24,587 | 1,097 | – | – | |||||||||||||||||||||||
Other | 2,972 | 5,219 | 3,082 | 0 | 11,273 | |||||||||||||||||||||||
Trading assets | 132,685 | 557,435 | 13,481 | -468,174 | 235,427 | |||||||||||||||||||||||
Debt | 2,203 | 1,014 | 0 | 0 | 3,217 | |||||||||||||||||||||||
of which foreign governments | 1,810 | 0 | 0 | 0 | 1,810 | |||||||||||||||||||||||
of which corporates | 0 | 587 | 0 | 0 | 587 | |||||||||||||||||||||||
of which CDO | 0 | 423 | 0 | 0 | 423 | |||||||||||||||||||||||
Equity | 2 | 101 | 3 | 0 | 106 | |||||||||||||||||||||||
Investment securities | 2,205 | 1,115 | 3 | 0 | 3,323 | |||||||||||||||||||||||
Private equity | 0 | 0 | 1,251 | 0 | 1,251 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 579 | 0 | 579 | |||||||||||||||||||||||
Hedge funds | 0 | 159 | 323 | 0 | 482 | |||||||||||||||||||||||
of which debt funds | 0 | 119 | 312 | 0 | 431 | |||||||||||||||||||||||
Other equity investments | 84 | 110 | 1,720 | 0 | 1,914 | |||||||||||||||||||||||
of which private | 0 | 82 | 1,720 | 0 | 1,802 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,605 | 0 | 1,605 | |||||||||||||||||||||||
Other investments | 84 | 269 | 4,899 | 0 | 5,252 | |||||||||||||||||||||||
Loans | 0 | 11,299 | 8,598 | 0 | 19,897 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 5,521 | 5,699 | 0 | 11,220 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,842 | 1,572 | 0 | 6,414 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 66 | 0 | 66 | |||||||||||||||||||||||
Other assets | 4,102 | 22,076 | 5,923 | -828 | 31,273 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 13,300 | 5,242 | 0 | 18,542 | |||||||||||||||||||||||
Total assets at fair value | 159,957 | 680,474 | 33,039 | -469,002 | 404,468 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -80 | -132 | -752 | 0 | -964 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -7,862 | -2,079 | 0 | -9,941 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 159,877 | 672,480 | 30,208 | -469,002 | 393,563 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2Q14 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 998 | 0 | 0 | 998 | |||||||||||||||||||||||
Customer deposits | 0 | 3,142 | 87 | 0 | 3,229 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 60,529 | 0 | 0 | 60,529 | |||||||||||||||||||||||
Debt | 177 | 698 | 0 | 0 | 875 | |||||||||||||||||||||||
of which corporates | 0 | 655 | 0 | 0 | 655 | |||||||||||||||||||||||
Equity | 20,704 | 32 | 0 | 0 | 20,736 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 20,881 | 730 | 0 | 0 | 21,611 | |||||||||||||||||||||||
Debt | 17,778 | 4,744 | 0 | 0 | 22,522 | |||||||||||||||||||||||
of which foreign governments | 17,616 | 407 | 0 | 0 | 18,023 | |||||||||||||||||||||||
of which corporates | 9 | 3,893 | 0 | 0 | 3,902 | |||||||||||||||||||||||
Equity | 17,758 | 310 | 19 | 0 | 18,087 | |||||||||||||||||||||||
Derivatives | 8,959 | 494,139 | 4,896 | -473,474 | 34,520 | |||||||||||||||||||||||
of which interest rate products | 2,207 | 383,422 | 1,185 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 232 | 56,116 | 696 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 6,201 | 26,397 | 1,265 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,055 | 1,291 | – | – | |||||||||||||||||||||||
Trading liabilities | 44,495 | 499,193 | 4,915 | -473,474 | 75,129 | |||||||||||||||||||||||
Short-term borrowings | 0 | 7,031 | 101 | 0 | 7,132 | |||||||||||||||||||||||
Long-term debt | 3 | 59,901 | 10,313 | 0 | 70,217 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 8,134 | 0 | 0 | 8,134 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 26,120 | 7,374 | 0 | 33,494 | |||||||||||||||||||||||
of which non-recourse liabilities | 3 | 8,898 | 2,028 | 0 | 10,929 | |||||||||||||||||||||||
Other liabilities | 0 | 17,460 | 3,325 | -776 | 20,009 | |||||||||||||||||||||||
of which failed sales | 0 | 479 | 727 | 0 | 1,206 | |||||||||||||||||||||||
Total liabilities at fair value | 65,379 | 648,984 | 18,741 | -474,250 | 258,854 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 527 | 0 | 0 | 527 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 311 | 0 | 0 | 311 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 96,383 | 204 | 0 | 96,587 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 41,829 | 63,218 | 5,069 | 0 | 110,116 | |||||||||||||||||||||||
of which foreign governments | 40,199 | 6,980 | 230 | 0 | 47,409 | |||||||||||||||||||||||
of which corporates | 14 | 24,268 | 2,128 | 0 | 26,410 | |||||||||||||||||||||||
of which RMBS | 0 | 23,343 | 436 | 0 | 23,779 | |||||||||||||||||||||||
of which CMBS | 0 | 5,255 | 417 | 0 | 5,672 | |||||||||||||||||||||||
of which CDO | 0 | 3,305 | 1,567 | 0 | 4,872 | |||||||||||||||||||||||
Equity | 70,322 | 5,778 | 595 | 0 | 76,695 | |||||||||||||||||||||||
Derivatives | 6,610 | 563,649 | 5,217 | -543,873 | 31,603 | |||||||||||||||||||||||
of which interest rate products | 1,065 | 444,056 | 1,574 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 8 | 60,807 | 484 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 5,278 | 28,763 | 1,240 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,662 | 1,138 | – | – | |||||||||||||||||||||||
Other | 3,691 | 4,479 | 2,829 | 0 | 10,999 | |||||||||||||||||||||||
Trading assets | 122,452 | 637,124 | 13,710 | -543,873 | 229,413 | |||||||||||||||||||||||
Debt | 1,788 | 1,098 | 0 | 0 | 2,886 | |||||||||||||||||||||||
of which foreign governments | 1,386 | 2 | 0 | 0 | 1,388 | |||||||||||||||||||||||
of which corporates | 0 | 606 | 0 | 0 | 606 | |||||||||||||||||||||||
of which CDO | 0 | 490 | 0 | 0 | 490 | |||||||||||||||||||||||
Equity | 2 | 97 | 2 | 0 | 101 | |||||||||||||||||||||||
Investment securities | 1,790 | 1,195 | 2 | 0 | 2,987 | |||||||||||||||||||||||
Private equity | 0 | 0 | 3,345 | 0 | 3,345 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 2,236 | 0 | 2,236 | |||||||||||||||||||||||
Hedge funds | 0 | 289 | 392 | 0 | 681 | |||||||||||||||||||||||
of which debt funds | 0 | 174 | 329 | 0 | 503 | |||||||||||||||||||||||
Other equity investments | 283 | 55 | 1,632 | 0 | 1,970 | |||||||||||||||||||||||
of which private | 0 | 15 | 1,630 | 0 | 1,645 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,600 | 0 | 1,600 | |||||||||||||||||||||||
Other investments | 283 | 344 | 6,969 | 0 | 7,596 | |||||||||||||||||||||||
Loans | 0 | 11,459 | 7,998 | 0 | 19,457 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 6,302 | 5,309 | 0 | 11,611 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,484 | 1,322 | 0 | 5,806 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 42 | 0 | 42 | |||||||||||||||||||||||
Other assets | 4,861 | 21,530 | 6,159 | -1,032 | 31,518 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 12,770 | 5,615 | 0 | 18,385 | |||||||||||||||||||||||
Total assets at fair value | 150,484 | 770,575 | 35,084 | -544,905 | 411,238 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -246 | -149 | -2,781 | 0 | -3,176 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -8,996 | -2,458 | 0 | -11,454 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 150,238 | 761,430 | 29,845 | -544,905 | 396,608 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 1,450 | 0 | 0 | 1,450 | |||||||||||||||||||||||
Customer deposits | 0 | 3,197 | 55 | 0 | 3,252 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 75,990 | 114 | 0 | 76,104 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 19,037 | 5,311 | 2 | 0 | 24,350 | |||||||||||||||||||||||
of which foreign governments | 18,863 | 603 | 0 | 0 | 19,466 | |||||||||||||||||||||||
of which corporates | 1 | 4,130 | 2 | 0 | 4,133 | |||||||||||||||||||||||
Equity | 15,476 | 309 | 17 | 0 | 15,802 | |||||||||||||||||||||||
Derivatives | 5,879 | 572,444 | 5,545 | -547,385 | 36,483 | |||||||||||||||||||||||
of which interest rate products | 896 | 439,446 | 1,129 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 14 | 71,547 | 938 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 4,691 | 30,622 | 1,896 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,942 | 1,230 | – | – | |||||||||||||||||||||||
Trading liabilities | 40,392 | 578,064 | 5,564 | -547,385 | 76,635 | |||||||||||||||||||||||
Short-term borrowings | 0 | 5,888 | 165 | 0 | 6,053 | |||||||||||||||||||||||
Long-term debt | 0 | 53,589 | 9,780 | 0 | 63,369 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 9,081 | 0 | 0 | 9,081 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 20,679 | 6,217 | 0 | 26,896 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 9,509 | 2,552 | 0 | 12,061 | |||||||||||||||||||||||
Other liabilities | 0 | 19,511 | 2,861 | -399 | 21,973 | |||||||||||||||||||||||
of which failed sales | 0 | 638 | 1,143 | 0 | 1,781 | |||||||||||||||||||||||
Total liabilities at fair value | 61,490 | 739,391 | 18,539 | -547,784 | 271,636 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | ||||||||||||||||||||||||||||
All transfers between level 1 and level 2 are reported through the last day of the reporting period. | ||||||||||||||||||||||||||||
In 6M14, transfers to level 1 out of level 2 were from trading assets and trading liabilities. The transfers were primarily in exchange traded derivatives as they moved closer to maturity and pricing inputs became more observable. Transfers out of level 1 to level 2 were primarily from trading assets. The transfers were primarily in equity as suitable closing prices were unobtainable as of the end of 6M14. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | ||||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||||
in | Transfers | Transfers | Transfers | Transfers | ||||||||||||||||||||||||
to level 1 | out of level 1 | to level 1 | out of level 1 | |||||||||||||||||||||||||
out of level 2 | to level 2 | out of level 2 | to level 2 | |||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 400 | 11 | 471 | 85 | ||||||||||||||||||||||||
Equity | 409 | 78 | 422 | 171 | ||||||||||||||||||||||||
Derivatives | 4,693 | 1 | 4,093 | 1 | ||||||||||||||||||||||||
Trading assets | 5,502 | 90 | 4,986 | 257 | ||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Debt | 312 | 0 | 6 | 17 | ||||||||||||||||||||||||
Equity | 129 | 81 | 250 | 17 | ||||||||||||||||||||||||
Derivatives | 4,746 | 19 | 3,536 | 9 | ||||||||||||||||||||||||
Trading liabilities | 5,187 | 100 | 3,792 | 43 | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
6M14 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | 0 | -135 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69 | |||||||||||||||
Debt | 5,069 | 518 | -1,261 | 3,644 | -3,747 | 0 | 0 | -44 | 410 | 0 | 0 | 11 | 4,600 | |||||||||||||||
of which corporates | 2,128 | 135 | -487 | 837 | -1,062 | 0 | 0 | -59 | 272 | 0 | 0 | 10 | 1,774 | |||||||||||||||
of which RMBS | 436 | 309 | -252 | 430 | -439 | 0 | 0 | 12 | 55 | 0 | 0 | -3 | 548 | |||||||||||||||
of which CMBS | 417 | 44 | -181 | 172 | -102 | 0 | 0 | 1 | -15 | 0 | 0 | -2 | 334 | |||||||||||||||
of which CDO | 1,567 | 17 | -130 | 1,950 | -2,097 | 0 | 0 | -1 | 68 | 0 | 0 | -5 | 1,369 | |||||||||||||||
Equity | 595 | 117 | -231 | 303 | -266 | 0 | 0 | 42 | 118 | 0 | 0 | -4 | 674 | |||||||||||||||
Derivatives | 5,217 | 368 | -266 | 0 | 0 | 1,542 | -2,134 | 19 | 384 | 0 | 0 | -5 | 5,125 | |||||||||||||||
of which interest rate products | 1,574 | 31 | -12 | 0 | 0 | 92 | -361 | 5 | 381 | 0 | 0 | 3 | 1,713 | |||||||||||||||
of which equity/index-related products | 1,240 | 24 | -123 | 0 | 0 | 192 | -257 | 14 | -157 | 0 | 0 | -1 | 932 | |||||||||||||||
of which credit derivatives | 1,138 | 251 | -124 | 0 | 0 | 314 | -504 | -3 | 28 | 0 | 0 | -3 | 1,097 | |||||||||||||||
Other | 2,829 | 279 | -449 | 1,372 | -1,085 | 0 | -122 | 6 | 259 | 0 | 0 | -7 | 3,082 | |||||||||||||||
Trading assets | 13,710 | 1,282 | -2,207 | 5,319 | -5,098 | 1,542 | -2,256 | 23 | 1,171 | 0 | 0 | -5 | 13,481 | |||||||||||||||
Investment securities | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |||||||||||||||
Equity | 5,369 | 0 | -14 | 479 | -3,027 | 0 | 0 | 0 | 33 | 0 | 441 | 13 | 3,294 | |||||||||||||||
Life finance instruments | 1,600 | 0 | 0 | 100 | -154 | 0 | 0 | 0 | 65 | 0 | 0 | -6 | 1,605 | |||||||||||||||
Other investments | 6,969 | 0 | -14 | 579 | -3,181 | 0 | 0 | 0 | 98 | 0 | 441 | 7 | 4,899 | |||||||||||||||
Loans | 7,998 | 109 | -366 | 172 | -912 | 2,516 | -896 | 1 | 4 | 0 | 2 | -30 | 8,598 | |||||||||||||||
of which commercial and industrial loans | 5,309 | 107 | -276 | 161 | -628 | 1,799 | -758 | 1 | 5 | 0 | 0 | -21 | 5,699 | |||||||||||||||
of which financial institutions | 1,322 | 2 | -17 | 11 | -81 | 429 | -98 | 0 | 3 | 0 | 4 | -3 | 1,572 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | 0 | 0 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 66 | |||||||||||||||
Other assets | 6,159 | 1,428 | -1,561 | 2,407 | -2,181 | 347 | -827 | 19 | 127 | 0 | -1 | 6 | 5,923 | |||||||||||||||
of which loans held-for-sale 2 | 5,615 | 1,427 | -1,544 | 2,159 | -2,118 | 346 | -828 | 25 | 152 | 0 | -1 | 9 | 5,242 | |||||||||||||||
Total assets at fair value | 35,084 | 2,819 | -4,283 | 8,503 | -11,372 | 4,405 | -3,979 | 43 | 1,400 | 0 | 440 | -21 | 33,039 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 55 | 0 | 0 | 0 | 0 | 25 | 0 | 0 | 2 | 0 | 0 | 5 | 87 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | 0 | -114 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Trading liabilities | 5,564 | 519 | -754 | 22 | -18 | 838 | -1,766 | 214 | 307 | 0 | 0 | -11 | 4,915 | |||||||||||||||
of which interest rate derivatives | 1,129 | 36 | -6 | 0 | 0 | 42 | -234 | 4 | 216 | 0 | 0 | -2 | 1,185 | |||||||||||||||
of which foreign exchange derivatives | 938 | 0 | -2 | 0 | 0 | 3 | -144 | -4 | -94 | 0 | 0 | -1 | 696 | |||||||||||||||
of which equity/index-related derivatives | 1,896 | 190 | -589 | 0 | 0 | 402 | -691 | 209 | -147 | 0 | 0 | -5 | 1,265 | |||||||||||||||
of which credit derivatives | 1,230 | 266 | -152 | 0 | 0 | 206 | -542 | 7 | 279 | 0 | 0 | -3 | 1,291 | |||||||||||||||
Short-term borrowings | 165 | 13 | -35 | 0 | 0 | 249 | -294 | -1 | 2 | 0 | 0 | 2 | 101 | |||||||||||||||
Long-term debt | 9,780 | 605 | -1,840 | 0 | 0 | 3,386 | -1,885 | 11 | 300 | 0 | 0 | -44 | 10,313 | |||||||||||||||
of which structured notes over two years | 6,217 | 220 | -971 | 0 | 0 | 2,493 | -778 | 8 | 217 | 0 | 0 | -32 | 7,374 | |||||||||||||||
of which non-recourse liabilities | 2,552 | 378 | -583 | 0 | 0 | 330 | -673 | 16 | 14 | 0 | 0 | -6 | 2,028 | |||||||||||||||
Other liabilities | 2,861 | 79 | -93 | 262 | -630 | 633 | -170 | 14 | 94 | 4 | 269 | 2 | 3,325 | |||||||||||||||
of which failed sales | 1,143 | 65 | -42 | 78 | -560 | 0 | 0 | 0 | 47 | 0 | -2 | -2 | 727 | |||||||||||||||
Total liabilities at fair value | 18,539 | 1,216 | -2,836 | 284 | -648 | 5,131 | -4,115 | 238 | 705 | 4 | 269 | -46 | 18,741 | |||||||||||||||
Net assets/(liabilities) at fair value | 16,545 | 1,603 | -1,447 | 8,219 | -10,724 | -726 | 136 | -195 | 695 | -4 | 171 | 25 | 14,298 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Includes unrealized gains recorded in trading revenues of CHF 20 million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
6M13 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 5,888 | 465 | -979 | 3,291 | -4,604 | 0 | 0 | 130 | 150 | 0 | 0 | 170 | 4,511 | |||||||||||||||
of which corporates | 3,192 | 146 | -483 | 1,009 | -2,020 | 0 | 0 | 113 | 9 | 0 | 0 | 91 | 2,057 | |||||||||||||||
of which RMBS | 724 | 257 | -292 | 758 | -638 | 0 | 0 | 6 | 64 | 0 | 0 | 27 | 906 | |||||||||||||||
of which CMBS | 1,023 | 26 | -100 | 129 | -821 | 0 | 0 | -3 | 33 | 0 | 0 | 19 | 306 | |||||||||||||||
of which CDO | 447 | 14 | -39 | 1,384 | -1,008 | 0 | 0 | 2 | 45 | 0 | 0 | 20 | 865 | |||||||||||||||
Equity | 485 | 190 | -173 | 139 | -236 | 0 | 0 | 6 | -2 | 0 | 0 | 14 | 423 | |||||||||||||||
Derivatives | 6,650 | 916 | -897 | 0 | 0 | 721 | -1,004 | 96 | -97 | 0 | 0 | 194 | 6,579 | |||||||||||||||
of which interest rate products | 1,859 | 42 | -198 | 0 | 0 | 164 | -198 | 2 | -161 | 0 | 0 | 50 | 1,560 | |||||||||||||||
of which equity/index-related products | 1,920 | 149 | -258 | 0 | 0 | 116 | -225 | 62 | 250 | 0 | 0 | 62 | 2,076 | |||||||||||||||
of which credit derivatives | 1,294 | 721 | -262 | 0 | 0 | 111 | -302 | 33 | -9 | 0 | 0 | 41 | 1,627 | |||||||||||||||
Other | 2,486 | 165 | -224 | 2,727 | -2,133 | 0 | -65 | 1 | -46 | 0 | 0 | 89 | 3,000 | |||||||||||||||
Trading assets | 15,509 | 1,736 | -2,273 | 6,157 | -6,973 | 721 | -1,069 | 233 | 5 | 0 | 0 | 467 | 14,513 | |||||||||||||||
Investment securities | 170 | 0 | 0 | 166 | -17 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 319 | |||||||||||||||
Equity | 6,366 | 0 | -40 | 745 | -1,329 | 0 | 0 | 0 | -2 | 0 | 276 | 196 | 6,212 | |||||||||||||||
Life finance instruments | 1,818 | 0 | 0 | 100 | -186 | 0 | 0 | 0 | -80 | 0 | 0 | 61 | 1,713 | |||||||||||||||
Other investments | 8,184 | 0 | -40 | 845 | -1,515 | 0 | 0 | 0 | -82 | 0 | 276 | 257 | 7,925 | |||||||||||||||
Loans | 6,619 | 93 | -1,644 | 368 | -834 | 3,593 | -1,193 | -1 | -81 | 0 | 0 | 229 | 7,149 | |||||||||||||||
of which commercial and industrial loans | 4,778 | 81 | -322 | 368 | -595 | 1,346 | -780 | 0 | -126 | 0 | 0 | 149 | 4,899 | |||||||||||||||
of which financial institutions | 1,530 | 11 | -2 | 1 | -119 | 240 | -363 | 0 | -49 | 0 | 0 | 49 | 1,298 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 43 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | 2 | 39 | |||||||||||||||
Other assets | 5,164 | 1,551 | -1,556 | 2,673 | -1,707 | 700 | -501 | 16 | 133 | 0 | 0 | 158 | 6,631 | |||||||||||||||
of which loans held-for-sale | 4,463 | 1,540 | -1,554 | 2,494 | -1,538 | 700 | -501 | 15 | 92 | 0 | 0 | 131 | 5,842 | |||||||||||||||
Total assets at fair value | 35,689 | 3,380 | -5,513 | 10,209 | -11,046 | 5,014 | -2,763 | 248 | -25 | 0 | 270 | 1,113 | 36,576 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 25 | 0 | 0 | 0 | 0 | 53 | 0 | 0 | -13 | 0 | 0 | -3 | 62 | |||||||||||||||
Trading liabilities | 5,356 | 1,024 | -814 | 53 | -155 | 489 | -1,125 | 124 | 252 | 0 | 0 | 165 | 5,369 | |||||||||||||||
of which interest rate derivatives | 1,357 | 59 | -132 | 0 | 0 | 82 | -43 | 3 | -269 | 0 | 0 | 38 | 1,095 | |||||||||||||||
of which foreign exchange derivatives | 1,648 | 15 | -14 | 0 | 0 | 13 | -472 | -1 | 73 | 0 | 0 | 50 | 1,312 | |||||||||||||||
of which equity/index-related derivatives | 1,003 | 111 | -302 | 0 | 0 | 275 | -308 | 90 | 341 | 0 | 0 | 34 | 1,244 | |||||||||||||||
of which credit derivatives | 819 | 808 | -267 | 0 | 0 | 71 | -226 | 40 | 89 | 0 | 0 | 27 | 1,361 | |||||||||||||||
Short-term borrowings | 124 | 46 | -34 | 0 | 0 | 203 | -86 | -4 | -61 | 0 | 0 | 5 | 193 | |||||||||||||||
Long-term debt | 10,098 | 1,728 | -1,209 | 0 | 0 | 2,818 | -2,787 | 16 | -51 | 0 | 0 | 347 | 10,960 | |||||||||||||||
of which structured notes over two years | 6,189 | 321 | -893 | 0 | 0 | 1,966 | -1,160 | 12 | -352 | 0 | 0 | 223 | 6,306 | |||||||||||||||
of which non-recourse liabilities | 2,551 | 1,369 | -196 | 0 | 0 | 438 | -1,274 | 10 | 114 | 0 | 0 | 76 | 3,088 | |||||||||||||||
Other liabilities | 2,848 | 31 | -131 | 62 | -280 | 1 | -58 | -16 | -18 | 26 | 135 | 77 | 2,677 | |||||||||||||||
of which failed sales | 1,160 | 12 | -77 | 45 | -230 | 0 | 0 | -4 | -8 | 0 | 0 | 38 | 936 | |||||||||||||||
Total liabilities at fair value | 18,451 | 2,829 | -2,188 | 115 | -435 | 3,564 | -4,056 | 120 | 109 | 26 | 135 | 591 | 19,261 | |||||||||||||||
Net assets/(liabilities) at fair value | 17,238 | 551 | -3,325 | 10,094 | -10,611 | 1,450 | 1,293 | 128 | -134 | -26 | 135 | 522 | 17,315 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | ||||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||||
in | Trading | Other | Total | Trading | Other | Total | ||||||||||||||||||||||
revenues | revenues | revenues | revenues | revenues | revenues | |||||||||||||||||||||||
Gains and losses on assets and liabilities (CHF million) | ||||||||||||||||||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | 500 | 167 | 667 | 1 | -6 | 109 | 103 | 1 | ||||||||||||||||||||
Whereof: | ||||||||||||||||||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -528 | 74 | -454 | -1,079 | 103 | -976 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. | ||||||||||||||||||||||||||||
Both observable and unobservable inputs may be used to determine the fair value of positions that have been classified within level 3. As a result, the unrealized gains and losses for assets and liabilities within level 3 presented in the table above may include changes in fair value that were attributable to both observable and unobservable inputs. | ||||||||||||||||||||||||||||
The Group employs various economic hedging techniques in order to manage risks, including risks in level 3 positions. Such techniques may include the purchase or sale of financial instruments that are classified in levels 1 and/or 2. The realized and unrealized gains and losses for assets and liabilities in level 3 presented in the table above do not reflect the related realized or unrealized gains and losses arising on economic hedging instruments classified in levels 1 and/or 2. | ||||||||||||||||||||||||||||
Transfers in and out of level 3 | ||||||||||||||||||||||||||||
Transfers into level 3 assets during 6M14 were CHF 2,819 million, primarily from loans held-for-sale and trading assets. The transfers were primarily in the corporate credit and alternative investment businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 6M14 were CHF 4,283 million, primarily in trading assets and loans held-for-sale. The transfers out of level 3 assets were primarily in the corporate credit, alternative investment, emerging markets and prime services businesses due to improved observability of pricing data and increased availability of pricing information from external providers. | ||||||||||||||||||||||||||||
Transfers into level 3 assets during 2Q14 were CHF 1,188 million, primarily from trading assets and loans held-for-sale. The transfers were primarily in the corporate credit business due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2Q14 were CHF 1,928 million, primarily in trading assets and loans held-for-sale. The transfers out of level 3 assets were primarily in the corporate credit, alternative investment and emerging markets businesses due to improved observability of pricing data and increased availability of pricing information from external providers. | ||||||||||||||||||||||||||||
Qualitative disclosures of valuation techniques | ||||||||||||||||||||||||||||
Overview | ||||||||||||||||||||||||||||
The Group has implemented and maintains a valuation control framework, which is supported by policies and procedures that define the principles for controlling the valuation of the Group’s financial instruments. Product Control and Risk Management create, review and approve significant valuation policies and procedures. The framework includes three main internal processes: (i) valuation governance; (ii) independent price verification and significant unobservable inputs review; and (iii) a cross-functional pricing model review. Through this framework, the Group determines the reasonableness of the fair value of its financial instruments. | ||||||||||||||||||||||||||||
On a monthly basis, meetings are held for each business line with senior representatives of the Front Office and Product Control to discuss independent price verification results, valuation adjustments, and other significant valuation issues. On a quarterly basis, a review of significant changes in the fair value of financial instruments is undertaken by Product Control and conclusions are reached regarding the reasonableness of those changes. Additionally, on a quarterly basis, meetings are held for each business line with senior representatives of the Front Office, Product Control, Risk Management, and Financial Accounting to discuss independent price verification results, valuation issues, business and market updates, as well as a review of significant changes in fair value from the prior quarter, significant unobservable inputs and prices used in valuation techniques, and valuation adjustments. | ||||||||||||||||||||||||||||
The results of these meetings are aggregated for presentation to the Valuation and Risk Management Committee (VARMC) and the Audit Committee. The VARMC, which is comprised of Executive Board members and the heads of the business and control functions, meets to review and ratify valuation review conclusions, and to resolve significant valuation issues for the Group. Oversight of the valuation control framework is through specific and regular reporting on valuation directly to the Group’s Executive Board through the VARMC. | ||||||||||||||||||||||||||||
One of the key components of the governance process is the segregation of duties between the Front Office and Product Control. The Front Office is responsible for measuring inventory at fair value on a daily basis, while Product Control is responsible for independently reviewing and validating those valuations on a periodic basis. The Front Office values the inventory using, wherever possible, observable market data which may include executed transactions, dealer quotes, or broker quotes for the same or similar instruments. Product Control validates this inventory using independently sourced data that also includes executed transactions, dealer quotes, and broker quotes. | ||||||||||||||||||||||||||||
Product Control utilizes independent pricing service data as part of their review process. Independent pricing service data is analyzed to ensure that it is representative of fair value including confirming that the data corresponds to executed transactions or executable broker quotes, review and assessment of contributors to ensure they are active market participants, review of statistical data and utilization of pricing challenges. The analysis also includes understanding the sources of the pricing service data and any models or assumptions used in determining the results. The purpose of the review is to judge the quality and reliability of the data for fair value measurement purposes and its appropriate level of usage within the Product Control independent valuation review. | ||||||||||||||||||||||||||||
For certain financial instruments the fair value is estimated in full or in part using valuation techniques based on assumptions that are not supported by market observable prices, rates, or other inputs. In addition, there may be uncertainty about a valuation, which results from the choice of valuation technique or model used, the assumptions embedded in those models, the extent to which inputs are not market observable, or as a consequence of other elements affecting the valuation technique or model. Model calibration is performed when significant new market information becomes available or at a minimum on a quarterly basis as part of the business review of significant unobservable inputs for level 3 instruments. For models that have been deemed to be significant to the overall fair value of the financial instrument, model validation is performed as part of the periodic review of the related model. | ||||||||||||||||||||||||||||
The Group performs a sensitivity analysis of its significant level 3 financial instruments. This sensitivity analysis estimates a fair value range by changing the related significant unobservable inputs value. This sensitivity analysis is an internal mechanism to monitor the impact of reasonable alternative inputs or prices for level 3 financial instruments. Where a model-based technique is used to determine the fair value of the level 3 financial instrument, an alternative input value is utilized to derive an estimated fair value range. Where a price-based technique is used to determine the fair value of the level 3 financial instruments, Front Office professional judgment is used to estimate a fair value range. | ||||||||||||||||||||||||||||
The following information on the valuation techniques and significant unobservable inputs of the various financial instruments, and the sensitivity of fair value measurements to changes in significant unobservable inputs, should be read in conjunction with the tables “Quantitative information about level 3 assets at fair value” and “Quantitative information about level 3 liabilities at fair value”. | ||||||||||||||||||||||||||||
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 are classified within level 3 of the fair value hierarchy. 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 Group with the right to liquidate the collateral held. | ||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||
Foreign governments and corporates | ||||||||||||||||||||||||||||
Government debt securities typically have quoted prices in active markets and are categorized as level 1 instruments. For debt securities for which market prices are not available, valuations 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. | ||||||||||||||||||||||||||||
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 obtained 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 price, buyback probability, correlation and credit spread. 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 the security will be level 3). | ||||||||||||||||||||||||||||
CMBS, RMBS and CDO securities | ||||||||||||||||||||||||||||
Fair values of RMBS, CMBS and CDO 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 for which there are significant unobservable inputs are valued using capitalization rate and discount rate. Price 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, use of a price from a similar instrument, or use of a price from an indicative quote. Fair values determined by market comparable price may include discounted cash flow models using the inputs prepayment rates, default rates, loss severity and discount rates. 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 Group’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, discount rate and capitalization rate. | ||||||||||||||||||||||||||||
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 observable OTC derivatives and are included in level 2 of the fair value hierarchy. If the similar OTC derivative used for valuing the exchange-traded derivative is not observable, than 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. | ||||||||||||||||||||||||||||
Our valuation of derivatives does not include an adjustment for the cost of funding uncollateralized OTC derivatives due to a lack of clear observability in the marketplace. | ||||||||||||||||||||||||||||
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 correlation, volatility, volatility skew, prepayment rate, credit spread, basis spread, mean reversion and gap risk. | ||||||||||||||||||||||||||||
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 prepayment rate and correlation. | ||||||||||||||||||||||||||||
Equity and index-related derivatives | ||||||||||||||||||||||||||||
Equity derivatives include vanilla options and swaps in addition to different types of exotic options. Inputs for equity derivatives can include correlation, volatility, skew and buyback probability. | ||||||||||||||||||||||||||||
Generally, the interrelationship between the volatility and correlation is positively correlated. | ||||||||||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||||||||
Credit derivatives include index and single 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 unobservable inputs such as recovery rate, credit spread, correlation, funding spread and price. These inputs are generally implied from available market observable data. Fair values determined by price may include discounted cash flow models using the inputs prepayment rate, default rate, loss severity and discount rate. | ||||||||||||||||||||||||||||
Other trading assets | ||||||||||||||||||||||||||||
Other trading assets primarily include RMBS loans and life settlement and premium finance instruments. 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 is 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, servicers 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, hedge funds and other equity investments | ||||||||||||||||||||||||||||
Other equity investments principally includes 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 Group 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 net asset values (NAVs). Most of these investments are classified as level 3 of the fair value hierarchy, as there are restrictions imposed upon the redemption of the funds at their NAV in the near term. In some cases, NAVs may be adjusted where there is sufficient evidence that the NAV published by the investment manager is not current with observed market movements, it is probable that these investments will be sold for an amount other than NAV or there exist other circumstances that would require an adjustment to the published NAV. Although rarely adjusted, significant judgment is involved in making any adjustments to the published NAVs. | ||||||||||||||||||||||||||||
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. Unobservable inputs may include credit spread, contingent probability and EBITDA multiple. 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 Group’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, 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 calculated based on the exit price of the collateral, based on current market conditions. | ||||||||||||||||||||||||||||
Both the funded and unfunded portion of revolving credit lines on the corporate lending portfolio are valued using a CDS pricing model, which requires estimates of significant inputs including credit spreads, recovery rates, credit conversion factors, and weighted average life of the loan. Significant unobservable inputs may include credit spread and price. | ||||||||||||||||||||||||||||
The Group’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. | ||||||||||||||||||||||||||||
Accrual based Private Banking & Wealth Management loans, for which an estimated fair value is disclosed in the table “Carrying value and fair value of financial instruments not carried at fair value” below, include consumer loans relating to mortgages, loans collateralized by securities or consumer finance, as well as corporate and institutional loans relating to real estate, commercial and industrial loans, and loans to financial institutions, governments and public institutions. Fair values for these loans are determined by using a discounted cash flow model. Future cash flows are discounted using risk-adjusted discount rates which are derived from observable market interest rates for the applicable maturity and currency and from counterparty-related credit spreads. | ||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||
Accrual based deposits with a stated maturity, for which an estimated fair value is disclosed in the table “Carrying value and fair value of financial instruments not carried at fair value” below, are generally fair valued by using a discounted cash flow model incorporating the Group’s credit spreads. The estimated fair value of accrual accounted deposits without a stated maturity approximates the carrying amount; however, the value does not include an estimate of the value attributed to the long-term relationships with its customers that in the aggregate adds significant value to the Group’s stable deposit base. | ||||||||||||||||||||||||||||
Short-term borrowings and long-term debt | ||||||||||||||||||||||||||||
The Group’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 Group’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 Group’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 long-term debt include buyback probability, gap risk, correlation, volatility, credit spread and price. | ||||||||||||||||||||||||||||
Generally, the interrelationships between volatility, skew, correlation, gap risk and credit spreads 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. | ||||||||||||||||||||||||||||
Short-term financial instruments | ||||||||||||||||||||||||||||
Certain short-term financial instruments are not carried at fair value on the balance sheet, but a fair value has been disclosed in the table “Carrying value and fair value of financial instruments not carried at fair value” below. These instruments include: cash and due from banks, cash collateral receivables and payables and other receivables and payables arising in the ordinary course of business. For these financial instruments, the carrying value approximates the fair value due to the relatively short period of time between their origination and expected realization, as well as the minimal credit risk inherent in these instruments. | ||||||||||||||||||||||||||||
Sensitivity of fair value measurements to changes in significant unobservable inputs | ||||||||||||||||||||||||||||
For level 3 assets with a significant unobservable input of buyback probability, EBITDA multiple, market implied life expectancy (for life finance instruments), correlation, price, volatility, volatility skew, recovery rate, funding spread and contingent probability, in general, an increase in the significant unobservable input would increase the fair value. For level 3 assets with a significant unobservable input of market implied life expectancy (for life settlement and premium finance instruments), capitalization rate, discount rate, prepayment rate and credit spread, in general, an increase in the significant unobservable input would decrease the fair value. | ||||||||||||||||||||||||||||
For level 3 liabilities, in general, an increase in the related significant unobservable inputs would have the inverse impact on fair value. An increase in the significant unobservable input gap risk would increase the fair value. An increase in the significant unobservable inputs basis spread, mean reversion and skew would decrease the fair value. | ||||||||||||||||||||||||||||
Interrelationships between significant unobservable inputs | ||||||||||||||||||||||||||||
Except as noted above, there are no material interrelationships between the significant unobservable inputs for the financial instruments. As the significant unobservable inputs move independently, generally an increase or decrease in one significant unobservable input will have no impact on the other significant unobservable inputs. | ||||||||||||||||||||||||||||
Quantitative disclosures of valuation techniques | ||||||||||||||||||||||||||||
The following tables provide the representative range of minimum and maximum values and the associated weighted averages of each significant unobservable input for level 3 assets and liabilities by the related valuation technique most significant to the related financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value | ||||||||||||||||||||||||||||
end of 2Q14 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 69 | Discounted cash flow | Funding spread, in bp | 350 | 350 | 350 | ||||||||||||||||||||||
Debt | 4,600 | |||||||||||||||||||||||||||
of which corporates | 1,774 | |||||||||||||||||||||||||||
of which | 122 | Option model | Correlation, in % | -83 | 100 | 12 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 59 | ||||||||||||||||||||||||
of which | 427 | Market comparable | Price, in % | 0 | 135 | 89 | ||||||||||||||||||||||
of which | 1,125 | Discounted cash flow | Credit spread, in bp | 9 | 1,445 | 383 | ||||||||||||||||||||||
of which RMBS | 548 | Discounted cash flow | Discount rate, in % | 1 | 32 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 35 | 8 | |||||||||||||||||||||||||
Default rate, in % | 0 | 27 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 42 | |||||||||||||||||||||||||
of which CMBS | 334 | Discounted cash flow | Capitalization rate, in % | 7 | 12 | 8 | ||||||||||||||||||||||
Discount rate, in % | 1 | 26 | 8 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 28 | 14 | |||||||||||||||||||||||||
Default rate, in % | 0 | 14 | 0 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 50 | 2 | |||||||||||||||||||||||||
of which CDO | 1,369 | |||||||||||||||||||||||||||
of which | 110 | Vendor price | Price, in % | 50 | 100 | 95 | ||||||||||||||||||||||
of which | 338 | Discounted cash flow | Discount rate, in % | 2 | 18 | 8 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 7 | 2 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 31 | |||||||||||||||||||||||||
of which | 785 | Market comparable | Price, in % | 89 | 197 | 186 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2Q14 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Equity | 674 | |||||||||||||||||||||||||||
of which | 421 | Market comparable | EBITDA multiple | 3 | 12 | 9 | ||||||||||||||||||||||
Price, in % | 1 | 179 | 48 | |||||||||||||||||||||||||
of which | 25 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,125 | |||||||||||||||||||||||||||
of which interest rate products | 1,713 | Option model | Correlation, in % | 15 | 100 | 80 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 36 | 28 | |||||||||||||||||||||||||
Volatility skew, in % | -8 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 60 | 531 | 137 | |||||||||||||||||||||||||
of which equity/index-related products | 932 | Option model | Correlation, in % | -83 | 100 | 12 | ||||||||||||||||||||||
Volatility, in % | 0 | 170 | 20 | |||||||||||||||||||||||||
of which credit derivatives | 1,097 | Discounted cash flow | Credit spread, in bp | 1 | 1,928 | 117 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 26 | |||||||||||||||||||||||||
Discount rate, in % | 1 | 34 | 15 | |||||||||||||||||||||||||
Default rate, in % | 1 | 22 | 7 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 90 | 57 | |||||||||||||||||||||||||
Correlation, in % | 32 | 97 | 70 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 31 | 5 | |||||||||||||||||||||||||
Other | 3,082 | |||||||||||||||||||||||||||
of which | 2,398 | Market comparable | Price, in % | 0 | 108 | 45 | ||||||||||||||||||||||
of which | 646 | Discounted cash flow | Market implied life expectancy, in years | 3 | 20 | 9 | ||||||||||||||||||||||
Trading assets | 13,481 | |||||||||||||||||||||||||||
Investment securities | 3 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 1,251 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 323 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,720 | |||||||||||||||||||||||||||
of which private | 1,720 | |||||||||||||||||||||||||||
of which | 350 | Discounted cash flow | Contingent probability, in % | 69 | 69 | 69 | ||||||||||||||||||||||
of which | 944 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Life finance instruments | 1,605 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 8 | ||||||||||||||||||||||
Other investments | 4,899 | |||||||||||||||||||||||||||
Loans | 8,598 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,699 | |||||||||||||||||||||||||||
of which | 4,798 | Discounted cash flow | Credit spread, in bp | 11 | 2,692 | 366 | ||||||||||||||||||||||
of which | 637 | Market comparable | Price, in % | 0 | 118 | 92 | ||||||||||||||||||||||
of which financial institutions | 1,572 | Discounted cash flow | Credit spread, in bp | 93 | 813 | 318 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 66 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 5,923 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,242 | |||||||||||||||||||||||||||
of which | 1,707 | Vendor price | Price, in % | 0 | 104 | 99 | ||||||||||||||||||||||
of which | 820 | Discounted cash flow | Credit spread, in bp | 75 | 623 | 270 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 1 | |||||||||||||||||||||||||
of which | 2,424 | Market comparable | Price, in % | 0 | 103 | 68 | ||||||||||||||||||||||
Total level 3 assets at fair value | 33,039 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | Discounted cash flow | Funding spread, in bp | 90 | 350 | 178 | ||||||||||||||||||||||
Debt | 5,069 | |||||||||||||||||||||||||||
of which corporates | 2,128 | |||||||||||||||||||||||||||
of which | 129 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which | 592 | Market comparable | Price, in % | 0 | 112 | 91 | ||||||||||||||||||||||
of which | 807 | Discounted cash flow | Credit spread, in bp | 22 | 957 | 348 | ||||||||||||||||||||||
of which RMBS | 436 | Discounted cash flow | Discount rate, in % | 2 | 33 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 27 | 7 | |||||||||||||||||||||||||
Default rate, in % | 0 | 25 | 5 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 48 | |||||||||||||||||||||||||
of which CMBS | 417 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | 9 | ||||||||||||||||||||||
Discount rate, in % | 1 | 30 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 18 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 40 | 3 | |||||||||||||||||||||||||
of which CDO | 1,567 | |||||||||||||||||||||||||||
of which | 118 | Vendor price | Price, in % | 0 | 100 | 94 | ||||||||||||||||||||||
of which | 278 | Discounted cash flow | Discount rate, in % | 2 | 24 | 6 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 7 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 25 | 100 | 68 | |||||||||||||||||||||||||
of which | 423 | Market comparable | Price, in % | 85 | 101 | 98 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Equity | 595 | |||||||||||||||||||||||||||
of which | 270 | Market comparable | EBITDA multiple | 3 | 12 | 7 | ||||||||||||||||||||||
of which | 35 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,217 | |||||||||||||||||||||||||||
of which interest rate products | 1,574 | Option model | Correlation, in % | 15 | 100 | 82 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 24 | |||||||||||||||||||||||||
Volatility, in % | 2 | 31 | 6 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 95 | 2,054 | 218 | |||||||||||||||||||||||||
of which equity/index-related products | 1,240 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
of which credit derivatives | 1,138 | Discounted cash flow | Credit spread, in bp | 1 | 2,054 | 298 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 25 | |||||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 16 | 6 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 59 | |||||||||||||||||||||||||
Correlation, in % | 34 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 5 | |||||||||||||||||||||||||
Other | 2,829 | |||||||||||||||||||||||||||
of which | 2,139 | Market comparable | Price, in % | 0 | 146 | 34 | ||||||||||||||||||||||
of which | 589 | Discounted cash flow | Market implied life expectancy, in years | 3 | 19 | 9 | ||||||||||||||||||||||
Trading assets | 13,710 | |||||||||||||||||||||||||||
Investment securities | 2 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 3,345 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 392 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,632 | |||||||||||||||||||||||||||
of which private | 1,630 | |||||||||||||||||||||||||||
of which | 384 | Discounted cash flow | Credit spread, in bp | 897 | 3,175 | 1,207 | ||||||||||||||||||||||
Contingent probability, in % | 59 | 59 | 59 | |||||||||||||||||||||||||
of which | 813 | Market comparable | EBITDA multiple | 1 | 10 | 8 | ||||||||||||||||||||||
Life finance instruments | 1,600 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 9 | ||||||||||||||||||||||
Other investments | 6,969 | |||||||||||||||||||||||||||
Loans | 7,998 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,309 | |||||||||||||||||||||||||||
of which | 4,526 | Discounted cash flow | Credit spread, in bp | 50 | 2,488 | 504 | ||||||||||||||||||||||
of which | 326 | Market comparable | Price, in % | 0 | 100 | 69 | ||||||||||||||||||||||
of which financial institutions | 1,322 | Discounted cash flow | Credit spread, in bp | 98 | 884 | 302 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 6,159 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,615 | |||||||||||||||||||||||||||
of which | 1,954 | Vendor price | Price, in % | 0 | 160 | 99 | ||||||||||||||||||||||
of which | 1,042 | Discounted cash flow | Credit spread, in bp | 75 | 2,389 | 467 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 0 | |||||||||||||||||||||||||
of which | 2,420 | Market comparable | Price, in % | 0 | 105 | 59 | ||||||||||||||||||||||
Total level 3 assets at fair value | 35,084 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value | ||||||||||||||||||||||||||||
end of 2Q14 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 87 | – | – | – | – | – | ||||||||||||||||||||||
Trading liabilities | 4,915 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,185 | Option model | Basis spread, in bp | -10 | 98 | 56 | ||||||||||||||||||||||
Correlation, in % | 17 | 100 | 70 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 5 | ||||||||||||||||||||||||
Prepayment rate, in % | 8 | 36 | 27 | |||||||||||||||||||||||||
Gap risk, in % | 3 | 20 | 20 | 20 | ||||||||||||||||||||||||
of which foreign exchange derivatives | 696 | Option model | Correlation, in % | -10 | 70 | 50 | ||||||||||||||||||||||
Prepayment rate, in % | 23 | 36 | 29 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,265 | Option model | Correlation, in % | -83 | 100 | 12 | ||||||||||||||||||||||
Skew, in % | 49 | 159 | 106 | |||||||||||||||||||||||||
Volatility, in % | 3 | 170 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 59 | ||||||||||||||||||||||||
of which credit derivatives | 1,291 | Discounted cash flow | Credit spread, in bp | 1 | 1,831 | 133 | ||||||||||||||||||||||
Discount rate, in % | 1 | 35 | 15 | |||||||||||||||||||||||||
Default rate, in % | 1 | 21 | 7 | |||||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 38 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 90 | 61 | |||||||||||||||||||||||||
Correlation, in % | 32 | 98 | 53 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 51 | 51 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 11 | 4 | |||||||||||||||||||||||||
Short-term borrowings | 101 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 10,313 | |||||||||||||||||||||||||||
of which structured notes over two years | 7,374 | |||||||||||||||||||||||||||
of which | 5,910 | Option model | Correlation, in % | -83 | 100 | 13 | ||||||||||||||||||||||
Volatility, in % | 3 | 170 | 25 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 59 | ||||||||||||||||||||||||
Gap risk, in % | 3 | 0 | 4 | 0 | ||||||||||||||||||||||||
of which | 452 | Discounted cash flow | Credit spread, in bp | 305 | 673 | 372 | ||||||||||||||||||||||
of which non-recourse liabilities | 2,028 | |||||||||||||||||||||||||||
of which | 1,831 | Vendor price | Price, in % | 0 | 104 | 99 | ||||||||||||||||||||||
of which | 143 | Market comparable | Price, in % | 0 | 87 | 8 | ||||||||||||||||||||||
Other liabilities | 3,325 | |||||||||||||||||||||||||||
of which failed sales | 727 | |||||||||||||||||||||||||||
of which | 661 | Market comparable | Price, in % | 0 | 100 | 68 | ||||||||||||||||||||||
of which | 50 | Discounted cash flow | Credit spread, in bp | 535 | 2,692 | 2,037 | ||||||||||||||||||||||
Recovery rate, in % | 26 | 26 | 26 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,741 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 55 | – | – | – | – | – | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | Discounted cash flow | Funding spread, in bp | 90 | 90 | 90 | ||||||||||||||||||||||
Trading liabilities | 5,564 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,129 | Option model | Basis spread, in bp | -5 | 148 | 74 | ||||||||||||||||||||||
Correlation, in % | 17 | 99 | 62 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 6 | ||||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 23 | |||||||||||||||||||||||||
of which foreign exchange derivatives | 938 | Option model | Correlation, in % | -10 | 70 | 48 | ||||||||||||||||||||||
Prepayment rate, in % | 19 | 31 | 25 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,896 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Skew, in % | 79 | 152 | 118 | |||||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which credit derivatives | 1,230 | Discounted cash flow | Credit spread, in bp | 1 | 2,052 | 252 | ||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 6 | |||||||||||||||||||||||||
Recovery rate, in % | 14 | 77 | 43 | |||||||||||||||||||||||||
Loss severity, in % | 6 | 100 | 62 | |||||||||||||||||||||||||
Correlation, in % | 34 | 98 | 55 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 2 | |||||||||||||||||||||||||
Short-term borrowings | 165 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 9,780 | |||||||||||||||||||||||||||
of which structured notes over two years | 6,217 | Option model | Correlation, in % | -83 | 99 | 16 | ||||||||||||||||||||||
Volatility, in % | 5 | 252 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
Gap risk, in % | 4 | 0 | 5 | 0 | ||||||||||||||||||||||||
of which non-recourse liabilities | 2,552 | |||||||||||||||||||||||||||
of which | 2,105 | Vendor price | Price, in % | 0 | 217 | 104 | ||||||||||||||||||||||
of which | 301 | Market comparable | Price, in % | 0 | 93 | 13 | ||||||||||||||||||||||
Other liabilities | 2,861 | |||||||||||||||||||||||||||
of which failed sales | 1,143 | |||||||||||||||||||||||||||
of which | 829 | Market comparable | Price, in % | 0 | 100 | 63 | ||||||||||||||||||||||
of which | 195 | Discounted cash flow | Credit spread, in bp | 813 | 1,362 | 1,185 | ||||||||||||||||||||||
Recovery rate, in % | 23 | 23 | 23 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,539 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
Qualitative discussion of the ranges of significant unobservable inputs | ||||||||||||||||||||||||||||
The following sections provide further information about the ranges of significant unobservable inputs included in the tables above. The level of aggregation and diversity within the financial instruments disclosed in the tables above result in certain ranges of significant inputs being wide and unevenly distributed across asset and liability categories. | ||||||||||||||||||||||||||||
Discount rate | ||||||||||||||||||||||||||||
The discount rate is the rate of interest used to calculate the present value of the expected cash flows of a financial instrument. There are multiple factors that will impact the discount rate for any given financial instrument including the coupon on the instrument, the term and the underlying risk of the expected cash flows. Two instruments of similar term and expected cash flows may have significantly different discount rates because the coupons on the instruments are different. | ||||||||||||||||||||||||||||
Default rate and loss severity | ||||||||||||||||||||||||||||
For financial instruments backed by residential real estate or other assets, diversity in the portfolio is reflected in a wide range for loss severity due to varying levels of default. The lower end of the range represents high performing or government guaranteed collateral with a low probability of default or guaranteed timely payment of principal and interest, while the higher end of the range relates collateral with a greater risk of default. | ||||||||||||||||||||||||||||
Credit spread and recovery rate | ||||||||||||||||||||||||||||
For financial instruments where credit spread is the significant unobservable input, the wide range represents positions with varying levels of risk. The lower end of the credit spread range typically represents shorter-dated instruments and/or those with better perceived credit risk. The higher end of the range typically comprises longer-dated financial instruments or those referencing non-performing, distressed or impaired reference credits. Similarly, the spread between the reference credit and an index can vary significantly based on the risk of the instrument. The spread will be positive for instruments that have a higher risk of default than the index (which is based on a weighted average of its components) and negative for instruments that have a lower risk of default than the index. | ||||||||||||||||||||||||||||
Similarly, recovery rates can vary significantly depending upon the specific assets and terms of each transaction. Transactions with higher seniority or more valuable collateral will have higher recovery rates, while those transactions which are more subordinated or with less valuable collateral will have lower recovery rates. | ||||||||||||||||||||||||||||
Correlation | ||||||||||||||||||||||||||||
There are many different types of correlation inputs, including credit correlation, cross-asset correlation (such as equity-interest rate correlation), and same-asset correlation (such as interest rate-interest rate correlation). Correlation inputs are generally used to value hybrid and exotic instruments. Generally, same-asset correlation inputs have a narrower range than cross-asset correlation inputs. However, due to the complex and unique nature of these instruments, the ranges for correlation inputs can vary widely across portfolios. | ||||||||||||||||||||||||||||
Prepayment rate | ||||||||||||||||||||||||||||
Prepayment rates may vary from collateral pool to collateral pool, and are driven by a variety of collateral-specific factors, including the type and location of the underlying borrower, the remaining tenor of the obligation and the level and type (e.g., fixed or floating) of interest rate being paid by the borrower. | ||||||||||||||||||||||||||||
Volatility and skew | ||||||||||||||||||||||||||||
Volatility and skew are impacted by the underlying risk, term and strike price of the derivative. In the case of interest rate derivatives, volatility rates may vary significantly between different underlying currencies and expiration dates on the options. Similarly, equity derivatives’ volatility may vary greatly depending upon the underlying reference name on the derivative. | ||||||||||||||||||||||||||||
Market implied life expectancy | ||||||||||||||||||||||||||||
Market implied life expectancy is the primary significant unobservable input on such products as life settlement, premium finance and SPIA, and represents the estimated mortality rate for the underlying insured for each contract. This estimate may vary depending upon multiple factors including the age and specific health characteristics of each insured. | ||||||||||||||||||||||||||||
Fair value measurements of investments in certain entities that calculate NAV per share | ||||||||||||||||||||||||||||
Investments in funds held in trading assets and liabilities primarily include positions held in equity funds of funds as an economic hedge for structured notes and derivatives issued to clients that reference the same underlying risk and liquidity terms of the fund. A majority of these funds have limitations imposed on the amount of withdrawals from the fund during the redemption period due to illiquidity of the investments. In other instances, the withdrawal amounts may vary depending on the redemption notice period and are usually larger for the longer redemption notice periods. In addition, penalties may apply if redemption is within a certain time period from initial investment. | ||||||||||||||||||||||||||||
Investment in funds held in other investments principally involves private securities and, to a lesser extent, publicly traded securities and fund of funds. Several of these investments have redemption restrictions subject to the discretion of the Board of Directors of the fund and/or redemption is permitted without restriction, but is limited to a certain percentage of total assets or only after a certain date. | ||||||||||||||||||||||||||||
Furthermore, for those investments held in both trading assets and other investments that are nonredeemable, the underlying assets of such funds are expected to be liquidated over the life of the fund, which are generally up to ten years. | ||||||||||||||||||||||||||||
The following table pertains to investments in certain entities that calculate NAV per share or its equivalent, primarily private equity and hedge funds. These investments do not have a readily determinable fair value and are measured at fair value using NAV. | ||||||||||||||||||||||||||||
Fair value, unfunded commitments and term of redemption conditions | ||||||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||||||
end of | Redeemable | Unfunded | Redeemable | Unfunded | ||||||||||||||||||||||||
Non- | Total | commit- | Non- | Total | commit- | |||||||||||||||||||||||
redeemable | fair value | ments | redeemable | fair value | ments | |||||||||||||||||||||||
Fair value and unfunded commitments (CHF million) | ||||||||||||||||||||||||||||
Debt funds | 6 | 105 | 111 | 0 | 1 | 18 | 19 | 0 | ||||||||||||||||||||
Equity funds | 31 | 2,087 | 1 | 2,118 | 0 | 28 | 3,096 | 2 | 3,124 | 0 | ||||||||||||||||||
Equity funds sold short | 0 | -13 | -13 | 0 | 0 | -17 | -17 | 0 | ||||||||||||||||||||
Total funds held in trading assets and liabilities | 37 | 2,179 | 2,216 | 0 | 29 | 3,097 | 3,126 | 0 | ||||||||||||||||||||
Debt funds | 312 | 119 | 431 | 1 | 320 | 183 | 503 | 6 | ||||||||||||||||||||
Equity funds | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 0 | ||||||||||||||||||||
Others | 0 | 51 | 51 | 0 | 0 | 153 | 153 | 31 | ||||||||||||||||||||
Hedge funds | 312 | 170 | 3 | 482 | 1 | 320 | 361 | 4 | 681 | 37 | ||||||||||||||||||
Debt funds | 19 | 0 | 19 | 14 | 53 | 0 | 53 | 2 | ||||||||||||||||||||
Equity funds | 579 | 0 | 579 | 118 | 2,236 | 0 | 2,236 | 464 | ||||||||||||||||||||
Real estate funds | 264 | 0 | 264 | 87 | 350 | 0 | 350 | 110 | ||||||||||||||||||||
Others | 389 | 0 | 389 | 123 | 706 | 0 | 706 | 250 | ||||||||||||||||||||
Private equities | 1,251 | 0 | 1,251 | 342 | 3,345 | 0 | 3,345 | 826 | ||||||||||||||||||||
Equity method investments | 373 | 38 | 411 | 0 | 349 | 0 | 349 | 0 | ||||||||||||||||||||
Total funds held in other investments | 1,936 | 208 | 2,144 | 343 | 4,014 | 361 | 4,375 | 863 | ||||||||||||||||||||
Total fair value | 1,973 | 5 | 2,387 | 6 | 4,360 | 343 | 7 | 4,043 | 5 | 3,458 | 6 | 7,501 | 863 | 7 | ||||||||||||||
1 | ||||||||||||||||||||||||||||
35 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 29 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , 26 % is redeemable on an annual basis with a notice period primarily of more than 60 days , and 11 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
84 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , and 14 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||
Includes CHF 641 million and CHF 1,819 million attributable to noncontrolling interests in 2Q14 and 4Q13, respectively. | ||||||||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||
Includes CHF 116 million and CHF 107 million attributable to noncontrolling interests in 2Q14 and 4Q13, respectively. | ||||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||
Includes CHF 175 million and CHF 405 million attributable to noncontrolling interests in 2Q14 and 4Q13, respectively. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | ||||||||||||||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The Group typically uses nonfinancial assets measured at fair value on a recurring or nonrecurring basis in a manner that reflects their highest and best use. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | ||||||||||||||||||||||||||||
end of | 2Q14 | 4Q13 | ||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) | ||||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis | 0.2 | 0.3 | ||||||||||||||||||||||||||
of which level 3 | 0.2 | 0.3 | ||||||||||||||||||||||||||
Fair value option | ||||||||||||||||||||||||||||
The Group has availed itself of the simplification in accounting offered under the fair value option, primarily in Investment Banking and Private Banking & Wealth Management’s Asset Management business. This has been accomplished generally by electing the fair value option, both at initial adoption and for subsequent transactions, on items impacted by the hedge accounting requirements of US GAAP. That is, for instruments for which there was an inability to achieve hedge accounting and for which the Group is economically hedged, the Group has elected the fair value option. Similarly, where the Group manages an activity on a fair value basis but previously has been unable to achieve fair value accounting, the Group has utilized the fair value option to align its risk management reporting to its financial accounting. | ||||||||||||||||||||||||||||
> Refer to “Note 34 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for further information on the Group’s election of the fair value option for certain of its financial statement captions. | ||||||||||||||||||||||||||||
Difference between the aggregate fair value and the aggregate unpaid principal balances on loans and financial instruments | ||||||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||||||
end of | Aggregate | Aggregate | Difference | Aggregate | Aggregate | Difference | ||||||||||||||||||||||
fair | unpaid | fair | unpaid | |||||||||||||||||||||||||
value | principal | value | principal | |||||||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||||||
Non-interest-earning loans | 1,039 | 3,211 | -2,172 | 956 | 3,262 | -2,306 | ||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 309 | 306 | 3 | 311 | 307 | 4 | ||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,586 | 86,304 | 282 | 96,587 | 96,217 | 370 | ||||||||||||||||||||||
Loans | 19,897 | 20,010 | -113 | 19,457 | 19,653 | -196 | ||||||||||||||||||||||
Other assets 1 | 21,539 | 27,671 | -6,132 | 20,749 | 25,756 | -5,007 | ||||||||||||||||||||||
Due to banks and customer deposits | -713 | -689 | -24 | -690 | -680 | -10 | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -60,529 | -60,458 | -71 | -76,104 | -76,012 | -92 | ||||||||||||||||||||||
Short-term borrowings | -7,132 | -7,075 | -57 | -6,053 | -5,896 | -157 | ||||||||||||||||||||||
Long-term debt | -70,217 | -69,361 | -856 | -63,369 | -62,991 | -378 | ||||||||||||||||||||||
Other liabilities | -1,205 | -2,631 | 1,426 | -1,780 | -3,285 | 1,505 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily loans held-for-sale. | ||||||||||||||||||||||||||||
Gains and losses on financial instruments | ||||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||||
in | Net | Net | ||||||||||||||||||||||||||
gains/ | gains/ | |||||||||||||||||||||||||||
(losses) | (losses) | |||||||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 1 | 4 | 1 | ||||||||||||||||||||||||
of which related to credit risk | -1 | -2 | ||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 472 | 1 | 532 | 1 | ||||||||||||||||||||||||
Other investments | 202 | 3 | -34 | 2 | ||||||||||||||||||||||||
of which related to credit risk | 3 | 0 | ||||||||||||||||||||||||||
Loans | 531 | 1 | 224 | 1 | ||||||||||||||||||||||||
of which related to credit risk | 70 | -107 | ||||||||||||||||||||||||||
Other assets | 952 | 1 | 1,128 | 1 | ||||||||||||||||||||||||
of which related to credit risk | 351 | 300 | ||||||||||||||||||||||||||
Due to banks and customer deposits | -26 | 2 | 13 | 2 | ||||||||||||||||||||||||
of which related to credit risk | -8 | -1 | ||||||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -38 | 1 | 40 | 2 | ||||||||||||||||||||||||
Short-term borrowings | -46 | 2 | 6 | 2 | ||||||||||||||||||||||||
Long-term debt | -2,162 | 2 | 800 | 2 | ||||||||||||||||||||||||
of which related to credit risk 4 | -47 | 10 | ||||||||||||||||||||||||||
Other liabilities | 45 | 3 | 239 | 2 | ||||||||||||||||||||||||
of which related to credit risk | -39 | 51 | ||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily recognized in net interest income. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily recognized in trading revenues. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Primarily recognized in other revenues. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (121) million and zero in 6M14, respectively, and CHF (20) million and CHF 38 million in 6M13, respectively. | ||||||||||||||||||||||||||||
Financial instruments not carried at fair value | ||||||||||||||||||||||||||||
The following table provides the carrying value and fair value of financial instruments which are not carried at fair value in the consolidated balance sheet. The disclosure excludes all non-financial instruments such as lease transactions, real estate, premises and equipment, equity method investments and pension and benefit obligations. | ||||||||||||||||||||||||||||
Carrying value and fair value of financial instruments not carried at fair value | ||||||||||||||||||||||||||||
Carrying | Fair value | |||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,158 | 0 | 78,610 | 548 | 79,158 | |||||||||||||||||||||||
Loans | 231,016 | 0 | 234,112 | 2,508 | 236,620 | |||||||||||||||||||||||
Other financial assets 1 | 145,936 | 68,039 | 76,670 | 1,619 | 146,328 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 368,769 | 212,058 | 156,614 | 10 | 368,682 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 27,538 | 0 | 27,538 | 0 | 27,538 | |||||||||||||||||||||||
Short-term borrowings | 22,294 | 0 | 22,298 | 0 | 22,298 | |||||||||||||||||||||||
Long-term debt | 73,610 | 0 | 71,560 | 4,018 | 75,578 | |||||||||||||||||||||||
Other financial liabilities 2 | 92,096 | 0 | 91,559 | 617 | 92,176 | |||||||||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 63,435 | 0 | 62,891 | 544 | 63,435 | |||||||||||||||||||||||
Loans | 223,902 | 0 | 225,641 | 3,940 | 229,581 | |||||||||||||||||||||||
Other financial assets 1 | 142,656 | 72,134 | 69,310 | 1,568 | 143,012 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 351,476 | 212,418 | 138,980 | 9 | 351,407 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 17,928 | 0 | 17,928 | 0 | 17,928 | |||||||||||||||||||||||
Short-term borrowings | 14,140 | 0 | 14,148 | 0 | 14,148 | |||||||||||||||||||||||
Long-term debt | 66,673 | 0 | 64,043 | 3,774 | 67,817 | |||||||||||||||||||||||
Other financial liabilities 2 | 96,611 | 1,129 | 94,414 | 1,085 | 96,628 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. | ||||||||||||||||||||||||||||
Assets_pledged_and_collateral
Assets pledged and collateral | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Assets pledged and collateral | ' | |||||
28 Assets pledged and collateral | ||||||
The Group pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are disclosed on the consolidated balance sheet. | ||||||
Assets pledged | ||||||
end of | 2Q14 | 4Q13 | ||||
Assets pledged (CHF million) | ||||||
Total assets pledged or assigned as collateral | 146,633 | 142,952 | ||||
of which encumbered | 93,046 | 92,300 | ||||
Collateral | ||||||
The Group receives cash and securities in connection with resale agreements, securities borrowing and loans, derivative transactions and margined broker loans. A substantial portion of the collateral and securities received by the Group was sold or repledged in connection with repurchase agreements, securities sold not yet purchased, securities borrowings and loans, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans. | ||||||
Collateral | ||||||
end of | 2Q14 | 4Q13 | ||||
Collateral (CHF million) | ||||||
Fair value of collateral received with the right to sell or repledge | 385,554 | 359,517 | ||||
of which sold or repledged | 288,640 | 267,896 | ||||
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2014 | |
Litigation | ' |
29 Litigation | |
The Group is involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its businesses. The Group’s material proceedings, related provisions and estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions are described in Note 38 – Litigation in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 and updated in subsequent quarterly reports (including those discussed below). Some of these proceedings have been brought on behalf of various classes of claimants and seek damages of material and/or indeterminate amounts. | |
The Group accrues loss contingency litigation provisions and takes a charge to income in connection with certain proceedings when losses, additional losses or ranges of loss are probable and reasonably estimable. The Group also accrues litigation provisions for the estimated fees and expenses of external lawyers and other service providers in relation to such proceedings, including in cases for which it has not accrued a loss contingency provision. The Group accrues these fee and expense litigation provisions and takes a charge to income in connection therewith when such fees and expenses are probable and reasonably estimable. The Group reviews its legal proceedings each quarter to determine the adequacy of its litigation provisions and may increase or release provisions based on management’s judgment and the advice of counsel. The establishment of additional provisions or releases of litigation provisions may be necessary in the future as developments in such proceedings warrant. | |
The specific matters described include (a) proceedings where the Group has accrued a loss contingency provision, given that it is probable that a loss may be incurred and such loss is reasonably estimable; and (b) proceedings where the Group has not accrued such a loss contingency provision for various reasons, including, but not limited to, the fact that any related losses are not reasonably estimable. The description of certain of the matters includes a statement that the Group has established a loss contingency provision and discloses the amount of such provision; for the other matters no such statement is made. With respect to the matters for which no such statement is made, either (a) the Group has not established a loss contingency provision, in which case the matter is treated as a contingent liability under the applicable accounting standard, or (b) the Group has established such a provision but believes that disclosure of that fact would violate confidentiality obligations to which the Group is subject or otherwise compromise attorney-client privilege, work product protection or other protections against disclosure or compromise the Group’s management of the matter. The future outflow of funds in respect of any matter for which the Group has accrued loss contingency provisions cannot be determined with certainty based on currently available information, and accordingly may ultimately prove to be substantially greater (or may be less) than the provision that is reflected on the Group’s balance sheet. | |
It is inherently difficult to determine whether a loss is probable or even reasonably possible or to estimate the amount of any loss or loss range for many of the Group’s legal proceedings. Estimates, by their nature, are based on judgment and currently available information and involve a variety of factors, including, but not limited to, the type and nature of the proceeding, the progress of the matter, the advice of counsel, the Group’s defenses and its experience in similar matters, as well as its assessment of matters, including settlements, involving other defendants in similar or related cases or proceedings. Factual and legal determinations, many of which are complex, must be made before a loss, additional losses or ranges of loss can be reasonably estimated for any proceeding. | |
Most matters pending against the Group seek damages of an indeterminate amount. While certain matters specify the damages claimed, such claimed amount may not represent the Group’s reasonably possible losses. For certain of the proceedings discussed the Group has disclosed the amount of damages claimed and certain other quantifiable information that is publicly available. | |
The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed in Note 38 referenced above and updated in quarterly reports (including below) for which the Group believes an estimate is possible is zero to CHF 1.0 billion. | |
In 2Q14, the Group recorded net litigation provisions of CHF 1,807 million. After taking into account its litigation provisions, the Group believes, based on currently available information and advice of counsel, that the results of its legal proceedings, in the aggregate, will not have a material adverse effect on the Group’s financial condition. However, in light of the inherent uncertainties of such proceedings, including those brought by regulators or other governmental authorities, the ultimate cost to the Group of resolving such proceedings may exceed current litigation provisions and any excess may be material to its operating results for any particular period, depending, in part, upon the operating results for such period. | |
Research-related litigation | |
This case was brought against Credit Suisse Securities (USA) LLC (CSS LLC) on behalf of a class of purchasers of common shares of the former AOL Time Warner Inc. (AOL) who have alleged that CSS LLC’s equity research coverage of AOL between January 2001 and July 2002 was false and misleading. On January 13, 2012, the US District Court for the District of Massachusetts granted summary judgment in favor of the defendants upon its determination to preclude a plaintiff expert witness. The plaintiffs appealed the summary judgment decision. On May 14, 2014, the circuit court affirmed the grant of summary judgment. The plaintiffs subsequently moved for rehearing and rehearing en banc. | |
Mortgage-related matters | |
The amounts disclosed below do not reflect actual realized plaintiff losses to date or anticipated future litigation exposure. Rather, unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as alleged in these actions and do not include any reduction in principal amounts since issuance. | |
Individual investor actions | |
On May 20, 2014, Commerzbank AG London Branch filed a complaint against CSS LLC and certain of its affiliates and other financial institutions in the Supreme Court for the State of New York, New York County (SCNY), in which claims against CSS LLC and its affiliates relate to approximately USD 121 million of the RMBS at issue (approximately 6% of the USD 1.9 billion at issue against all defendants in the operative pleading), reducing the RMBS at issue for CSS LLC and its affiliates as stated in the summons filed on December 26, 2013 by approximately USD 27 million. On May 21, 2014, following a settlement, the Illinois state court presiding in the action brought by the Federal Home Loan Bank of Chicago dismissed with prejudice all claims against CSS LLC in the last remaining action filed by the Federal Home Loan Bank of Chicago against CSS LLC, relating to approximately USD 38 million of RMBS at issue against CSS LLC. On June 3, 2014, the SCNY dismissed with prejudice certain claims in the action against CSS LLC and its affiliates brought by Deutsche Zentral-Genossenschaftsbank AG, New York Branch, reducing the RMBS at issue for CSS LLC and its affiliates from approximately USD 138 million to approximately USD 111 million. On July 3, 2014, following a settlement, the Indiana state court presiding in the action brought by the Federal Home Loan Bank of Indianapolis dismissed with prejudice all claims against CSS LLC, relating to approximately USD 224 million of RMBS at issue against CSS LLC. | |
Monoline insurer disputes | |
On July 14, 2014, the SCNY ruled from the bench following oral argument and granted CSS LLC’s motion to dismiss all claims in the action filed by CIFG Assurance North America, Inc. (CIFG) without prejudice relating to financial guaranty insurance issued by CIFG on a credit default swap guaranteeing payment on approximately USD 396 million of notes of a collateralized debt obligation. | |
Tax and securities law matters | |
Since 2011, Credit Suisse had been responding to subpoenas and other requests for information from the United States Department of Justice (DOJ), the US Securities and Exchange Commission (SEC) and other authorities involving historical Private Banking services provided on a cross-border basis to US persons. US authorities were investigating possible violations of US tax and securities laws. In particular, the DOJ was investigating whether US clients violated their US tax obligations and whether Credit Suisse and certain of its employees assisted such clients. The SEC investigated whether certain of our relationship managers triggered obligations for Credit Suisse or the relationship managers in Switzerland to register with the SEC as a broker-dealer or investment advisor. A limited number of current or former employees have been indicted and two former employees have pleaded guilty (in one case, as to conduct while employed at other financial institutions that did not involve Credit Suisse and in the other case as to conduct while employed at a former Credit Suisse subsidiary prior to 2006 and other financial institutions after 2006). Credit Suisse received a grand jury target letter from the DOJ in July 2011. We understand that certain US authorities are also investigating other Swiss and non-US financial institutions. | |
On February 21, 2014, Credit Suisse AG reached a settlement with the SEC that resolved the SEC’s investigation regarding registration as an investment advisor and broker-dealer. In a settled administrative and cease-and-desist proceeding, the SEC charged Credit Suisse AG with violating Section 15(a) of the US Securities Exchange Act of 1934 (Exchange Act) and Section 203(a) of the US Investment Advisers Act of 1940 (Advisers Act). Specifically, the SEC’s Order found that from at least 2002 through its exit from the US cross-border securities business which Credit Suisse AG began in 2008, Credit Suisse AG, through actions of certain of its relationship managers, violated the federal securities laws by providing certain cross-border brokerage and investment advisory services to US clients at a time when Credit Suisse AG was not registered with the SEC as a broker-dealer or investment advisor. As part of the settlement of the investigation, Credit Suisse AG agreed, among other things, to cease-and-desist from committing or causing any future violations of Section 15(a) of the Exchange Act or Section 203(a) of the Advisers Act and to pay approximately USD 196 million, inclusive of disgorgement of approximately USD 82 million, prejudgment interest of approximately USD 64 million, and a civil money penalty in the amount of USD 50 million. Credit Suisse AG also agreed to the appointment of an independent consultant who will review its cross-border compliance policies with respect to the US securities laws and will verify that Credit Suisse AG has exited the US cross-border business. | |
On May 19, 2014, Credit Suisse AG entered into a settlement regarding all outstanding US cross-border matters, including agreements with the DOJ, the New York State Department of Financial Services (DFS) and the Board of Governors of the US Federal Reserve System (Fed). As part of the settlement, Credit Suisse AG entered a guilty plea to one count of conspiracy to assist US customers in presenting false income tax returns to the US Internal Revenue Service (IRS) in violation of Title 18, US Code section 371, in connection with the former Swiss-based cross border Private Banking business. In total, Credit Suisse AG agreed to pay USD 2,815 million comprised of the following components: (a) USD 2,000 million for the DOJ, including USD 666.5 million in restitution to the IRS and USD 1,333.5 million as a fine (including USD 196 million for the SEC as described in the preceding paragraph); (b) USD 715 million for the DFS; and (c) USD 100 million for the Fed. In prior quarters, Credit Suisse had taken litigation provisions totaling CHF 892 million related to this matter. As a result, the pre-tax impact of the final settlement in the second quarter 2014 was CHF 1,618 million and the after-tax impact was CHF 1,598 million. The amount due to the DOJ, including the part thereof allocated to the IRS, is expected to be paid following the sentencing hearing for Credit Suisse AG. The penalties due to the SEC, Fed and DFS were paid in May 2014. In addition to such payments, Credit Suisse AG agreed, among other things, to engage an independent corporate monitor reporting to the DFS (a separate position from the independent consultant agreed to in the settlement with the SEC), provide ongoing reports to various agencies and terminate the employment of certain individuals at Credit Suisse AG associated with the improper conduct. | |
Net new assets-related matters | |
On February 26, 2014, the United States Senate Permanent Subcommittee on Investigations issued a report that included a discussion of Credit Suisse’s determinations about and disclosures of net new assets and, as previously disclosed, Credit Suisse is conducting a review of this topic. The SEC is also conducting an investigation. The disclosure of net new assets is required by banks operating in Switzerland pursuant to Guidelines on Accounting Standards issued by the FINMA. | |
Alternative trading systems | |
Credit Suisse is responding to inquiries from various governmental and regulatory authorities concerning the operation of its alternative trading systems, and is cooperating with those requests. Credit Suisse Group AG is also among more than thirty defendants named in putative class action complaints filed in the US District Court for the Southern District of New York since April 2014, alleging violations of US securities laws related to high-frequency trading. | |
Subsidiary_guarantee_informati
Subsidiary guarantee information | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Subsidiary guarantee information | ' | |||||||||||||
30 Subsidiary guarantee information | ||||||||||||||
Certain wholly-owned finance subsidiaries of the Group, including Credit Suisse Group (Guernsey) I Limited and Credit Suisse Group (Guernsey) III Limited, each of which is a Guernsey incorporated non-cellular company limited by shares, may issue contingent convertible securities fully and unconditionally guaranteed by the Group. There are various legal and regulatory requirements, including the satisfaction of a solvency test under Guernsey law, applicable to some of the Group’s subsidiaries that limit their ability to pay dividends or distributions and make loans and advances to the Group. | ||||||||||||||
On March 26, 2007, the Group and the Bank issued full, unconditional and several guarantees of Credit Suisse (USA), Inc.’s outstanding SEC-registered debt securities. In accordance with the guarantees, if Credit Suisse (USA), Inc. fails to make any timely payment under the agreements governing such debt securities, the holders of the debt securities may demand payment from either the Group or the Bank, without first proceeding against Credit Suisse (USA), Inc. The guarantee from the Group is subordinated to senior liabilities. Credit Suisse (USA), Inc. is an indirect, wholly owned subsidiary of the Group. | ||||||||||||||
In 4Q13, as part of an announced program to evolve the Group’s legal entity structure to meet developing and future regulatory requirements and Fed regulation on establishing Intermediate Holding Companies in the US for non-US banks, several existing legal entities were re-parented as subsidiaries of Credit Suisse (USA), Inc. In the tables below, prior periods have been restated to conform to the current presentation to reflect the impact of these transactions. | ||||||||||||||
Condensed consolidating statements of operations | ||||||||||||||
in 2Q14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 1,462 | 4,102 | 5,564 | 40 | 86 | 5,690 | ||||||||
Interest expense | -899 | -2,170 | -3,069 | -57 | 22 | -3,104 | ||||||||
Net interest income | 563 | 1,932 | 2,495 | -17 | 108 | 2,586 | ||||||||
Commissions and fees | 1,061 | 2,234 | 3,295 | 3 | 11 | 3,309 | ||||||||
Trading revenues | 225 | -144 | 81 | 47 | 69 | 197 | ||||||||
Other revenues | 242 | 167 | 409 | -742 | 2 | 704 | 371 | |||||||
Net revenues | 2,091 | 4,189 | 6,280 | -709 | 892 | 6,463 | ||||||||
Provision for credit losses | 0 | 4 | 4 | 0 | 14 | 18 | ||||||||
Compensation and benefits | 924 | 2,069 | 2,993 | 16 | -36 | 2,973 | ||||||||
General and administrative expenses | 503 | 2,953 | 3,456 | -25 | 10 | 3,441 | ||||||||
Commission expenses | 61 | 313 | 374 | 0 | 3 | 377 | ||||||||
Total other operating expenses | 564 | 3,266 | 3,830 | -25 | 13 | 3,818 | ||||||||
Total operating expenses | 1,488 | 5,335 | 6,823 | -9 | -23 | 6,791 | ||||||||
Income/(loss) from continuing operations before taxes | 603 | -1,150 | -547 | -700 | 901 | -346 | ||||||||
Income tax expense | 210 | 68 | 278 | 0 | 29 | 307 | ||||||||
Income/(loss) from continuing operations | 393 | -1,218 | -825 | -700 | 872 | -653 | ||||||||
Income/(loss) from discontinued operations, net of tax | 0 | -9 | -9 | 0 | 0 | -9 | ||||||||
Net income/(loss) | 393 | -1,227 | -834 | -700 | 872 | -662 | ||||||||
Net income attributable to noncontrolling interests | 25 | 4 | 29 | 0 | 9 | 38 | ||||||||
Net income/(loss) attributable to shareholders | 368 | -1,231 | -863 | -700 | 863 | -700 | ||||||||
of which from continuing operations | 368 | -1,222 | -854 | -700 | 863 | -691 | ||||||||
of which from discontinued operations | 0 | -9 | -9 | 0 | 0 | -9 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income | ||||||||||||||
in 2Q14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 393 | -1,227 | -834 | -700 | 872 | -662 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 6 | 6 | 5 | 1 | 12 | ||||||||
Foreign currency translation | 84 | -18 | 66 | 1 | -2 | 65 | ||||||||
Unrealized gains/(losses) on securities | 0 | 10 | 10 | 0 | 2 | 12 | ||||||||
Actuarial gains/(losses) | 6 | 5 | 11 | 0 | 31 | 42 | ||||||||
Net prior service credit/(cost) | 0 | -1 | -1 | 0 | -21 | -22 | ||||||||
Other comprehensive income/(loss), net of tax | 90 | 2 | 92 | 6 | 11 | 109 | ||||||||
Comprehensive income/(loss) | 483 | -1,225 | -742 | -694 | 883 | -553 | ||||||||
Comprehensive income attributable to noncontrolling interests | 29 | 4 | 33 | 0 | 8 | 41 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 454 | -1,229 | -775 | -694 | 875 | -594 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 2Q13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 1,728 | 4,355 | 6,083 | 13 | 124 | 6,220 | ||||||||
Interest expense | -1,078 | -2,484 | -3,562 | -11 | -7 | -3,580 | ||||||||
Net interest income | 650 | 1,871 | 2,521 | 2 | 117 | 2,640 | ||||||||
Commissions and fees | 1,043 | 2,448 | 3,491 | 1 | 46 | 3,538 | ||||||||
Trading revenues | -450 | 806 | 356 | 0 | 1 | 357 | ||||||||
Other revenues | 290 | 129 | 419 | 1,039 | 2 | -1,041 | 417 | |||||||
Net revenues | 1,533 | 5,254 | 6,787 | 1,042 | -877 | 6,952 | ||||||||
Provision for credit losses | 2 | 33 | 35 | 0 | 16 | 51 | ||||||||
Compensation and benefits | 863 | 1,975 | 2,838 | 18 | 70 | 2,926 | ||||||||
General and administrative expenses | 515 | 1,381 | 1,896 | -34 | 11 | 1,873 | ||||||||
Commission expenses | 57 | 397 | 454 | 0 | 3 | 457 | ||||||||
Total other operating expenses | 572 | 1,778 | 2,350 | -34 | 14 | 2,330 | ||||||||
Total operating expenses | 1,435 | 3,753 | 5,188 | -16 | 84 | 5,256 | ||||||||
Income/(loss) from continuing operations before taxes | 96 | 1,468 | 1,564 | 1,058 | -977 | 1,645 | ||||||||
Income tax expense/(benefit) | -15 | 467 | 452 | 13 | 7 | 472 | ||||||||
Income/(loss) from continuing operations | 111 | 1,001 | 1,112 | 1,045 | -984 | 1,173 | ||||||||
Income/(loss) from discontinued operations, net of tax | -4 | -5 | -9 | 0 | 0 | -9 | ||||||||
Net income/(loss) | 107 | 996 | 1,103 | 1,045 | -984 | 1,164 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 98 | 222 | 320 | 0 | -201 | 119 | ||||||||
Net income/(loss) attributable to shareholders | 9 | 774 | 783 | 1,045 | -783 | 1,045 | ||||||||
of which from continuing operations | 13 | 779 | 792 | 1,045 | -783 | 1,054 | ||||||||
of which from discontinued operations | -4 | -5 | -9 | 0 | 0 | -9 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income (continued) | ||||||||||||||
in 2Q13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 107 | 996 | 1,103 | 1,045 | -984 | 1,164 | ||||||||
Gains/(losses) on cash flow hedges | 0 | -21 | -21 | 6 | 0 | -15 | ||||||||
Foreign currency translation | -15 | -151 | -166 | 0 | 0 | -166 | ||||||||
Unrealized gains/(losses) on securities | 0 | -6 | -6 | 0 | -8 | -14 | ||||||||
Actuarial gains/(losses) | 10 | 4 | 14 | 0 | 67 | 81 | ||||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | -31 | -31 | ||||||||
Other comprehensive income/(loss), net of tax | -5 | -174 | -179 | 6 | 28 | -145 | ||||||||
Comprehensive income/(loss) | 102 | 822 | 924 | 1,051 | -956 | 1,019 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 94 | 201 | 295 | 0 | -185 | 110 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 8 | 621 | 629 | 1,051 | -771 | 909 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 6M14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 2,947 | 6,933 | 9,880 | 78 | 177 | 10,135 | ||||||||
Interest expense | -1,773 | -3,528 | -5,301 | -109 | 39 | -5,371 | ||||||||
Net interest income | 1,174 | 3,405 | 4,579 | -31 | 216 | 4,764 | ||||||||
Commissions and fees | 2,115 | 4,408 | 6,523 | 2 | 59 | 6,584 | ||||||||
Trading revenues | 729 | 22 | 751 | 36 | 48 | 835 | ||||||||
Other revenues | 956 | 222 | 1,178 | 134 | 2 | -203 | 1,109 | |||||||
Net revenues | 4,974 | 8,057 | 13,031 | 141 | 120 | 13,292 | ||||||||
Provision for credit losses | 0 | 23 | 23 | 0 | 29 | 52 | ||||||||
Compensation and benefits | 1,849 | 4,148 | 5,997 | 34 | -65 | 5,966 | ||||||||
General and administrative expenses | 971 | 4,191 | 5,162 | -52 | 21 | 5,131 | ||||||||
Commission expenses | 117 | 623 | 740 | 0 | 6 | 746 | ||||||||
Total other operating expenses | 1,088 | 4,814 | 5,902 | -52 | 27 | 5,877 | ||||||||
Total operating expenses | 2,937 | 8,962 | 11,899 | -18 | -38 | 11,843 | ||||||||
Income/(loss) from continuing operations before taxes | 2,037 | -928 | 1,109 | 159 | 129 | 1,397 | ||||||||
Income tax expense | 688 | 114 | 802 | 0 | 48 | 850 | ||||||||
Income/(loss) from continuing operations | 1,349 | -1,042 | 307 | 159 | 81 | 547 | ||||||||
Income from discontinued operations, net of tax | 0 | 6 | 6 | 0 | 0 | 6 | ||||||||
Net income/(loss) | 1,349 | -1,036 | 313 | 159 | 81 | 553 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 373 | -189 | 184 | 0 | 210 | 394 | ||||||||
Net income/(loss) attributable to shareholders | 976 | -847 | 129 | 159 | -129 | 159 | ||||||||
of which from continuing operations | 976 | -853 | 123 | 159 | -129 | 153 | ||||||||
of which from discontinued operations | 0 | 6 | 6 | 0 | 0 | 6 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income (continued) | ||||||||||||||
in 6M14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,349 | -1,036 | 313 | 159 | 81 | 553 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 15 | 15 | 13 | 1 | 29 | ||||||||
Foreign currency translation | -81 | -130 | -211 | 1 | 2 | -208 | ||||||||
Unrealized gains/(losses) on securities | 0 | 15 | 15 | 0 | 5 | 20 | ||||||||
Actuarial gains/(losses) | 8 | 11 | 19 | 0 | 58 | 77 | ||||||||
Net prior service credit/(cost) | 0 | -1 | -1 | 0 | -41 | -42 | ||||||||
Other comprehensive income/(loss), net of tax | -73 | -90 | -163 | 14 | 25 | -124 | ||||||||
Comprehensive income/(loss) | 1,276 | -1,126 | 150 | 173 | 106 | 429 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 352 | -192 | 160 | 0 | 212 | 372 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 924 | -934 | -10 | 173 | -106 | 57 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 6M13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 3,472 | 7,299 | 10,771 | 27 | 244 | 11,042 | ||||||||
Interest expense | -2,061 | -4,434 | -6,495 | -23 | -78 | -6,596 | ||||||||
Net interest income | 1,411 | 2,865 | 4,276 | 4 | 166 | 4,446 | ||||||||
Commissions and fees | 1,960 | 4,727 | 6,687 | 3 | 96 | 6,786 | ||||||||
Trading revenues | -441 | 2,605 | 2,164 | 0 | 8 | 2,172 | ||||||||
Other revenues | 508 | 152 | 660 | 2,314 | 2 | -2,337 | 637 | |||||||
Net revenues | 3,438 | 10,349 | 13,787 | 2,321 | -2,067 | 14,041 | ||||||||
Provision for credit losses | 2 | 35 | 37 | 0 | 36 | 73 | ||||||||
Compensation and benefits | 1,774 | 4,069 | 5,843 | 32 | 42 | 5,917 | ||||||||
General and administrative expenses | 1,038 | 2,606 | 3,644 | -74 | 35 | 3,605 | ||||||||
Commission expenses | 119 | 802 | 921 | – | 6 | 927 | ||||||||
Total other operating expenses | 1,157 | 3,408 | 4,565 | -74 | 41 | 4,532 | ||||||||
Total operating expenses | 2,931 | 7,477 | 10,408 | -42 | 83 | 10,449 | ||||||||
Income/(loss) from continuing operations before taxes | 505 | 2,837 | 3,342 | 2,363 | -2,186 | 3,519 | ||||||||
Income tax expense | 80 | 845 | 925 | 15 | 31 | 971 | ||||||||
Income/(loss) from continuing operations | 425 | 1,992 | 2,417 | 2,348 | -2,217 | 2,548 | ||||||||
Income/(loss) from discontinued operations, net of tax | 6 | -9 | -3 | 0 | 0 | -3 | ||||||||
Net income/(loss) | 431 | 1,983 | 2,414 | 2,348 | -2,217 | 2,545 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 167 | 368 | 535 | 0 | -338 | 197 | ||||||||
Net income/(loss) attributable to shareholders | 264 | 1,615 | 1,879 | 2,348 | -1,879 | 2,348 | ||||||||
of which from continuing operations | 258 | 1,624 | 1,882 | 2,348 | -1,879 | 2,351 | ||||||||
of which from discontinued operations | 6 | -9 | -3 | 0 | 0 | -3 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income (continued) | ||||||||||||||
in 6M13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 431 | 1,983 | 2,414 | 2,348 | -2,217 | 2,545 | ||||||||
Gains/(losses) on cash flow hedges | 0 | -17 | -17 | 4 | 0 | -13 | ||||||||
Foreign currency translation | 745 | 23 | 768 | 0 | -7 | 761 | ||||||||
Unrealized gains/(losses) on securities | 1 | -11 | -10 | 0 | -11 | -21 | ||||||||
Actuarial gains/(losses) | 20 | 8 | 28 | 0 | 123 | 151 | ||||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | -58 | -58 | ||||||||
Other comprehensive income/(loss), net of tax | 766 | 3 | 769 | 4 | 47 | 820 | ||||||||
Comprehensive income/(loss) | 1,197 | 1,986 | 3,183 | 2,352 | -2,170 | 3,365 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 285 | 480 | 765 | 0 | -450 | 315 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 912 | 1,506 | 2,418 | 2,352 | -1,720 | 3,050 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets | ||||||||||||||
end of 2Q14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,819 | 61,064 | 65,883 | 1,065 | -479 | 66,469 | ||||||||
Interest-bearing deposits with banks | 7,732 | -3,824 | 3,908 | 0 | -2,159 | 1,749 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 144,167 | 21,574 | 165,741 | 0 | 3 | 165,744 | ||||||||
Securities received as collateral | 21,814 | -203 | 21,611 | 0 | 0 | 21,611 | ||||||||
Trading assets | 72,652 | 162,984 | 235,636 | 0 | -209 | 235,427 | ||||||||
Investment securities | 3 | 2,025 | 2,028 | 3,818 | -2,523 | 3,323 | ||||||||
Other investments | 3,012 | 4,553 | 7,565 | 43,145 | -43,001 | 7,709 | ||||||||
Net loans | 11,460 | 226,575 | 238,035 | 709 | 15,788 | 254,532 | ||||||||
Premises and equipment | 812 | 3,802 | 4,614 | 0 | 197 | 4,811 | ||||||||
Goodwill | 656 | 6,449 | 7,105 | 0 | 878 | 7,983 | ||||||||
Other intangible assets | 102 | 143 | 245 | 0 | 0 | 245 | ||||||||
Brokerage receivables | 30,808 | 25,500 | 56,308 | 0 | 1 | 56,309 | ||||||||
Other assets | 19,687 | 43,311 | 62,998 | 266 | 1,425 | 64,689 | ||||||||
Assets of discontinued operations held-for-sale | 0 | 979 | 979 | 0 | 0 | 979 | ||||||||
Total assets | 317,724 | 554,932 | 872,656 | 49,003 | -30,079 | 891,580 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 1,029 | 25,875 | 26,904 | 2,807 | -3,010 | 26,701 | ||||||||
Customer deposits | 1 | 334,943 | 334,944 | 0 | 11,352 | 346,296 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 105,753 | -17,687 | 88,066 | 0 | 0 | 88,066 | ||||||||
Obligation to return securities received as collateral | 21,814 | -203 | 21,611 | 0 | 0 | 21,611 | ||||||||
Trading liabilities | 16,680 | 58,445 | 75,125 | 0 | 4 | 75,129 | ||||||||
Short-term borrowings | 51,997 | -22,571 | 29,426 | 0 | 0 | 29,426 | ||||||||
Long-term debt | 32,639 | 105,668 | 138,307 | 5,112 | 408 | 143,827 | ||||||||
Brokerage payables | 55,583 | 13,259 | 68,842 | 0 | 0 | 68,842 | ||||||||
Other liabilities | 11,843 | 36,637 | 48,480 | 140 | 293 | 48,913 | ||||||||
Liabilities of discontinued operations held-for-sale | 0 | 742 | 742 | 0 | 0 | 742 | ||||||||
Total liabilities | 297,339 | 535,108 | 832,447 | 8,059 | 9,047 | 849,553 | ||||||||
Total shareholders' equity | 19,191 | 20,008 | 39,199 | 40,944 | -39,199 | 40,944 | ||||||||
Noncontrolling interests | 1,194 | -184 | 1,010 | 0 | 73 | 1,083 | ||||||||
Total equity | 20,385 | 19,824 | 40,209 | 40,944 | -39,126 | 42,027 | ||||||||
Total liabilities and equity | 317,724 | 554,932 | 872,656 | 49,003 | -30,079 | 891,580 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets (continued) | ||||||||||||||
end of 4Q13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,787 | 63,290 | 68,077 | 795 | -180 | 68,692 | ||||||||
Interest-bearing deposits with banks | 81 | 3,304 | 3,385 | 0 | -1,870 | 1,515 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 127,153 | 32,860 | 160,013 | 0 | 9 | 160,022 | ||||||||
Securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading assets | 73,580 | 156,156 | 229,736 | 0 | -323 | 229,413 | ||||||||
Investment securities | 2 | 1,625 | 1,627 | 1,481 | -121 | 2,987 | ||||||||
Other investments | 5,116 | 5,091 | 10,207 | 42,570 | -42,448 | 10,329 | ||||||||
Net loans | 19,955 | 211,202 | 231,157 | 3,185 | 12,712 | 247,054 | ||||||||
Premises and equipment | 891 | 4,004 | 4,895 | 0 | 196 | 5,091 | ||||||||
Goodwill | 658 | 6,463 | 7,121 | 0 | 878 | 7,999 | ||||||||
Other intangible assets | 78 | 132 | 210 | 0 | 0 | 210 | ||||||||
Brokerage receivables | 25,667 | 26,377 | 52,044 | 0 | 1 | 52,045 | ||||||||
Other assets | 18,104 | 43,452 | 61,556 | 243 | 1,266 | 63,065 | ||||||||
Assets of discontinued operations held-for-sale | 11 | 1,573 | 1,584 | 0 | 0 | 1,584 | ||||||||
Total assets | 299,562 | 554,850 | 854,412 | 48,274 | -29,880 | 872,806 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 251 | 22,896 | 23,147 | 3,242 | -3,281 | 23,108 | ||||||||
Customer deposits | 1 | 321,850 | 321,851 | 0 | 11,238 | 333,089 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 98,600 | -4,568 | 94,032 | 0 | 0 | 94,032 | ||||||||
Obligation to return securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading liabilities | 14,304 | 62,508 | 76,812 | 0 | -177 | 76,635 | ||||||||
Short-term borrowings | 42,842 | -22,649 | 20,193 | 0 | 0 | 20,193 | ||||||||
Long-term debt | 31,300 | 95,341 | 126,641 | 2,784 | 617 | 130,042 | ||||||||
Brokerage payables | 55,749 | 17,405 | 73,154 | 0 | 0 | 73,154 | ||||||||
Other liabilities | 11,284 | 39,795 | 51,079 | 84 | 284 | 51,447 | ||||||||
Liabilities of discontinued operations held-for-sale | 19 | 1,121 | 1,140 | 0 | 0 | 1,140 | ||||||||
Total liabilities | 277,829 | 533,020 | 810,849 | 6,110 | 8,681 | 825,640 | ||||||||
Total shareholders' equity | 18,583 | 21,409 | 39,992 | 42,164 | -39,992 | 42,164 | ||||||||
Noncontrolling interests | 3,150 | 421 | 3,571 | 0 | 1,431 | 5,002 | ||||||||
Total equity | 21,733 | 21,830 | 43,563 | 42,164 | -38,561 | 47,166 | ||||||||
Total liabilities and equity | 299,562 | 554,850 | 854,412 | 48,274 | -29,880 | 872,806 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||
in 6M14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | -1,908 | -15,916 | -17,824 | 250 | 2 | -44 | -17,618 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -7,688 | 7,156 | -532 | 0 | 289 | -243 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -17,533 | 11,771 | -5,762 | 0 | 6 | -5,756 | ||||||||
Purchase of investment securities | 0 | -459 | -459 | -2,217 | 2,217 | -459 | ||||||||
Proceeds from sale of investment securities | 0 | 48 | 48 | 0 | 0 | 48 | ||||||||
Maturities of investment securities | 0 | 10 | 10 | 0 | 82 | 92 | ||||||||
Investments in subsidiaries and other investments | -300 | -151 | -451 | -1,352 | 1,320 | -483 | ||||||||
Proceeds from sale of other investments | 780 | 43 | 823 | 3 | 24 | 850 | ||||||||
(Increase)/decrease in loans | 8,466 | -16,894 | -8,428 | 2,476 | -3,105 | -9,057 | ||||||||
Proceeds from sales of loans | 0 | 943 | 943 | 0 | 0 | 943 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -122 | -285 | -407 | 0 | -4 | -411 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other, net | 7 | 142 | 149 | 0 | 1 | 150 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | -16,390 | 2,324 | -14,066 | -1,090 | 830 | -14,326 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 783 | 15,914 | 16,697 | -433 | 380 | 16,644 | ||||||||
Increase/(decrease) in short-term borrowings | 9,346 | -251 | 9,095 | 0 | 0 | 9,095 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 7,526 | -13,185 | -5,659 | 0 | 0 | -5,659 | ||||||||
Issuances of long-term debt | 2,896 | 29,134 | 32,030 | 2,217 | -2,224 | 32,023 | ||||||||
Repayments of long-term debt | -1,440 | -20,246 | -21,686 | 0 | 2,070 | -19,616 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 297 | 0 | 297 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 0 | 4,033 | 4,033 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -705 | -4,087 | -4,792 | ||||||||
Dividends paid | 0 | -59 | -59 | -1,125 | -43 | -1,227 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other, net | -756 | -355 | -1,111 | 861 | -1,218 | -1,468 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | 18,355 | 10,952 | 29,307 | 1,112 | -1,089 | 29,330 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | -17 | 589 | 572 | -2 | 4 | 574 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | -8 | -175 | -183 | 0 | 0 | -183 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | 32 | -2,226 | -2,194 | 270 | -299 | -2,223 | ||||||||
Cash and due from banks at beginning of period | 4,787 | 63,290 | 68,077 | 795 | -180 | 68,692 | ||||||||
Cash and due from banks at end of period | 4,819 | 61,064 | 65,883 | 1,065 | -479 | 66,469 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 150 million and CHF 113 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Condensed consolidating statements of cash flows (continued) | ||||||||||||||
in 6M13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | 2,033 | 12,484 | 14,517 | 146 | 2 | -109 | 14,554 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -2 | 1,561 | 1,559 | 0 | -1,030 | 529 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 7,299 | 6,708 | 14,007 | 0 | 0 | 14,007 | ||||||||
Purchase of investment securities | 0 | -212 | -212 | 0 | 0 | -212 | ||||||||
Proceeds from sale of investment securities | 0 | 36 | 36 | 0 | 0 | 36 | ||||||||
Maturities of investment securities | 0 | 39 | 39 | 0 | 53 | 92 | ||||||||
Investments in subsidiaries and other investments | 224 | -863 | -639 | 0 | -262 | -901 | ||||||||
Proceeds from sale of other investments | 910 | 438 | 1,348 | 32 | 237 | 1,617 | ||||||||
(Increase)/decrease in loans | 1,739 | -3,567 | -1,828 | 281 | -2,105 | -3,652 | ||||||||
Proceeds from sales of loans | 0 | 484 | 484 | 0 | 0 | 484 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -119 | -317 | -436 | 0 | -4 | -440 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 8 | 8 | 0 | 0 | 8 | ||||||||
Other, net | -61 | 59 | -2 | 0 | 0 | -2 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | 9,990 | 4,374 | 14,364 | 313 | -3,111 | 11,566 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 76 | 15,195 | 15,271 | -1,314 | 2,086 | 16,043 | ||||||||
Increase/(decrease) in short-term borrowings | 12,717 | -6,821 | 5,896 | 0 | 0 | 5,896 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -23,215 | -14,149 | -37,364 | 0 | 0 | -37,364 | ||||||||
Issuances of long-term debt | 679 | 16,338 | 17,017 | 0 | 242 | 17,259 | ||||||||
Repayments of long-term debt | -1,974 | -31,113 | -33,087 | 0 | -535 | -33,622 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 928 | 0 | 928 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 38 | 5,090 | 5,128 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -192 | -5,287 | -5,479 | ||||||||
Dividends paid | 0 | -147 | -147 | -154 | -105 | -406 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other, net | 323 | -1,417 | -1,094 | 221 | 409 | -464 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | -11,394 | -22,114 | -33,508 | -473 | 1,900 | -32,081 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | 167 | 961 | 1,128 | -2 | 4 | 1,130 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | -7 | -341 | -348 | 0 | 0 | -348 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | 789 | -4,636 | -3,847 | -16 | -1,316 | -5,179 | ||||||||
Cash and due from banks at beginning of period | 4,523 | 56,853 | 61,376 | 19 | 368 | 61,763 | ||||||||
Cash and due from banks at end of period | 5,312 | 52,217 | 57,529 | 3 | -948 | 56,584 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 161 million and CHF 21 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Basis of presentation | ' |
Basis of presentation | |
The accompanying unaudited condensed consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). These condensed consolidated financial statements should be read in conjunction with the US GAAP consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Credit Suisse Annual Report 2013. | |
> Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2013 for a description of the Group’s significant accounting policies. | |
Certain financial information, which is normally included in annual consolidated financial statements prepared in accordance with US GAAP, but not required for interim reporting purposes, has been condensed or omitted. Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments that are necessary for a fair presentation of the condensed consolidated financial statements for the periods presented. The 1Q14 consolidated statements of operations and comprehensive income, the 1Q14 and 2Q13 consolidated balance sheets and the 2Q14, 1Q14 and 2Q13 consolidated statements of changes in equity have been added for convenience of the reader and are not a required presentation under US GAAP. The results of operations for interim periods are not indicative of results for the entire year. | |
In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Discontinued_operations_Tables
Discontinued operations (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Assets held-for-sale | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||
Assets held-for-sale | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | |||||||||
German private banking business (CHF million) | ||||||||||||
Cash | 277 | 234 | 960 | |||||||||
Loans | 686 | 507 | 575 | |||||||||
Other assets | 16 | 8 | 18 | |||||||||
Total assets held-for-sale | 979 | 749 | 1,553 | |||||||||
CFIG (CHF million) | ||||||||||||
Fees receivable | – | – | 8 | |||||||||
Goodwill | – | – | 23 | |||||||||
Total assets held-for-sale | – | – | 31 | |||||||||
Group (CHF million) | ||||||||||||
Total assets held-for-sale | 979 | 749 | 1,584 | |||||||||
Liabilities held-for-sale | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||
Liabilities held-for-sale | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | |||||||||
German private banking business (CHF million) | ||||||||||||
Deposits | 696 | 740 | 1,118 | |||||||||
Other liabilities | 46 | 41 | 22 | |||||||||
Total liabilities held-for-sale | 742 | 781 | 1,140 | |||||||||
Group (CHF million) | ||||||||||||
Total liabilities held-for-sale | 742 | 781 | 1,140 | |||||||||
Income/(loss) from discontinued operations | ' | |||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||
Income/(loss) from discontinued operations | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Operations-related (CHF million) | ||||||||||||
Net revenues | 12 | 12 | 68 | 24 | 142 | |||||||
of which German private banking business | 12 | 8 | 12 | 20 | 26 | |||||||
of which ETF business | – | – | 15 | – | 29 | |||||||
of which Strategic Partners | – | – | 14 | – | 28 | |||||||
of which CFIG | – | 0 | 26 | 0 | 56 | |||||||
Operating expenses | 12 | 16 | 59 | 28 | 111 | |||||||
of which German private banking business | 12 | 14 | 20 | 26 | 38 | |||||||
of which ETF business | – | – | 10 | – | 20 | |||||||
of which Strategic Partners | – | – | 2 | – | 8 | |||||||
of which CFIG | – | 0 | 25 | 0 | 41 | |||||||
Income tax expense/(benefit) | 0 | 1 | 9 | 1 | 22 | |||||||
of which German private banking business | 0 | 0 | 0 | 0 | -1 | |||||||
of which ETF business | – | – | 3 | – | 5 | |||||||
of which Strategic Partners | – | – | 5 | – | 9 | |||||||
of which CFIG | – | 0 | 1 | 0 | 9 | |||||||
Income/(loss), net of tax | 0 | -5 | 0 | -5 | 9 | |||||||
of which German private banking business | 0 | -6 | -8 | -6 | -11 | |||||||
of which ETF business | – | – | 2 | – | 4 | |||||||
of which Strategic Partners | – | – | 7 | – | 11 | |||||||
of which CFIG | – | 0 | 0 | 0 | 6 | |||||||
Transaction-related (CHF million) | ||||||||||||
Gain on disposal | – | 91 | – | 91 | – | |||||||
of which CFIG | – | 91 | – | 91 | – | |||||||
Operating expenses | 9 | 32 | 15 | 41 | 20 | |||||||
of which German private banking business | 9 | 26 | – | 35 | – | |||||||
of which ETF business | – | – | 3 | – | 6 | |||||||
of which Strategic Partners | – | – | 12 | – | 12 | |||||||
of which CFIG | – | 0 | – | 0 | 2 | |||||||
Income tax expense/(benefit) | 0 | 39 | -6 | 39 | -8 | |||||||
of which ETF business | – | – | -1 | – | -2 | |||||||
of which Strategic Partners | – | – | -5 | – | -5 | |||||||
of which CFIG | – | 42 | – | 42 | -1 | |||||||
Income/(loss), net of tax | -9 | 20 | -9 | 11 | -12 | |||||||
of which German private banking business | -9 | -26 | – | -35 | – | |||||||
of which ETF business | – | – | -2 | – | -4 | |||||||
of which Strategic Partners | – | – | -7 | – | -7 | |||||||
of which CFIG | – | 49 | – | 49 | -1 | |||||||
Discontinued operations – total (CHF million) | ||||||||||||
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 | |||||||
of which German private banking business | -9 | -32 | -8 | -41 | -11 | |||||||
of which ETF business | – | – | 0 | – | 0 | |||||||
of which Strategic Partners | – | – | 0 | – | 4 | |||||||
of which CFIG | – | 49 | 0 | 49 | 5 | |||||||
Segment_information_Tables
Segment information (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | ' | |||||||||||
Net revenues and income before taxes | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Net revenues (CHF million) | ||||||||||||
Private Banking & Wealth Management | 3,046 | 3,240 | 3,419 | 6,286 | 6,697 | |||||||
Investment Banking | 3,342 | 3,416 | 3,400 | 6,758 | 7,345 | |||||||
Corporate Center | 45 | -187 | 11 | -142 | -194 | |||||||
Noncontrolling interests without SEI | 30 | 360 | 122 | 390 | 193 | |||||||
Net revenues | 6,463 | 6,829 | 6,952 | 13,292 | 14,041 | |||||||
Income/(loss) from continuing operations before taxes (CHF million) | ||||||||||||
Private Banking & Wealth Management | -749 | 1,012 | 917 | 263 | 1,798 | |||||||
Investment Banking | 752 | 827 | 754 | 1,579 | 2,054 | |||||||
Corporate Center | -373 | -439 | -131 | -812 | -507 | |||||||
Noncontrolling interests without SEI | 24 | 343 | 105 | 367 | 174 | |||||||
Income/(loss) from continuing operations before taxes | -346 | 1,743 | 1,645 | 1,397 | 3,519 | |||||||
Total assets | ||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||||
Total assets (CHF million) | ||||||||||||
Private Banking & Wealth Management | 322,669 | 324,084 | 316,491 | 308,569 | ||||||||
Investment Banking | 525,101 | 521,495 | 519,712 | 575,215 | ||||||||
Corporate Center | 42,509 | 31,220 | 32,979 | 31,852 | ||||||||
Noncontrolling interests without SEI | 1,301 | 1,291 | 3,624 | 4,267 | ||||||||
Total assets | 891,580 | 878,090 | 872,806 | 919,903 | ||||||||
Net_interest_income_Tables
Net interest income (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Net interest income | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Net interest income (CHF million) | ||||||||||||
Loans | 1,216 | 1,226 | 1,211 | 2,442 | 2,399 | |||||||
Investment securities | 11 | 11 | 13 | 22 | 25 | |||||||
Trading assets | 3,394 | 2,168 | 3,705 | 5,562 | 6,130 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 542 | 561 | 705 | 1,103 | 1,376 | |||||||
Other | 527 | 479 | 586 | 1,006 | 1,112 | |||||||
Interest and dividend income | 5,690 | 4,445 | 6,220 | 10,135 | 11,042 | |||||||
Deposits | -248 | -236 | -260 | -484 | -518 | |||||||
Short-term borrowings | -30 | -22 | -17 | -52 | -97 | |||||||
Trading liabilities | -1,626 | -761 | -1,855 | -2,387 | -3,098 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -262 | -261 | -397 | -523 | -733 | |||||||
Long-term debt | -854 | -927 | -985 | -1,781 | -2,029 | |||||||
Other | -84 | -60 | -66 | -144 | -121 | |||||||
Interest expense | -3,104 | -2,267 | -3,580 | -5,371 | -6,596 | |||||||
Net interest income | 2,586 | 2,178 | 2,640 | 4,764 | 4,446 | |||||||
Commissions_and_fees_Tables
Commissions and fees (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Commissions and fees | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Commissions and fees (CHF million) | ||||||||||||
Lending business | 454 | 434 | 489 | 888 | 930 | |||||||
Investment and portfolio management | 891 | 934 | 1,002 | 1,825 | 1,906 | |||||||
Other securities business | 25 | 23 | 26 | 48 | 54 | |||||||
Fiduciary business | 916 | 957 | 1,028 | 1,873 | 1,960 | |||||||
Underwriting | 603 | 460 | 479 | 1,063 | 898 | |||||||
Brokerage | 890 | 973 | 1,119 | 1,863 | 2,164 | |||||||
Underwriting and brokerage | 1,493 | 1,433 | 1,598 | 2,926 | 3,062 | |||||||
Other services | 446 | 451 | 423 | 897 | 834 | |||||||
Commissions and fees | 3,309 | 3,275 | 3,538 | 6,584 | 6,786 | |||||||
Trading_revenues_Tables
Trading revenues (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Trading revenues | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Trading revenues (CHF million) | ||||||||||||
Interest rate products | 2,969 | 1,250 | -1,109 | 4,219 | 588 | |||||||
Foreign exchange products | -1,337 | -1,014 | 519 | -2,351 | 903 | |||||||
Equity/index-related products | -680 | 176 | 571 | -504 | 489 | |||||||
Credit products | -850 | 40 | 316 | -810 | -44 | |||||||
Commodity, emission and energy products | -17 | 63 | 148 | 46 | 191 | |||||||
Other products | 112 | 123 | -88 | 235 | 45 | |||||||
Trading revenues | 197 | 638 | 357 | 835 | 2,172 | |||||||
Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. | ||||||||||||
Other_revenues_Tables
Other revenues (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Other revenues | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Other revenues (CHF million) | ||||||||||||
Noncontrolling interests without SEI | 25 | 358 | 152 | 383 | 216 | |||||||
Loans held-for-sale | -1 | 1 | 2 | 0 | -3 | |||||||
Long-lived assets held-for-sale | -2 | 28 | -7 | 26 | -22 | |||||||
Equity method investments | 55 | 61 | 30 | 116 | 66 | |||||||
Other investments | 97 | 110 | 82 | 207 | 139 | |||||||
Other | 197 | 180 | 158 | 377 | 241 | |||||||
Other revenues | 371 | 738 | 417 | 1,109 | 637 | |||||||
Provision_for_credit_losses_Ta
Provision for credit losses (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Provision for credit losses | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Provision for credit losses (CHF million) | ||||||||||||
Provision for loan losses | 22 | 30 | 49 | 52 | 69 | |||||||
Provision for lending-related and other exposures | -4 | 4 | 2 | 0 | 4 | |||||||
Provision for credit losses | 18 | 34 | 51 | 52 | 73 | |||||||
Compensation_and_benefits_Tabl
Compensation and benefits (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Compensation and benefits | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Compensation and benefits (CHF million) | ||||||||||||
Salaries and variable compensation | 2,536 | 2,653 | 2,462 | 5,189 | 5,044 | |||||||
Social security | 283 | 188 | 229 | 471 | 451 | |||||||
Other 1 | 154 | 152 | 235 | 306 | 422 | |||||||
Compensation and benefits 2 | 2,973 | 2,993 | 2,926 | 5,966 | 5,917 | |||||||
1 | ||||||||||||
Includes pension and other post-retirement expense of CHF 85 million, CHF 84 million, CHF 157 million, CHF 169 million and CHF 267 million in 2Q14, 1Q14, 2Q13, 6M14 and 6M13, respectively. | ||||||||||||
2 | ||||||||||||
Includes severance and other compensation expense relating to headcount reductions of CHF 63 million, CHF 24 million, CHF 90 million, CHF 87 million and CHF 157 million as of 2Q14, 1Q14, 2Q13, 6M14 and 6M13, respectively. | ||||||||||||
General_and_administrative_exp1
General and administrative expenses (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
General and administrative expenses | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
General and administrative expenses (CHF million) | ||||||||||||
Occupancy expenses | 305 | 273 | 283 | 578 | 571 | |||||||
IT, machinery, etc. | 347 | 341 | 377 | 688 | 761 | |||||||
Provisions and losses | 1,810 | 111 | 273 | 1,921 | 443 | |||||||
Travel and entertainment | 90 | 81 | 92 | 171 | 181 | |||||||
Professional services | 545 | 526 | 455 | 1,071 | 902 | |||||||
Amortization and impairment of other intangible assets | 5 | 5 | 7 | 10 | 13 | |||||||
Other | 339 | 353 | 386 | 692 | 734 | |||||||
General and administrative expenses | 3,441 | 1,690 | 1,873 | 5,131 | 3,605 | |||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Earnings per share | ' | |||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Basic net income/(loss) attributable to shareholders (CHF million) | ||||||||||||
Income/(loss) from continuing operations | -691 | 844 | 1,054 | 153 | 2,351 | |||||||
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 | |||||||
Net income/(loss) attributable to shareholders | -700 | 859 | 1,045 | 159 | 2,348 | |||||||
Preferred securities dividends | – | -28 | -114 | -28 | -114 | |||||||
Net income/(loss) attributable to shareholders for basic earnings per share | -700 | 831 | 931 | 131 | 2,234 | |||||||
Available for common shares | -752 | 785 | 852 | 79 | 1,918 | |||||||
Available for unvested share-based payment awards | 52 | 46 | 70 | 52 | 164 | |||||||
Available for mandatory convertible securities 1 | – | – | 9 | – | 152 | |||||||
Diluted net income/(loss) attributable to shareholders (CHF million) | ||||||||||||
Net income/(loss) attributable to shareholders for basic earnings per share | -700 | 831 | 931 | 131 | 2,234 | |||||||
Income impact of assumed conversion on contracts that may be settled in shares or cash 2 | – | – | -17 | – | -22 | |||||||
Net income/(loss) attributable to shareholders for diluted earnings per share | -700 | 831 | 914 | 131 | 2,212 | |||||||
Available for common shares | -752 | 785 | 838 | 79 | 1,904 | |||||||
Available for unvested share-based payment awards | 52 | 46 | 67 | 52 | 160 | |||||||
Available for mandatory convertible securities 1 | – | – | 9 | – | 148 | |||||||
Weighted-average shares outstanding (million) | ||||||||||||
Weighted-average shares outstanding for basic earnings per share available for common shares | 1,625.00 | 1,621.20 | 1,574.90 | 1,623.10 | 1,464.80 | |||||||
Dilutive contracts that may be settled in shares or cash 3 | – | – | 23.1 | – | 23.5 | |||||||
Dilutive share options and warrants | 0 | 1.4 | 1.9 | 0.7 | 1.9 | |||||||
Dilutive share awards | 0 | 5.2 | 1.5 | 2.6 | 1.7 | |||||||
Weighted-average shares outstanding for diluted earnings per share available for common shares 4 | 1,625.00 | 5 | 1,627.80 | 1,601.40 | 1,626.40 | 1,491.90 | ||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards | 68.3 | 95.5 | 130 | 81.9 | 126.3 | |||||||
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 | – | – | 20.4 | – | 126.1 | |||||||
Basic earnings/(loss) per share available for common shares (CHF) | ||||||||||||
Basic earnings/(loss) per share from continuing operations | -0.45 | 0.47 | 0.55 | 0.05 | 1.31 | |||||||
Basic earnings/(loss) per share from discontinued operations | -0.01 | 0.01 | -0.01 | 0 | 0 | |||||||
Basic earnings/(loss) per share available for common shares | -0.46 | 0.48 | 0.54 | 0.05 | 1.31 | |||||||
Diluted earnings/(loss) per share available for common shares (CHF) | ||||||||||||
Diluted earnings/(loss) per share from continuing operations | -0.45 | 0.47 | 0.53 | 0.05 | 1.28 | |||||||
Diluted earnings/(loss) per share from discontinued operations | -0.01 | 0.01 | -0.01 | 0 | 0 | |||||||
Diluted earnings/(loss) per share available for common shares | -0.46 | 0.48 | 0.52 | 0.05 | 1.28 | |||||||
1 | ||||||||||||
Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013. | ||||||||||||
2 | ||||||||||||
Reflects changes in the fair value of the PAF2 units which were reflected in the net results of the Group until the awards were finally settled. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. | ||||||||||||
3 | ||||||||||||
Reflects weighted-average shares outstanding on PAF2 units. In 1Q14, the Group restructured the PAF2 awards as due to regulatory changes the capital relief provided by PAF2 awards was no longer available under Basel III. The PAF2 units were converted into other capital eligible compensation instruments and will no longer be settleable in Credit Suisse Group shares. | ||||||||||||
4 | ||||||||||||
Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 8.8 million, 9.1 million, 12.1 million, 8.9 million and 12.9 million for 2Q14, 1Q14, 2Q13, 6M14 and 6M13, respectively. | ||||||||||||
5 | ||||||||||||
Due to the net loss in 2Q14, 1.3 million weighted-average share options and warrants outstanding and 12.2 million weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. | ||||||||||||
Trading_assets_and_liabilities1
Trading assets and liabilities (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Trading assets and liabilities | ' | |||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Trading assets (CHF million) | ||||||||||
Debt securities | 105,038 | 112,678 | 110,116 | 116,923 | ||||||
Equity securities 1 | 88,159 | 83,044 | 76,695 | 78,281 | ||||||
Derivative instruments 2 | 30,957 | 30,538 | 31,603 | 39,240 | ||||||
Other | 11,273 | 10,809 | 10,999 | 11,390 | ||||||
Trading assets | 235,427 | 237,069 | 229,413 | 245,834 | ||||||
Trading liabilities (CHF million) | ||||||||||
Short positions | 40,617 | 40,647 | 40,161 | 49,214 | ||||||
Derivative instruments 2 | 34,512 | 32,382 | 36,474 | 40,703 | ||||||
Trading liabilities | 75,129 | 73,029 | 76,635 | 89,917 | ||||||
1 | ||||||||||
Including convertible bonds. | ||||||||||
2 | ||||||||||
Amounts shown net of cash collateral receivables and payables. | ||||||||||
Cash collateral receivables and payables | ' | |||||||||
Cash collateral on derivative instruments | ||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Cash collateral – netted (CHF million) 1 | ||||||||||
Cash collateral paid | 25,122 | 24,735 | 23,870 | 31,514 | ||||||
Cash collateral received | 20,058 | 19,425 | 20,500 | 28,102 | ||||||
Cash collateral – not netted (CHF million) 2 | ||||||||||
Cash collateral paid | 8,097 | 7,058 | 8,359 | 10,212 | ||||||
Cash collateral received | 12,844 | 11,984 | 11,663 | 13,047 | ||||||
1 | ||||||||||
Recorded as cash collateral netting on derivative instruments in Note 20 – Offsetting of financial assets and financial liabilities. | ||||||||||
2 | ||||||||||
Recorded as cash collateral on derivative instruments in Note 17 – Other assets and other liabilities. | ||||||||||
Investment_securities_Tables
Investment securities (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Investment securities | ' | |||||||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||||||||||
Investment securities (CHF million) | ||||||||||||||||||
Securities available-for-sale | 3,323 | 3,320 | 2,987 | 3,546 | ||||||||||||||
Total investment securities | 3,323 | 3,320 | 2,987 | 3,546 | ||||||||||||||
Investment securities by type | ' | |||||||||||||||||
Investment securities by type | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Gross | Gross | Gross | Gross | ||||||||||||||
Amortized | unrealized | unrealized | Fair | Amortized | unrealized | unrealized | Fair | |||||||||||
cost | gains | losses | value | cost | gains | losses | value | |||||||||||
Investment securities by type (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 373 | 24 | 0 | 397 | 389 | 15 | 2 | 402 | ||||||||||
Debt securities issued by foreign governments | 1,758 | 52 | 0 | 1,810 | 1,350 | 39 | 1 | 1,388 | ||||||||||
Corporate debt securities | 573 | 14 | 0 | 587 | 590 | 16 | 0 | 606 | ||||||||||
Collateralized debt obligations | 408 | 15 | 0 | 423 | 480 | 11 | 1 | 490 | ||||||||||
Debt securities available-for-sale | 3,112 | 105 | 0 | 3,217 | 2,809 | 81 | 4 | 2,886 | ||||||||||
Banks, trust and insurance companies | 74 | 22 | 0 | 96 | 74 | 18 | 0 | 92 | ||||||||||
Industry and all other | 10 | 0 | 0 | 10 | 9 | 0 | 0 | 9 | ||||||||||
Equity securities available-for-sale | 84 | 22 | 0 | 106 | 83 | 18 | 0 | 101 | ||||||||||
Securities available-for-sale | 3,196 | 127 | 0 | 3,323 | 2,892 | 99 | 4 | 2,987 | ||||||||||
Gross unrealized losses on investment securities and the related fair value | ' | |||||||||||||||||
Gross unrealized losses on investment securities and the related fair value | ||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||
end of | Gross | Gross | Gross | |||||||||||||||
Fair | unrealized | Fair | unrealized | Fair | unrealized | |||||||||||||
value | losses | value | losses | value | losses | |||||||||||||
4Q13 (CHF million) | ||||||||||||||||||
Debt securities issued by Swiss federal, cantonal or local governmental entities | 168 | 2 | 0 | 0 | 168 | 2 | ||||||||||||
Debt securities issued by foreign governments | 109 | 1 | 0 | 0 | 109 | 1 | ||||||||||||
Collateralized debt obligation | 10 | 1 | 0 | 0 | 10 | 1 | ||||||||||||
Debt securities available-for-sale | 287 | 4 | 0 | 0 | 287 | 4 | ||||||||||||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ' | |||||||||||||||||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||
in | Debt | Equity | Debt | Equity | ||||||||||||||
securities | securities | securities | securities | |||||||||||||||
Additional information (CHF million) | ||||||||||||||||||
Proceeds from sales | 41 | 7 | 27 | 9 | ||||||||||||||
Amortized cost, fair value and average yield of debt securities | ' | |||||||||||||||||
Amortized cost, fair value and average yield of debt securities | ||||||||||||||||||
Debt securities | ||||||||||||||||||
available-for-sale | ||||||||||||||||||
end of | Average | |||||||||||||||||
Amortized | Fair | yield | ||||||||||||||||
cost | value | (in %) | ||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||
Due within 1 year | 561 | 563 | 1.43 | |||||||||||||||
Due from 1 to 5 years | 1,666 | 1,730 | 2.35 | |||||||||||||||
Due from 5 to 10 years | 832 | 868 | 1.46 | |||||||||||||||
Due after 10 years | 53 | 56 | 1.62 | |||||||||||||||
Total debt securities | 3,112 | 3,217 | 1.93 | |||||||||||||||
Loans_allowance_for_loan_losse1
Loans, allowance for loan losses and credit quality (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Loans | ' | |||||||||||||||||||||||
Loans | ||||||||||||||||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||
Mortgages | 96,915 | 95,700 | 94,978 | 93,602 | ||||||||||||||||||||
Loans collateralized by securities | 35,882 | 34,253 | 31,565 | 30,316 | ||||||||||||||||||||
Consumer finance | 5,438 | 5,783 | 5,938 | 7,368 | ||||||||||||||||||||
Consumer | 138,235 | 135,736 | 132,481 | 131,286 | ||||||||||||||||||||
Real estate | 27,268 | 27,320 | 27,312 | 26,244 | 1 | |||||||||||||||||||
Commercial and industrial loans | 65,734 | 65,760 | 63,334 | 63,718 | 1 | |||||||||||||||||||
Financial institutions | 21,058 | 19,472 | 21,840 | 23,113 | 1 | |||||||||||||||||||
Governments and public institutions | 3,177 | 3,341 | 3,047 | 2,815 | 1 | |||||||||||||||||||
Corporate & institutional | 117,237 | 115,893 | 115,533 | 115,890 | ||||||||||||||||||||
Gross loans | 255,472 | 251,629 | 248,014 | 247,176 | ||||||||||||||||||||
of which held at amortized cost | 235,575 | 231,649 | 228,557 | 227,606 | ||||||||||||||||||||
of which held at fair value | 19,897 | 19,980 | 19,457 | 19,570 | ||||||||||||||||||||
Net (unearned income)/deferred expenses | -119 | -104 | -91 | -90 | ||||||||||||||||||||
Allowance for loan losses | -821 | -866 | -869 | -900 | ||||||||||||||||||||
Net loans | 254,532 | 250,659 | 247,054 | 246,186 | ||||||||||||||||||||
Gross loans by location (CHF million) | ||||||||||||||||||||||||
Switzerland | 156,377 | 153,766 | 151,992 | 150,810 | ||||||||||||||||||||
Foreign | 99,095 | 97,863 | 96,022 | 96,366 | ||||||||||||||||||||
Gross loans | 255,472 | 251,629 | 248,014 | 247,176 | ||||||||||||||||||||
Impaired loan portfolio (CHF million) | ||||||||||||||||||||||||
Non-performing loans | 851 | 845 | 862 | 904 | ||||||||||||||||||||
Non-interest-earning loans | 286 | 283 | 281 | 305 | ||||||||||||||||||||
Total non-performing and non-interest-earning loans | 1,137 | 1,128 | 1,143 | 1,209 | ||||||||||||||||||||
Restructured loans | 83 | 29 | 2 | 6 | 20 | |||||||||||||||||||
Potential problem loans | 252 | 342 | 2 | 340 | 444 | |||||||||||||||||||
Total other impaired loans | 335 | 371 | 346 | 464 | ||||||||||||||||||||
Gross impaired loans | 1,472 | 1,499 | 1,489 | 1,673 | ||||||||||||||||||||
1 | ||||||||||||||||||||||||
Prior periods have been corrected to reclassify certain counterparty exposures from real estate and commercial and industrial loans to loans to financial institutions, and from governments and public institutions to commercial and industrial loans, respectively. | ||||||||||||||||||||||||
2 | ||||||||||||||||||||||||
Prior period has been corrected to reclassify a counterparty exposure from potential problem loans to restructured loans. | ||||||||||||||||||||||||
Allowance for loan losses | ' | |||||||||||||||||||||||
Allowance for loan losses by loan portfolio | ||||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | ||||||||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||||||
Balance at beginning of period | 263 | 603 | 866 | 267 | 602 | 869 | 285 | 631 | 916 | |||||||||||||||
Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Net movements recognized in statements of operations | 20 | 2 | 22 | 17 | 13 | 30 | 15 | 34 | 49 | |||||||||||||||
Gross write-offs | -28 | -64 | -92 | -26 | -20 | -46 | -27 | -72 | -99 | |||||||||||||||
Recoveries | 4 | 15 | 19 | 5 | 5 | 10 | 7 | 22 | 29 | |||||||||||||||
Net write-offs | -24 | -49 | -73 | -21 | -15 | -36 | -20 | -50 | -70 | |||||||||||||||
Provisions for interest | 0 | 3 | 3 | 1 | 4 | 5 | 0 | 6 | 6 | |||||||||||||||
Foreign currency translation impact and other adjustments, net | 1 | 2 | 3 | -1 | -1 | -2 | 2 | -3 | -1 | |||||||||||||||
Balance at end of period | 260 | 561 | 821 | 263 | 603 | 866 | 282 | 618 | 900 | |||||||||||||||
of which individually evaluated for impairment | 210 | 403 | 613 | 213 | 440 | 653 | 229 | 447 | 676 | |||||||||||||||
of which collectively evaluated for impairment | 50 | 158 | 208 | 50 | 163 | 213 | 53 | 171 | 224 | |||||||||||||||
Gross loans held at amortized cost (CHF million) | ||||||||||||||||||||||||
Balance at end of period | 138,223 | 97,352 | 235,575 | 135,725 | 95,924 | 231,649 | 131,276 | 96,330 | 227,606 | |||||||||||||||
of which individually evaluated for impairment 1 | 613 | 859 | 1,472 | 560 | 939 | 1,499 | 607 | 1,066 | 1,673 | |||||||||||||||
of which collectively evaluated for impairment | 137,610 | 96,493 | 234,103 | 135,165 | 94,985 | 230,150 | 130,669 | 95,264 | 225,933 | |||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||
Consumer | Corporate & | Total | Consumer | Corporate & | Total | |||||||||||||||||||
institutional | institutional | |||||||||||||||||||||||
Allowance for loan losses (CHF million) | ||||||||||||||||||||||||
Balance at beginning of period | 267 | 602 | 869 | 288 | 634 | 922 | ||||||||||||||||||
Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Net movements recognized in statements of operations | 37 | 15 | 52 | 36 | 33 | 69 | ||||||||||||||||||
Gross write-offs | -54 | -84 | -138 | -60 | -93 | -153 | ||||||||||||||||||
Recoveries | 9 | 20 | 29 | 12 | 24 | 36 | ||||||||||||||||||
Net write-offs | -45 | -64 | -109 | -48 | -69 | -117 | ||||||||||||||||||
Provisions for interest | 1 | 7 | 8 | 2 | 11 | 13 | ||||||||||||||||||
Foreign currency translation impact and other adjustments, net | 0 | 1 | 1 | 4 | 9 | 13 | ||||||||||||||||||
Balance at end of period | 260 | 561 | 821 | 282 | 618 | 900 | ||||||||||||||||||
1 | ||||||||||||||||||||||||
Represents gross impaired loans both with and without a specific allowance. | ||||||||||||||||||||||||
Purchases, reclassifications and sales | ' | |||||||||||||||||||||||
Purchases, reclassifications and sales | ||||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | ||||||||||||||||||||||
in | Consumer | Corporate & | Total | Consumer | Corporate & | Total | Consumer | Corporate & | Total | |||||||||||||||
institutional | institutional | institutional | ||||||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||||||
Purchases 1 | 18 | 982 | 1,000 | 11 | 423 | 434 | 0 | 423 | 423 | |||||||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 165 | 165 | 0 | 23 | 23 | 0 | 62 | 62 | |||||||||||||||
Reclassifications to loans held-for-sale 3 | 0 | 334 | 334 | 0 | 76 | 76 | 0 | 132 | 132 | |||||||||||||||
Sales 3 | 0 | 11 | 11 | 0 | 53 | 53 | 0 | 70 | 70 | |||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||
in | Consumer | Corporate & | Total | Consumer | Corporate & | Total | ||||||||||||||||||
institutional | institutional | |||||||||||||||||||||||
Loans held at amortized cost (CHF million) | ||||||||||||||||||||||||
Purchases 1 | 29 | 1,405 | 1,434 | 0 | 2,115 | 2,115 | ||||||||||||||||||
Reclassifications from loans held-for-sale 2 | 0 | 188 | 188 | 0 | 106 | 106 | ||||||||||||||||||
Reclassifications to loans held-for-sale 3 | 0 | 410 | 410 | 0 | 308 | 308 | ||||||||||||||||||
Sales 3 | 0 | 64 | 64 | 0 | 187 | 187 | ||||||||||||||||||
1 | ||||||||||||||||||||||||
Includes drawdowns under purchased loan commitments. | ||||||||||||||||||||||||
2 | ||||||||||||||||||||||||
Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. | ||||||||||||||||||||||||
3 | ||||||||||||||||||||||||
All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. | ||||||||||||||||||||||||
Gross loans held at amortized cost by internal counterparty rating | ' | |||||||||||||||||||||||
Gross loans held at amortized cost by internal counterparty rating | ||||||||||||||||||||||||
end of | AAA | AA | A | BBB | BB | B | CCC | CC | C | D | Total | |||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||
Mortgages | 509 | 2,514 | 18,009 | 58,673 | 16,165 | 781 | 32 | 1 | 0 | 231 | 96,915 | |||||||||||||
Loans collateralized by securities | 1,834 | 717 | 4,557 | 26,235 | 2,210 | 228 | 5 | 9 | 0 | 87 | 35,882 | |||||||||||||
Consumer finance | 250 | 51 | 112 | 2,077 | 1,834 | 690 | 29 | 0 | 122 | 261 | 5,426 | |||||||||||||
Consumer | 2,593 | 3,282 | 22,678 | 86,985 | 20,209 | 1,699 | 66 | 10 | 122 | 579 | 138,223 | |||||||||||||
Real estate | 867 | 1,602 | 2,723 | 14,970 | 6,276 | 270 | 0 | 0 | 0 | 93 | 26,801 | |||||||||||||
Commercial and industrial loans | 451 | 988 | 1,849 | 22,411 | 24,047 | 3,908 | 226 | 15 | 10 | 611 | 54,516 | |||||||||||||
Financial institutions | 924 | 1,608 | 2,939 | 6,261 | 2,253 | 441 | 104 | 17 | 0 | 98 | 14,645 | |||||||||||||
Governments and public institutions | 49 | 368 | 173 | 403 | 117 | 58 | 222 | 0 | 0 | 0 | 1,390 | |||||||||||||
Corporate & institutional | 2,291 | 4,566 | 7,684 | 44,045 | 32,693 | 4,677 | 552 | 32 | 10 | 802 | 97,352 | |||||||||||||
Gross loans held at amortized cost | 4,884 | 7,848 | 30,362 | 131,030 | 52,902 | 6,376 | 618 | 42 | 132 | 1,381 | 235,575 | |||||||||||||
Value of collateral 1 | 3,866 | 6,675 | 27,168 | 123,969 | 44,650 | 4,153 | 118 | 33 | 12 | 726 | 211,370 | |||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||
Mortgages | 302 | 2,257 | 17,398 | 57,033 | 16,857 | 883 | 39 | 0 | 0 | 209 | 94,978 | |||||||||||||
Loans collateralized by securities | 182 | 349 | 4,214 | 24,497 | 2,131 | 90 | 2 | 6 | 0 | 94 | 31,565 | |||||||||||||
Consumer finance | 0 | 14 | 226 | 2,501 | 1,952 | 824 | 43 | 0 | 119 | 248 | 5,927 | |||||||||||||
Consumer | 484 | 2,620 | 21,838 | 84,031 | 20,940 | 1,797 | 84 | 6 | 119 | 551 | 132,470 | |||||||||||||
Real estate | 1,344 | 1,050 | 3,511 | 13,669 | 6,897 | 322 | 0 | 1 | 0 | 72 | 26,866 | |||||||||||||
Commercial and industrial loans | 183 | 740 | 1,901 | 21,232 | 23,131 | 3,621 | 232 | 6 | 6 | 671 | 51,723 | |||||||||||||
Financial institutions | 1,319 | 1,706 | 4,041 | 5,625 | 2,440 | 776 | 14 | 1 | 0 | 112 | 16,034 | |||||||||||||
Governments and public institutions | 78 | 324 | 178 | 440 | 148 | 73 | 223 | 0 | 0 | 0 | 1,464 | |||||||||||||
Corporate & institutional | 2,924 | 3,820 | 9,631 | 40,966 | 32,616 | 4,792 | 469 | 8 | 6 | 855 | 96,087 | |||||||||||||
Gross loans held at amortized cost | 3,408 | 6,440 | 31,469 | 124,997 | 53,556 | 6,589 | 553 | 14 | 125 | 1,406 | 228,557 | |||||||||||||
Value of collateral 1 | 2,553 | 5,046 | 28,186 | 116,971 | 45,376 | 3,372 | 102 | 1 | 10 | 616 | 202,233 | |||||||||||||
1 | ||||||||||||||||||||||||
Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, collateral values are generally values at the time of granting the loan. | ||||||||||||||||||||||||
Gross loans held at amortized cost - aging analysis | ' | |||||||||||||||||||||||
Gross loans held at amortized cost – aging analysis | ||||||||||||||||||||||||
Current | Past due | |||||||||||||||||||||||
end of | More | Total | Total | |||||||||||||||||||||
Up to | 31–60 | 61–90 | than | |||||||||||||||||||||
30 days | days | days | 90 days | |||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||
Mortgages | 96,494 | 147 | 42 | 29 | 203 | 421 | 96,915 | |||||||||||||||||
Loans collateralized by securities | 35,663 | 118 | 3 | 10 | 88 | 219 | 35,882 | |||||||||||||||||
Consumer finance | 4,451 | 640 | 82 | 61 | 192 | 975 | 5,426 | |||||||||||||||||
Consumer | 136,608 | 905 | 127 | 100 | 483 | 1,615 | 138,223 | |||||||||||||||||
Real estate | 26,691 | 18 | 1 | 0 | 91 | 110 | 26,801 | |||||||||||||||||
Commercial and industrial loans | 53,455 | 582 | 68 | 123 | 288 | 1,061 | 54,516 | |||||||||||||||||
Financial institutions | 14,357 | 171 | 2 | 0 | 115 | 288 | 14,645 | |||||||||||||||||
Governments and public institutions | 1,388 | 2 | 0 | 0 | 0 | 2 | 1,390 | |||||||||||||||||
Corporate & institutional | 95,891 | 773 | 71 | 123 | 494 | 1,461 | 97,352 | |||||||||||||||||
Gross loans held at amortized cost | 232,499 | 1,678 | 198 | 223 | 977 | 3,076 | 235,575 | |||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||
Mortgages | 94,657 | 103 | 26 | 25 | 167 | 321 | 94,978 | |||||||||||||||||
Loans collateralized by securities | 31,365 | 95 | 2 | 12 | 91 | 200 | 31,565 | |||||||||||||||||
Consumer finance | 5,218 | 377 | 93 | 55 | 184 | 709 | 5,927 | |||||||||||||||||
Consumer | 131,240 | 575 | 121 | 92 | 442 | 1,230 | 132,470 | |||||||||||||||||
Real estate | 26,774 | 19 | 2 | 2 | 69 | 92 | 26,866 | |||||||||||||||||
Commercial and industrial loans | 50,879 | 343 | 77 | 74 | 350 | 844 | 51,723 | |||||||||||||||||
Financial institutions | 15,841 | 87 | 2 | 1 | 103 | 193 | 16,034 | |||||||||||||||||
Governments and public institutions | 1,459 | 5 | 0 | 0 | 0 | 5 | 1,464 | |||||||||||||||||
Corporate & institutional | 94,953 | 454 | 81 | 77 | 522 | 1,134 | 96,087 | |||||||||||||||||
Gross loans held at amortized cost | 226,193 | 1,029 | 202 | 169 | 964 | 2,364 | 228,557 | |||||||||||||||||
Gross impaired loans by category | ' | |||||||||||||||||||||||
Gross impaired loans by category | ||||||||||||||||||||||||
Non-performing and | Other impaired loans | |||||||||||||||||||||||
non-interest-earning loans | ||||||||||||||||||||||||
end of | Non- | Total | Total | Total | ||||||||||||||||||||
Non- | interest- | Restruc- | Potential | |||||||||||||||||||||
performing | earning | tured | problem | |||||||||||||||||||||
loans | loans | loans | loans | |||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||
Mortgages | 192 | 19 | 211 | 0 | 45 | 45 | 256 | |||||||||||||||||
Loans collateralized by securities | 22 | 68 | 90 | 0 | 3 | 3 | 93 | |||||||||||||||||
Consumer finance | 249 | 5 | 254 | 0 | 10 | 10 | 264 | |||||||||||||||||
Consumer | 463 | 92 | 555 | 0 | 58 | 58 | 613 | |||||||||||||||||
Real estate | 78 | 15 | 93 | 0 | 3 | 3 | 96 | |||||||||||||||||
Commercial and industrial loans | 226 | 147 | 373 | 83 | 188 | 271 | 644 | |||||||||||||||||
Financial institutions | 84 | 32 | 116 | 0 | 3 | 3 | 119 | |||||||||||||||||
Corporate & institutional | 388 | 194 | 582 | 83 | 194 | 277 | 859 | |||||||||||||||||
Gross impaired loans | 851 | 286 | 1,137 | 83 | 252 | 335 | 1,472 | |||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||
Mortgages | 167 | 13 | 180 | 0 | 45 | 45 | 225 | |||||||||||||||||
Loans collateralized by securities | 20 | 71 | 91 | 0 | 4 | 4 | 95 | |||||||||||||||||
Consumer finance | 244 | 5 | 249 | 0 | 0 | 0 | 249 | |||||||||||||||||
Consumer | 431 | 89 | 520 | 0 | 49 | 49 | 569 | |||||||||||||||||
Real estate | 53 | 15 | 68 | 0 | 5 | 5 | 73 | |||||||||||||||||
Commercial and industrial loans | 307 | 144 | 451 | 6 | 258 | 264 | 715 | |||||||||||||||||
Financial institutions | 71 | 33 | 104 | 0 | 28 | 28 | 132 | |||||||||||||||||
Corporate & institutional | 431 | 192 | 623 | 6 | 291 | 297 | 920 | |||||||||||||||||
Gross impaired loans | 862 | 281 | 1,143 | 6 | 340 | 346 | 1,489 | |||||||||||||||||
Gross impaired loan detail | ' | |||||||||||||||||||||||
Gross impaired loan detail | ||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||
end of | Unpaid | Associated | Unpaid | Associated | ||||||||||||||||||||
Recorded | principal | specific | Recorded | principal | specific | |||||||||||||||||||
investment | balance | allowance | investment | balance | allowance | |||||||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||||||
Mortgages | 205 | 194 | 29 | 207 | 197 | 28 | ||||||||||||||||||
Loans collateralized by securities | 67 | 63 | 51 | 67 | 63 | 55 | ||||||||||||||||||
Consumer finance | 224 | 205 | 130 | 231 | 211 | 134 | ||||||||||||||||||
Consumer | 496 | 462 | 210 | 505 | 471 | 217 | ||||||||||||||||||
Real estate | 94 | 88 | 10 | 71 | 65 | 15 | ||||||||||||||||||
Commercial and industrial loans | 611 | 562 | 323 | 705 | 656 | 340 | ||||||||||||||||||
Financial institutions | 119 | 114 | 70 | 131 | 127 | 82 | ||||||||||||||||||
Corporate & institutional | 824 | 764 | 403 | 907 | 848 | 437 | ||||||||||||||||||
Gross impaired loans with a specific allowance | 1,320 | 1,226 | 613 | 1,412 | 1,319 | 654 | ||||||||||||||||||
Mortgages | 51 | 51 | – | 18 | 18 | – | ||||||||||||||||||
Loans collateralized by securities | 26 | 26 | – | 28 | 28 | – | ||||||||||||||||||
Consumer finance | 40 | 40 | – | 18 | 18 | – | ||||||||||||||||||
Consumer | 117 | 117 | – | 64 | 64 | – | ||||||||||||||||||
Real estate | 2 | 2 | – | 2 | 2 | – | ||||||||||||||||||
Commercial and industrial loans | 33 | 33 | – | 10 | 10 | – | ||||||||||||||||||
Financial institutions | 0 | 0 | – | 1 | 1 | – | ||||||||||||||||||
Corporate & institutional | 35 | 35 | – | 13 | 13 | – | ||||||||||||||||||
Gross impaired loans without specific allowance | 152 | 152 | – | 77 | 77 | – | ||||||||||||||||||
Gross impaired loans | 1,472 | 1,378 | 613 | 1,489 | 1,396 | 654 | ||||||||||||||||||
of which consumer | 613 | 579 | 210 | 569 | 535 | 217 | ||||||||||||||||||
of which corporate & institutional | 859 | 799 | 403 | 920 | 861 | 437 | ||||||||||||||||||
Gross impaired loan detail (continued) | ||||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | ||||||||||||||||||||||
in | Interest | Interest | Interest | |||||||||||||||||||||
income | income | income | ||||||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | Average | Interest | recognized | ||||||||||||||||
recorded | income | on a | recorded | income | on a | recorded | income | on a | ||||||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | investment | recognized | cash basis | ||||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||||||
Mortgages | 197 | 1 | 1 | 200 | 0 | 0 | 210 | 1 | 1 | |||||||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 65 | 0 | 0 | 74 | 0 | 0 | |||||||||||||||
Consumer finance | 223 | 0 | 0 | 228 | 0 | 0 | 258 | 0 | 0 | |||||||||||||||
Consumer | 485 | 1 | 1 | 493 | 0 | 0 | 542 | 1 | 1 | |||||||||||||||
Real estate | 81 | 0 | 0 | 80 | 0 | 0 | 74 | 0 | 0 | |||||||||||||||
Commercial and industrial loans | 676 | 0 | 0 | 698 | 0 | 0 | 810 | 0 | 0 | |||||||||||||||
Financial institutions | 119 | 0 | 0 | 129 | 0 | 0 | 135 | 0 | 0 | |||||||||||||||
Corporate & institutional | 876 | 0 | 0 | 907 | 0 | 0 | 1,019 | 0 | 0 | |||||||||||||||
Gross impaired loans with a specific allowance | 1,361 | 1 | 1 | 1,400 | 0 | 0 | 1,561 | 1 | 1 | |||||||||||||||
Mortgages | 30 | 0 | 0 | 20 | 0 | 0 | 26 | 0 | 0 | |||||||||||||||
Loans collateralized by securities | 40 | 0 | 0 | 27 | 0 | 0 | 27 | 0 | 0 | |||||||||||||||
Consumer finance | 22 | 0 | 0 | 18 | 0 | 0 | 18 | 0 | 0 | |||||||||||||||
Consumer | 92 | 0 | 0 | 65 | 0 | 0 | 71 | 0 | 0 | |||||||||||||||
Real estate | 19 | 0 | 0 | 6 | 0 | 0 | 11 | 0 | 0 | |||||||||||||||
Commercial and industrial loans | 12 | 0 | 0 | 11 | 0 | 0 | 91 | 0 | 0 | |||||||||||||||
Financial institutions | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | |||||||||||||||
Corporate & institutional | 31 | 0 | 0 | 17 | 0 | 0 | 105 | 0 | 0 | |||||||||||||||
Gross impaired loans without specific allowance | 123 | 0 | 0 | 82 | 0 | 0 | 176 | 0 | 0 | |||||||||||||||
Gross impaired loans | 1,484 | 1 | 1 | 1,482 | 0 | 0 | 1,737 | 1 | 1 | |||||||||||||||
of which consumer | 577 | 1 | 1 | 558 | 0 | 0 | 613 | 1 | 1 | |||||||||||||||
of which corporate & institutional | 907 | 0 | 0 | 924 | 0 | 0 | 1,124 | 0 | 0 | |||||||||||||||
Gross impaired loan detail (continued) | ||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||
in | Interest | Interest | ||||||||||||||||||||||
income | income | |||||||||||||||||||||||
Average | Interest | recognized | Average | Interest | recognized | |||||||||||||||||||
recorded | income | on a | recorded | income | on a | |||||||||||||||||||
investment | recognized | cash basis | investment | recognized | cash basis | |||||||||||||||||||
Gross impaired loan detail (CHF million) | ||||||||||||||||||||||||
Mortgages | 198 | 1 | 1 | 201 | 1 | 1 | ||||||||||||||||||
Loans collateralized by securities | 65 | 0 | 0 | 71 | 0 | 0 | ||||||||||||||||||
Consumer finance | 226 | 0 | 0 | 269 | 0 | 0 | ||||||||||||||||||
Consumer | 489 | 1 | 1 | 541 | 1 | 1 | ||||||||||||||||||
Real estate | 80 | 0 | 0 | 68 | 0 | 0 | ||||||||||||||||||
Commercial and industrial loans | 688 | 0 | 0 | 782 | 3 | 3 | ||||||||||||||||||
Financial institutions | 124 | 0 | 0 | 145 | 0 | 0 | ||||||||||||||||||
Corporate & institutional | 892 | 0 | 0 | 995 | 3 | 3 | ||||||||||||||||||
Gross impaired loans with a specific allowance | 1,381 | 1 | 1 | 1,536 | 4 | 4 | ||||||||||||||||||
Mortgages | 25 | 0 | 0 | 32 | 0 | 0 | ||||||||||||||||||
Loans collateralized by securities | 34 | 0 | 0 | 27 | 0 | 0 | ||||||||||||||||||
Consumer finance | 20 | 0 | 0 | 28 | 0 | 0 | ||||||||||||||||||
Consumer | 79 | 0 | 0 | 87 | 0 | 0 | ||||||||||||||||||
Real estate | 13 | 0 | 0 | 7 | 0 | 0 | ||||||||||||||||||
Commercial and industrial loans | 12 | 0 | 0 | 103 | 0 | 0 | ||||||||||||||||||
Financial institutions | 0 | 0 | 0 | 3 | 0 | 0 | ||||||||||||||||||
Corporate & institutional | 25 | 0 | 0 | 113 | 0 | 0 | ||||||||||||||||||
Gross impaired loans without specific allowance | 104 | 0 | 0 | 200 | 0 | 0 | ||||||||||||||||||
Gross impaired loans | 1,485 | 1 | 1 | 1,736 | 4 | 4 | ||||||||||||||||||
of which consumer | 568 | 1 | 1 | 628 | 1 | 1 | ||||||||||||||||||
of which corporate & institutional | 917 | 0 | 0 | 1,108 | 3 | 3 | ||||||||||||||||||
Other_assets_and_other_liabili1
Other assets and other liabilities (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Other assets and other liabilities | ' | |||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Other assets (CHF million) | ||||||||||
Cash collateral on derivative instruments | 8,097 | 7,058 | 8,359 | 10,212 | ||||||
Cash collateral on non-derivative transactions | 2,445 | 1,541 | 1,412 | 1,905 | ||||||
Derivative instruments used for hedging | 2,100 | 1,894 | 2,062 | 2,387 | ||||||
Assets held-for-sale | 20,102 | 20,615 | 19,306 | 23,763 | ||||||
of which loans | 19,755 | 20,223 | 18,914 | 23,284 | ||||||
of which real estate | 347 | 392 | 392 | 478 | ||||||
Assets held for separate accounts | 9,046 | 10,268 | 11,236 | 12,032 | ||||||
Interest and fees receivable | 6,041 | 4,831 | 4,859 | 5,733 | ||||||
Deferred tax assets | 5,557 | 5,683 | 6,185 | 6,599 | ||||||
Prepaid expenses | 649 | 585 | 552 | 809 | ||||||
Failed purchases | 2,996 | 2,542 | 2,365 | 3,131 | ||||||
Other | 7,656 | 7,388 | 6,729 | 6,415 | ||||||
Other assets | 64,689 | 62,405 | 63,065 | 72,986 | ||||||
Other liabilities (CHF million) | ||||||||||
Cash collateral on derivative instruments | 12,844 | 11,984 | 11,663 | 13,047 | ||||||
Cash collateral on non-derivative transactions | 740 | 754 | 955 | 1,957 | ||||||
Derivative instruments used for hedging | 202 | 512 | 384 | 763 | ||||||
Provisions 1 | 2,653 | 2,633 | 2,641 | 1,251 | ||||||
of which off-balance sheet risk | 59 | 62 | 60 | 65 | ||||||
Liabilities held for separate accounts | 9,046 | 10,268 | 11,236 | 12,032 | ||||||
Interest and fees payable | 6,055 | 5,001 | 5,641 | 7,665 | ||||||
Current tax liabilities | 788 | 841 | 864 | 853 | ||||||
Deferred tax liabilities | 423 | 427 | 394 | 165 | ||||||
Failed sales | 1,267 | 2,235 | 2,396 | 2,944 | ||||||
Other | 14,895 | 14,113 | 15,273 | 15,440 | ||||||
Other liabilities | 48,913 | 48,768 | 51,447 | 56,117 | ||||||
1 | ||||||||||
Includes provisions for bridge commitments. | ||||||||||
Longterm_debt_Tables
Long-term debt (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Long-term debt | ' | |||||||||
end of | 2Q14 | 1Q14 | 4Q13 | 2Q13 | ||||||
Long-term debt (CHF million) | ||||||||||
Senior | 108,419 | 99,050 | 96,048 | 102,475 | ||||||
Subordinated | 23,551 | 21,145 | 21,002 | 15,580 | ||||||
Non-recourse liabilities from consolidated VIEs | 11,857 | 12,239 | 12,992 | 15,450 | ||||||
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 | ||||||
of which reported at fair value | 70,217 | 64,694 | 63,369 | 63,942 | ||||||
of which structured notes | 41,739 | 38,427 | 34,815 | 34,320 | ||||||
Schedule of Structured notes | ' | |||||||||
Structured notes by product | ||||||||||
end of | 2Q14 | 1Q14 | 4Q13 | |||||||
Structured notes (CHF million) | ||||||||||
Equity | 29,855 | 26,362 | 22,605 | |||||||
Fixed income | 6,080 | 5,981 | 6,455 | |||||||
Credit | 4,778 | 4,826 | 5,016 | |||||||
Other | 1,026 | 1,258 | 739 | |||||||
Total structured notes | 41,739 | 38,427 | 34,815 | |||||||
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Accumulated other comprehensive income | ' | |||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Unrealized | Accumu- | |||||||||||||
Gains/ | gains/ | Net prior | lated other | |||||||||||
(losses) | Cumulative | (losses) | Actuarial | service | compre- | |||||||||
on cash | translation | on | gains/ | credit/ | hensive | |||||||||
flow hedges | adjustments | securities | (losses) | (cost) | income | |||||||||
2Q14 (CHF million) | ||||||||||||||
Balance at beginning of period | 6 | -13,922 | 60 | -2,722 | 495 | -16,083 | ||||||||
Increase/(decrease) | 12 | 62 | 12 | 4 | 0 | 90 | ||||||||
Increase/(decrease) due to equity method investments | 5 | 0 | 0 | 0 | 0 | 5 | ||||||||
Reclassification adjustments, included in net income | -5 | 0 | 0 | 38 | -22 | 11 | ||||||||
Total increase/(decrease) | 12 | 62 | 12 | 42 | -22 | 106 | ||||||||
Balance at end of period | 18 | -13,860 | 72 | -2,680 | 473 | -15,977 | ||||||||
1Q14 (CHF million) | ||||||||||||||
Balance at beginning of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
Increase/(decrease) | 12 | -248 | 8 | -3 | 0 | -231 | ||||||||
Increase/(decrease) due to equity method investments | 8 | 0 | 0 | 0 | 0 | 8 | ||||||||
Reclassification adjustments, included in net income | -3 | 0 | 0 | 38 | -20 | 15 | ||||||||
Total increase/(decrease) | 17 | -248 | 8 | 35 | -20 | -208 | ||||||||
Balance at end of period | 6 | -13,922 | 60 | -2,722 | 495 | -16,083 | ||||||||
2Q13 (CHF million) | ||||||||||||||
Balance at beginning of period | -27 | -11,967 | 77 | -3,731 | 583 | -15,065 | ||||||||
Increase/(decrease) | -22 | -159 | -14 | 15 | 0 | -180 | ||||||||
Increase/(decrease) due to equity method investments | 5 | 0 | 0 | 0 | 0 | 5 | ||||||||
Reclassification adjustments, included in net income | 2 | 2 | 0 | 66 | -31 | 39 | ||||||||
Total increase/(decrease) | -15 | -157 | -14 | 81 | -31 | -136 | ||||||||
Balance at end of period | -42 | -12,124 | 63 | -3,650 | 552 | -15,201 | ||||||||
6M14 (CHF million) | ||||||||||||||
Balance at beginning of period | -11 | -13,674 | 52 | -2,757 | 515 | -15,875 | ||||||||
Increase/(decrease) | 24 | -186 | 20 | 1 | 0 | -141 | ||||||||
Increase/(decrease) due to equity method investments | 13 | 0 | 0 | 0 | 0 | 13 | ||||||||
Reclassification adjustments, included in net income | -8 | 0 | 0 | 76 | -42 | 26 | ||||||||
Total increase/(decrease) | 29 | -186 | 20 | 77 | -42 | -102 | ||||||||
Balance at end of period | 18 | -13,860 | 72 | -2,680 | 473 | -15,977 | ||||||||
6M13 (CHF million) | ||||||||||||||
Balance at beginning of period | -29 | -12,767 | 84 | -3,801 | 610 | -15,903 | ||||||||
Increase/(decrease) | -17 | 595 | -21 | 21 | 0 | 578 | ||||||||
Increase/(decrease) due to equity method investments | 2 | 0 | 0 | 0 | 0 | 2 | ||||||||
Reclassification adjustments, included in net income | 2 | 48 | 0 | 130 | -58 | 122 | ||||||||
Total increase/(decrease) | -13 | 643 | -21 | 151 | -58 | 702 | ||||||||
Balance at end of period | -42 | -12,124 | 63 | -3,650 | 552 | -15,201 | ||||||||
Details on significant reclassification adjustments | ' | |||||||||||||
Details on significant reclassification adjustments | ||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||
Reclassification adjustments, included in net income (CHF million) | ||||||||||||||
Cumulative translation adjustments | ||||||||||||||
Sale of subsidiaries | 0 | 0 | 2 | 0 | 48 | 1 | ||||||||
Actuarial gains/(losses) | ||||||||||||||
Amortization of recognized actuarial losses 2 | 50 | 50 | 88 | 100 | 174 | |||||||||
Tax expense/(benefit) | -12 | -12 | -22 | -24 | -44 | |||||||||
Net of tax | 38 | 38 | 66 | 76 | 130 | |||||||||
Net prior service credit/(cost) | ||||||||||||||
Amortization of recognized prior service credit/(cost) 2 | -28 | -25 | -40 | -53 | -74 | |||||||||
Tax expense | 6 | 5 | 9 | 11 | 16 | |||||||||
Net of tax | -22 | -20 | -31 | -42 | -58 | |||||||||
1 | ||||||||||||||
Includes net releases of CHF 46 million in 1Q13 on the sale of JO Hambro. Upon settlement in 3Q13, further net releases of CHF 38 million were recognized. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. | ||||||||||||||
2 | ||||||||||||||
These components are included in the computation of total benefit costs. Refer to "Note 23 – Pension and other post-retirement benefits" for further information. | ||||||||||||||
Additional share information | ' | |||||||||||||
Additional share information | ||||||||||||||
2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | ||||||||||
Common shares issued | ||||||||||||||
Balance at beginning of period | 1,596,119,349 | 1,596,119,349 | 1,339,652,645 | 1,596,119,349 | 1,320,829,922 | |||||||||
Issuance of common shares | 11,049,598 | 0 | 254,643,090 | 11,049,598 | 273,465,813 | |||||||||
of which MACCS settlement | 0 | 0 | 199,964,015 | 0 | 199,964,015 | |||||||||
of which share-based compensation | 11,049,598 | 0 | 17,126,788 | 11,049,598 | 35,949,511 | |||||||||
Balance at end of period | 1,607,168,947 | 1,596,119,349 | 1,594,295,735 | 1,607,168,947 | 1,594,295,735 | |||||||||
Treasury shares | ||||||||||||||
Balance at beginning of period | -8,866,124 | -5,183,154 | -27,495,313 | -5,183,154 | -27,036,831 | |||||||||
Sale of treasury shares | 78,696,088 | 67,970,125 | 144,989,659 | 146,666,213 | 230,922,166 | |||||||||
of which MACCS settlement | 0 | 0 | 33,488,655 | 0 | 33,488,655 | |||||||||
Repurchase of treasury shares | -101,311,442 | -72,306,505 | -121,624,269 | -173,617,947 | -212,129,195 | |||||||||
Share-based compensation | 24,285,332 | 653,410 | 1,801,542 | 24,938,742 | 5,915,479 | |||||||||
Balance at end of period | -7,196,146 | -8,866,124 | -2,328,381 | -7,196,146 | -2,328,381 | |||||||||
Common shares outstanding | ||||||||||||||
Balance at end of period | 1,599,972,801 | 1 | 1,587,253,225 | 2 | 1,591,967,354 | 3 | 1,599,972,801 | 1 | 1,591,967,354 | 3 | ||||
1 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
2 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
3 | ||||||||||||||
At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 662,873,212 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | ||||||||||||||
Offsetting_of_financial_assets1
Offsetting of financial assets and financial liabilities (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Offsetting of derivatives | ' | |||||||||||||||||
Offsetting of derivatives | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Derivative | Derivative | Derivative | Derivative | ||||||||||||||
assets | liabilities | assets | liabilities | |||||||||||||||
Gross derivatives subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
OTC-cleared | 212.7 | 207.1 | 265.4 | 262.1 | ||||||||||||||
OTC | 182.5 | 178.7 | 183 | 178.1 | ||||||||||||||
Exchange-traded | 0.1 | 0 | 0.3 | 0 | ||||||||||||||
Interest rate products | 395.3 | 385.8 | 448.7 | 440.2 | ||||||||||||||
OTC | 41.8 | 53.7 | 58.5 | 68.2 | ||||||||||||||
Exchange-traded | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||
Foreign exchange products | 41.9 | 53.8 | 58.6 | 68.4 | ||||||||||||||
OTC | 13.6 | 16.1 | 15.5 | 18.6 | ||||||||||||||
Exchange-traded | 12.8 | 14.4 | 14.8 | 15.1 | ||||||||||||||
Equity/index-related products | 26.4 | 30.5 | 30.3 | 33.7 | ||||||||||||||
OTC-cleared | 6.4 | 5.9 | 5.2 | 5.1 | ||||||||||||||
OTC | 18.6 | 19.8 | 20.8 | 21.2 | ||||||||||||||
Credit derivatives | 25 | 25.7 | 26 | 26.3 | ||||||||||||||
OTC | 3.8 | 2.6 | 4.4 | 4 | ||||||||||||||
Exchange-traded | 0.5 | 0.7 | 0.5 | 0.8 | ||||||||||||||
Other products | 4.3 | 3.3 | 4.9 | 4.8 | ||||||||||||||
OTC-cleared | 219.1 | 213 | 270.6 | 267.2 | ||||||||||||||
OTC | 260.3 | 270.9 | 282.2 | 290.1 | ||||||||||||||
Exchange-traded | 13.5 | 15.2 | 15.7 | 16.1 | ||||||||||||||
Total gross derivatives subject to enforceable master netting agreements | 492.9 | 499.1 | 568.5 | 573.4 | ||||||||||||||
Offsetting (CHF billion) | ||||||||||||||||||
OTC-cleared | -216.1 | -212.8 | -269.1 | -267 | ||||||||||||||
OTC | -239.8 | -247.8 | -260.7 | -265.7 | ||||||||||||||
Exchange-traded | -13.1 | -13.6 | -15.1 | -15.1 | ||||||||||||||
Offsetting | -469 | -474.2 | -544.9 | -547.8 | ||||||||||||||
of which counterparty netting | -448.9 | -448.9 | -523.9 | -523.9 | ||||||||||||||
of which cash collateral netting | -20.1 | -25.3 | -21 | -23.9 | ||||||||||||||
Net derivatives presented in the consolidated balance sheets (CHF billion) | ||||||||||||||||||
OTC-cleared | 3 | 0.2 | 1.5 | 0.2 | ||||||||||||||
OTC | 20.5 | 23.1 | 21.5 | 24.4 | ||||||||||||||
Exchange-traded | 0.4 | 1.6 | 0.6 | 1 | ||||||||||||||
Total net derivatives subject to enforceable master netting agreements | 23.9 | 24.9 | 23.6 | 25.6 | ||||||||||||||
Total derivatives not subject to enforceable master netting agreements 1 | 9.2 | 9.8 | 10.1 | 11.3 | ||||||||||||||
Total net derivatives presented in the consolidated balance sheets | 33.1 | 34.7 | 33.7 | 36.9 | ||||||||||||||
of which recorded in trading assets and trading liabilities | 31 | 34.5 | 31.6 | 36.5 | ||||||||||||||
of which recorded in other assets and other liabilities | 2.1 | 0.2 | 2.1 | 0.4 | ||||||||||||||
1 | ||||||||||||||||||
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 | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Gross | Offsetting | Net | Gross | Offsetting | Net | ||||||||||||
Securities purchased under resale agreements and securities borrowing transactions (CHF billion) | ||||||||||||||||||
Securities purchased under resale agreements | 113.6 | -32.4 | 81.2 | 112 | -25.1 | 86.9 | ||||||||||||
Securities borrowing transactions | 16.7 | 0 | 16.7 | 22.7 | -1.7 | 21 | ||||||||||||
Total subject to enforceable master netting agreements | 130.3 | -32.4 | 97.9 | 134.7 | -26.8 | 107.9 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 67.8 | – | 67.8 | 52.1 | – | 52.1 | ||||||||||||
Total | 198.1 | -32.4 | 165.7 | 2 | 186.8 | -26.8 | 160 | 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 86,586 million and CHF 96,587 million of the total net amount as of the end of 2Q14 and 4Q13, respectively, are reported at fair value. | ||||||||||||||||||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ' | |||||||||||||||||
Offsetting of securities sold under repurchase agreements and securities lending transactions | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Gross | Offsetting | Net | Gross | Offsetting | Net | ||||||||||||
Securities sold under repurchase agreements and securities lending transactions (CHF billion) | ||||||||||||||||||
Securities sold under repurchase agreements | 82.8 | -32.4 | 50.4 | 86.5 | -26.8 | 59.7 | ||||||||||||
Securities lending transactions | 9.3 | 0 | 9.3 | 6.6 | 0 | 6.6 | ||||||||||||
Obligation to return securities received as collateral, at fair value | 17.3 | 0 | 17.3 | 18.5 | 0 | 18.5 | ||||||||||||
Total subject to enforceable master netting agreements | 109.4 | -32.4 | 77 | 111.6 | -26.8 | 84.8 | ||||||||||||
Total not subject to enforceable master netting agreements 1 | 32.7 | – | 32.7 | 32 | – | 32 | ||||||||||||
Total | 142.1 | -32.4 | 109.7 | 143.6 | -26.8 | 116.8 | ||||||||||||
of which securities sold under repurchase agreements and securities lending transactions | 120.5 | -32.4 | 88.1 | 2 | 120.8 | -26.8 | 94 | 2 | ||||||||||
of which obligation to return securities received as collateral, at fair value | 21.6 | 0 | 21.6 | 22.8 | 0 | 22.8 | ||||||||||||
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 60,529 million and CHF 76,104 million of the total net amount as of the end of 2Q14 and 4Q13, respectively, are reported at fair value. | ||||||||||||||||||
Amounts not offset in the consolidated balance sheets | ' | |||||||||||||||||
Amounts not offset in the consolidated balance sheets | ||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||
end of | Net | 1 | Cash | 1 | Net | 1 | Cash | 1 | ||||||||||
collateral | collateral | |||||||||||||||||
Financial | received/ | Net | Financial | received/ | Net | |||||||||||||
instruments | pledged | exposure | instruments | pledged | exposure | |||||||||||||
Financial assets subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 23.9 | 4.2 | 0 | 19.7 | 23.6 | 4.9 | 0.1 | 18.6 | ||||||||||
Securities purchased under resale agreements | 81.2 | 81.2 | 0 | 0 | 86.9 | 86.9 | 0 | 0 | ||||||||||
Securities borrowing transactions | 16.7 | 16.3 | 0 | 0.4 | 21 | 20.2 | 0 | 0.8 | ||||||||||
Total financial assets subject to enforceable master netting agreements | 121.8 | 101.7 | 0 | 20.1 | 131.5 | 112 | 0.1 | 19.4 | ||||||||||
Financial liabilities subject to enforceable master netting agreements (CHF billion) | ||||||||||||||||||
Derivatives | 24.9 | 9.6 | 0 | 15.3 | 25.6 | 9.9 | 0 | 15.7 | ||||||||||
Securities sold under repurchase agreements | 50.4 | 50.4 | 0 | 0 | 59.7 | 59.7 | 0 | 0 | ||||||||||
Securities lending transactions | 9.3 | 9.1 | 0 | 0.2 | 6.6 | 6.2 | 0 | 0.4 | ||||||||||
Obligation to return securities received as collateral, at fair value | 17.3 | 16.5 | 0 | 0.8 | 18.5 | 17.5 | 0 | 1 | ||||||||||
Total financial liabilities subject to enforceable master netting agreements | 101.9 | 85.6 | 0 | 16.3 | 110.4 | 93.3 | 0 | 17.1 | ||||||||||
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) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Reconciliation of taxes computed at the Swiss statutory rate | ' | |||||||||||
Tax expense reconciliation | ||||||||||||
in | 2Q14 | |||||||||||
CHF million | ||||||||||||
Income tax expense/(benefit) computed at the Swiss statutory tax rate of 22% | -76 | |||||||||||
Increase/(decrease) in income taxes resulting from | ||||||||||||
Foreign tax rate differential | 228 | |||||||||||
Other non-deductible expenses | 386 | |||||||||||
Changes in deferred tax valuation allowance | 505 | |||||||||||
Lower taxed income | -5 | |||||||||||
Income taxable to noncontrolling interests | -10 | |||||||||||
Change in recognition of outside basis difference | -733 | |||||||||||
Other | 12 | |||||||||||
Income tax expense | 307 | |||||||||||
Effective tax rate | ' | |||||||||||
Effective tax rate | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Effective tax rate (%) | -88.7 | 31.2 | 28.7 | 60.8 | 27.6 | |||||||
Net deferred tax assets | ' | |||||||||||
Net deferred tax assets | ||||||||||||
end of | 2Q14 | 1Q14 | ||||||||||
Net deferred tax assets (CHF million) | ||||||||||||
Deferred tax assets | 5,557 | 5,683 | ||||||||||
of which net operating losses | 758 | 1,436 | ||||||||||
of which deductible temporary differences | 4,799 | 4,247 | ||||||||||
Deferred tax liabilities | -423 | -427 | ||||||||||
Net deferred tax assets | 5,134 | 5,256 | ||||||||||
Employee_deferred_compensation1
Employee deferred compensation (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Share-based compensation disclosures | ' | |||||||||||||||||||||
Deferred compensation expense | ' | |||||||||||||||||||||
Deferred compensation expense | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Deferred compensation expense (CHF million) | ||||||||||||||||||||||
Share awards | 227 | 250 | 203 | 477 | 457 | |||||||||||||||||
Performance share awards | 156 | 172 | 126 | 328 | 330 | |||||||||||||||||
Contingent Capital Awards | 79 | 96 | – | 175 | – | |||||||||||||||||
Capital Opportunity Facility awards | 4 | 1 | – | 5 | – | |||||||||||||||||
Plus Bond awards 1 | 7 | 10 | 6 | 17 | 16 | |||||||||||||||||
2011 Partner Asset Facility awards 2 | -1 | 11 | -23 | 10 | -30 | |||||||||||||||||
Adjustable Performance Plan share awards 3 | -3 | 1 | 16 | -2 | 21 | |||||||||||||||||
Adjustable Performance Plan cash awards 3 | -11 | -2 | 2 | -13 | -1 | |||||||||||||||||
Restricted Cash Awards | 24 | 23 | 37 | 47 | 91 | |||||||||||||||||
Scaled Incentive Share Units 3 | -3 | 0 | 17 | -3 | 24 | |||||||||||||||||
Incentive Share Units 4 | 0 | 0 | 0 | 0 | -2 | |||||||||||||||||
2008 Partner Asset Facility awards 2 | 61 | 22 | 11 | 83 | 53 | |||||||||||||||||
Other cash awards | 98 | 128 | 120 | 226 | 237 | |||||||||||||||||
Discontinued operations | -6 | -3 | -5 | -9 | -6 | |||||||||||||||||
Total deferred compensation expense | 632 | 709 | 510 | 1,341 | 1,190 | |||||||||||||||||
1 | ||||||||||||||||||||||
Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in 1Q13 and expensed over a three-year vesting period. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes forfeitures and downward adjustments according to the plan terms and conditions. | ||||||||||||||||||||||
4 | ||||||||||||||||||||||
Includes forfeitures. | ||||||||||||||||||||||
Additional information | ' | |||||||||||||||||||||
Additional information | ||||||||||||||||||||||
end of | 2Q14 | |||||||||||||||||||||
Estimated unrecognized deferred compensation expense (CHF million) | ||||||||||||||||||||||
Share awards | 1,195 | |||||||||||||||||||||
Performance share awards | 535 | |||||||||||||||||||||
Contingent Capital Awards | 276 | |||||||||||||||||||||
Capital Opportunity Facility awards | 6 | |||||||||||||||||||||
Plus Bond awards | 10 | |||||||||||||||||||||
Adjustable Performance Plan share awards | 4 | |||||||||||||||||||||
Adjustable Performance Plan cash awards | 5 | |||||||||||||||||||||
Restricted Cash Awards | 82 | |||||||||||||||||||||
Other cash awards | 220 | |||||||||||||||||||||
Estimated unrecognized deferred compensation expense | 2,333 | |||||||||||||||||||||
Weighted-average requisite service period (years) | ||||||||||||||||||||||
Aggregate remaining weighted-average requisite service period | 1.2 | |||||||||||||||||||||
Share-based award activities | ' | |||||||||||||||||||||
Share-based award activity | ||||||||||||||||||||||
2Q14 | 6M14 | |||||||||||||||||||||
Number of awards (in millions) | Adjustable | Adjustable | ||||||||||||||||||||
Performance | Performance | |||||||||||||||||||||
Performance | Plan | Performance | Plan | |||||||||||||||||||
Share | share | share | SISU | ISU | Share | share | share | SISU | ISU | |||||||||||||
awards | awards | awards | awards | awards | awards | awards | awards | awards | awards | |||||||||||||
Share-based award activities | ||||||||||||||||||||||
Balance at beginning of period | 103.6 | 65.7 | 15.3 | 4.7 | 1 | 72.9 | 41.4 | 14.5 | 4.7 | 1.2 | ||||||||||||
Granted | 3.2 | 0 | 0 | 0 | 0 | 35.2 | 24.3 | 0.8 | 1 | 0 | 0 | |||||||||||
Settled | -27 | -15.9 | -7.6 | -4.5 | 0 | -28 | -15.9 | -7.6 | -4.5 | 0 | ||||||||||||
Forfeited | -1.4 | -0.4 | -0.2 | -0.1 | -0.3 | -1.7 | -0.4 | -0.2 | -0.1 | -0.5 | ||||||||||||
Balance at end of period | 78.4 | 49.4 | 7.5 | 0.1 | 0.7 | 78.4 | 49.4 | 7.5 | 0.1 | 0.7 | ||||||||||||
of which vested | 5 | 2.6 | 1 | 0.1 | 0.1 | 5 | 2.6 | 1 | 0.1 | 0.1 | ||||||||||||
of which unvested | 73.4 | 46.8 | 6.5 | 0 | 0.6 | 73.4 | 46.8 | 6.5 | 0 | 0.6 | ||||||||||||
1 | ||||||||||||||||||||||
Represents additional units earned in 1Q14 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. | ||||||||||||||||||||||
Pension_and_other_postretireme1
Pension and other post-retirement benefits (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Components of total pension costs | ' | |||||||||||
Components of total benefit costs | ||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||
Total benefit costs (CHF million) | ||||||||||||
Service costs on benefit obligation | 69 | 69 | 94 | 138 | 188 | |||||||
Interest costs on benefit obligation | 120 | 120 | 108 | 240 | 217 | |||||||
Expected return on plan assets | -181 | -181 | -184 | -362 | -368 | |||||||
Amortization of recognized prior service cost/(credit) | -22 | -22 | -23 | -44 | -46 | |||||||
Amortization of recognized actuarial losses | 50 | 50 | 87 | 100 | 173 | |||||||
Net periodic benefit costs | 36 | 36 | 82 | 72 | 164 | |||||||
Settlement losses/(gains) | 0 | 0 | 1 | 0 | 1 | |||||||
Curtailment losses/(gains) | -7 | -3 | -17 | -10 | -28 | |||||||
Special termination benefits | 4 | 3 | 4 | 7 | 12 | |||||||
Total benefit costs | 33 | 36 | 70 | 69 | 149 | |||||||
Derivatives_and_hedging_activi1
Derivatives and hedging activities (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Fair value of derivative instruments | ' | |||||||||||||||||||||
Fair value of derivative instruments | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 2Q14 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 11,635.40 | 4.4 | 4.8 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 27,381.70 | 340.7 | 333.5 | 55.6 | 2.7 | 0.9 | ||||||||||||||||
Options bought and sold (OTC) | 3,705.90 | 48.8 | 48.4 | 0 | 0 | 0 | ||||||||||||||||
Futures | 1,287.20 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 688.8 | 0.2 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 44,699.00 | 394.1 | 386.8 | 55.6 | 2.7 | 0.9 | ||||||||||||||||
Forwards | 1,992.90 | 12.3 | 12.7 | 25.3 | 0.2 | 0.1 | ||||||||||||||||
Swaps | 1,409.40 | 23 | 34.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 952.6 | 8.5 | 9.3 | 9.8 | 0 | 0 | ||||||||||||||||
Futures | 49.7 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 14.5 | 0.1 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,419.10 | 43.9 | 57 | 35.1 | 0.2 | 0.1 | ||||||||||||||||
Forwards | 4.3 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 263.4 | 5.1 | 7.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 242.1 | 10.4 | 10 | 0 | 0 | 0 | ||||||||||||||||
Futures | 56.9 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 430.3 | 14.5 | 15.9 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 997 | 30.7 | 33.9 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,356.40 | 25.7 | 26.3 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 20.2 | 0.6 | 0.4 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 48.1 | 2.7 | 2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 34 | 0.9 | 0.8 | 0 | 0 | 0 | ||||||||||||||||
Futures | 30.7 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 51.8 | 0.6 | 0.7 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 184.8 | 4.8 | 3.9 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 51,656.30 | 499.2 | 507.9 | 90.7 | 2.9 | 1 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 51,747.0 billion, CHF 502.1 billion and CHF 508.9 billion, respectively, as of June 30, 2014. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value of derivative instruments (continued) | ||||||||||||||||||||||
Trading | Hedging | 1 | ||||||||||||||||||||
end of 4Q13 | Positive | Negative | Positive | Negative | ||||||||||||||||||
Notional | replacement | replacement | Notional | replacement | replacement | |||||||||||||||||
amount | value (PRV) | value (NRV) | amount | value (PRV) | value (NRV) | |||||||||||||||||
Derivative instruments (CHF billion) | ||||||||||||||||||||||
Forwards and forward rate agreements | 9,366.20 | 2.5 | 2.6 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 30,589.60 | 399.6 | 393.8 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Options bought and sold (OTC) | 3,889.50 | 44.3 | 44.9 | 0 | 0 | 0 | ||||||||||||||||
Futures | 830.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 705.9 | 0.3 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Interest rate products | 45,382.00 | 446.7 | 441.5 | 68.5 | 2.8 | 0.7 | ||||||||||||||||
Forwards | 2,098.00 | 21.6 | 21.5 | 30.5 | 0.3 | 0.1 | ||||||||||||||||
Swaps | 1,382.10 | 28.9 | 39.2 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 815.6 | 10.7 | 11.6 | 9.4 | 0 | 0 | ||||||||||||||||
Futures | 48.8 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 5.5 | 0.1 | 0.2 | 0 | 0 | 0 | ||||||||||||||||
Foreign exchange products | 4,350.00 | 61.3 | 72.5 | 39.9 | 0.3 | 0.1 | ||||||||||||||||
Forwards | 4 | 0.7 | 0.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 236.1 | 5.4 | 7.9 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 225.3 | 12.2 | 12 | 0 | 0 | 0 | ||||||||||||||||
Futures | 50.6 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 416.2 | 17 | 17.2 | 0 | 0 | 0 | ||||||||||||||||
Equity/index-related products | 932.2 | 35.3 | 37.2 | 0 | 0 | 0 | ||||||||||||||||
Credit derivatives 2 | 1,483.30 | 26.8 | 27.2 | 0 | 0 | 0 | ||||||||||||||||
Forwards | 19.2 | 0.7 | 1.1 | 0 | 0 | 0 | ||||||||||||||||
Swaps | 45.4 | 2.9 | 2.5 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (OTC) | 35.2 | 1.1 | 1 | 0 | 0 | 0 | ||||||||||||||||
Futures | 31.1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Options bought and sold (exchange-traded) | 48.9 | 0.7 | 0.9 | 0 | 0 | 0 | ||||||||||||||||
Other products 3 | 179.8 | 5.4 | 5.5 | 0 | 0 | 0 | ||||||||||||||||
Total derivative instruments | 52,327.30 | 575.5 | 583.9 | 108.4 | 3.1 | 0.8 | ||||||||||||||||
The notional amount, PRV and NRV (trading and hedging) was CHF 52,435.7 billion, CHF 578.6 billion and CHF 584.7 billion, respectively, as of December 31, 2013. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Relates to derivative contracts that qualify for hedge accounting under US GAAP. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Primarily credit default swaps. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily precious metals, commodity, energy and emission products. | ||||||||||||||||||||||
Fair value hedges | ' | |||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Gains/(losses) recognized in income on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | -26 | -290 | 249 | -316 | 337 | |||||||||||||||||
Foreign exchange products | 2 | 0 | -6 | 2 | -8 | |||||||||||||||||
Total | -24 | -290 | 243 | -314 | 329 | |||||||||||||||||
Gains/(losses) recognized in income on hedged items (CHF million) | ||||||||||||||||||||||
Interest rate products | 16 | 300 | -253 | 316 | -339 | |||||||||||||||||
Foreign exchange products | -2 | 0 | 6 | -2 | 8 | |||||||||||||||||
Total | 14 | 300 | -247 | 314 | -331 | |||||||||||||||||
Details of fair value hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion | -10 | 10 | -4 | 0 | -2 | |||||||||||||||||
Represents gains/(losses) recognized in trading revenues. | ||||||||||||||||||||||
Cash flow hedges | ' | |||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Interest rate products | 13 | 14 | -25 | 27 | -20 | |||||||||||||||||
Foreign exchange products | 5 | 9 | 5 | 14 | 2 | |||||||||||||||||
Total | 18 | 23 | -20 | 41 | -18 | |||||||||||||||||
Gains/(losses) reclassified from AOCI into income (CHF million) | ||||||||||||||||||||||
Interest rate products 1 | 5 | 4 | -1 | 9 | 0 | |||||||||||||||||
Foreign exchange products 2 | 0 | -1 | -1 | -1 | -2 | |||||||||||||||||
Total | 5 | 3 | -2 | 8 | -2 | |||||||||||||||||
Details of cash flow hedges (CHF million) | ||||||||||||||||||||||
Net gains/(losses) on the ineffective portion 1 | -1 | 0 | 0 | -1 | 0 | |||||||||||||||||
1 | ||||||||||||||||||||||
Included in trading revenues. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
Net investment hedges | ' | |||||||||||||||||||||
Net investment hedges | ||||||||||||||||||||||
in | 2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | |||||||||||||||||
Gains/(losses) recognized in AOCI on derivatives (CHF million) | ||||||||||||||||||||||
Foreign exchange products | -279 | 59 | 260 | -220 | -291 | |||||||||||||||||
Total | -279 | 59 | 260 | -220 | -291 | |||||||||||||||||
Represents gains/(losses) on effective portion. | ||||||||||||||||||||||
1 | ||||||||||||||||||||||
Included in other revenues. | ||||||||||||||||||||||
Credit protection sold/purchased | ' | |||||||||||||||||||||
Credit protection sold/purchased | ||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||
end of | 1 | Net credit | Fair value | 1 | Net credit | Fair value | ||||||||||||||||
Credit | Credit | protection | Other | of credit | Credit | Credit | protection | Other | of credit | |||||||||||||
protection | protection | (sold)/ | protection | protection | protection | protection | (sold)/ | protection | protection | |||||||||||||
sold | purchased | purchased | purchased | sold | sold | purchased | purchased | purchased | sold | |||||||||||||
Single-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -285 | 271.4 | -13.6 | 34.8 | 5.9 | -305.9 | 287.9 | -18 | 37.7 | 5.2 | ||||||||||||
Non-investment grade | -102.2 | 98.5 | -3.7 | 14.8 | 3.2 | -108.7 | 104.9 | -3.8 | 10.5 | 2.5 | ||||||||||||
Total single-name instruments | -387.2 | 369.9 | -17.3 | 49.6 | 9.1 | -414.6 | 392.8 | -21.8 | 48.2 | 7.7 | ||||||||||||
of which sovereign | -77.7 | 75.2 | -2.5 | 8.3 | 0.3 | -88.1 | 85 | -3.1 | 8.9 | -0.4 | ||||||||||||
of which non-sovereign | -309.5 | 294.7 | -14.8 | 41.3 | 8.8 | -326.5 | 307.8 | -18.7 | 39.3 | 8.1 | ||||||||||||
Multi-name instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -182.6 | 178.4 | -4.2 | 42.8 | 2.9 | -219.1 | 212.1 | -7 | 47.3 | 3.3 | ||||||||||||
Non-investment grade | -62.5 | 54.9 | 3 | -7.6 | 11.3 | 0.8 | -65 | 59 | 3 | -6 | 13.5 | 1.5 | ||||||||||
Total multi-name instruments | -245.1 | 233.3 | -11.8 | 54.1 | 3.7 | -284.1 | 271.1 | -13 | 60.8 | 4.8 | ||||||||||||
of which sovereign | -6 | 11.4 | 5.4 | 1.1 | 0.2 | -10.8 | 10.9 | 0.1 | 1.1 | 0 | ||||||||||||
of which non-sovereign | -239.1 | 221.9 | -17.2 | 53 | 3.5 | -273.3 | 260.2 | -13.1 | 59.7 | 4.8 | ||||||||||||
Total instruments (CHF billion) | ||||||||||||||||||||||
Investment grade 2 | -467.6 | 449.8 | -17.8 | 77.6 | 8.8 | -525 | 500 | -25 | 85 | 8.5 | ||||||||||||
Non-investment grade | -164.7 | 153.4 | -11.3 | 26.1 | 4 | -173.7 | 163.9 | -9.8 | 24 | 4 | ||||||||||||
Total instruments | -632.3 | 603.2 | -29.1 | 103.7 | 12.8 | -698.7 | 663.9 | -34.8 | 109 | 12.5 | ||||||||||||
of which sovereign | -83.7 | 86.6 | 2.9 | 9.4 | 0.5 | -98.9 | 95.9 | -3 | 10 | -0.4 | ||||||||||||
of which non-sovereign | -548.6 | 516.6 | -32 | 94.3 | 12.3 | -599.8 | 568 | -31.8 | 99 | 12.9 | ||||||||||||
1 | ||||||||||||||||||||||
Represents credit protection purchased with identical underlyings and recoveries. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Based on internal ratings of BBB and above. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Includes the Clock Finance transaction. | ||||||||||||||||||||||
Contingent credit risk | ' | |||||||||||||||||||||
Contingent credit risk | ||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||
end of | Special | Total | Special | Total | ||||||||||||||||||
Bilateral | purpose | Accelerated | Bilateral | purpose | Accelerated | |||||||||||||||||
counterparties | entities | terminations | counterparties | entities | terminations | |||||||||||||||||
Contingent credit risk (CHF billion) | ||||||||||||||||||||||
Current net exposure | 11.9 | 0.9 | 0.2 | 13 | 11.7 | 1.1 | 0.1 | 12.9 | ||||||||||||||
Collateral posted | 11 | 0.9 | – | 11.9 | 10.6 | 1.2 | – | 11.8 | ||||||||||||||
Additional collateral required in a one-notch downgrade event | 0.6 | 0.6 | 0 | 1.2 | 0.6 | 0.8 | 0 | 1.4 | ||||||||||||||
Additional collateral required in a two-notch downgrade event | 2 | 0.8 | 0.1 | 2.9 | 2.3 | 1.1 | 0 | 3.4 | ||||||||||||||
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | ' | |||||||||||||||||||||
Credit derivatives | ||||||||||||||||||||||
end of | 2Q14 | 4Q13 | ||||||||||||||||||||
Credit derivatives (CHF billion) | ||||||||||||||||||||||
Credit protection sold | 632.3 | 698.7 | ||||||||||||||||||||
Credit protection purchased | 603.2 | 663.9 | ||||||||||||||||||||
Other protection purchased | 103.7 | 109 | ||||||||||||||||||||
Other instruments 1 | 17.2 | 11.7 | ||||||||||||||||||||
Total credit derivatives | 1,356.40 | 1,483.30 | ||||||||||||||||||||
1 | ||||||||||||||||||||||
Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments. | ||||||||||||||||||||||
Maturity of credit protection sold | ' | |||||||||||||||||||||
Maturity of credit protection sold | ||||||||||||||||||||||
end of | Maturity | Maturity | Maturity | Total | ||||||||||||||||||
less | between | greater | ||||||||||||||||||||
than | 1 to 5 | than | ||||||||||||||||||||
1 year | years | 5 years | ||||||||||||||||||||
2Q14 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 82.7 | 258.2 | 46.3 | 387.2 | ||||||||||||||||||
Multi-name instruments | 31.5 | 153.6 | 60 | 245.1 | ||||||||||||||||||
Total instruments | 114.2 | 411.8 | 106.3 | 632.3 | ||||||||||||||||||
4Q13 (CHF billion) | ||||||||||||||||||||||
Single-name instruments | 91.2 | 281.4 | 42 | 414.6 | ||||||||||||||||||
Multi-name instruments | 19.2 | 208.2 | 56.7 | 284.1 | ||||||||||||||||||
Total instruments | 110.4 | 489.6 | 98.7 | 698.7 | ||||||||||||||||||
Guarantees_and_commitments_Tab
Guarantees and commitments (Tables) | 6 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Guarantees | ' | |||||||||||||||||||||
Guarantees | ||||||||||||||||||||||
end of | Maturity | Maturity | Total | Total | 1 | |||||||||||||||||
less than | greater than | gross | net | Carrying | Collateral | |||||||||||||||||
1 year | 1 year | amount | amount | value | received | |||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||
Credit guarantees and similar instruments | 2,692 | 1,469 | 4,161 | 3,969 | 11 | 2,214 | ||||||||||||||||
Performance guarantees and similar instruments | 5,026 | 2,429 | 7,455 | 6,603 | 63 | 3,073 | ||||||||||||||||
Securities lending indemnifications | 11,968 | 0 | 11,968 | 11,968 | 0 | 11,968 | ||||||||||||||||
Derivatives 2 | 21,973 | 9,010 | 30,983 | 30,983 | 664 | – | 3 | |||||||||||||||
Other guarantees | 3,303 | 1,241 | 4,544 | 4,533 | 39 | 2,460 | ||||||||||||||||
Total guarantees | 44,962 | 14,149 | 59,111 | 58,056 | 777 | 19,715 | ||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||
Credit guarantees and similar instruments | 2,688 | 1,526 | 4,214 | 4,066 | 14 | 2,333 | ||||||||||||||||
Performance guarantees and similar instruments | 4,910 | 3,136 | 8,046 | 7,125 | 107 | 3,312 | ||||||||||||||||
Securities lending indemnifications | 11,479 | 0 | 11,479 | 11,479 | 0 | 11,479 | ||||||||||||||||
Derivatives 2 | 18,247 | 13,403 | 31,650 | 31,650 | 715 | – | 3 | |||||||||||||||
Other guarantees | 4,003 | 1,212 | 5,215 | 5,191 | 3 | 2,631 | ||||||||||||||||
Total guarantees | 41,327 | 19,277 | 60,604 | 59,511 | 839 | 19,755 | ||||||||||||||||
1 | ||||||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Collateral for derivatives accounted for as guarantees is not significant. | ||||||||||||||||||||||
Residential mortgage loans sold | ' | |||||||||||||||||||||
Residential mortgage loans sold | ||||||||||||||||||||||
January 1, 2004 to June 30, 2014 (USD billion) | ||||||||||||||||||||||
Government-sponsored enterprises | 8.2 | |||||||||||||||||||||
Private investors 1 | 24 | |||||||||||||||||||||
Non-agency securitizations | 134.5 | 2 | ||||||||||||||||||||
Total residential mortgage loans sold | 166.7 | |||||||||||||||||||||
1 | ||||||||||||||||||||||
Primarily banks. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Of the total residential mortgage loans sold to non-agency securitizations USD 25.3 billion were outstanding as of the end of 2Q14. The difference of the total balance of mortgage loans sold and the outstanding balance as of the end of 2Q14 is attributable to borrower payments of USD 90.1 billion and losses of USD 19.1 billion due to loan defaults. | ||||||||||||||||||||||
Residential mortgage loans sold - outstanding repurchase claims | ' | |||||||||||||||||||||
Residential mortgage loans sold – outstanding repurchase claims | ||||||||||||||||||||||
2Q14 | 1Q14 | |||||||||||||||||||||
Government- | Non-agency | Total | Government- | Non-agency | Total | |||||||||||||||||
sponsored | Private | securitiza- | sponsored | Private | securitiza- | |||||||||||||||||
enterprises | investors | tions | enterprises | investors | tions | |||||||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||||||
Balance at beginning of period | 69 | 418 | 83 | 570 | 77 | 420 | 83 | 580 | ||||||||||||||
New claims | 3 | 0 | 314 | 317 | 6 | 1 | 6 | 13 | ||||||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other settlements | -1 | -415 | 0 | -416 | 2 | -3 | -1 | -5 | -9 | 2 | ||||||||||||
Total claims settled | -1 | -415 | 0 | -416 | -3 | -1 | -5 | -9 | ||||||||||||||
Claims rescinded | -4 | 0 | 0 | -4 | -11 | 0 | 0 | -11 | ||||||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | 0 | -314 | -314 | 0 | -2 | -1 | -3 | ||||||||||||||
Balance at end of period | 67 | 3 | 83 | 153 | 69 | 418 | 83 | 570 | ||||||||||||||
2Q13 | ||||||||||||||||||||||
Government- | Non-agency | Total | ||||||||||||||||||||
sponsored | Private | securitiza- | ||||||||||||||||||||
enterprises | investors | tions | ||||||||||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||||||
Balance at beginning of period | 67 | 482 | 1,398 | 1,947 | ||||||||||||||||||
New claims | 24 | 93 | 149 | 266 | ||||||||||||||||||
Claims settled through repurchases | -1 | 0 | -2 | -3 | 1 | |||||||||||||||||
Other settlements | -5 | -155 | -4 | -164 | 2 | |||||||||||||||||
Total claims settled | -6 | -155 | -6 | -167 | ||||||||||||||||||
Claims rescinded | -4 | 0 | 0 | -4 | ||||||||||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | 0 | -347 | -347 | ||||||||||||||||||
Balance at end of period | 81 | 420 | 1,194 | 1,695 | ||||||||||||||||||
1 | ||||||||||||||||||||||
Settled at a repurchase price of USD 3 million. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Settled at USD 59 million, USD 7 million and USD 20 million in 2Q14, 1Q14 and 2Q13, respectively. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||||||
Residential mortgage loans sold – outstanding repurchase claims (continued) | ||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||
Government- | Non-agency | Total | Government- | Non-agency | Total | |||||||||||||||||
sponsored | Private | securitiza- | sponsored | Private | securitiza- | |||||||||||||||||
enterprises | investors | tions | enterprises | investors | tions | |||||||||||||||||
Outstanding repurchase claims (USD million) | ||||||||||||||||||||||
Balance at beginning of period | 77 | 420 | 83 | 580 | 67 | 464 | 1,395 | 1,926 | ||||||||||||||
New claims | 9 | 1 | 320 | 330 | 36 | 115 | 489 | 640 | ||||||||||||||
Claims settled through repurchases | 0 | 0 | 0 | 0 | -4 | 0 | -2 | -6 | 1 | |||||||||||||
Other settlements | -4 | -416 | -5 | -425 | 2 | -8 | -155 | -7 | -170 | 2 | ||||||||||||
Total claims settled | -4 | -416 | -5 | -425 | -12 | -155 | -9 | -176 | ||||||||||||||
Claims rescinded | -15 | 0 | 0 | -15 | -10 | -4 | 0 | -14 | ||||||||||||||
Transfers to/from arbitration and litigation, net 3 | 0 | -2 | -315 | -317 | 0 | 0 | -681 | -681 | ||||||||||||||
Balance at end of period | 67 | 3 | 83 | 153 | 81 | 420 | 1,194 | 1,695 | ||||||||||||||
1 | ||||||||||||||||||||||
Settled at a repurchase price of USD 6 million. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Settled at USD 66 million and USD 25 million in 6M14 and 6M13, respectively. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation. | ||||||||||||||||||||||
Provisions for outstanding repurchase claims | ' | |||||||||||||||||||||
Provisions for outstanding repurchase claims | ||||||||||||||||||||||
2Q14 | 1Q14 | 2Q13 | 6M14 | 6M13 | ||||||||||||||||||
Provisions for outstanding repurchase claims (USD million) 1 | ||||||||||||||||||||||
Balance at beginning of period | 136 | 146 | 59 | 146 | 55 | |||||||||||||||||
Increase/(decrease) in provisions, net | -17 | -3 | 62 | -20 | 74 | |||||||||||||||||
Realized losses 2 | -59 | 3 | -7 | 4 | -23 | -66 | 3 | -31 | ||||||||||||||
Balance at end of period | 60 | 5 | 136 | 6 | 98 | 5 | 60 | 5 | 98 | 5 | ||||||||||||
1 | ||||||||||||||||||||||
Excludes provisions for repurchase claims related to residential mortgage loans sold that are in arbitration or litigation. Refer to "Note 29 – Litigation" for further information. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Includes indemnifications paid to resolve loan repurchase claims. | ||||||||||||||||||||||
3 | ||||||||||||||||||||||
Primarily related to private investors. | ||||||||||||||||||||||
4 | ||||||||||||||||||||||
Primarily related to non-agency securitizations. | ||||||||||||||||||||||
5 | ||||||||||||||||||||||
Primarily related to government-sponsored enterprises. | ||||||||||||||||||||||
6 | ||||||||||||||||||||||
Primarily related to government-sponsored enterprises and private investors. | ||||||||||||||||||||||
Other commitments | ' | |||||||||||||||||||||
Other commitments | ||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||
end of | Maturity | Maturity | Total | Total | 1 | Maturity | Maturity | Total | Total | 1 | ||||||||||||
less than | greater than | gross | net | Collateral | less than | greater than | gross | net | Collateral | |||||||||||||
1 year | 1 year | amount | amount | received | 1 year | 1 year | amount | amount | received | |||||||||||||
Other commitments (CHF million) | ||||||||||||||||||||||
Irrevocable commitments under documentary credits | 4,616 | 28 | 4,644 | 4,487 | 2,725 | 5,484 | 28 | 5,512 | 5,452 | 3,381 | ||||||||||||
Irrevocable loan commitments 2 | 38,081 | 70,604 | 108,685 | 104,802 | 52,452 | 27,250 | 69,740 | 96,990 | 92,732 | 47,996 | ||||||||||||
Forward reverse repurchase agreements | 28,969 | 0 | 28,969 | 28,969 | 28,969 | 26,893 | 0 | 26,893 | 26,893 | 26,893 | ||||||||||||
Other commitments | 3,971 | 1,305 | 5,276 | 5,276 | 2,679 | 2,481 | 1,410 | 3,891 | 3,891 | 350 | ||||||||||||
Total other commitments | 75,637 | 71,937 | 147,574 | 143,534 | 86,825 | 62,108 | 71,178 | 133,286 | 128,968 | 78,620 | ||||||||||||
1 | ||||||||||||||||||||||
Total net amount is computed as the gross amount less any participations. | ||||||||||||||||||||||
2 | ||||||||||||||||||||||
Irrevocable loan commitments do not include a total gross amount of CHF 95,482 million and CHF 90,254 million of unused credit limits as of the end of 2Q14 and 4Q13, respectively, which were revocable at the Group's sole discretion upon notice to the client. | ||||||||||||||||||||||
Transfers_of_financial_assets_1
Transfers of financial assets and variable interest entities (Tables) | 6 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||
Securitizations | ' | |||||||||||||||||||||||||
Securitizations | ||||||||||||||||||||||||||
in | 6M14 | 6M13 | ||||||||||||||||||||||||
Gains and cash flows (CHF million) | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Net gain 1 | 3 | 1 | ||||||||||||||||||||||||
Proceeds from transfer of assets | 1,581 | 3,631 | ||||||||||||||||||||||||
Cash received on interests that continue to be held | 53 | 32 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Net gain 1 | 14 | 2 | ||||||||||||||||||||||||
Proceeds from transfer of assets | 10,842 | 14,257 | ||||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral | -4 | -8 | ||||||||||||||||||||||||
Servicing fees | 1 | 2 | ||||||||||||||||||||||||
Cash received on interests that continue to be held | 206 | 275 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Net gain 1 | 15 | 7 | ||||||||||||||||||||||||
Proceeds from transfer of assets | 964 | 553 | ||||||||||||||||||||||||
Purchases of previously transferred financial assets or its underlying collateral 2 | 0 | -65 | ||||||||||||||||||||||||
Cash received on interests that continue to be held | 4 | 329 | ||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. | ||||||||||||||||||||||||||
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 | 2Q14 | 4Q13 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 36,855 | 37,308 | ||||||||||||||||||||||||
Total assets of SPE | 47,837 | 48,715 | ||||||||||||||||||||||||
RMBS | ||||||||||||||||||||||||||
Principal amount outstanding | 45,774 | 45,571 | ||||||||||||||||||||||||
Total assets of SPE | 47,591 | 48,741 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Principal amount outstanding | 23,632 | 27,854 | ||||||||||||||||||||||||
Total assets of SPE | 23,632 | 27,854 | ||||||||||||||||||||||||
Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | ' | |||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | ||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||
at time of transfer, in | CMBS | RMBS | CMBS | RMBS | ||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 566 | 1,865 | 158 | 1,963 | ||||||||||||||||||||||
of which level 2 | 501 | 1,720 | 141 | 1,922 | ||||||||||||||||||||||
of which level 3 | 65 | 145 | 17 | 41 | ||||||||||||||||||||||
Weighted-average life, in years | 3.6 | 4.6 | 8.9 | 7 | ||||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 1 | – | 2 | 1.5 | – | 23 | – | 2 | 6.3 | – | 31 | ||||||||||||||||
Cash flow discount rate (rate per annum), in % 3 | 1 | – | 11 | 2 | – | 17 | 1.6 | – | 8.2 | 0 | – | 45.9 | ||||||||||||||
Expected credit losses (rate per annum), in % | 1 | – | 2 | 2.6 | – | 14 | 0 | – | 7.5 | 0 | – | 45.8 | ||||||||||||||
Transfers of assets in which the Group does not have beneficial interests are not included in this table. | ||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||
Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||
To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. | ||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | ' | |||||||||||||||||||||||||
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | ||||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||||
CMBS | 1 | RMBS | Other asset- | 2 | CMBS | 1 | RMBS | Other asset- | 2 | |||||||||||||||||
backed | backed | |||||||||||||||||||||||||
financing | financing | |||||||||||||||||||||||||
activities | activities | |||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||
Fair value of beneficial interests | 1,297 | 2,761 | 204 | 1,132 | 2,354 | 284 | ||||||||||||||||||||
of which non-investment grade | 8 | 350 | 157 | 26 | 359 | 204 | ||||||||||||||||||||
Weighted-average life, in years | 5.4 | 8.5 | 4.7 | 6.5 | 8.6 | 3.7 | ||||||||||||||||||||
Prepayment speed assumption (rate per annum), in % 3 | – | 1.3 | – | 35 | – | – | 1 | – | 23.5 | – | ||||||||||||||||
Impact on fair value from 10% adverse change | – | -31 | – | – | -26.6 | – | ||||||||||||||||||||
Impact on fair value from 20% adverse change | – | -61 | – | – | -48.6 | – | ||||||||||||||||||||
Cash flow discount rate (rate per annum), in % 4 | 1.4 | – | 24.4 | 1.8 | – | 39.6 | 0.2 | – | 21.2 | 1.1 | – | 37.1 | 1.7 | – | 22.4 | 1 | – | 23.1 | ||||||||
Impact on fair value from 10% adverse change | -20.7 | -57.3 | -2.8 | -25.5 | -65 | -2.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -40.6 | -111.5 | -5.5 | -50 | -124.9 | -4.9 | ||||||||||||||||||||
Expected credit losses (rate per annum), in % | 0.9 | – | 23.6 | 1.3 | – | 38.4 | 1.1 | – | 9.7 | 0.2 | – | 36.6 | 0.1 | – | 17.3 | 0.7 | – | 21 | ||||||||
Impact on fair value from 10% adverse change | -9.8 | -34.3 | -0.9 | -10.9 | -42.2 | -0.4 | ||||||||||||||||||||
Impact on fair value from 20% adverse change | -19.6 | -67.3 | -1.7 | -21.5 | -79.6 | -0.7 | ||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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 % thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . | ||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||
The rate was based on the weighted-average yield on the beneficial interests. | ||||||||||||||||||||||||||
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | ' | |||||||||||||||||||||||||
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | ||||||||||||||||||||||||||
end of | 2Q14 | 4Q13 | ||||||||||||||||||||||||
CHF million | ||||||||||||||||||||||||||
CMBS | ||||||||||||||||||||||||||
Other assets | 244 | 432 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -244 | -432 | ||||||||||||||||||||||||
Other asset-backed financings | ||||||||||||||||||||||||||
Trading assets | 165 | 216 | ||||||||||||||||||||||||
Other assets | 162 | 157 | ||||||||||||||||||||||||
Liability to SPE, included in Other liabilities | -327 | -373 | ||||||||||||||||||||||||
Consolidated VIEs in which the Group was primary beneficiary | ' | |||||||||||||||||||||||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | CP | Securi- | Funds | Loans | Other | Total | |||||||||||||||||||
Conduit | tizations | |||||||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 619 | 0 | 50 | 113 | 100 | 34 | 916 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,224 | 0 | 0 | 0 | 0 | 1,224 | |||||||||||||||||||
Trading assets | 768 | 51 | 0 | 1,507 | 731 | 382 | 3,439 | |||||||||||||||||||
Investment securities | 0 | 59 | 0 | 0 | 0 | 0 | 59 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 46 | 1,489 | 393 | 1,928 | |||||||||||||||||||
Net loans | 0 | 579 | 876 | 0 | 18 | 535 | 2,008 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 423 | 72 | 495 | |||||||||||||||||||
Other assets | 6,881 | 1,639 | 3,424 | 3 | 228 | 1,640 | 13,815 | |||||||||||||||||||
of which loans held-for-sale | 6,843 | 0 | 2,245 | 0 | 54 | 0 | 9,142 | |||||||||||||||||||
Total assets of consolidated VIEs | 8,268 | 3,552 | 4,350 | 1,669 | 2,989 | 3,056 | 23,884 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 269 | 269 | |||||||||||||||||||
Trading liabilities | 6 | 0 | 0 | 0 | 7 | 3 | 16 | |||||||||||||||||||
Short-term borrowings | 0 | 8,733 | 0 | 0 | 0 | 0 | 8,733 | |||||||||||||||||||
Long-term debt | 8,260 | 21 | 2,796 | 327 | 87 | 366 | 11,857 | |||||||||||||||||||
Other liabilities | 24 | 40 | 196 | 19 | 154 | 426 | 859 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 8,290 | 8,794 | 2,992 | 346 | 248 | 1,064 | 21,734 | |||||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||||
Cash and due from banks | 702 | 1 | 2 | 100 | 87 | 60 | 952 | |||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 1,959 | 0 | 0 | 0 | 0 | 1,959 | |||||||||||||||||||
Trading assets | 869 | 51 | 3 | 1,687 | 665 | 335 | 3,610 | |||||||||||||||||||
Investment securities | 0 | 100 | 0 | 0 | 0 | 0 | 100 | |||||||||||||||||||
Other investments | 0 | 0 | 0 | 0 | 1,491 | 492 | 1,983 | |||||||||||||||||||
Net loans | 0 | 2,012 | 885 | 0 | 779 | 531 | 4,207 | |||||||||||||||||||
Premises and equipment | 0 | 0 | 0 | 0 | 447 | 66 | 513 | |||||||||||||||||||
Other assets | 7,516 | 1,473 | 3,353 | 0 | 308 | 1,680 | 14,330 | |||||||||||||||||||
of which loans held-for-sale | 7,479 | 0 | 3,093 | 0 | 56 | 0 | 10,628 | |||||||||||||||||||
Total assets of consolidated VIEs | 9,087 | 5,596 | 4,243 | 1,787 | 3,777 | 3,164 | 27,654 | |||||||||||||||||||
Customer deposits | 0 | 0 | 0 | 0 | 0 | 265 | 265 | |||||||||||||||||||
Trading liabilities | 9 | 0 | 0 | 0 | 8 | 76 | 93 | |||||||||||||||||||
Short-term borrowings | 0 | 4,280 | 0 | 7 | 0 | -1 | 4,286 | |||||||||||||||||||
Long-term debt | 9,067 | 17 | 3,187 | 179 | 93 | 449 | 12,992 | |||||||||||||||||||
Other liabilities | 34 | 16 | 67 | 2 | 153 | 438 | 710 | |||||||||||||||||||
Total liabilities of consolidated VIEs | 9,110 | 4,313 | 3,254 | 188 | 254 | 1,227 | 18,346 | |||||||||||||||||||
Non-consolidated VIEs | ' | |||||||||||||||||||||||||
Non-consolidated VIEs | ||||||||||||||||||||||||||
Financial intermediation | ||||||||||||||||||||||||||
end of | CDO | Securi- | Funds | Loans | Other | Total | ||||||||||||||||||||
tizations | ||||||||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 141 | 5,071 | 1,322 | 575 | 613 | 7,722 | ||||||||||||||||||||
Net loans | 174 | 717 | 2,858 | 1,682 | 1,128 | 6,559 | ||||||||||||||||||||
Other assets | 0 | 4 | 30 | 0 | 187 | 221 | ||||||||||||||||||||
Total variable interest assets | 315 | 5,792 | 4,210 | 2,257 | 1,928 | 14,502 | ||||||||||||||||||||
Maximum exposure to loss | 1,417 | 9,674 | 4,373 | 6,284 | 2,017 | 23,765 | ||||||||||||||||||||
Non-consolidated VIE assets | 9,140 | 96,746 | 64,524 | 27,684 | 18,483 | 216,577 | ||||||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||||
Trading assets | 183 | 4,920 | 979 | 725 | 713 | 7,520 | ||||||||||||||||||||
Net loans | 2 | 613 | 2,812 | 2,856 | 1,282 | 7,565 | ||||||||||||||||||||
Other assets | 0 | 0 | 47 | 0 | 6 | 53 | ||||||||||||||||||||
Total variable interest assets | 185 | 5,533 | 3,838 | 3,581 | 2,001 | 15,138 | ||||||||||||||||||||
Maximum exposure to loss | 186 | 7,496 | 4,026 | 7,433 | 2,090 | 21,231 | ||||||||||||||||||||
Non-consolidated VIE assets | 10,211 | 101,524 | 55,509 | 31,144 | 19,450 | 217,838 | ||||||||||||||||||||
Financial_instruments_Tables
Financial instruments (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||||||||||
end of 2Q14 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 724 | 0 | 0 | 724 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 309 | 0 | 0 | 309 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 86,517 | 69 | 0 | 86,586 | |||||||||||||||||||||||
Debt | 177 | 698 | 0 | 0 | 875 | |||||||||||||||||||||||
of which corporates | 0 | 655 | 0 | 0 | 655 | |||||||||||||||||||||||
Equity | 20,704 | 32 | 0 | 0 | 20,736 | |||||||||||||||||||||||
Securities received as collateral | 20,881 | 730 | 0 | 0 | 21,611 | |||||||||||||||||||||||
Debt | 39,520 | 60,918 | 4,600 | 0 | 105,038 | |||||||||||||||||||||||
of which foreign governments | 38,953 | 5,224 | 305 | 0 | 44,482 | |||||||||||||||||||||||
of which corporates | 69 | 24,480 | 1,774 | 0 | 26,323 | |||||||||||||||||||||||
of which RMBS | 0 | 23,794 | 548 | 0 | 24,342 | |||||||||||||||||||||||
of which CMBS | 0 | 5,122 | 334 | 0 | 5,456 | |||||||||||||||||||||||
of which CDO | 0 | 2,232 | 1,369 | 0 | 3,601 | |||||||||||||||||||||||
Equity | 81,385 | 6,100 | 674 | 0 | 88,159 | |||||||||||||||||||||||
Derivatives | 8,808 | 485,198 | 5,125 | -468,174 | 30,957 | |||||||||||||||||||||||
of which interest rate products | 2,165 | 390,254 | 1,713 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 210 | 43,251 | 390 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 6,138 | 23,641 | 932 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 24,587 | 1,097 | – | – | |||||||||||||||||||||||
Other | 2,972 | 5,219 | 3,082 | 0 | 11,273 | |||||||||||||||||||||||
Trading assets | 132,685 | 557,435 | 13,481 | -468,174 | 235,427 | |||||||||||||||||||||||
Debt | 2,203 | 1,014 | 0 | 0 | 3,217 | |||||||||||||||||||||||
of which foreign governments | 1,810 | 0 | 0 | 0 | 1,810 | |||||||||||||||||||||||
of which corporates | 0 | 587 | 0 | 0 | 587 | |||||||||||||||||||||||
of which CDO | 0 | 423 | 0 | 0 | 423 | |||||||||||||||||||||||
Equity | 2 | 101 | 3 | 0 | 106 | |||||||||||||||||||||||
Investment securities | 2,205 | 1,115 | 3 | 0 | 3,323 | |||||||||||||||||||||||
Private equity | 0 | 0 | 1,251 | 0 | 1,251 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 579 | 0 | 579 | |||||||||||||||||||||||
Hedge funds | 0 | 159 | 323 | 0 | 482 | |||||||||||||||||||||||
of which debt funds | 0 | 119 | 312 | 0 | 431 | |||||||||||||||||||||||
Other equity investments | 84 | 110 | 1,720 | 0 | 1,914 | |||||||||||||||||||||||
of which private | 0 | 82 | 1,720 | 0 | 1,802 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,605 | 0 | 1,605 | |||||||||||||||||||||||
Other investments | 84 | 269 | 4,899 | 0 | 5,252 | |||||||||||||||||||||||
Loans | 0 | 11,299 | 8,598 | 0 | 19,897 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 5,521 | 5,699 | 0 | 11,220 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,842 | 1,572 | 0 | 6,414 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 66 | 0 | 66 | |||||||||||||||||||||||
Other assets | 4,102 | 22,076 | 5,923 | -828 | 31,273 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 13,300 | 5,242 | 0 | 18,542 | |||||||||||||||||||||||
Total assets at fair value | 159,957 | 680,474 | 33,039 | -469,002 | 404,468 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -80 | -132 | -752 | 0 | -964 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -7,862 | -2,079 | 0 | -9,941 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 159,877 | 672,480 | 30,208 | -469,002 | 393,563 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 2Q14 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 998 | 0 | 0 | 998 | |||||||||||||||||||||||
Customer deposits | 0 | 3,142 | 87 | 0 | 3,229 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 60,529 | 0 | 0 | 60,529 | |||||||||||||||||||||||
Debt | 177 | 698 | 0 | 0 | 875 | |||||||||||||||||||||||
of which corporates | 0 | 655 | 0 | 0 | 655 | |||||||||||||||||||||||
Equity | 20,704 | 32 | 0 | 0 | 20,736 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 20,881 | 730 | 0 | 0 | 21,611 | |||||||||||||||||||||||
Debt | 17,778 | 4,744 | 0 | 0 | 22,522 | |||||||||||||||||||||||
of which foreign governments | 17,616 | 407 | 0 | 0 | 18,023 | |||||||||||||||||||||||
of which corporates | 9 | 3,893 | 0 | 0 | 3,902 | |||||||||||||||||||||||
Equity | 17,758 | 310 | 19 | 0 | 18,087 | |||||||||||||||||||||||
Derivatives | 8,959 | 494,139 | 4,896 | -473,474 | 34,520 | |||||||||||||||||||||||
of which interest rate products | 2,207 | 383,422 | 1,185 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 232 | 56,116 | 696 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 6,201 | 26,397 | 1,265 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,055 | 1,291 | – | – | |||||||||||||||||||||||
Trading liabilities | 44,495 | 499,193 | 4,915 | -473,474 | 75,129 | |||||||||||||||||||||||
Short-term borrowings | 0 | 7,031 | 101 | 0 | 7,132 | |||||||||||||||||||||||
Long-term debt | 3 | 59,901 | 10,313 | 0 | 70,217 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 8,134 | 0 | 0 | 8,134 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 26,120 | 7,374 | 0 | 33,494 | |||||||||||||||||||||||
of which non-recourse liabilities | 3 | 8,898 | 2,028 | 0 | 10,929 | |||||||||||||||||||||||
Other liabilities | 0 | 17,460 | 3,325 | -776 | 20,009 | |||||||||||||||||||||||
of which failed sales | 0 | 479 | 727 | 0 | 1,206 | |||||||||||||||||||||||
Total liabilities at fair value | 65,379 | 648,984 | 18,741 | -474,250 | 258,854 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Cash and due from banks | 0 | 527 | 0 | 0 | 527 | |||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 311 | 0 | 0 | 311 | |||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 96,383 | 204 | 0 | 96,587 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 41,829 | 63,218 | 5,069 | 0 | 110,116 | |||||||||||||||||||||||
of which foreign governments | 40,199 | 6,980 | 230 | 0 | 47,409 | |||||||||||||||||||||||
of which corporates | 14 | 24,268 | 2,128 | 0 | 26,410 | |||||||||||||||||||||||
of which RMBS | 0 | 23,343 | 436 | 0 | 23,779 | |||||||||||||||||||||||
of which CMBS | 0 | 5,255 | 417 | 0 | 5,672 | |||||||||||||||||||||||
of which CDO | 0 | 3,305 | 1,567 | 0 | 4,872 | |||||||||||||||||||||||
Equity | 70,322 | 5,778 | 595 | 0 | 76,695 | |||||||||||||||||||||||
Derivatives | 6,610 | 563,649 | 5,217 | -543,873 | 31,603 | |||||||||||||||||||||||
of which interest rate products | 1,065 | 444,056 | 1,574 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 8 | 60,807 | 484 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 5,278 | 28,763 | 1,240 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,662 | 1,138 | – | – | |||||||||||||||||||||||
Other | 3,691 | 4,479 | 2,829 | 0 | 10,999 | |||||||||||||||||||||||
Trading assets | 122,452 | 637,124 | 13,710 | -543,873 | 229,413 | |||||||||||||||||||||||
Debt | 1,788 | 1,098 | 0 | 0 | 2,886 | |||||||||||||||||||||||
of which foreign governments | 1,386 | 2 | 0 | 0 | 1,388 | |||||||||||||||||||||||
of which corporates | 0 | 606 | 0 | 0 | 606 | |||||||||||||||||||||||
of which CDO | 0 | 490 | 0 | 0 | 490 | |||||||||||||||||||||||
Equity | 2 | 97 | 2 | 0 | 101 | |||||||||||||||||||||||
Investment securities | 1,790 | 1,195 | 2 | 0 | 2,987 | |||||||||||||||||||||||
Private equity | 0 | 0 | 3,345 | 0 | 3,345 | |||||||||||||||||||||||
of which equity funds | 0 | 0 | 2,236 | 0 | 2,236 | |||||||||||||||||||||||
Hedge funds | 0 | 289 | 392 | 0 | 681 | |||||||||||||||||||||||
of which debt funds | 0 | 174 | 329 | 0 | 503 | |||||||||||||||||||||||
Other equity investments | 283 | 55 | 1,632 | 0 | 1,970 | |||||||||||||||||||||||
of which private | 0 | 15 | 1,630 | 0 | 1,645 | |||||||||||||||||||||||
Life finance instruments | 0 | 0 | 1,600 | 0 | 1,600 | |||||||||||||||||||||||
Other investments | 283 | 344 | 6,969 | 0 | 7,596 | |||||||||||||||||||||||
Loans | 0 | 11,459 | 7,998 | 0 | 19,457 | |||||||||||||||||||||||
of which commercial and industrial loans | 0 | 6,302 | 5,309 | 0 | 11,611 | |||||||||||||||||||||||
of which financial institutions | 0 | 4,484 | 1,322 | 0 | 5,806 | |||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 0 | 0 | 42 | 0 | 42 | |||||||||||||||||||||||
Other assets | 4,861 | 21,530 | 6,159 | -1,032 | 31,518 | |||||||||||||||||||||||
of which loans held-for-sale | 0 | 12,770 | 5,615 | 0 | 18,385 | |||||||||||||||||||||||
Total assets at fair value | 150,484 | 770,575 | 35,084 | -544,905 | 411,238 | |||||||||||||||||||||||
Less other investments - equity at fair value attributable to noncontrolling interests | -246 | -149 | -2,781 | 0 | -3,176 | |||||||||||||||||||||||
Less assets consolidated under ASU 2009-17 2 | 0 | -8,996 | -2,458 | 0 | -11,454 | |||||||||||||||||||||||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 150,238 | 761,430 | 29,845 | -544,905 | 396,608 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Assets of consolidated VIEs that are not risk-weighted under the Basel framework. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Level 1 | Level 2 | Level 3 | Netting | 1 | Total | ||||||||||||||||||||||
impact | ||||||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Due to banks | 0 | 1,450 | 0 | 0 | 1,450 | |||||||||||||||||||||||
Customer deposits | 0 | 3,197 | 55 | 0 | 3,252 | |||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 75,990 | 114 | 0 | 76,104 | |||||||||||||||||||||||
Debt | 409 | 1,592 | 0 | 0 | 2,001 | |||||||||||||||||||||||
of which corporates | 0 | 1,558 | 0 | 0 | 1,558 | |||||||||||||||||||||||
Equity | 20,689 | 110 | 0 | 0 | 20,799 | |||||||||||||||||||||||
Obligation to return securities received as collateral | 21,098 | 1,702 | 0 | 0 | 22,800 | |||||||||||||||||||||||
Debt | 19,037 | 5,311 | 2 | 0 | 24,350 | |||||||||||||||||||||||
of which foreign governments | 18,863 | 603 | 0 | 0 | 19,466 | |||||||||||||||||||||||
of which corporates | 1 | 4,130 | 2 | 0 | 4,133 | |||||||||||||||||||||||
Equity | 15,476 | 309 | 17 | 0 | 15,802 | |||||||||||||||||||||||
Derivatives | 5,879 | 572,444 | 5,545 | -547,385 | 36,483 | |||||||||||||||||||||||
of which interest rate products | 896 | 439,446 | 1,129 | – | – | |||||||||||||||||||||||
of which foreign exchange products | 14 | 71,547 | 938 | – | – | |||||||||||||||||||||||
of which equity/index-related products | 4,691 | 30,622 | 1,896 | – | – | |||||||||||||||||||||||
of which credit derivatives | 0 | 25,942 | 1,230 | – | – | |||||||||||||||||||||||
Trading liabilities | 40,392 | 578,064 | 5,564 | -547,385 | 76,635 | |||||||||||||||||||||||
Short-term borrowings | 0 | 5,888 | 165 | 0 | 6,053 | |||||||||||||||||||||||
Long-term debt | 0 | 53,589 | 9,780 | 0 | 63,369 | |||||||||||||||||||||||
of which treasury debt over two years | 0 | 9,081 | 0 | 0 | 9,081 | |||||||||||||||||||||||
of which structured notes over two years | 0 | 20,679 | 6,217 | 0 | 26,896 | |||||||||||||||||||||||
of which non-recourse liabilities | 0 | 9,509 | 2,552 | 0 | 12,061 | |||||||||||||||||||||||
Other liabilities | 0 | 19,511 | 2,861 | -399 | 21,973 | |||||||||||||||||||||||
of which failed sales | 0 | 638 | 1,143 | 0 | 1,781 | |||||||||||||||||||||||
Total liabilities at fair value | 61,490 | 739,391 | 18,539 | -547,784 | 271,636 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. | ||||||||||||||||||||||||||||
Transfers between level 1 and level 2 | ' | |||||||||||||||||||||||||||
Transfers between level 1 and level 2 | ||||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||||
in | Transfers | Transfers | Transfers | Transfers | ||||||||||||||||||||||||
to level 1 | out of level 1 | to level 1 | out of level 1 | |||||||||||||||||||||||||
out of level 2 | to level 2 | out of level 2 | to level 2 | |||||||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 400 | 11 | 471 | 85 | ||||||||||||||||||||||||
Equity | 409 | 78 | 422 | 171 | ||||||||||||||||||||||||
Derivatives | 4,693 | 1 | 4,093 | 1 | ||||||||||||||||||||||||
Trading assets | 5,502 | 90 | 4,986 | 257 | ||||||||||||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Debt | 312 | 0 | 6 | 17 | ||||||||||||||||||||||||
Equity | 129 | 81 | 250 | 17 | ||||||||||||||||||||||||
Derivatives | 4,746 | 19 | 3,536 | 9 | ||||||||||||||||||||||||
Trading liabilities | 5,187 | 100 | 3,792 | 43 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
6M14 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | 0 | -135 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69 | |||||||||||||||
Debt | 5,069 | 518 | -1,261 | 3,644 | -3,747 | 0 | 0 | -44 | 410 | 0 | 0 | 11 | 4,600 | |||||||||||||||
of which corporates | 2,128 | 135 | -487 | 837 | -1,062 | 0 | 0 | -59 | 272 | 0 | 0 | 10 | 1,774 | |||||||||||||||
of which RMBS | 436 | 309 | -252 | 430 | -439 | 0 | 0 | 12 | 55 | 0 | 0 | -3 | 548 | |||||||||||||||
of which CMBS | 417 | 44 | -181 | 172 | -102 | 0 | 0 | 1 | -15 | 0 | 0 | -2 | 334 | |||||||||||||||
of which CDO | 1,567 | 17 | -130 | 1,950 | -2,097 | 0 | 0 | -1 | 68 | 0 | 0 | -5 | 1,369 | |||||||||||||||
Equity | 595 | 117 | -231 | 303 | -266 | 0 | 0 | 42 | 118 | 0 | 0 | -4 | 674 | |||||||||||||||
Derivatives | 5,217 | 368 | -266 | 0 | 0 | 1,542 | -2,134 | 19 | 384 | 0 | 0 | -5 | 5,125 | |||||||||||||||
of which interest rate products | 1,574 | 31 | -12 | 0 | 0 | 92 | -361 | 5 | 381 | 0 | 0 | 3 | 1,713 | |||||||||||||||
of which equity/index-related products | 1,240 | 24 | -123 | 0 | 0 | 192 | -257 | 14 | -157 | 0 | 0 | -1 | 932 | |||||||||||||||
of which credit derivatives | 1,138 | 251 | -124 | 0 | 0 | 314 | -504 | -3 | 28 | 0 | 0 | -3 | 1,097 | |||||||||||||||
Other | 2,829 | 279 | -449 | 1,372 | -1,085 | 0 | -122 | 6 | 259 | 0 | 0 | -7 | 3,082 | |||||||||||||||
Trading assets | 13,710 | 1,282 | -2,207 | 5,319 | -5,098 | 1,542 | -2,256 | 23 | 1,171 | 0 | 0 | -5 | 13,481 | |||||||||||||||
Investment securities | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 | |||||||||||||||
Equity | 5,369 | 0 | -14 | 479 | -3,027 | 0 | 0 | 0 | 33 | 0 | 441 | 13 | 3,294 | |||||||||||||||
Life finance instruments | 1,600 | 0 | 0 | 100 | -154 | 0 | 0 | 0 | 65 | 0 | 0 | -6 | 1,605 | |||||||||||||||
Other investments | 6,969 | 0 | -14 | 579 | -3,181 | 0 | 0 | 0 | 98 | 0 | 441 | 7 | 4,899 | |||||||||||||||
Loans | 7,998 | 109 | -366 | 172 | -912 | 2,516 | -896 | 1 | 4 | 0 | 2 | -30 | 8,598 | |||||||||||||||
of which commercial and industrial loans | 5,309 | 107 | -276 | 161 | -628 | 1,799 | -758 | 1 | 5 | 0 | 0 | -21 | 5,699 | |||||||||||||||
of which financial institutions | 1,322 | 2 | -17 | 11 | -81 | 429 | -98 | 0 | 3 | 0 | 4 | -3 | 1,572 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | 0 | 0 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 66 | |||||||||||||||
Other assets | 6,159 | 1,428 | -1,561 | 2,407 | -2,181 | 347 | -827 | 19 | 127 | 0 | -1 | 6 | 5,923 | |||||||||||||||
of which loans held-for-sale 2 | 5,615 | 1,427 | -1,544 | 2,159 | -2,118 | 346 | -828 | 25 | 152 | 0 | -1 | 9 | 5,242 | |||||||||||||||
Total assets at fair value | 35,084 | 2,819 | -4,283 | 8,503 | -11,372 | 4,405 | -3,979 | 43 | 1,400 | 0 | 440 | -21 | 33,039 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 55 | 0 | 0 | 0 | 0 | 25 | 0 | 0 | 2 | 0 | 0 | 5 | 87 | |||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | 0 | -114 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Trading liabilities | 5,564 | 519 | -754 | 22 | -18 | 838 | -1,766 | 214 | 307 | 0 | 0 | -11 | 4,915 | |||||||||||||||
of which interest rate derivatives | 1,129 | 36 | -6 | 0 | 0 | 42 | -234 | 4 | 216 | 0 | 0 | -2 | 1,185 | |||||||||||||||
of which foreign exchange derivatives | 938 | 0 | -2 | 0 | 0 | 3 | -144 | -4 | -94 | 0 | 0 | -1 | 696 | |||||||||||||||
of which equity/index-related derivatives | 1,896 | 190 | -589 | 0 | 0 | 402 | -691 | 209 | -147 | 0 | 0 | -5 | 1,265 | |||||||||||||||
of which credit derivatives | 1,230 | 266 | -152 | 0 | 0 | 206 | -542 | 7 | 279 | 0 | 0 | -3 | 1,291 | |||||||||||||||
Short-term borrowings | 165 | 13 | -35 | 0 | 0 | 249 | -294 | -1 | 2 | 0 | 0 | 2 | 101 | |||||||||||||||
Long-term debt | 9,780 | 605 | -1,840 | 0 | 0 | 3,386 | -1,885 | 11 | 300 | 0 | 0 | -44 | 10,313 | |||||||||||||||
of which structured notes over two years | 6,217 | 220 | -971 | 0 | 0 | 2,493 | -778 | 8 | 217 | 0 | 0 | -32 | 7,374 | |||||||||||||||
of which non-recourse liabilities | 2,552 | 378 | -583 | 0 | 0 | 330 | -673 | 16 | 14 | 0 | 0 | -6 | 2,028 | |||||||||||||||
Other liabilities | 2,861 | 79 | -93 | 262 | -630 | 633 | -170 | 14 | 94 | 4 | 269 | 2 | 3,325 | |||||||||||||||
of which failed sales | 1,143 | 65 | -42 | 78 | -560 | 0 | 0 | 0 | 47 | 0 | -2 | -2 | 727 | |||||||||||||||
Total liabilities at fair value | 18,539 | 1,216 | -2,836 | 284 | -648 | 5,131 | -4,115 | 238 | 705 | 4 | 269 | -46 | 18,741 | |||||||||||||||
Net assets/(liabilities) at fair value | 16,545 | 1,603 | -1,447 | 8,219 | -10,724 | -726 | 136 | -195 | 695 | -4 | 171 | 25 | 14,298 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Includes unrealized gains recorded in trading revenues of CHF 20 million primarily related to subprime exposures in securitized products business and market movements across the wider loans held-for-sale portfolio. | ||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) | ||||||||||||||||||||||||||||
Trading revenues | Other revenues | |||||||||||||||||||||||||||
6M13 | Purchases | Sales | Issuances | Settlements | 1 | 1 | Foreign | |||||||||||||||||||||
Balance at | On | On | On | On | currency | Balance | ||||||||||||||||||||||
beginning | Transfers | Transfers | transfers | all | transfers | all | translation | at end | ||||||||||||||||||||
of period | in | out | in / out | other | in / out | other | impact | of period | ||||||||||||||||||||
Assets (CHF million) | ||||||||||||||||||||||||||||
Debt | 5,888 | 465 | -979 | 3,291 | -4,604 | 0 | 0 | 130 | 150 | 0 | 0 | 170 | 4,511 | |||||||||||||||
of which corporates | 3,192 | 146 | -483 | 1,009 | -2,020 | 0 | 0 | 113 | 9 | 0 | 0 | 91 | 2,057 | |||||||||||||||
of which RMBS | 724 | 257 | -292 | 758 | -638 | 0 | 0 | 6 | 64 | 0 | 0 | 27 | 906 | |||||||||||||||
of which CMBS | 1,023 | 26 | -100 | 129 | -821 | 0 | 0 | -3 | 33 | 0 | 0 | 19 | 306 | |||||||||||||||
of which CDO | 447 | 14 | -39 | 1,384 | -1,008 | 0 | 0 | 2 | 45 | 0 | 0 | 20 | 865 | |||||||||||||||
Equity | 485 | 190 | -173 | 139 | -236 | 0 | 0 | 6 | -2 | 0 | 0 | 14 | 423 | |||||||||||||||
Derivatives | 6,650 | 916 | -897 | 0 | 0 | 721 | -1,004 | 96 | -97 | 0 | 0 | 194 | 6,579 | |||||||||||||||
of which interest rate products | 1,859 | 42 | -198 | 0 | 0 | 164 | -198 | 2 | -161 | 0 | 0 | 50 | 1,560 | |||||||||||||||
of which equity/index-related products | 1,920 | 149 | -258 | 0 | 0 | 116 | -225 | 62 | 250 | 0 | 0 | 62 | 2,076 | |||||||||||||||
of which credit derivatives | 1,294 | 721 | -262 | 0 | 0 | 111 | -302 | 33 | -9 | 0 | 0 | 41 | 1,627 | |||||||||||||||
Other | 2,486 | 165 | -224 | 2,727 | -2,133 | 0 | -65 | 1 | -46 | 0 | 0 | 89 | 3,000 | |||||||||||||||
Trading assets | 15,509 | 1,736 | -2,273 | 6,157 | -6,973 | 721 | -1,069 | 233 | 5 | 0 | 0 | 467 | 14,513 | |||||||||||||||
Investment securities | 170 | 0 | 0 | 166 | -17 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 319 | |||||||||||||||
Equity | 6,366 | 0 | -40 | 745 | -1,329 | 0 | 0 | 0 | -2 | 0 | 276 | 196 | 6,212 | |||||||||||||||
Life finance instruments | 1,818 | 0 | 0 | 100 | -186 | 0 | 0 | 0 | -80 | 0 | 0 | 61 | 1,713 | |||||||||||||||
Other investments | 8,184 | 0 | -40 | 845 | -1,515 | 0 | 0 | 0 | -82 | 0 | 276 | 257 | 7,925 | |||||||||||||||
Loans | 6,619 | 93 | -1,644 | 368 | -834 | 3,593 | -1,193 | -1 | -81 | 0 | 0 | 229 | 7,149 | |||||||||||||||
of which commercial and industrial loans | 4,778 | 81 | -322 | 368 | -595 | 1,346 | -780 | 0 | -126 | 0 | 0 | 149 | 4,899 | |||||||||||||||
of which financial institutions | 1,530 | 11 | -2 | 1 | -119 | 240 | -363 | 0 | -49 | 0 | 0 | 49 | 1,298 | |||||||||||||||
Other intangible assets (mortgage servicing rights) | 43 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | 2 | 39 | |||||||||||||||
Other assets | 5,164 | 1,551 | -1,556 | 2,673 | -1,707 | 700 | -501 | 16 | 133 | 0 | 0 | 158 | 6,631 | |||||||||||||||
of which loans held-for-sale | 4,463 | 1,540 | -1,554 | 2,494 | -1,538 | 700 | -501 | 15 | 92 | 0 | 0 | 131 | 5,842 | |||||||||||||||
Total assets at fair value | 35,689 | 3,380 | -5,513 | 10,209 | -11,046 | 5,014 | -2,763 | 248 | -25 | 0 | 270 | 1,113 | 36,576 | |||||||||||||||
Liabilities (CHF million) | ||||||||||||||||||||||||||||
Customer deposits | 25 | 0 | 0 | 0 | 0 | 53 | 0 | 0 | -13 | 0 | 0 | -3 | 62 | |||||||||||||||
Trading liabilities | 5,356 | 1,024 | -814 | 53 | -155 | 489 | -1,125 | 124 | 252 | 0 | 0 | 165 | 5,369 | |||||||||||||||
of which interest rate derivatives | 1,357 | 59 | -132 | 0 | 0 | 82 | -43 | 3 | -269 | 0 | 0 | 38 | 1,095 | |||||||||||||||
of which foreign exchange derivatives | 1,648 | 15 | -14 | 0 | 0 | 13 | -472 | -1 | 73 | 0 | 0 | 50 | 1,312 | |||||||||||||||
of which equity/index-related derivatives | 1,003 | 111 | -302 | 0 | 0 | 275 | -308 | 90 | 341 | 0 | 0 | 34 | 1,244 | |||||||||||||||
of which credit derivatives | 819 | 808 | -267 | 0 | 0 | 71 | -226 | 40 | 89 | 0 | 0 | 27 | 1,361 | |||||||||||||||
Short-term borrowings | 124 | 46 | -34 | 0 | 0 | 203 | -86 | -4 | -61 | 0 | 0 | 5 | 193 | |||||||||||||||
Long-term debt | 10,098 | 1,728 | -1,209 | 0 | 0 | 2,818 | -2,787 | 16 | -51 | 0 | 0 | 347 | 10,960 | |||||||||||||||
of which structured notes over two years | 6,189 | 321 | -893 | 0 | 0 | 1,966 | -1,160 | 12 | -352 | 0 | 0 | 223 | 6,306 | |||||||||||||||
of which non-recourse liabilities | 2,551 | 1,369 | -196 | 0 | 0 | 438 | -1,274 | 10 | 114 | 0 | 0 | 76 | 3,088 | |||||||||||||||
Other liabilities | 2,848 | 31 | -131 | 62 | -280 | 1 | -58 | -16 | -18 | 26 | 135 | 77 | 2,677 | |||||||||||||||
of which failed sales | 1,160 | 12 | -77 | 45 | -230 | 0 | 0 | -4 | -8 | 0 | 0 | 38 | 936 | |||||||||||||||
Total liabilities at fair value | 18,451 | 2,829 | -2,188 | 115 | -435 | 3,564 | -4,056 | 120 | 109 | 26 | 135 | 591 | 19,261 | |||||||||||||||
Net assets/(liabilities) at fair value | 17,238 | 551 | -3,325 | 10,094 | -10,611 | 1,450 | 1,293 | 128 | -134 | -26 | 135 | 522 | 17,315 | |||||||||||||||
1 | ||||||||||||||||||||||||||||
For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. | ||||||||||||||||||||||||||||
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | ' | |||||||||||||||||||||||||||
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | ||||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||||
in | Trading | Other | Total | Trading | Other | Total | ||||||||||||||||||||||
revenues | revenues | revenues | revenues | revenues | revenues | |||||||||||||||||||||||
Gains and losses on assets and liabilities (CHF million) | ||||||||||||||||||||||||||||
Net realized/unrealized gains/(losses) included in net revenues | 500 | 167 | 667 | 1 | -6 | 109 | 103 | 1 | ||||||||||||||||||||
Whereof: | ||||||||||||||||||||||||||||
Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | -528 | 74 | -454 | -1,079 | 103 | -976 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets and liabilities at fair value | ' | |||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value | ||||||||||||||||||||||||||||
end of 2Q14 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 69 | Discounted cash flow | Funding spread, in bp | 350 | 350 | 350 | ||||||||||||||||||||||
Debt | 4,600 | |||||||||||||||||||||||||||
of which corporates | 1,774 | |||||||||||||||||||||||||||
of which | 122 | Option model | Correlation, in % | -83 | 100 | 12 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 59 | ||||||||||||||||||||||||
of which | 427 | Market comparable | Price, in % | 0 | 135 | 89 | ||||||||||||||||||||||
of which | 1,125 | Discounted cash flow | Credit spread, in bp | 9 | 1,445 | 383 | ||||||||||||||||||||||
of which RMBS | 548 | Discounted cash flow | Discount rate, in % | 1 | 32 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 35 | 8 | |||||||||||||||||||||||||
Default rate, in % | 0 | 27 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 42 | |||||||||||||||||||||||||
of which CMBS | 334 | Discounted cash flow | Capitalization rate, in % | 7 | 12 | 8 | ||||||||||||||||||||||
Discount rate, in % | 1 | 26 | 8 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 28 | 14 | |||||||||||||||||||||||||
Default rate, in % | 0 | 14 | 0 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 50 | 2 | |||||||||||||||||||||||||
of which CDO | 1,369 | |||||||||||||||||||||||||||
of which | 110 | Vendor price | Price, in % | 50 | 100 | 95 | ||||||||||||||||||||||
of which | 338 | Discounted cash flow | Discount rate, in % | 2 | 18 | 8 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 7 | 2 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 31 | |||||||||||||||||||||||||
of which | 785 | Market comparable | Price, in % | 89 | 197 | 186 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 2Q14 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Equity | 674 | |||||||||||||||||||||||||||
of which | 421 | Market comparable | EBITDA multiple | 3 | 12 | 9 | ||||||||||||||||||||||
Price, in % | 1 | 179 | 48 | |||||||||||||||||||||||||
of which | 25 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,125 | |||||||||||||||||||||||||||
of which interest rate products | 1,713 | Option model | Correlation, in % | 15 | 100 | 80 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 36 | 28 | |||||||||||||||||||||||||
Volatility skew, in % | -8 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 60 | 531 | 137 | |||||||||||||||||||||||||
of which equity/index-related products | 932 | Option model | Correlation, in % | -83 | 100 | 12 | ||||||||||||||||||||||
Volatility, in % | 0 | 170 | 20 | |||||||||||||||||||||||||
of which credit derivatives | 1,097 | Discounted cash flow | Credit spread, in bp | 1 | 1,928 | 117 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 26 | |||||||||||||||||||||||||
Discount rate, in % | 1 | 34 | 15 | |||||||||||||||||||||||||
Default rate, in % | 1 | 22 | 7 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 90 | 57 | |||||||||||||||||||||||||
Correlation, in % | 32 | 97 | 70 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 31 | 5 | |||||||||||||||||||||||||
Other | 3,082 | |||||||||||||||||||||||||||
of which | 2,398 | Market comparable | Price, in % | 0 | 108 | 45 | ||||||||||||||||||||||
of which | 646 | Discounted cash flow | Market implied life expectancy, in years | 3 | 20 | 9 | ||||||||||||||||||||||
Trading assets | 13,481 | |||||||||||||||||||||||||||
Investment securities | 3 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 1,251 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 323 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,720 | |||||||||||||||||||||||||||
of which private | 1,720 | |||||||||||||||||||||||||||
of which | 350 | Discounted cash flow | Contingent probability, in % | 69 | 69 | 69 | ||||||||||||||||||||||
of which | 944 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Life finance instruments | 1,605 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 8 | ||||||||||||||||||||||
Other investments | 4,899 | |||||||||||||||||||||||||||
Loans | 8,598 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,699 | |||||||||||||||||||||||||||
of which | 4,798 | Discounted cash flow | Credit spread, in bp | 11 | 2,692 | 366 | ||||||||||||||||||||||
of which | 637 | Market comparable | Price, in % | 0 | 118 | 92 | ||||||||||||||||||||||
of which financial institutions | 1,572 | Discounted cash flow | Credit spread, in bp | 93 | 813 | 318 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 66 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 5,923 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,242 | |||||||||||||||||||||||||||
of which | 1,707 | Vendor price | Price, in % | 0 | 104 | 99 | ||||||||||||||||||||||
of which | 820 | Discounted cash flow | Credit spread, in bp | 75 | 623 | 270 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 1 | |||||||||||||||||||||||||
of which | 2,424 | Market comparable | Price, in % | 0 | 103 | 68 | ||||||||||||||||||||||
Total level 3 assets at fair value | 33,039 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 204 | Discounted cash flow | Funding spread, in bp | 90 | 350 | 178 | ||||||||||||||||||||||
Debt | 5,069 | |||||||||||||||||||||||||||
of which corporates | 2,128 | |||||||||||||||||||||||||||
of which | 129 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Buyback probability, in % | 2 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which | 592 | Market comparable | Price, in % | 0 | 112 | 91 | ||||||||||||||||||||||
of which | 807 | Discounted cash flow | Credit spread, in bp | 22 | 957 | 348 | ||||||||||||||||||||||
of which RMBS | 436 | Discounted cash flow | Discount rate, in % | 2 | 33 | 9 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 27 | 7 | |||||||||||||||||||||||||
Default rate, in % | 0 | 25 | 5 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 100 | 48 | |||||||||||||||||||||||||
of which CMBS | 417 | Discounted cash flow | Capitalization rate, in % | 5 | 12 | 9 | ||||||||||||||||||||||
Discount rate, in % | 1 | 30 | 9 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 20 | 10 | |||||||||||||||||||||||||
Default rate, in % | 0 | 18 | 1 | |||||||||||||||||||||||||
Loss severity, in % | 0 | 40 | 3 | |||||||||||||||||||||||||
of which CDO | 1,567 | |||||||||||||||||||||||||||
of which | 118 | Vendor price | Price, in % | 0 | 100 | 94 | ||||||||||||||||||||||
of which | 278 | Discounted cash flow | Discount rate, in % | 2 | 24 | 6 | ||||||||||||||||||||||
Prepayment rate, in % | 0 | 30 | 7 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 3 | |||||||||||||||||||||||||
Loss severity, in % | 25 | 100 | 68 | |||||||||||||||||||||||||
of which | 423 | Market comparable | Price, in % | 85 | 101 | 98 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Estimate of the probability of corporate bonds being called by the issuer at its option over the remaining life of the financial instrument. | ||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Equity | 595 | |||||||||||||||||||||||||||
of which | 270 | Market comparable | EBITDA multiple | 3 | 12 | 7 | ||||||||||||||||||||||
of which | 35 | Discounted cash flow | Capitalization rate, in % | 7 | 7 | 7 | ||||||||||||||||||||||
Discount rate, in % | 15 | 15 | 15 | |||||||||||||||||||||||||
Derivatives | 5,217 | |||||||||||||||||||||||||||
of which interest rate products | 1,574 | Option model | Correlation, in % | 15 | 100 | 82 | ||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 24 | |||||||||||||||||||||||||
Volatility, in % | 2 | 31 | 6 | |||||||||||||||||||||||||
Volatility skew, in % | -9 | 2 | -1 | |||||||||||||||||||||||||
Credit spread, in bp | 95 | 2,054 | 218 | |||||||||||||||||||||||||
of which equity/index-related products | 1,240 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
of which credit derivatives | 1,138 | Discounted cash flow | Credit spread, in bp | 1 | 2,054 | 298 | ||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 25 | |||||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 16 | 6 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 100 | 59 | |||||||||||||||||||||||||
Correlation, in % | 34 | 97 | 83 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 5 | |||||||||||||||||||||||||
Other | 2,829 | |||||||||||||||||||||||||||
of which | 2,139 | Market comparable | Price, in % | 0 | 146 | 34 | ||||||||||||||||||||||
of which | 589 | Discounted cash flow | Market implied life expectancy, in years | 3 | 19 | 9 | ||||||||||||||||||||||
Trading assets | 13,710 | |||||||||||||||||||||||||||
Investment securities | 2 | – | – | – | – | – | ||||||||||||||||||||||
Private equity | 3,345 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Hedge funds | 392 | – | 2 | – | 2 | – | 2 | – | 2 | – | 2 | |||||||||||||||||
Other equity investments | 1,632 | |||||||||||||||||||||||||||
of which private | 1,630 | |||||||||||||||||||||||||||
of which | 384 | Discounted cash flow | Credit spread, in bp | 897 | 3,175 | 1,207 | ||||||||||||||||||||||
Contingent probability, in % | 59 | 59 | 59 | |||||||||||||||||||||||||
of which | 813 | Market comparable | EBITDA multiple | 1 | 10 | 8 | ||||||||||||||||||||||
Life finance instruments | 1,600 | Discounted cash flow | Market implied life expectancy, in years | 1 | 21 | 9 | ||||||||||||||||||||||
Other investments | 6,969 | |||||||||||||||||||||||||||
Loans | 7,998 | |||||||||||||||||||||||||||
of which commercial and industrial loans | 5,309 | |||||||||||||||||||||||||||
of which | 4,526 | Discounted cash flow | Credit spread, in bp | 50 | 2,488 | 504 | ||||||||||||||||||||||
of which | 326 | Market comparable | Price, in % | 0 | 100 | 69 | ||||||||||||||||||||||
of which financial institutions | 1,322 | Discounted cash flow | Credit spread, in bp | 98 | 884 | 302 | ||||||||||||||||||||||
Other intangible assets (mortgage servicing rights) | 42 | – | – | – | – | – | ||||||||||||||||||||||
Other assets | 6,159 | |||||||||||||||||||||||||||
of which loans held-for-sale | 5,615 | |||||||||||||||||||||||||||
of which | 1,954 | Vendor price | Price, in % | 0 | 160 | 99 | ||||||||||||||||||||||
of which | 1,042 | Discounted cash flow | Credit spread, in bp | 75 | 2,389 | 467 | ||||||||||||||||||||||
Recovery rate, in % | 1 | 1 | 0 | |||||||||||||||||||||||||
of which | 2,420 | Market comparable | Price, in % | 0 | 105 | 59 | ||||||||||||||||||||||
Total level 3 assets at fair value | 35,084 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Disclosure not required as balances are carried at unadjusted NAV. Refer to "Fair value measurements of investments in certain entities that calculate NAV per share" for further information. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value | ||||||||||||||||||||||||||||
end of 2Q14 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 87 | – | – | – | – | – | ||||||||||||||||||||||
Trading liabilities | 4,915 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,185 | Option model | Basis spread, in bp | -10 | 98 | 56 | ||||||||||||||||||||||
Correlation, in % | 17 | 100 | 70 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 5 | ||||||||||||||||||||||||
Prepayment rate, in % | 8 | 36 | 27 | |||||||||||||||||||||||||
Gap risk, in % | 3 | 20 | 20 | 20 | ||||||||||||||||||||||||
of which foreign exchange derivatives | 696 | Option model | Correlation, in % | -10 | 70 | 50 | ||||||||||||||||||||||
Prepayment rate, in % | 23 | 36 | 29 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,265 | Option model | Correlation, in % | -83 | 100 | 12 | ||||||||||||||||||||||
Skew, in % | 49 | 159 | 106 | |||||||||||||||||||||||||
Volatility, in % | 3 | 170 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 59 | ||||||||||||||||||||||||
of which credit derivatives | 1,291 | Discounted cash flow | Credit spread, in bp | 1 | 1,831 | 133 | ||||||||||||||||||||||
Discount rate, in % | 1 | 35 | 15 | |||||||||||||||||||||||||
Default rate, in % | 1 | 21 | 7 | |||||||||||||||||||||||||
Recovery rate, in % | 0 | 77 | 38 | |||||||||||||||||||||||||
Loss severity, in % | 10 | 90 | 61 | |||||||||||||||||||||||||
Correlation, in % | 32 | 98 | 53 | |||||||||||||||||||||||||
Funding spread, in bp | 51 | 51 | 51 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 11 | 4 | |||||||||||||||||||||||||
Short-term borrowings | 101 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 10,313 | |||||||||||||||||||||||||||
of which structured notes over two years | 7,374 | |||||||||||||||||||||||||||
of which | 5,910 | Option model | Correlation, in % | -83 | 100 | 13 | ||||||||||||||||||||||
Volatility, in % | 3 | 170 | 25 | |||||||||||||||||||||||||
Buyback probability, in % | 4 | 50 | 100 | 59 | ||||||||||||||||||||||||
Gap risk, in % | 3 | 0 | 4 | 0 | ||||||||||||||||||||||||
of which | 452 | Discounted cash flow | Credit spread, in bp | 305 | 673 | 372 | ||||||||||||||||||||||
of which non-recourse liabilities | 2,028 | |||||||||||||||||||||||||||
of which | 1,831 | Vendor price | Price, in % | 0 | 104 | 99 | ||||||||||||||||||||||
of which | 143 | Market comparable | Price, in % | 0 | 87 | 8 | ||||||||||||||||||||||
Other liabilities | 3,325 | |||||||||||||||||||||||||||
of which failed sales | 727 | |||||||||||||||||||||||||||
of which | 661 | Market comparable | Price, in % | 0 | 100 | 68 | ||||||||||||||||||||||
of which | 50 | Discounted cash flow | Credit spread, in bp | 535 | 2,692 | 2,037 | ||||||||||||||||||||||
Recovery rate, in % | 26 | 26 | 26 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,741 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value (continued) | ||||||||||||||||||||||||||||
end of 4Q13 | Fair value | Valuation | Unobservable | Minimum | Maximum | Weighted | 1 | |||||||||||||||||||||
technique | input | value | value | average | ||||||||||||||||||||||||
CHF million, except where indicated | ||||||||||||||||||||||||||||
Customer deposits | 55 | – | – | – | – | – | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 114 | Discounted cash flow | Funding spread, in bp | 90 | 90 | 90 | ||||||||||||||||||||||
Trading liabilities | 5,564 | |||||||||||||||||||||||||||
of which interest rate derivatives | 1,129 | Option model | Basis spread, in bp | -5 | 148 | 74 | ||||||||||||||||||||||
Correlation, in % | 17 | 99 | 62 | |||||||||||||||||||||||||
Mean reversion, in % | 2 | 5 | 10 | 6 | ||||||||||||||||||||||||
Prepayment rate, in % | 5 | 31 | 23 | |||||||||||||||||||||||||
of which foreign exchange derivatives | 938 | Option model | Correlation, in % | -10 | 70 | 48 | ||||||||||||||||||||||
Prepayment rate, in % | 19 | 31 | 25 | |||||||||||||||||||||||||
of which equity/index-related derivatives | 1,896 | Option model | Correlation, in % | -83 | 96 | 14 | ||||||||||||||||||||||
Skew, in % | 79 | 152 | 118 | |||||||||||||||||||||||||
Volatility, in % | 2 | 252 | 26 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
of which credit derivatives | 1,230 | Discounted cash flow | Credit spread, in bp | 1 | 2,052 | 252 | ||||||||||||||||||||||
Discount rate, in % | 4 | 29 | 14 | |||||||||||||||||||||||||
Default rate, in % | 1 | 15 | 6 | |||||||||||||||||||||||||
Recovery rate, in % | 14 | 77 | 43 | |||||||||||||||||||||||||
Loss severity, in % | 6 | 100 | 62 | |||||||||||||||||||||||||
Correlation, in % | 34 | 98 | 55 | |||||||||||||||||||||||||
Prepayment rate, in % | 0 | 17 | 2 | |||||||||||||||||||||||||
Short-term borrowings | 165 | – | – | – | – | – | ||||||||||||||||||||||
Long-term debt | 9,780 | |||||||||||||||||||||||||||
of which structured notes over two years | 6,217 | Option model | Correlation, in % | -83 | 99 | 16 | ||||||||||||||||||||||
Volatility, in % | 5 | 252 | 28 | |||||||||||||||||||||||||
Buyback probability, in % | 3 | 50 | 100 | 62 | ||||||||||||||||||||||||
Gap risk, in % | 4 | 0 | 5 | 0 | ||||||||||||||||||||||||
of which non-recourse liabilities | 2,552 | |||||||||||||||||||||||||||
of which | 2,105 | Vendor price | Price, in % | 0 | 217 | 104 | ||||||||||||||||||||||
of which | 301 | Market comparable | Price, in % | 0 | 93 | 13 | ||||||||||||||||||||||
Other liabilities | 2,861 | |||||||||||||||||||||||||||
of which failed sales | 1,143 | |||||||||||||||||||||||||||
of which | 829 | Market comparable | Price, in % | 0 | 100 | 63 | ||||||||||||||||||||||
of which | 195 | Discounted cash flow | Credit spread, in bp | 813 | 1,362 | 1,185 | ||||||||||||||||||||||
Recovery rate, in % | 23 | 23 | 23 | |||||||||||||||||||||||||
Total level 3 liabilities at fair value | 18,539 | |||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Management's best estimate of the speed at which interest rates will revert to the long-term average. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. | ||||||||||||||||||||||||||||
Fair value, unfunded commitments and term of redemption conditions | ' | |||||||||||||||||||||||||||
Fair value, unfunded commitments and term of redemption conditions | ||||||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||||||
end of | Redeemable | Unfunded | Redeemable | Unfunded | ||||||||||||||||||||||||
Non- | Total | commit- | Non- | Total | commit- | |||||||||||||||||||||||
redeemable | fair value | ments | redeemable | fair value | ments | |||||||||||||||||||||||
Fair value and unfunded commitments (CHF million) | ||||||||||||||||||||||||||||
Debt funds | 6 | 105 | 111 | 0 | 1 | 18 | 19 | 0 | ||||||||||||||||||||
Equity funds | 31 | 2,087 | 1 | 2,118 | 0 | 28 | 3,096 | 2 | 3,124 | 0 | ||||||||||||||||||
Equity funds sold short | 0 | -13 | -13 | 0 | 0 | -17 | -17 | 0 | ||||||||||||||||||||
Total funds held in trading assets and liabilities | 37 | 2,179 | 2,216 | 0 | 29 | 3,097 | 3,126 | 0 | ||||||||||||||||||||
Debt funds | 312 | 119 | 431 | 1 | 320 | 183 | 503 | 6 | ||||||||||||||||||||
Equity funds | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 0 | ||||||||||||||||||||
Others | 0 | 51 | 51 | 0 | 0 | 153 | 153 | 31 | ||||||||||||||||||||
Hedge funds | 312 | 170 | 3 | 482 | 1 | 320 | 361 | 4 | 681 | 37 | ||||||||||||||||||
Debt funds | 19 | 0 | 19 | 14 | 53 | 0 | 53 | 2 | ||||||||||||||||||||
Equity funds | 579 | 0 | 579 | 118 | 2,236 | 0 | 2,236 | 464 | ||||||||||||||||||||
Real estate funds | 264 | 0 | 264 | 87 | 350 | 0 | 350 | 110 | ||||||||||||||||||||
Others | 389 | 0 | 389 | 123 | 706 | 0 | 706 | 250 | ||||||||||||||||||||
Private equities | 1,251 | 0 | 1,251 | 342 | 3,345 | 0 | 3,345 | 826 | ||||||||||||||||||||
Equity method investments | 373 | 38 | 411 | 0 | 349 | 0 | 349 | 0 | ||||||||||||||||||||
Total funds held in other investments | 1,936 | 208 | 2,144 | 343 | 4,014 | 361 | 4,375 | 863 | ||||||||||||||||||||
Total fair value | 1,973 | 5 | 2,387 | 6 | 4,360 | 343 | 7 | 4,043 | 5 | 3,458 | 6 | 7,501 | 863 | 7 | ||||||||||||||
1 | ||||||||||||||||||||||||||||
35 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 29 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , 26 % is redeemable on an annual basis with a notice period primarily of more than 60 days , and 11 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
55 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period of less than 30 days , 19 % is redeemable on an annual basis with a notice period primarily of more than 60 days , 17 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 9 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
84 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , and 14 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
45 % of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days , 33 % is redeemable on demand with a notice period primarily of less than 30 days , and 21 % is redeemable on an annual basis with a notice period of more than 60 days . | ||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||
Includes CHF 641 million and CHF 1,819 million attributable to noncontrolling interests in 2Q14 and 4Q13, respectively. | ||||||||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||
Includes CHF 116 million and CHF 107 million attributable to noncontrolling interests in 2Q14 and 4Q13, respectively. | ||||||||||||||||||||||||||||
7 | ||||||||||||||||||||||||||||
Includes CHF 175 million and CHF 405 million attributable to noncontrolling interests in 2Q14 and 4Q13, respectively. | ||||||||||||||||||||||||||||
Nonrecurring fair value changes | ' | |||||||||||||||||||||||||||
Nonrecurring fair value changes | ||||||||||||||||||||||||||||
end of | 2Q14 | 4Q13 | ||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) | ||||||||||||||||||||||||||||
Assets held-for-sale recorded at fair value on a nonrecurring basis | 0.2 | 0.3 | ||||||||||||||||||||||||||
of which level 3 | 0.2 | 0.3 | ||||||||||||||||||||||||||
Difference between the aggregate fair value and the aggregate unpaid principal balances on loans and financial instruments | ' | |||||||||||||||||||||||||||
Difference between the aggregate fair value and the aggregate unpaid principal balances on loans and financial instruments | ||||||||||||||||||||||||||||
2Q14 | 4Q13 | |||||||||||||||||||||||||||
end of | Aggregate | Aggregate | Difference | Aggregate | Aggregate | Difference | ||||||||||||||||||||||
fair | unpaid | fair | unpaid | |||||||||||||||||||||||||
value | principal | value | principal | |||||||||||||||||||||||||
Loans (CHF million) | ||||||||||||||||||||||||||||
Non-interest-earning loans | 1,039 | 3,211 | -2,172 | 956 | 3,262 | -2,306 | ||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 309 | 306 | 3 | 311 | 307 | 4 | ||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,586 | 86,304 | 282 | 96,587 | 96,217 | 370 | ||||||||||||||||||||||
Loans | 19,897 | 20,010 | -113 | 19,457 | 19,653 | -196 | ||||||||||||||||||||||
Other assets 1 | 21,539 | 27,671 | -6,132 | 20,749 | 25,756 | -5,007 | ||||||||||||||||||||||
Due to banks and customer deposits | -713 | -689 | -24 | -690 | -680 | -10 | ||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -60,529 | -60,458 | -71 | -76,104 | -76,012 | -92 | ||||||||||||||||||||||
Short-term borrowings | -7,132 | -7,075 | -57 | -6,053 | -5,896 | -157 | ||||||||||||||||||||||
Long-term debt | -70,217 | -69,361 | -856 | -63,369 | -62,991 | -378 | ||||||||||||||||||||||
Other liabilities | -1,205 | -2,631 | 1,426 | -1,780 | -3,285 | 1,505 | ||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily loans held-for-sale. | ||||||||||||||||||||||||||||
Gains and losses on financial instruments | ' | |||||||||||||||||||||||||||
Gains and losses on financial instruments | ||||||||||||||||||||||||||||
6M14 | 6M13 | |||||||||||||||||||||||||||
in | Net | Net | ||||||||||||||||||||||||||
gains/ | gains/ | |||||||||||||||||||||||||||
(losses) | (losses) | |||||||||||||||||||||||||||
Financial instruments (CHF million) | ||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 0 | 1 | 4 | 1 | ||||||||||||||||||||||||
of which related to credit risk | -1 | -2 | ||||||||||||||||||||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 472 | 1 | 532 | 1 | ||||||||||||||||||||||||
Other investments | 202 | 3 | -34 | 2 | ||||||||||||||||||||||||
of which related to credit risk | 3 | 0 | ||||||||||||||||||||||||||
Loans | 531 | 1 | 224 | 1 | ||||||||||||||||||||||||
of which related to credit risk | 70 | -107 | ||||||||||||||||||||||||||
Other assets | 952 | 1 | 1,128 | 1 | ||||||||||||||||||||||||
of which related to credit risk | 351 | 300 | ||||||||||||||||||||||||||
Due to banks and customer deposits | -26 | 2 | 13 | 2 | ||||||||||||||||||||||||
of which related to credit risk | -8 | -1 | ||||||||||||||||||||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -38 | 1 | 40 | 2 | ||||||||||||||||||||||||
Short-term borrowings | -46 | 2 | 6 | 2 | ||||||||||||||||||||||||
Long-term debt | -2,162 | 2 | 800 | 2 | ||||||||||||||||||||||||
of which related to credit risk 4 | -47 | 10 | ||||||||||||||||||||||||||
Other liabilities | 45 | 3 | 239 | 2 | ||||||||||||||||||||||||
of which related to credit risk | -39 | 51 | ||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily recognized in net interest income. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily recognized in trading revenues. | ||||||||||||||||||||||||||||
3 | ||||||||||||||||||||||||||||
Primarily recognized in other revenues. | ||||||||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||
Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (121) million and zero in 6M14, respectively, and CHF (20) million and CHF 38 million in 6M13, respectively. | ||||||||||||||||||||||||||||
Carrying value and estimated fair values of financial instruments | ' | |||||||||||||||||||||||||||
Carrying value and fair value of financial instruments not carried at fair value | ||||||||||||||||||||||||||||
Carrying | Fair value | |||||||||||||||||||||||||||
value | ||||||||||||||||||||||||||||
end of | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
2Q14 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,158 | 0 | 78,610 | 548 | 79,158 | |||||||||||||||||||||||
Loans | 231,016 | 0 | 234,112 | 2,508 | 236,620 | |||||||||||||||||||||||
Other financial assets 1 | 145,936 | 68,039 | 76,670 | 1,619 | 146,328 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 368,769 | 212,058 | 156,614 | 10 | 368,682 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 27,538 | 0 | 27,538 | 0 | 27,538 | |||||||||||||||||||||||
Short-term borrowings | 22,294 | 0 | 22,298 | 0 | 22,298 | |||||||||||||||||||||||
Long-term debt | 73,610 | 0 | 71,560 | 4,018 | 75,578 | |||||||||||||||||||||||
Other financial liabilities 2 | 92,096 | 0 | 91,559 | 617 | 92,176 | |||||||||||||||||||||||
4Q13 (CHF million) | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions | 63,435 | 0 | 62,891 | 544 | 63,435 | |||||||||||||||||||||||
Loans | 223,902 | 0 | 225,641 | 3,940 | 229,581 | |||||||||||||||||||||||
Other financial assets 1 | 142,656 | 72,134 | 69,310 | 1,568 | 143,012 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Due to banks and deposits | 351,476 | 212,418 | 138,980 | 9 | 351,407 | |||||||||||||||||||||||
Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions | 17,928 | 0 | 17,928 | 0 | 17,928 | |||||||||||||||||||||||
Short-term borrowings | 14,140 | 0 | 14,148 | 0 | 14,148 | |||||||||||||||||||||||
Long-term debt | 66,673 | 0 | 64,043 | 3,774 | 67,817 | |||||||||||||||||||||||
Other financial liabilities 2 | 96,611 | 1,129 | 94,414 | 1,085 | 96,628 | |||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||
Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. | ||||||||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||
Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. | ||||||||||||||||||||||||||||
Assets_pledged_and_collateral_
Assets pledged and collateral (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Assets pledged and collateral | ' | |||||
Assets pledged | ||||||
end of | 2Q14 | 4Q13 | ||||
Assets pledged (CHF million) | ||||||
Total assets pledged or assigned as collateral | 146,633 | 142,952 | ||||
of which encumbered | 93,046 | 92,300 | ||||
Fair value of collateral received with the right to sell or repledge | ' | |||||
Collateral | ||||||
end of | 2Q14 | 4Q13 | ||||
Collateral (CHF million) | ||||||
Fair value of collateral received with the right to sell or repledge | 385,554 | 359,517 | ||||
of which sold or repledged | 288,640 | 267,896 | ||||
Subsidiary_guarantee_informati1
Subsidiary guarantee information (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Subsidiary guarantee information | ' | |||||||||||||
Condensed consolidating statements of operations and condensed consolidating statements of comprehensive income | ' | |||||||||||||
Condensed consolidating statements of operations | ||||||||||||||
in 2Q14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 1,462 | 4,102 | 5,564 | 40 | 86 | 5,690 | ||||||||
Interest expense | -899 | -2,170 | -3,069 | -57 | 22 | -3,104 | ||||||||
Net interest income | 563 | 1,932 | 2,495 | -17 | 108 | 2,586 | ||||||||
Commissions and fees | 1,061 | 2,234 | 3,295 | 3 | 11 | 3,309 | ||||||||
Trading revenues | 225 | -144 | 81 | 47 | 69 | 197 | ||||||||
Other revenues | 242 | 167 | 409 | -742 | 2 | 704 | 371 | |||||||
Net revenues | 2,091 | 4,189 | 6,280 | -709 | 892 | 6,463 | ||||||||
Provision for credit losses | 0 | 4 | 4 | 0 | 14 | 18 | ||||||||
Compensation and benefits | 924 | 2,069 | 2,993 | 16 | -36 | 2,973 | ||||||||
General and administrative expenses | 503 | 2,953 | 3,456 | -25 | 10 | 3,441 | ||||||||
Commission expenses | 61 | 313 | 374 | 0 | 3 | 377 | ||||||||
Total other operating expenses | 564 | 3,266 | 3,830 | -25 | 13 | 3,818 | ||||||||
Total operating expenses | 1,488 | 5,335 | 6,823 | -9 | -23 | 6,791 | ||||||||
Income/(loss) from continuing operations before taxes | 603 | -1,150 | -547 | -700 | 901 | -346 | ||||||||
Income tax expense | 210 | 68 | 278 | 0 | 29 | 307 | ||||||||
Income/(loss) from continuing operations | 393 | -1,218 | -825 | -700 | 872 | -653 | ||||||||
Income/(loss) from discontinued operations, net of tax | 0 | -9 | -9 | 0 | 0 | -9 | ||||||||
Net income/(loss) | 393 | -1,227 | -834 | -700 | 872 | -662 | ||||||||
Net income attributable to noncontrolling interests | 25 | 4 | 29 | 0 | 9 | 38 | ||||||||
Net income/(loss) attributable to shareholders | 368 | -1,231 | -863 | -700 | 863 | -700 | ||||||||
of which from continuing operations | 368 | -1,222 | -854 | -700 | 863 | -691 | ||||||||
of which from discontinued operations | 0 | -9 | -9 | 0 | 0 | -9 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income | ||||||||||||||
in 2Q14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 393 | -1,227 | -834 | -700 | 872 | -662 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 6 | 6 | 5 | 1 | 12 | ||||||||
Foreign currency translation | 84 | -18 | 66 | 1 | -2 | 65 | ||||||||
Unrealized gains/(losses) on securities | 0 | 10 | 10 | 0 | 2 | 12 | ||||||||
Actuarial gains/(losses) | 6 | 5 | 11 | 0 | 31 | 42 | ||||||||
Net prior service credit/(cost) | 0 | -1 | -1 | 0 | -21 | -22 | ||||||||
Other comprehensive income/(loss), net of tax | 90 | 2 | 92 | 6 | 11 | 109 | ||||||||
Comprehensive income/(loss) | 483 | -1,225 | -742 | -694 | 883 | -553 | ||||||||
Comprehensive income attributable to noncontrolling interests | 29 | 4 | 33 | 0 | 8 | 41 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 454 | -1,229 | -775 | -694 | 875 | -594 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 2Q13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 1,728 | 4,355 | 6,083 | 13 | 124 | 6,220 | ||||||||
Interest expense | -1,078 | -2,484 | -3,562 | -11 | -7 | -3,580 | ||||||||
Net interest income | 650 | 1,871 | 2,521 | 2 | 117 | 2,640 | ||||||||
Commissions and fees | 1,043 | 2,448 | 3,491 | 1 | 46 | 3,538 | ||||||||
Trading revenues | -450 | 806 | 356 | 0 | 1 | 357 | ||||||||
Other revenues | 290 | 129 | 419 | 1,039 | 2 | -1,041 | 417 | |||||||
Net revenues | 1,533 | 5,254 | 6,787 | 1,042 | -877 | 6,952 | ||||||||
Provision for credit losses | 2 | 33 | 35 | 0 | 16 | 51 | ||||||||
Compensation and benefits | 863 | 1,975 | 2,838 | 18 | 70 | 2,926 | ||||||||
General and administrative expenses | 515 | 1,381 | 1,896 | -34 | 11 | 1,873 | ||||||||
Commission expenses | 57 | 397 | 454 | 0 | 3 | 457 | ||||||||
Total other operating expenses | 572 | 1,778 | 2,350 | -34 | 14 | 2,330 | ||||||||
Total operating expenses | 1,435 | 3,753 | 5,188 | -16 | 84 | 5,256 | ||||||||
Income/(loss) from continuing operations before taxes | 96 | 1,468 | 1,564 | 1,058 | -977 | 1,645 | ||||||||
Income tax expense/(benefit) | -15 | 467 | 452 | 13 | 7 | 472 | ||||||||
Income/(loss) from continuing operations | 111 | 1,001 | 1,112 | 1,045 | -984 | 1,173 | ||||||||
Income/(loss) from discontinued operations, net of tax | -4 | -5 | -9 | 0 | 0 | -9 | ||||||||
Net income/(loss) | 107 | 996 | 1,103 | 1,045 | -984 | 1,164 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 98 | 222 | 320 | 0 | -201 | 119 | ||||||||
Net income/(loss) attributable to shareholders | 9 | 774 | 783 | 1,045 | -783 | 1,045 | ||||||||
of which from continuing operations | 13 | 779 | 792 | 1,045 | -783 | 1,054 | ||||||||
of which from discontinued operations | -4 | -5 | -9 | 0 | 0 | -9 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income (continued) | ||||||||||||||
in 2Q13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 107 | 996 | 1,103 | 1,045 | -984 | 1,164 | ||||||||
Gains/(losses) on cash flow hedges | 0 | -21 | -21 | 6 | 0 | -15 | ||||||||
Foreign currency translation | -15 | -151 | -166 | 0 | 0 | -166 | ||||||||
Unrealized gains/(losses) on securities | 0 | -6 | -6 | 0 | -8 | -14 | ||||||||
Actuarial gains/(losses) | 10 | 4 | 14 | 0 | 67 | 81 | ||||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | -31 | -31 | ||||||||
Other comprehensive income/(loss), net of tax | -5 | -174 | -179 | 6 | 28 | -145 | ||||||||
Comprehensive income/(loss) | 102 | 822 | 924 | 1,051 | -956 | 1,019 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 94 | 201 | 295 | 0 | -185 | 110 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 8 | 621 | 629 | 1,051 | -771 | 909 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 6M14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 2,947 | 6,933 | 9,880 | 78 | 177 | 10,135 | ||||||||
Interest expense | -1,773 | -3,528 | -5,301 | -109 | 39 | -5,371 | ||||||||
Net interest income | 1,174 | 3,405 | 4,579 | -31 | 216 | 4,764 | ||||||||
Commissions and fees | 2,115 | 4,408 | 6,523 | 2 | 59 | 6,584 | ||||||||
Trading revenues | 729 | 22 | 751 | 36 | 48 | 835 | ||||||||
Other revenues | 956 | 222 | 1,178 | 134 | 2 | -203 | 1,109 | |||||||
Net revenues | 4,974 | 8,057 | 13,031 | 141 | 120 | 13,292 | ||||||||
Provision for credit losses | 0 | 23 | 23 | 0 | 29 | 52 | ||||||||
Compensation and benefits | 1,849 | 4,148 | 5,997 | 34 | -65 | 5,966 | ||||||||
General and administrative expenses | 971 | 4,191 | 5,162 | -52 | 21 | 5,131 | ||||||||
Commission expenses | 117 | 623 | 740 | 0 | 6 | 746 | ||||||||
Total other operating expenses | 1,088 | 4,814 | 5,902 | -52 | 27 | 5,877 | ||||||||
Total operating expenses | 2,937 | 8,962 | 11,899 | -18 | -38 | 11,843 | ||||||||
Income/(loss) from continuing operations before taxes | 2,037 | -928 | 1,109 | 159 | 129 | 1,397 | ||||||||
Income tax expense | 688 | 114 | 802 | 0 | 48 | 850 | ||||||||
Income/(loss) from continuing operations | 1,349 | -1,042 | 307 | 159 | 81 | 547 | ||||||||
Income from discontinued operations, net of tax | 0 | 6 | 6 | 0 | 0 | 6 | ||||||||
Net income/(loss) | 1,349 | -1,036 | 313 | 159 | 81 | 553 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 373 | -189 | 184 | 0 | 210 | 394 | ||||||||
Net income/(loss) attributable to shareholders | 976 | -847 | 129 | 159 | -129 | 159 | ||||||||
of which from continuing operations | 976 | -853 | 123 | 159 | -129 | 153 | ||||||||
of which from discontinued operations | 0 | 6 | 6 | 0 | 0 | 6 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income (continued) | ||||||||||||||
in 6M14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 1,349 | -1,036 | 313 | 159 | 81 | 553 | ||||||||
Gains/(losses) on cash flow hedges | 0 | 15 | 15 | 13 | 1 | 29 | ||||||||
Foreign currency translation | -81 | -130 | -211 | 1 | 2 | -208 | ||||||||
Unrealized gains/(losses) on securities | 0 | 15 | 15 | 0 | 5 | 20 | ||||||||
Actuarial gains/(losses) | 8 | 11 | 19 | 0 | 58 | 77 | ||||||||
Net prior service credit/(cost) | 0 | -1 | -1 | 0 | -41 | -42 | ||||||||
Other comprehensive income/(loss), net of tax | -73 | -90 | -163 | 14 | 25 | -124 | ||||||||
Comprehensive income/(loss) | 1,276 | -1,126 | 150 | 173 | 106 | 429 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 352 | -192 | 160 | 0 | 212 | 372 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 924 | -934 | -10 | 173 | -106 | 57 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of operations (continued) | ||||||||||||||
in 6M13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Condensed consolidating statements of operations (CHF million) | ||||||||||||||
Interest and dividend income | 3,472 | 7,299 | 10,771 | 27 | 244 | 11,042 | ||||||||
Interest expense | -2,061 | -4,434 | -6,495 | -23 | -78 | -6,596 | ||||||||
Net interest income | 1,411 | 2,865 | 4,276 | 4 | 166 | 4,446 | ||||||||
Commissions and fees | 1,960 | 4,727 | 6,687 | 3 | 96 | 6,786 | ||||||||
Trading revenues | -441 | 2,605 | 2,164 | 0 | 8 | 2,172 | ||||||||
Other revenues | 508 | 152 | 660 | 2,314 | 2 | -2,337 | 637 | |||||||
Net revenues | 3,438 | 10,349 | 13,787 | 2,321 | -2,067 | 14,041 | ||||||||
Provision for credit losses | 2 | 35 | 37 | 0 | 36 | 73 | ||||||||
Compensation and benefits | 1,774 | 4,069 | 5,843 | 32 | 42 | 5,917 | ||||||||
General and administrative expenses | 1,038 | 2,606 | 3,644 | -74 | 35 | 3,605 | ||||||||
Commission expenses | 119 | 802 | 921 | – | 6 | 927 | ||||||||
Total other operating expenses | 1,157 | 3,408 | 4,565 | -74 | 41 | 4,532 | ||||||||
Total operating expenses | 2,931 | 7,477 | 10,408 | -42 | 83 | 10,449 | ||||||||
Income/(loss) from continuing operations before taxes | 505 | 2,837 | 3,342 | 2,363 | -2,186 | 3,519 | ||||||||
Income tax expense | 80 | 845 | 925 | 15 | 31 | 971 | ||||||||
Income/(loss) from continuing operations | 425 | 1,992 | 2,417 | 2,348 | -2,217 | 2,548 | ||||||||
Income/(loss) from discontinued operations, net of tax | 6 | -9 | -3 | 0 | 0 | -3 | ||||||||
Net income/(loss) | 431 | 1,983 | 2,414 | 2,348 | -2,217 | 2,545 | ||||||||
Net income/(loss) attributable to noncontrolling interests | 167 | 368 | 535 | 0 | -338 | 197 | ||||||||
Net income/(loss) attributable to shareholders | 264 | 1,615 | 1,879 | 2,348 | -1,879 | 2,348 | ||||||||
of which from continuing operations | 258 | 1,624 | 1,882 | 2,348 | -1,879 | 2,351 | ||||||||
of which from discontinued operations | 6 | -9 | -3 | 0 | 0 | -3 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Primarily consists of revenues from investments in Group companies accounted for under the equity method. | ||||||||||||||
Condensed consolidating statements of comprehensive income (continued) | ||||||||||||||
in 6M13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Comprehensive income (CHF million) | ||||||||||||||
Net income/(loss) | 431 | 1,983 | 2,414 | 2,348 | -2,217 | 2,545 | ||||||||
Gains/(losses) on cash flow hedges | 0 | -17 | -17 | 4 | 0 | -13 | ||||||||
Foreign currency translation | 745 | 23 | 768 | 0 | -7 | 761 | ||||||||
Unrealized gains/(losses) on securities | 1 | -11 | -10 | 0 | -11 | -21 | ||||||||
Actuarial gains/(losses) | 20 | 8 | 28 | 0 | 123 | 151 | ||||||||
Net prior service credit/(cost) | 0 | 0 | 0 | 0 | -58 | -58 | ||||||||
Other comprehensive income/(loss), net of tax | 766 | 3 | 769 | 4 | 47 | 820 | ||||||||
Comprehensive income/(loss) | 1,197 | 1,986 | 3,183 | 2,352 | -2,170 | 3,365 | ||||||||
Comprehensive income/(loss) attributable to noncontrolling interests | 285 | 480 | 765 | 0 | -450 | 315 | ||||||||
Comprehensive income/(loss) attributable to shareholders | 912 | 1,506 | 2,418 | 2,352 | -1,720 | 3,050 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets | ' | |||||||||||||
Condensed consolidating balance sheets | ||||||||||||||
end of 2Q14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,819 | 61,064 | 65,883 | 1,065 | -479 | 66,469 | ||||||||
Interest-bearing deposits with banks | 7,732 | -3,824 | 3,908 | 0 | -2,159 | 1,749 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 144,167 | 21,574 | 165,741 | 0 | 3 | 165,744 | ||||||||
Securities received as collateral | 21,814 | -203 | 21,611 | 0 | 0 | 21,611 | ||||||||
Trading assets | 72,652 | 162,984 | 235,636 | 0 | -209 | 235,427 | ||||||||
Investment securities | 3 | 2,025 | 2,028 | 3,818 | -2,523 | 3,323 | ||||||||
Other investments | 3,012 | 4,553 | 7,565 | 43,145 | -43,001 | 7,709 | ||||||||
Net loans | 11,460 | 226,575 | 238,035 | 709 | 15,788 | 254,532 | ||||||||
Premises and equipment | 812 | 3,802 | 4,614 | 0 | 197 | 4,811 | ||||||||
Goodwill | 656 | 6,449 | 7,105 | 0 | 878 | 7,983 | ||||||||
Other intangible assets | 102 | 143 | 245 | 0 | 0 | 245 | ||||||||
Brokerage receivables | 30,808 | 25,500 | 56,308 | 0 | 1 | 56,309 | ||||||||
Other assets | 19,687 | 43,311 | 62,998 | 266 | 1,425 | 64,689 | ||||||||
Assets of discontinued operations held-for-sale | 0 | 979 | 979 | 0 | 0 | 979 | ||||||||
Total assets | 317,724 | 554,932 | 872,656 | 49,003 | -30,079 | 891,580 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 1,029 | 25,875 | 26,904 | 2,807 | -3,010 | 26,701 | ||||||||
Customer deposits | 1 | 334,943 | 334,944 | 0 | 11,352 | 346,296 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 105,753 | -17,687 | 88,066 | 0 | 0 | 88,066 | ||||||||
Obligation to return securities received as collateral | 21,814 | -203 | 21,611 | 0 | 0 | 21,611 | ||||||||
Trading liabilities | 16,680 | 58,445 | 75,125 | 0 | 4 | 75,129 | ||||||||
Short-term borrowings | 51,997 | -22,571 | 29,426 | 0 | 0 | 29,426 | ||||||||
Long-term debt | 32,639 | 105,668 | 138,307 | 5,112 | 408 | 143,827 | ||||||||
Brokerage payables | 55,583 | 13,259 | 68,842 | 0 | 0 | 68,842 | ||||||||
Other liabilities | 11,843 | 36,637 | 48,480 | 140 | 293 | 48,913 | ||||||||
Liabilities of discontinued operations held-for-sale | 0 | 742 | 742 | 0 | 0 | 742 | ||||||||
Total liabilities | 297,339 | 535,108 | 832,447 | 8,059 | 9,047 | 849,553 | ||||||||
Total shareholders' equity | 19,191 | 20,008 | 39,199 | 40,944 | -39,199 | 40,944 | ||||||||
Noncontrolling interests | 1,194 | -184 | 1,010 | 0 | 73 | 1,083 | ||||||||
Total equity | 20,385 | 19,824 | 40,209 | 40,944 | -39,126 | 42,027 | ||||||||
Total liabilities and equity | 317,724 | 554,932 | 872,656 | 49,003 | -30,079 | 891,580 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating balance sheets (continued) | ||||||||||||||
end of 4Q13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Assets (CHF million) | ||||||||||||||
Cash and due from banks | 4,787 | 63,290 | 68,077 | 795 | -180 | 68,692 | ||||||||
Interest-bearing deposits with banks | 81 | 3,304 | 3,385 | 0 | -1,870 | 1,515 | ||||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 127,153 | 32,860 | 160,013 | 0 | 9 | 160,022 | ||||||||
Securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading assets | 73,580 | 156,156 | 229,736 | 0 | -323 | 229,413 | ||||||||
Investment securities | 2 | 1,625 | 1,627 | 1,481 | -121 | 2,987 | ||||||||
Other investments | 5,116 | 5,091 | 10,207 | 42,570 | -42,448 | 10,329 | ||||||||
Net loans | 19,955 | 211,202 | 231,157 | 3,185 | 12,712 | 247,054 | ||||||||
Premises and equipment | 891 | 4,004 | 4,895 | 0 | 196 | 5,091 | ||||||||
Goodwill | 658 | 6,463 | 7,121 | 0 | 878 | 7,999 | ||||||||
Other intangible assets | 78 | 132 | 210 | 0 | 0 | 210 | ||||||||
Brokerage receivables | 25,667 | 26,377 | 52,044 | 0 | 1 | 52,045 | ||||||||
Other assets | 18,104 | 43,452 | 61,556 | 243 | 1,266 | 63,065 | ||||||||
Assets of discontinued operations held-for-sale | 11 | 1,573 | 1,584 | 0 | 0 | 1,584 | ||||||||
Total assets | 299,562 | 554,850 | 854,412 | 48,274 | -29,880 | 872,806 | ||||||||
Liabilities and equity (CHF million) | ||||||||||||||
Due to banks | 251 | 22,896 | 23,147 | 3,242 | -3,281 | 23,108 | ||||||||
Customer deposits | 1 | 321,850 | 321,851 | 0 | 11,238 | 333,089 | ||||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 98,600 | -4,568 | 94,032 | 0 | 0 | 94,032 | ||||||||
Obligation to return securities received as collateral | 23,479 | -679 | 22,800 | 0 | 0 | 22,800 | ||||||||
Trading liabilities | 14,304 | 62,508 | 76,812 | 0 | -177 | 76,635 | ||||||||
Short-term borrowings | 42,842 | -22,649 | 20,193 | 0 | 0 | 20,193 | ||||||||
Long-term debt | 31,300 | 95,341 | 126,641 | 2,784 | 617 | 130,042 | ||||||||
Brokerage payables | 55,749 | 17,405 | 73,154 | 0 | 0 | 73,154 | ||||||||
Other liabilities | 11,284 | 39,795 | 51,079 | 84 | 284 | 51,447 | ||||||||
Liabilities of discontinued operations held-for-sale | 19 | 1,121 | 1,140 | 0 | 0 | 1,140 | ||||||||
Total liabilities | 277,829 | 533,020 | 810,849 | 6,110 | 8,681 | 825,640 | ||||||||
Total shareholders' equity | 18,583 | 21,409 | 39,992 | 42,164 | -39,992 | 42,164 | ||||||||
Noncontrolling interests | 3,150 | 421 | 3,571 | 0 | 1,431 | 5,002 | ||||||||
Total equity | 21,733 | 21,830 | 43,563 | 42,164 | -38,561 | 47,166 | ||||||||
Total liabilities and equity | 299,562 | 554,850 | 854,412 | 48,274 | -29,880 | 872,806 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
Condensed consolidating statements of cash flows | ' | |||||||||||||
Condensed consolidating statements of cash flows | ||||||||||||||
in 6M14 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | -1,908 | -15,916 | -17,824 | 250 | 2 | -44 | -17,618 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -7,688 | 7,156 | -532 | 0 | 289 | -243 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -17,533 | 11,771 | -5,762 | 0 | 6 | -5,756 | ||||||||
Purchase of investment securities | 0 | -459 | -459 | -2,217 | 2,217 | -459 | ||||||||
Proceeds from sale of investment securities | 0 | 48 | 48 | 0 | 0 | 48 | ||||||||
Maturities of investment securities | 0 | 10 | 10 | 0 | 82 | 92 | ||||||||
Investments in subsidiaries and other investments | -300 | -151 | -451 | -1,352 | 1,320 | -483 | ||||||||
Proceeds from sale of other investments | 780 | 43 | 823 | 3 | 24 | 850 | ||||||||
(Increase)/decrease in loans | 8,466 | -16,894 | -8,428 | 2,476 | -3,105 | -9,057 | ||||||||
Proceeds from sales of loans | 0 | 943 | 943 | 0 | 0 | 943 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -122 | -285 | -407 | 0 | -4 | -411 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other, net | 7 | 142 | 149 | 0 | 1 | 150 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | -16,390 | 2,324 | -14,066 | -1,090 | 830 | -14,326 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 783 | 15,914 | 16,697 | -433 | 380 | 16,644 | ||||||||
Increase/(decrease) in short-term borrowings | 9,346 | -251 | 9,095 | 0 | 0 | 9,095 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 7,526 | -13,185 | -5,659 | 0 | 0 | -5,659 | ||||||||
Issuances of long-term debt | 2,896 | 29,134 | 32,030 | 2,217 | -2,224 | 32,023 | ||||||||
Repayments of long-term debt | -1,440 | -20,246 | -21,686 | 0 | 2,070 | -19,616 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 297 | 0 | 297 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 0 | 4,033 | 4,033 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -705 | -4,087 | -4,792 | ||||||||
Dividends paid | 0 | -59 | -59 | -1,125 | -43 | -1,227 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other, net | -756 | -355 | -1,111 | 861 | -1,218 | -1,468 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | 18,355 | 10,952 | 29,307 | 1,112 | -1,089 | 29,330 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | -17 | 589 | 572 | -2 | 4 | 574 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | -8 | -175 | -183 | 0 | 0 | -183 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | 32 | -2,226 | -2,194 | 270 | -299 | -2,223 | ||||||||
Cash and due from banks at beginning of period | 4,787 | 63,290 | 68,077 | 795 | -180 | 68,692 | ||||||||
Cash and due from banks at end of period | 4,819 | 61,064 | 65,883 | 1,065 | -479 | 66,469 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 150 million and CHF 113 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Condensed consolidating statements of cash flows (continued) | ||||||||||||||
in 6M13 | Bank | 1 | Bank | 1 | ||||||||||
Credit | parent | |||||||||||||
Suisse | company | Group | Other | Credit | ||||||||||
(USA), Inc. | and other | parent | Group | Suisse | ||||||||||
consolidated | subsidiaries | company | subsidiaries | Group | ||||||||||
Operating activities of continuing operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) operating activities of continuing operations | 2,033 | 12,484 | 14,517 | 146 | 2 | -109 | 14,554 | |||||||
Investing activities of continuing operations (CHF million) | ||||||||||||||
(Increase)/decrease in interest-bearing deposits with banks | -2 | 1,561 | 1,559 | 0 | -1,030 | 529 | ||||||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 7,299 | 6,708 | 14,007 | 0 | 0 | 14,007 | ||||||||
Purchase of investment securities | 0 | -212 | -212 | 0 | 0 | -212 | ||||||||
Proceeds from sale of investment securities | 0 | 36 | 36 | 0 | 0 | 36 | ||||||||
Maturities of investment securities | 0 | 39 | 39 | 0 | 53 | 92 | ||||||||
Investments in subsidiaries and other investments | 224 | -863 | -639 | 0 | -262 | -901 | ||||||||
Proceeds from sale of other investments | 910 | 438 | 1,348 | 32 | 237 | 1,617 | ||||||||
(Increase)/decrease in loans | 1,739 | -3,567 | -1,828 | 281 | -2,105 | -3,652 | ||||||||
Proceeds from sales of loans | 0 | 484 | 484 | 0 | 0 | 484 | ||||||||
Capital expenditures for premises and equipment and other intangible assets | -119 | -317 | -436 | 0 | -4 | -440 | ||||||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 8 | 8 | 0 | 0 | 8 | ||||||||
Other, net | -61 | 59 | -2 | 0 | 0 | -2 | ||||||||
Net cash provided by/(used in) investing activities of continuing operations | 9,990 | 4,374 | 14,364 | 313 | -3,111 | 11,566 | ||||||||
Financing activities of continuing operations (CHF million) | ||||||||||||||
Increase/(decrease) in due to banks and customer deposits | 76 | 15,195 | 15,271 | -1,314 | 2,086 | 16,043 | ||||||||
Increase/(decrease) in short-term borrowings | 12,717 | -6,821 | 5,896 | 0 | 0 | 5,896 | ||||||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -23,215 | -14,149 | -37,364 | 0 | 0 | -37,364 | ||||||||
Issuances of long-term debt | 679 | 16,338 | 17,017 | 0 | 242 | 17,259 | ||||||||
Repayments of long-term debt | -1,974 | -31,113 | -33,087 | 0 | -535 | -33,622 | ||||||||
Issuances of common shares | 0 | 0 | 0 | 928 | 0 | 928 | ||||||||
Sale of treasury shares | 0 | 0 | 0 | 38 | 5,090 | 5,128 | ||||||||
Repurchase of treasury shares | 0 | 0 | 0 | -192 | -5,287 | -5,479 | ||||||||
Dividends paid | 0 | -147 | -147 | -154 | -105 | -406 | ||||||||
Excess tax benefits related to share-based compensation | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other, net | 323 | -1,417 | -1,094 | 221 | 409 | -464 | ||||||||
Net cash provided by/(used in) financing activities of continuing operations | -11,394 | -22,114 | -33,508 | -473 | 1,900 | -32,081 | ||||||||
Effect of exchange rate changes on cash and due from banks (CHF million) | ||||||||||||||
Effect of exchange rate changes on cash and due from banks | 167 | 961 | 1,128 | -2 | 4 | 1,130 | ||||||||
Net cash provided by/(used in) discontinued operations (CHF million) | ||||||||||||||
Net cash provided by/(used in) discontinued operations | -7 | -341 | -348 | 0 | 0 | -348 | ||||||||
Net increase/(decrease) in cash and due from banks (CHF million) | ||||||||||||||
Net increase/(decrease) in cash and due from banks | 789 | -4,636 | -3,847 | -16 | -1,316 | -5,179 | ||||||||
Cash and due from banks at beginning of period | 4,523 | 56,853 | 61,376 | 19 | 368 | 61,763 | ||||||||
Cash and due from banks at end of period | 5,312 | 52,217 | 57,529 | 3 | -948 | 56,584 | ||||||||
1 | ||||||||||||||
Includes eliminations and consolidation adjustments. | ||||||||||||||
2 | ||||||||||||||
Consists of dividend payments from Group companies of CHF 161 million and CHF 21 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. | ||||||||||||||
Business_developments_Details_
Business developments (Details 2) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 10, 2014 | |
CHF | CHF | CHF | CHF | CHF | Private Banking & Wealth Management's local affluent and upper affluent business in Italy | |
EUR (€) | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations | -9,000,000 | 15,000,000 | -9,000,000 | 6,000,000 | -3,000,000 | ' |
Assets under management | ' | ' | ' | ' | ' | € 2,000,000,000 |
Approximate number of agents | ' | ' | ' | ' | ' | 60 |
Discontinued_operations_Detail
Discontinued operations (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 |
Operations-related | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Net revenues | 12 | 12 | 68 | 24 | 142 |
Operating expenses | 12 | 16 | 59 | 28 | 111 |
Income tax expense/(benefit) | 0 | 1 | 9 | 1 | 22 |
Income/(loss) from discontinued operations, net of tax | 0 | -5 | 0 | -5 | 9 |
Transaction-related [Member] | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Operating expenses | 9 | 32 | 15 | 41 | 20 |
Gain/(loss) on disposal | ' | 91 | ' | 91 | ' |
Income tax expense/(benefit) | 0 | 39 | -6 | 39 | -8 |
Income/(loss) from discontinued operations, net of tax | -9 | 20 | -9 | 11 | -12 |
PBWM Germany | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of tax | -9 | -32 | -8 | -41 | -11 |
PBWM Germany | Operations-related | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Net revenues | 12 | 8 | 12 | 20 | 26 |
Operating expenses | 12 | 14 | 20 | 26 | 38 |
Income tax expense/(benefit) | 0 | 0 | 0 | 0 | -1 |
Income/(loss) from discontinued operations, net of tax | 0 | -6 | -8 | -6 | -11 |
PBWM Germany | Transaction-related [Member] | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Operating expenses | 9 | 26 | ' | 35 | ' |
Income/(loss) from discontinued operations, net of tax | -9 | -26 | ' | -35 | ' |
ETF business | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of tax | ' | ' | 0 | ' | 0 |
ETF business | Operations-related | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Net revenues | ' | ' | 15 | ' | 29 |
Operating expenses | ' | ' | 10 | ' | 20 |
Income tax expense/(benefit) | ' | ' | 3 | ' | 5 |
Income/(loss) from discontinued operations, net of tax | ' | ' | 2 | ' | 4 |
ETF business | Transaction-related [Member] | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | 3 | ' | 6 |
Income tax expense/(benefit) | ' | ' | -1 | ' | -2 |
Income/(loss) from discontinued operations, net of tax | ' | ' | -2 | ' | -4 |
Strategic Partners | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of tax | ' | ' | 0 | ' | 4 |
Strategic Partners | Operations-related | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Net revenues | ' | ' | 14 | ' | 28 |
Operating expenses | ' | ' | 2 | ' | 8 |
Income tax expense/(benefit) | ' | ' | 5 | ' | 9 |
Income/(loss) from discontinued operations, net of tax | ' | ' | 7 | ' | 11 |
Strategic Partners | Transaction-related [Member] | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | 12 | ' | 12 |
Income tax expense/(benefit) | ' | ' | -5 | ' | -5 |
Income/(loss) from discontinued operations, net of tax | ' | ' | -7 | ' | -7 |
CFIG | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of tax | ' | 49 | 0 | 49 | 5 |
CFIG | Operations-related | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Net revenues | ' | 0 | 26 | 0 | 56 |
Operating expenses | ' | 0 | 25 | 0 | 41 |
Income tax expense/(benefit) | ' | 0 | 1 | 0 | 9 |
Income/(loss) from discontinued operations, net of tax | ' | 0 | 0 | 0 | 6 |
CFIG | Transaction-related [Member] | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations (CHF million) | ' | ' | ' | ' | ' |
Operating expenses | ' | 0 | ' | 0 | 2 |
Gain/(loss) on disposal | ' | 91 | ' | 91 | ' |
Income tax expense/(benefit) | ' | 42 | ' | 42 | -1 |
Income/(loss) from discontinued operations, net of tax | ' | 49 | ' | 49 | -1 |
Discontinued_operations_Detail1
Discontinued operations (Details 2) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | PBWM Germany | PBWM Germany | PBWM Germany | CFIG | CFIG | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | 277 | 234 | 960 | ' | ' |
Loans | ' | ' | ' | ' | 686 | 507 | 575 | ' | ' |
Fees receivable | ' | ' | ' | ' | ' | ' | ' | ' | 8 |
Goodwill | ' | ' | ' | ' | ' | ' | ' | 23 | 23 |
Other assets | ' | ' | ' | ' | 16 | 8 | 18 | ' | ' |
Total assets held-for-sale | 979 | 749 | 1,584 | 0 | 979 | 749 | 1,553 | ' | 31 |
Deposits | ' | ' | ' | ' | 696 | 740 | 1,118 | ' | ' |
Other liabilities | ' | ' | ' | ' | 46 | 41 | 22 | ' | ' |
Total liabilities held-for-sale | 742 | 781 | 1,140 | 0 | 742 | 781 | 1,140 | ' | ' |
Segment_information_Details
Segment information (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
BusinessDivision | |||||
Segment Reporting Information | ' | ' | ' | ' | ' |
Net revenues | 6,463 | 6,829 | 6,952 | 13,292 | 14,041 |
Number of segments | 2 | ' | ' | ' | ' |
Income from continuing operations before taxes | -346 | 1,743 | 1,645 | 1,397 | 3,519 |
Private Banking & Wealth Management | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Net revenues | 3,046 | 3,240 | 3,419 | 6,286 | 6,697 |
Income from continuing operations before taxes | -749 | 1,012 | 917 | 263 | 1,798 |
Investment Banking | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Net revenues | 3,342 | 3,416 | 3,400 | 6,758 | 7,345 |
Income from continuing operations before taxes | 752 | 827 | 754 | 1,579 | 2,054 |
Corporate Center | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Net revenues | 45 | -187 | 11 | -142 | -194 |
Income from continuing operations before taxes | -373 | -439 | -131 | -812 | -507 |
Noncontrolling interests without SEI | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Net revenues | 30 | 360 | 122 | 390 | 193 |
Income from continuing operations before taxes | 24 | 343 | 105 | 367 | 174 |
Segment_information_Details_2
Segment information (Details 2) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 891,580 | 878,090 | 872,806 | 919,903 |
Private Banking & Wealth Management | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 322,669 | 324,084 | 316,491 | 308,569 |
Investment Banking | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 525,101 | 521,495 | 519,712 | 575,215 |
Corporate Center | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 42,509 | 31,220 | 32,979 | 31,852 |
Noncontrolling interests without SEI | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' |
Total assets | 1,301 | 1,291 | 3,624 | 4,267 |
Net_interest_income_Details
Net interest income (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net interest income | ' | ' | ' | ' | ' |
Loans | 1,216 | 1,226 | 1,211 | 2,442 | 2,399 |
Investment securities | 11 | 11 | 13 | 22 | 25 |
Trading assets | 3,394 | 2,168 | 3,705 | 5,562 | 6,130 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 542 | 561 | 705 | 1,103 | 1,376 |
Other | 527 | 479 | 586 | 1,006 | 1,112 |
Interest and dividend income | 5,690 | 4,445 | 6,220 | 10,135 | 11,042 |
Deposits | -248 | -236 | -260 | -484 | -518 |
Short-term borrowings | -30 | -22 | -17 | -52 | -97 |
Trading liabilities | -1,626 | -761 | -1,855 | -2,387 | -3,098 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -262 | -261 | -397 | -523 | -733 |
Long-term debt | -854 | -927 | -985 | -1,781 | -2,029 |
Other | -84 | -60 | -66 | -144 | -121 |
Interest expense | -3,104 | -2,267 | -3,580 | -5,371 | -6,596 |
Net interest income | 2,586 | 2,178 | 2,640 | 4,764 | 4,446 |
Commissions_and_fees_Details
Commissions and fees (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Commissions and fees | ' | ' | ' | ' | ' |
Lending business | 454 | 434 | 489 | 888 | 930 |
Investment and portfolio management | 891 | 934 | 1,002 | 1,825 | 1,906 |
Other securities business | 25 | 23 | 26 | 48 | 54 |
Fiduciary business | 916 | 957 | 1,028 | 1,873 | 1,960 |
Underwriting | 603 | 460 | 479 | 1,063 | 898 |
Brokerage | 890 | 973 | 1,119 | 1,863 | 2,164 |
Underwriting and brokerage | 1,493 | 1,433 | 1,598 | 2,926 | 3,062 |
Other services | 446 | 451 | 423 | 897 | 834 |
Commissions and fees | 3,309 | 3,275 | 3,538 | 6,584 | 6,786 |
Trading_revenues_Details
Trading revenues (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Trading revenues | ' | ' | ' | ' | ' |
Trading revenues | 197 | 638 | 357 | 835 | 2,172 |
Interest rate products | ' | ' | ' | ' | ' |
Trading revenues | ' | ' | ' | ' | ' |
Trading revenues | 2,969 | 1,250 | -1,109 | 4,219 | 588 |
Foreign exchange products | ' | ' | ' | ' | ' |
Trading revenues | ' | ' | ' | ' | ' |
Trading revenues | -1,337 | -1,014 | 519 | -2,351 | 903 |
Equity/index-related products | ' | ' | ' | ' | ' |
Trading revenues | ' | ' | ' | ' | ' |
Trading revenues | -680 | 176 | 571 | -504 | 489 |
Credit products | ' | ' | ' | ' | ' |
Trading revenues | ' | ' | ' | ' | ' |
Trading revenues | -850 | 40 | 316 | -810 | -44 |
Commodity, emission and energy products | ' | ' | ' | ' | ' |
Trading revenues | ' | ' | ' | ' | ' |
Trading revenues | -17 | 63 | 148 | 46 | 191 |
Other products | ' | ' | ' | ' | ' |
Trading revenues | ' | ' | ' | ' | ' |
Trading revenues | 112 | 123 | -88 | 235 | 45 |
Other_revenues_Details
Other revenues (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Revenues | ' | ' | ' | ' | ' |
Noncontrolling interests without SEI | 25 | 358 | 152 | 383 | 216 |
Loans held-for-sale | -1 | 1 | 2 | 0 | -3 |
Long-lived assets held-for-sale | -2 | 28 | -7 | 26 | -22 |
Equity method investments | 55 | 61 | 30 | 116 | 66 |
Other investments | 97 | 110 | 82 | 207 | 139 |
Other | 197 | 180 | 158 | 377 | 241 |
Other revenues | 371 | 738 | 417 | 1,109 | 637 |
Provision_for_credit_losses_De
Provision for credit losses (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Provision for credit losses | ' | ' | ' | ' | ' |
Provision for loan losses | 22 | 30 | 49 | 52 | 69 |
Provision for lending-related and other exposures | -4 | 4 | 2 | 0 | 4 |
Provision for credit losses | 18 | 34 | 51 | 52 | 73 |
Compensation_and_benefits_Deta
Compensation and benefits (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Compensation and benefits | ' | ' | ' | ' | ' |
Salaries and variable compensation | 2,536 | 2,653 | 2,462 | 5,189 | 5,044 |
Social security | 283 | 188 | 229 | 471 | 451 |
Other | 154 | 152 | 235 | 306 | 422 |
Compensation and benefits | 2,973 | 2,993 | 2,926 | 5,966 | 5,917 |
Pension and other post-retirement expense | 85 | 84 | 157 | 169 | 267 |
Severance and other compensation expense related to headcount reductions | 63 | 24 | 90 | 87 | 157 |
General_and_administrative_exp2
General and administrative expenses (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
General and Administrative Expenses (CHF million) | ' | ' | ' | ' | ' |
Occupancy expenses | 305 | 273 | 283 | 578 | 571 |
IT, machinery, etc. | 347 | 341 | 377 | 688 | 761 |
Provisions and losses | 1,810 | 111 | 273 | 1,921 | 443 |
Travel and entertainment | 90 | 81 | 92 | 171 | 181 |
Professional services | 545 | 526 | 455 | 1,071 | 902 |
Amortization and impairment of other intangible assets | 5 | 5 | 7 | 10 | 13 |
Other | 339 | 353 | 386 | 692 | 734 |
General and administrative expenses | 3,441 | 1,690 | 1,873 | 5,131 | 3,605 |
Earnings_per_share_Details
Earnings per share (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income/(loss) attributable to shareholders (CHF million) | ' | ' | ' | ' | ' |
Income/(loss) from continuing operations | -691 | 844 | 1,054 | 153 | 2,351 |
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 |
Net income attributable to shareholders | -700 | 859 | 1,045 | 159 | 2,348 |
Preferred securities dividends | ' | -28 | -114 | -28 | -114 |
Net income attributable to shareholders for basic earnings per share | -700 | 831 | 931 | 131 | 2,234 |
Available for common shares | -752 | 785 | 852 | 79 | 1,918 |
Available for unvested share-based payment awards | 52 | 46 | 70 | 52 | 164 |
Available for mandatory convertible securities | ' | ' | 9 | ' | 152 |
Income impact of assumed conversion on contracts that may be settled in shares or cash | ' | ' | -17 | ' | -22 |
Net income/(loss) attributable to shareholders for diluted earnings per share | -700 | 831 | 914 | 131 | 2,212 |
Available for common shares | -752 | 785 | 838 | 79 | 1,904 |
Available for unvested share-based payment awards | 52 | 46 | 67 | 52 | 160 |
Available for mandatory convertible securities | ' | ' | 9 | ' | 148 |
Weighted-average shares outstanding (million) | ' | ' | ' | ' | ' |
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 1,625 | 1,621.20 | 1,574.90 | 1,623.10 | 1,464.80 |
Dilutive contracts that may be settled in shares or cash (in shares) | ' | ' | 23.1 | ' | 23.5 |
Dilutive share options and warrants (in shares) | 0 | 1.4 | 1.9 | 0.7 | 1.9 |
Dilutive share awards (in shares) | 0 | 5.2 | 1.5 | 2.6 | 1.7 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 1,625 | 1,627.80 | 1,601.40 | 1,626.40 | 1,491.90 |
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards (in shares) | 68.3 | 95.5 | 130 | 81.9 | 126.3 |
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities | ' | ' | 20.4 | ' | 126.1 |
Basic earnings per share available for common shares (CHF) | ' | ' | ' | ' | ' |
Basic earnings per share from continuing operations (in CHF per share) | -0.45 | 0.47 | 0.55 | 0.05 | 1.31 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | -0.01 | 0.01 | -0.01 | 0 | 0 |
Basic earnings per share (in CHF per share) | -0.46 | 0.48 | 0.54 | 0.05 | 1.31 |
Diluted earnings per share available for common shares (CHF) | ' | ' | ' | ' | ' |
Diluted earnings per share from continuing operations (in CHF per share) | -0.45 | 0.47 | 0.53 | 0.05 | 1.28 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | -0.01 | 0.01 | -0.01 | 0 | 0 |
Diluted earnings per share (in CHF per share) | -0.46 | 0.48 | 0.52 | 0.05 | 1.28 |
Weighted-average potential dilutive common shares | 8.8 | 9.1 | 12.1 | 8.9 | 12.9 |
Weighted-average share options and warrants (antidilutive) | 1.3 | ' | ' | ' | ' |
Weighted-average share awards (antidilutive) | 12.2 | ' | ' | ' | ' |
Trading_assets_and_liabilities2
Trading assets and liabilities (Details) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Schedule of Trading Assets and Liabilities | ' | ' | ' | ' |
Trading assets | 235,427 | 237,069 | 229,413 | 245,834 |
Trading liabilities | 75,129 | 73,029 | 76,635 | 89,917 |
Debt securities | ' | ' | ' | ' |
Schedule of Trading Assets and Liabilities | ' | ' | ' | ' |
Trading assets | 105,038 | 112,678 | 110,116 | 116,923 |
Equity securities | ' | ' | ' | ' |
Schedule of Trading Assets and Liabilities | ' | ' | ' | ' |
Trading assets | 88,159 | 83,044 | 76,695 | 78,281 |
Derivative instruments | ' | ' | ' | ' |
Schedule of Trading Assets and Liabilities | ' | ' | ' | ' |
Trading assets | 30,957 | 30,538 | 31,603 | 39,240 |
Trading liabilities | 34,512 | 32,382 | 36,474 | 40,703 |
Other trading securities | ' | ' | ' | ' |
Schedule of Trading Assets and Liabilities | ' | ' | ' | ' |
Trading assets | 11,273 | 10,809 | 10,999 | 11,390 |
Short positions | ' | ' | ' | ' |
Schedule of Trading Assets and Liabilities | ' | ' | ' | ' |
Trading liabilities | 40,617 | 40,647 | 40,161 | 49,214 |
Trading_assets_and_liabilities3
Trading assets and liabilities (Details 2) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Cash collateral - netted | ' | ' | ' | ' |
Cash collateral paid | 25,122 | 24,735 | 23,870 | 31,514 |
Cash collateral received | 20,058 | 19,425 | 20,500 | 28,102 |
Cash collateral - not netted | ' | ' | ' | ' |
Cash collateral paid | 8,097 | 7,058 | 8,359 | 10,212 |
Cash collateral received | 12,844 | 11,984 | 11,663 | 13,047 |
Investment_securities_Details
Investment securities (Details) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Investment securities disclosures | ' | ' | ' | ' |
Securities available-for-sale | 3,323 | 3,320 | 2,987 | 3,546 |
Total investment securities | 3,323 | 3,320 | 2,987 | 3,546 |
Investment_securities_Details_
Investment securities (Details 2) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 3,196 | ' | 2,892 | ' |
Gross unrealized gains, Securities | 127 | ' | 99 | ' |
Gross unrealized losses, Securities | 0 | ' | 4 | ' |
Fair value | 3,323 | 3,320 | 2,987 | 3,546 |
Debt securities | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 3,112 | ' | 2,809 | ' |
Gross unrealized gains, Debt securities | 105 | ' | 81 | ' |
Gross unrealized losses, Debt securities | 0 | ' | 4 | ' |
Fair value | 3,217 | ' | 2,886 | ' |
Debt securities issued by the Swiss federal, cantonal or local government entities | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 373 | ' | 389 | ' |
Gross unrealized gains, Debt securities | 24 | ' | 15 | ' |
Gross unrealized losses, Debt securities | 0 | ' | 2 | ' |
Fair value | 397 | ' | 402 | ' |
Debt securities issued by foreign governments | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 1,758 | ' | 1,350 | ' |
Gross unrealized gains, Debt securities | 52 | ' | 39 | ' |
Gross unrealized losses, Debt securities | 0 | ' | 1 | ' |
Fair value | 1,810 | ' | 1,388 | ' |
Corporate debt securities | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 573 | ' | 590 | ' |
Gross unrealized gains, Debt securities | 14 | ' | 16 | ' |
Gross unrealized losses, Debt securities | 0 | ' | 0 | ' |
Fair value | 587 | ' | 606 | ' |
Collateralized debt obligations | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 408 | ' | 480 | ' |
Gross unrealized gains, Debt securities | 15 | ' | 11 | ' |
Gross unrealized losses, Debt securities | 0 | ' | 1 | ' |
Fair value | 423 | ' | 490 | ' |
Equity securities | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 84 | ' | 83 | ' |
Gross unrealized gains, Equity securities | 22 | ' | 18 | ' |
Gross unrealized losses, Equity securities | 0 | ' | 0 | ' |
Fair value | 106 | ' | 101 | ' |
Banks, trust and insurance companies | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 74 | ' | 74 | ' |
Gross unrealized gains, Equity securities | 22 | ' | 18 | ' |
Gross unrealized losses, Equity securities | 0 | ' | 0 | ' |
Fair value | 96 | ' | 92 | ' |
Industry and all other | ' | ' | ' | ' |
Available-for-sale securities | ' | ' | ' | ' |
Amortized cost | 10 | ' | 9 | ' |
Gross unrealized gains, Equity securities | 0 | ' | 0 | ' |
Gross unrealized losses, Equity securities | 0 | ' | 0 | ' |
Fair value | 10 | ' | 9 | ' |
Investment_securities_Details_1
Investment securities (Details 3) (CHF) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt securities | ' |
Gross unrealized losses on investment securities available for sale and the related fair value | ' |
Fair value, less than 12 months | 287 |
Gross unrealized losses, less than 12 months | 4 |
Fair value, 12 months or more | 0 |
Gross unrealized losses, 12 months or more | 0 |
Fair value, total | 287 |
Gross unrealized losses, total | 4 |
Debt securities issued by the Swiss federal, cantonal or local government entities | ' |
Gross unrealized losses on investment securities available for sale and the related fair value | ' |
Fair value, less than 12 months | 168 |
Gross unrealized losses, less than 12 months | 2 |
Fair value, 12 months or more | 0 |
Gross unrealized losses, 12 months or more | 0 |
Fair value, total | 168 |
Gross unrealized losses, total | 2 |
Debt securities issued by foreign governments | ' |
Gross unrealized losses on investment securities available for sale and the related fair value | ' |
Fair value, less than 12 months | 109 |
Gross unrealized losses, less than 12 months | 1 |
Fair value, 12 months or more | 0 |
Gross unrealized losses, 12 months or more | 0 |
Fair value, total | 109 |
Gross unrealized losses, total | 1 |
Collateralized debt obligations | ' |
Gross unrealized losses on investment securities available for sale and the related fair value | ' |
Fair value, less than 12 months | 10 |
Gross unrealized losses, less than 12 months | 1 |
Fair value, 12 months or more | 0 |
Gross unrealized losses, 12 months or more | 0 |
Fair value, total | 10 |
Gross unrealized losses, total | 1 |
Investment_securities_Details_2
Investment securities (Details 4) (CHF) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Debt securities | ' | ' |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ' | ' |
Proceeds from sales | 41 | 27 |
Equity securities | ' | ' |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ' | ' |
Proceeds from sales | 7 | 9 |
Investment_securities_Details_3
Investment securities (Details 5) (CHF) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Available-for-sale debt securities amortized cost disclosures | ' |
Due within 1 year, amortized cost | 561 |
Due from 1 to 5 years, amortized cost | 1,666 |
Due from 5 to 10 years, amortized cost | 832 |
Due after 10 years, amortized cost | 53 |
Total, amortized cost | 3,112 |
Available-for-sale debt securities fair value disclosures | ' |
Due within 1 year, fair value | 563 |
Due from 1 to 5 years, fair value | 1,730 |
Due from 5 to 10 years, fair value | 868 |
Due after 10 years, fair value | 56 |
Total, fair value | 3,217 |
Available-for-sale debt securities average yield disclosures | ' |
Due within 1 year, average yield (as a percent) | 1.43% |
Due from 1 to 5 years, average yield (as a percent) | 2.35% |
Due from 5 to 10 years, average yield (as a percent) | 1.46% |
Due after 10 years, average yield (as a percent) | 1.62% |
Total, average yield (as a percent) | 1.93% |
Loans_allowance_for_loan_losse2
Loans, allowance for loan losses and credit quality (Details) (CHF) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
BusinessDivision | ||||||
portfolio | ||||||
Loans | ' | ' | ' | ' | ' | ' |
Number of portfolio segments | 2 | ' | ' | ' | ' | ' |
Number of Business Divisions | 2 | ' | ' | ' | ' | ' |
Gross loans | 255,472 | 251,629 | 248,014 | 247,176 | ' | ' |
of which held at amortized cost | 235,575 | 231,649 | 228,557 | 227,606 | ' | ' |
of which held at fair value | 19,897 | 19,980 | 19,457 | 19,570 | ' | ' |
Net (unearned income)/deferred expenses | -119 | -104 | -91 | -90 | ' | ' |
allowance for loan losses | -821 | -866 | -869 | -900 | -916 | -922 |
Net loans | 254,532 | 250,659 | 247,054 | 246,186 | ' | ' |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 851 | 845 | 862 | 904 | ' | ' |
Non-interest-earning loans | 286 | 283 | 281 | 305 | ' | ' |
Total non-performing and non-interest-earning loans | 1,137 | 1,128 | 1,143 | 1,209 | ' | ' |
Restructured loans | 83 | 29 | 6 | 20 | ' | ' |
Potential problem loans | 252 | 342 | 340 | 444 | ' | ' |
Total other impaired loans | 335 | 371 | 346 | 464 | ' | ' |
Gross impaired loans | 1,472 | 1,499 | 1,489 | 1,673 | ' | ' |
Foreign | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 99,095 | 97,863 | 96,022 | 96,366 | ' | ' |
Switzerland | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 156,377 | 153,766 | 151,992 | 150,810 | ' | ' |
Corporate and institutional | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 117,237 | 115,893 | 115,533 | 115,890 | ' | ' |
of which held at amortized cost | 97,352 | 95,924 | 96,087 | 96,330 | ' | ' |
allowance for loan losses | -561 | -603 | -602 | -618 | -631 | -634 |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 388 | ' | 431 | ' | ' | ' |
Non-interest-earning loans | 194 | ' | 192 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 582 | ' | 623 | ' | ' | ' |
Restructured loans | 83 | ' | 6 | ' | ' | ' |
Potential problem loans | 194 | ' | 291 | ' | ' | ' |
Total other impaired loans | 277 | ' | 297 | ' | ' | ' |
Gross impaired loans | 859 | ' | 920 | ' | ' | ' |
Real estate. | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 27,268 | 27,320 | 27,312 | 26,244 | ' | ' |
of which held at amortized cost | 26,801 | ' | 26,866 | ' | ' | ' |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 78 | ' | 53 | ' | ' | ' |
Non-interest-earning loans | 15 | ' | 15 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 93 | ' | 68 | ' | ' | ' |
Restructured loans | 0 | ' | 0 | ' | ' | ' |
Potential problem loans | 3 | ' | 5 | ' | ' | ' |
Total other impaired loans | 3 | ' | 5 | ' | ' | ' |
Gross impaired loans | 96 | ' | 73 | ' | ' | ' |
Commercial and industrial loans | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 65,734 | 65,760 | 63,334 | 63,718 | ' | ' |
of which held at amortized cost | 54,516 | ' | 51,723 | ' | ' | ' |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 226 | ' | 307 | ' | ' | ' |
Non-interest-earning loans | 147 | ' | 144 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 373 | ' | 451 | ' | ' | ' |
Restructured loans | 83 | ' | 6 | ' | ' | ' |
Potential problem loans | 188 | ' | 258 | ' | ' | ' |
Total other impaired loans | 271 | ' | 264 | ' | ' | ' |
Gross impaired loans | 644 | ' | 715 | ' | ' | ' |
Financial institutions | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 21,058 | 19,472 | 21,840 | 23,113 | ' | ' |
of which held at amortized cost | 14,645 | ' | 16,034 | ' | ' | ' |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 84 | ' | 71 | ' | ' | ' |
Non-interest-earning loans | 32 | ' | 33 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 116 | ' | 104 | ' | ' | ' |
Restructured loans | 0 | ' | 0 | ' | ' | ' |
Potential problem loans | 3 | ' | 28 | ' | ' | ' |
Total other impaired loans | 3 | ' | 28 | ' | ' | ' |
Gross impaired loans | 119 | ' | 132 | ' | ' | ' |
Governments and public institutions | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 3,177 | 3,341 | 3,047 | 2,815 | ' | ' |
of which held at amortized cost | 1,390 | ' | 1,464 | ' | ' | ' |
Consumer | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 138,235 | 135,736 | 132,481 | 131,286 | ' | ' |
of which held at amortized cost | 138,223 | 135,725 | 132,470 | 131,276 | ' | ' |
allowance for loan losses | -260 | -263 | -267 | -282 | -285 | -288 |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 463 | ' | 431 | ' | ' | ' |
Non-interest-earning loans | 92 | ' | 89 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 555 | ' | 520 | ' | ' | ' |
Restructured loans | 0 | ' | 0 | ' | ' | ' |
Potential problem loans | 58 | ' | 49 | ' | ' | ' |
Total other impaired loans | 58 | ' | 49 | ' | ' | ' |
Gross impaired loans | 613 | ' | 569 | ' | ' | ' |
Mortgages | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 96,915 | 95,700 | 94,978 | 93,602 | ' | ' |
of which held at amortized cost | 96,915 | ' | 94,978 | ' | ' | ' |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 192 | ' | 167 | ' | ' | ' |
Non-interest-earning loans | 19 | ' | 13 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 211 | ' | 180 | ' | ' | ' |
Restructured loans | 0 | ' | 0 | ' | ' | ' |
Potential problem loans | 45 | ' | 45 | ' | ' | ' |
Total other impaired loans | 45 | ' | 45 | ' | ' | ' |
Gross impaired loans | 256 | ' | 225 | ' | ' | ' |
Loans collateralized by securities | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 35,882 | 34,253 | 31,565 | 30,316 | ' | ' |
of which held at amortized cost | 35,882 | ' | 31,565 | ' | ' | ' |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 22 | ' | 20 | ' | ' | ' |
Non-interest-earning loans | 68 | ' | 71 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 90 | ' | 91 | ' | ' | ' |
Restructured loans | 0 | ' | 0 | ' | ' | ' |
Potential problem loans | 3 | ' | 4 | ' | ' | ' |
Total other impaired loans | 3 | ' | 4 | ' | ' | ' |
Gross impaired loans | 93 | ' | 95 | ' | ' | ' |
Consumer finance | ' | ' | ' | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' |
Gross loans | 5,438 | 5,783 | 5,938 | 7,368 | ' | ' |
of which held at amortized cost | 5,426 | ' | 5,927 | ' | ' | ' |
Impaired loan portfolio | ' | ' | ' | ' | ' | ' |
Non-performing loans | 249 | ' | 244 | ' | ' | ' |
Non-interest-earning loans | 5 | ' | 5 | ' | ' | ' |
Total non-performing and non-interest-earning loans | 254 | ' | 249 | ' | ' | ' |
Restructured loans | 0 | ' | 0 | ' | ' | ' |
Potential problem loans | 10 | ' | 0 | ' | ' | ' |
Total other impaired loans | 10 | ' | 0 | ' | ' | ' |
Gross impaired loans | 264 | ' | 249 | ' | ' | ' |
Loans_allowance_for_loan_losse3
Loans, allowance for loan losses and credit quality (Details 2) (CHF) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
day | ||||||
year | ||||||
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 866 | 869 | 916 | 869 | 922 | ' |
Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | ' |
Net movements recognized in statements of operations | 22 | 30 | 49 | 52 | 69 | ' |
Gross write-offs | -92 | -46 | -99 | -138 | -153 | ' |
Recoveries | 19 | 10 | 29 | 29 | 36 | ' |
Net write-offs | -73 | -36 | -70 | -109 | -117 | ' |
Provisions for interest | 3 | 5 | 6 | 8 | 13 | ' |
Foreign currency translation impact and other adjustments, net | 3 | -2 | -1 | 1 | 13 | ' |
Balance at end of period | 821 | 866 | 900 | 821 | 900 | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at end of period | 821 | 866 | 900 | 821 | 900 | ' |
of which individually evaluated for impairment | 613 | 653 | 676 | 613 | 676 | ' |
of which collectively evaluated for impairment | 208 | 213 | 224 | 208 | 224 | ' |
Gross loans held at amortized cost | ' | ' | ' | ' | ' | ' |
Gross loans held at amortized cost | 235,575 | 231,649 | 227,606 | 235,575 | 227,606 | 228,557 |
of which individually evaluated for impairment | 1,472 | 1,499 | 1,673 | 1,472 | 1,673 | ' |
of which collectively evaluated for impairment | 234,103 | 230,150 | 225,933 | 234,103 | 225,933 | ' |
Loans held at amortized cost | ' | ' | ' | ' | ' | ' |
Purchases | 1,000 | 434 | 423 | 1,434 | 2,115 | ' |
Reclassifications from loans held-for-sale | 165 | 23 | 62 | 188 | 106 | ' |
Reclassifications to loans held-for-sale | 334 | 76 | 132 | 410 | 308 | ' |
Sales | 11 | 53 | 70 | 64 | 187 | ' |
Value of collateral | ' | ' | ' | ' | ' | ' |
Maximum period for fair value determination of collateral on impaired loans (in days) | 90 | ' | ' | ' | ' | ' |
Period for appraisal of Property values, Minimum (in years) | 1 | ' | ' | ' | ' | ' |
Corporate and institutional | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 603 | 602 | 631 | 602 | 634 | ' |
Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | ' |
Net movements recognized in statements of operations | 2 | 13 | 34 | 15 | 33 | ' |
Gross write-offs | -64 | -20 | -72 | -84 | -93 | ' |
Recoveries | 15 | 5 | 22 | 20 | 24 | ' |
Net write-offs | -49 | -15 | -50 | -64 | -69 | ' |
Provisions for interest | 3 | 4 | 6 | 7 | 11 | ' |
Foreign currency translation impact and other adjustments, net | 2 | -1 | -3 | 1 | 9 | ' |
Balance at end of period | 561 | 603 | 618 | 561 | 618 | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at end of period | 561 | 603 | 618 | 561 | 618 | ' |
of which individually evaluated for impairment | 403 | 440 | 447 | 403 | 447 | ' |
of which collectively evaluated for impairment | 158 | 163 | 171 | 158 | 171 | ' |
Gross loans held at amortized cost | ' | ' | ' | ' | ' | ' |
Gross loans held at amortized cost | 97,352 | 95,924 | 96,330 | 97,352 | 96,330 | 96,087 |
of which individually evaluated for impairment | 859 | 939 | 1,066 | 859 | 1,066 | ' |
of which collectively evaluated for impairment | 96,493 | 94,985 | 95,264 | 96,493 | 95,264 | ' |
Loans held at amortized cost | ' | ' | ' | ' | ' | ' |
Purchases | 982 | 423 | 423 | 1,405 | 2,115 | ' |
Reclassifications from loans held-for-sale | 165 | 23 | 62 | 188 | 106 | ' |
Reclassifications to loans held-for-sale | 334 | 76 | 132 | 410 | 308 | ' |
Sales | 11 | 53 | 70 | 64 | 187 | ' |
Consumer | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 263 | 267 | 285 | 267 | 288 | ' |
Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | ' |
Net movements recognized in statements of operations | 20 | 17 | 15 | 37 | 36 | ' |
Gross write-offs | -28 | -26 | -27 | -54 | -60 | ' |
Recoveries | 4 | 5 | 7 | 9 | 12 | ' |
Net write-offs | -24 | -21 | -20 | -45 | -48 | ' |
Provisions for interest | 0 | 1 | 0 | 1 | 2 | ' |
Foreign currency translation impact and other adjustments, net | 1 | -1 | 2 | 0 | 4 | ' |
Balance at end of period | 260 | 263 | 282 | 260 | 282 | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at end of period | 260 | 263 | 282 | 260 | 282 | ' |
of which individually evaluated for impairment | 210 | 213 | 229 | 210 | 229 | ' |
of which collectively evaluated for impairment | 50 | 50 | 53 | 50 | 53 | ' |
Gross loans held at amortized cost | ' | ' | ' | ' | ' | ' |
Gross loans held at amortized cost | 138,223 | 135,725 | 131,276 | 138,223 | 131,276 | 132,470 |
of which individually evaluated for impairment | 613 | 560 | 607 | 613 | 607 | ' |
of which collectively evaluated for impairment | 137,610 | 135,165 | 130,669 | 137,610 | 130,669 | ' |
Loans held at amortized cost | ' | ' | ' | ' | ' | ' |
Purchases | 18 | 11 | 0 | 29 | 0 | ' |
Reclassifications from loans held-for-sale | 0 | 0 | 0 | 0 | 0 | ' |
Reclassifications to loans held-for-sale | 0 | 0 | 0 | 0 | 0 | ' |
Sales | 0 | 0 | 0 | 0 | 0 | ' |
Loans_allowance_for_loan_losse4
Loans, allowance for loan losses and credit quality (Details 3) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 235,575 | 231,649 | 228,557 | 227,606 |
Value of collateral | 211,370 | ' | 202,233 | ' |
Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 232,499 | ' | 226,193 | ' |
Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 3,076 | ' | 2,364 | ' |
Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,678 | ' | 1,029 | ' |
Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 198 | ' | 202 | ' |
Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 223 | ' | 169 | ' |
Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 977 | ' | 964 | ' |
AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 4,884 | ' | 3,408 | ' |
Value of collateral | 3,866 | ' | 2,553 | ' |
AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 7,848 | ' | 6,440 | ' |
Value of collateral | 6,675 | ' | 5,046 | ' |
A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 30,362 | ' | 31,469 | ' |
Value of collateral | 27,168 | ' | 28,186 | ' |
BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 131,030 | ' | 124,997 | ' |
Value of collateral | 123,969 | ' | 116,971 | ' |
BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 52,902 | ' | 53,556 | ' |
Value of collateral | 44,650 | ' | 45,376 | ' |
B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 6,376 | ' | 6,589 | ' |
Value of collateral | 4,153 | ' | 3,372 | ' |
CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 618 | ' | 553 | ' |
Value of collateral | 118 | ' | 102 | ' |
CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 42 | ' | 14 | ' |
Value of collateral | 33 | ' | 1 | ' |
C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 132 | ' | 125 | ' |
Value of collateral | 12 | ' | 10 | ' |
D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,381 | ' | 1,406 | ' |
Value of collateral | 726 | ' | 616 | ' |
Corporate and institutional | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 97,352 | 95,924 | 96,087 | 96,330 |
Corporate and institutional | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 95,891 | ' | 94,953 | ' |
Corporate and institutional | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,461 | ' | 1,134 | ' |
Corporate and institutional | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 773 | ' | 454 | ' |
Corporate and institutional | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 71 | ' | 81 | ' |
Corporate and institutional | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 123 | ' | 77 | ' |
Corporate and institutional | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 494 | ' | 522 | ' |
Corporate and institutional | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,291 | ' | 2,924 | ' |
Corporate and institutional | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 4,566 | ' | 3,820 | ' |
Corporate and institutional | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 7,684 | ' | 9,631 | ' |
Corporate and institutional | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 44,045 | ' | 40,966 | ' |
Corporate and institutional | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 32,693 | ' | 32,616 | ' |
Corporate and institutional | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 4,677 | ' | 4,792 | ' |
Corporate and institutional | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 552 | ' | 469 | ' |
Corporate and institutional | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 32 | ' | 8 | ' |
Corporate and institutional | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 10 | ' | 6 | ' |
Corporate and institutional | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 802 | ' | 855 | ' |
Real estate. | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 26,801 | ' | 26,866 | ' |
Real estate. | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 26,691 | ' | 26,774 | ' |
Real estate. | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 110 | ' | 92 | ' |
Real estate. | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 18 | ' | 19 | ' |
Real estate. | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1 | ' | 2 | ' |
Real estate. | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 2 | ' |
Real estate. | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 91 | ' | 69 | ' |
Real estate. | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 867 | ' | 1,344 | ' |
Real estate. | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,602 | ' | 1,050 | ' |
Real estate. | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,723 | ' | 3,511 | ' |
Real estate. | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 14,970 | ' | 13,669 | ' |
Real estate. | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 6,276 | ' | 6,897 | ' |
Real estate. | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 270 | ' | 322 | ' |
Real estate. | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Real estate. | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 1 | ' |
Real estate. | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Real estate. | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 93 | ' | 72 | ' |
Commercial and industrial loans | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 54,516 | ' | 51,723 | ' |
Commercial and industrial loans | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 53,455 | ' | 50,879 | ' |
Commercial and industrial loans | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,061 | ' | 844 | ' |
Commercial and industrial loans | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 582 | ' | 343 | ' |
Commercial and industrial loans | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 68 | ' | 77 | ' |
Commercial and industrial loans | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 123 | ' | 74 | ' |
Commercial and industrial loans | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 288 | ' | 350 | ' |
Commercial and industrial loans | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 451 | ' | 183 | ' |
Commercial and industrial loans | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 988 | ' | 740 | ' |
Commercial and industrial loans | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,849 | ' | 1,901 | ' |
Commercial and industrial loans | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 22,411 | ' | 21,232 | ' |
Commercial and industrial loans | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 24,047 | ' | 23,131 | ' |
Commercial and industrial loans | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 3,908 | ' | 3,621 | ' |
Commercial and industrial loans | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 226 | ' | 232 | ' |
Commercial and industrial loans | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 15 | ' | 6 | ' |
Commercial and industrial loans | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 10 | ' | 6 | ' |
Commercial and industrial loans | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 611 | ' | 671 | ' |
Financial institutions | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 14,645 | ' | 16,034 | ' |
Financial institutions | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 14,357 | ' | 15,841 | ' |
Financial institutions | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 288 | ' | 193 | ' |
Financial institutions | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 171 | ' | 87 | ' |
Financial institutions | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2 | ' | 2 | ' |
Financial institutions | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 1 | ' |
Financial institutions | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 115 | ' | 103 | ' |
Financial institutions | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 924 | ' | 1,319 | ' |
Financial institutions | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,608 | ' | 1,706 | ' |
Financial institutions | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,939 | ' | 4,041 | ' |
Financial institutions | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 6,261 | ' | 5,625 | ' |
Financial institutions | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,253 | ' | 2,440 | ' |
Financial institutions | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 441 | ' | 776 | ' |
Financial institutions | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 104 | ' | 14 | ' |
Financial institutions | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 17 | ' | 1 | ' |
Financial institutions | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Financial institutions | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 98 | ' | 112 | ' |
Governments and public institutions | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,390 | ' | 1,464 | ' |
Governments and public institutions | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,388 | ' | 1,459 | ' |
Governments and public institutions | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2 | ' | 5 | ' |
Governments and public institutions | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2 | ' | 5 | ' |
Governments and public institutions | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Governments and public institutions | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Governments and public institutions | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Governments and public institutions | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 49 | ' | 78 | ' |
Governments and public institutions | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 368 | ' | 324 | ' |
Governments and public institutions | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 173 | ' | 178 | ' |
Governments and public institutions | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 403 | ' | 440 | ' |
Governments and public institutions | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 117 | ' | 148 | ' |
Governments and public institutions | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 58 | ' | 73 | ' |
Governments and public institutions | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 222 | ' | 223 | ' |
Governments and public institutions | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Governments and public institutions | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Governments and public institutions | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Consumer | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 138,223 | 135,725 | 132,470 | 131,276 |
Consumer | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 136,608 | ' | 131,240 | ' |
Consumer | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,615 | ' | 1,230 | ' |
Consumer | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 905 | ' | 575 | ' |
Consumer | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 127 | ' | 121 | ' |
Consumer | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 100 | ' | 92 | ' |
Consumer | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 483 | ' | 442 | ' |
Consumer | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,593 | ' | 484 | ' |
Consumer | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 3,282 | ' | 2,620 | ' |
Consumer | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 22,678 | ' | 21,838 | ' |
Consumer | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 86,985 | ' | 84,031 | ' |
Consumer | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 20,209 | ' | 20,940 | ' |
Consumer | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,699 | ' | 1,797 | ' |
Consumer | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 66 | ' | 84 | ' |
Consumer | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 10 | ' | 6 | ' |
Consumer | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 122 | ' | 119 | ' |
Consumer | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 579 | ' | 551 | ' |
Mortgages | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 96,915 | ' | 94,978 | ' |
Mortgages | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 96,494 | ' | 94,657 | ' |
Mortgages | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 421 | ' | 321 | ' |
Mortgages | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 147 | ' | 103 | ' |
Mortgages | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 42 | ' | 26 | ' |
Mortgages | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 29 | ' | 25 | ' |
Mortgages | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 203 | ' | 167 | ' |
Mortgages | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 509 | ' | 302 | ' |
Mortgages | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,514 | ' | 2,257 | ' |
Mortgages | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 18,009 | ' | 17,398 | ' |
Mortgages | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 58,673 | ' | 57,033 | ' |
Mortgages | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 16,165 | ' | 16,857 | ' |
Mortgages | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 781 | ' | 883 | ' |
Mortgages | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 32 | ' | 39 | ' |
Mortgages | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1 | ' | 0 | ' |
Mortgages | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Mortgages | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 231 | ' | 209 | ' |
Loans collateralized by securities | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 35,882 | ' | 31,565 | ' |
Loans collateralized by securities | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 35,663 | ' | 31,365 | ' |
Loans collateralized by securities | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 219 | ' | 200 | ' |
Loans collateralized by securities | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 118 | ' | 95 | ' |
Loans collateralized by securities | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 3 | ' | 2 | ' |
Loans collateralized by securities | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 10 | ' | 12 | ' |
Loans collateralized by securities | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 88 | ' | 91 | ' |
Loans collateralized by securities | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,834 | ' | 182 | ' |
Loans collateralized by securities | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 717 | ' | 349 | ' |
Loans collateralized by securities | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 4,557 | ' | 4,214 | ' |
Loans collateralized by securities | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 26,235 | ' | 24,497 | ' |
Loans collateralized by securities | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,210 | ' | 2,131 | ' |
Loans collateralized by securities | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 228 | ' | 90 | ' |
Loans collateralized by securities | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 5 | ' | 2 | ' |
Loans collateralized by securities | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 9 | ' | 6 | ' |
Loans collateralized by securities | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Loans collateralized by securities | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 87 | ' | 94 | ' |
Consumer finance | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 5,426 | ' | 5,927 | ' |
Consumer finance | Current | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 4,451 | ' | 5,218 | ' |
Consumer finance | Past due | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 975 | ' | 709 | ' |
Consumer finance | Past due up to 30 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 640 | ' | 377 | ' |
Consumer finance | Past due 31 - 60 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 82 | ' | 93 | ' |
Consumer finance | Past due 61 - 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 61 | ' | 55 | ' |
Consumer finance | Past due more than 90 days | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 192 | ' | 184 | ' |
Consumer finance | AAA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 250 | ' | 0 | ' |
Consumer finance | AA | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 51 | ' | 14 | ' |
Consumer finance | A | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 112 | ' | 226 | ' |
Consumer finance | BBB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 2,077 | ' | 2,501 | ' |
Consumer finance | BB | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 1,834 | ' | 1,952 | ' |
Consumer finance | B | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 690 | ' | 824 | ' |
Consumer finance | CCC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 29 | ' | 43 | ' |
Consumer finance | CC | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 0 | ' | 0 | ' |
Consumer finance | C | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 122 | ' | 119 | ' |
Consumer finance | D | ' | ' | ' | ' |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ' | ' | ' | ' |
Gross loans held at amortized cost | 261 | ' | 248 | ' |
Loans_allowance_for_loan_losse5
Loans, allowance for loan losses and credit quality (Details 4) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 1,137 | 1,128 | 1,143 | 1,209 |
Restructured loans | 83 | 29 | 6 | 20 |
Potential problem loans | 252 | 342 | 340 | 444 |
Total other impaired loans | 335 | 371 | 346 | 464 |
Gross impaired loans | 1,472 | 1,499 | 1,489 | 1,673 |
Non-interest-earning loans | 286 | 283 | 281 | 305 |
Non-performing loans | 851 | 845 | 862 | 904 |
Corporate and institutional | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 582 | ' | 623 | ' |
Restructured loans | 83 | ' | 6 | ' |
Potential problem loans | 194 | ' | 291 | ' |
Total other impaired loans | 277 | ' | 297 | ' |
Gross impaired loans | 859 | ' | 920 | ' |
Non-interest-earning loans | 194 | ' | 192 | ' |
Non-performing loans | 388 | ' | 431 | ' |
Real estate. | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 93 | ' | 68 | ' |
Restructured loans | 0 | ' | 0 | ' |
Potential problem loans | 3 | ' | 5 | ' |
Total other impaired loans | 3 | ' | 5 | ' |
Gross impaired loans | 96 | ' | 73 | ' |
Non-interest-earning loans | 15 | ' | 15 | ' |
Non-performing loans | 78 | ' | 53 | ' |
Commercial and industrial loans | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 373 | ' | 451 | ' |
Restructured loans | 83 | ' | 6 | ' |
Potential problem loans | 188 | ' | 258 | ' |
Total other impaired loans | 271 | ' | 264 | ' |
Gross impaired loans | 644 | ' | 715 | ' |
Non-interest-earning loans | 147 | ' | 144 | ' |
Non-performing loans | 226 | ' | 307 | ' |
Financial institutions | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 116 | ' | 104 | ' |
Restructured loans | 0 | ' | 0 | ' |
Potential problem loans | 3 | ' | 28 | ' |
Total other impaired loans | 3 | ' | 28 | ' |
Gross impaired loans | 119 | ' | 132 | ' |
Non-interest-earning loans | 32 | ' | 33 | ' |
Non-performing loans | 84 | ' | 71 | ' |
Consumer | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 555 | ' | 520 | ' |
Restructured loans | 0 | ' | 0 | ' |
Potential problem loans | 58 | ' | 49 | ' |
Total other impaired loans | 58 | ' | 49 | ' |
Gross impaired loans | 613 | ' | 569 | ' |
Non-interest-earning loans | 92 | ' | 89 | ' |
Non-performing loans | 463 | ' | 431 | ' |
Mortgages | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 211 | ' | 180 | ' |
Restructured loans | 0 | ' | 0 | ' |
Potential problem loans | 45 | ' | 45 | ' |
Total other impaired loans | 45 | ' | 45 | ' |
Gross impaired loans | 256 | ' | 225 | ' |
Non-interest-earning loans | 19 | ' | 13 | ' |
Non-performing loans | 192 | ' | 167 | ' |
Loans collateralized by securities | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 90 | ' | 91 | ' |
Restructured loans | 0 | ' | 0 | ' |
Potential problem loans | 3 | ' | 4 | ' |
Total other impaired loans | 3 | ' | 4 | ' |
Gross impaired loans | 93 | ' | 95 | ' |
Non-interest-earning loans | 68 | ' | 71 | ' |
Non-performing loans | 22 | ' | 20 | ' |
Consumer finance | ' | ' | ' | ' |
Gross impaired loans by category | ' | ' | ' | ' |
Total non-performing and non-interest-earning loans | 254 | ' | 249 | ' |
Restructured loans | 0 | ' | 0 | ' |
Potential problem loans | 10 | ' | 0 | ' |
Total other impaired loans | 10 | ' | 0 | ' |
Gross impaired loans | 264 | ' | 249 | ' |
Non-interest-earning loans | 5 | ' | 5 | ' |
Non-performing loans | 249 | ' | 244 | ' |
Loans_allowance_for_loan_losse6
Loans, allowance for loan losses and credit quality (Details 5) (CHF) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 1,320 | ' | ' | 1,320 | ' | 1,412 |
Recorded investment, without specific allowance | 152 | ' | ' | 152 | ' | 77 |
Gross impaired loans | 1,472 | 1,499 | 1,673 | 1,472 | 1,673 | 1,489 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 1,226 | ' | ' | 1,226 | ' | 1,319 |
Unpaid principal balance, without specific allowance | 152 | ' | ' | 152 | ' | 77 |
Unpaid principal balance | 1,378 | ' | ' | 1,378 | ' | 1,396 |
Associated specific allowance | 613 | ' | ' | 613 | ' | 654 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 1,361 | 1,400 | 1,561 | 1,381 | 1,536 | ' |
Average recorded investment, without specific allowance | 123 | 82 | 176 | 104 | 200 | ' |
Average recorded investment | 1,484 | 1,482 | 1,737 | 1,485 | 1,736 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 1 | 0 | 1 | 1 | 4 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized | 1 | 0 | 1 | 1 | 4 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 | 1 | 4 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | 1 | 0 | 1 | 1 | 4 | ' |
Corporate and institutional | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 824 | ' | ' | 824 | ' | 907 |
Recorded investment, without specific allowance | 35 | ' | ' | 35 | ' | 13 |
Gross impaired loans | 859 | ' | ' | 859 | ' | 920 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 764 | ' | ' | 764 | ' | 848 |
Unpaid principal balance, without specific allowance | 35 | ' | ' | 35 | ' | 13 |
Unpaid principal balance | 799 | ' | ' | 799 | ' | 861 |
Associated specific allowance | 403 | ' | ' | 403 | ' | 437 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 876 | 907 | 1,019 | 892 | 995 | ' |
Average recorded investment, without specific allowance | 31 | 17 | 105 | 25 | 113 | ' |
Average recorded investment | 907 | 924 | 1,124 | 917 | 1,108 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 3 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized | 0 | 0 | 0 | 0 | 3 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 3 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | 0 | 0 | 0 | 0 | 3 | ' |
Real estate. | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 94 | ' | ' | 94 | ' | 71 |
Recorded investment, without specific allowance | 2 | ' | ' | 2 | ' | 2 |
Gross impaired loans | 96 | ' | ' | 96 | ' | 73 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 88 | ' | ' | 88 | ' | 65 |
Unpaid principal balance, without specific allowance | 2 | ' | ' | 2 | ' | 2 |
Associated specific allowance | 10 | ' | ' | 10 | ' | 15 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 81 | 80 | 74 | 80 | 68 | ' |
Average recorded investment, without specific allowance | 19 | 6 | 11 | 13 | 7 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Commercial and industrial loans | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 611 | ' | ' | 611 | ' | 705 |
Recorded investment, without specific allowance | 33 | ' | ' | 33 | ' | 10 |
Gross impaired loans | 644 | ' | ' | 644 | ' | 715 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 562 | ' | ' | 562 | ' | 656 |
Unpaid principal balance, without specific allowance | 33 | ' | ' | 33 | ' | 10 |
Associated specific allowance | 323 | ' | ' | 323 | ' | 340 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 676 | 698 | 810 | 688 | 782 | ' |
Average recorded investment, without specific allowance | 12 | 11 | 91 | 12 | 103 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 3 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 3 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Financial institutions | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 119 | ' | ' | 119 | ' | 131 |
Recorded investment, without specific allowance | 0 | ' | ' | 0 | ' | 1 |
Gross impaired loans | 119 | ' | ' | 119 | ' | 132 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 114 | ' | ' | 114 | ' | 127 |
Unpaid principal balance, without specific allowance | 0 | ' | ' | 0 | ' | 1 |
Associated specific allowance | 70 | ' | ' | 70 | ' | 82 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 119 | 129 | 135 | 124 | 145 | ' |
Average recorded investment, without specific allowance | 0 | 0 | 3 | 0 | 3 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Consumer | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 496 | ' | ' | 496 | ' | 505 |
Recorded investment, without specific allowance | 117 | ' | ' | 117 | ' | 64 |
Gross impaired loans | 613 | ' | ' | 613 | ' | 569 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 462 | ' | ' | 462 | ' | 471 |
Unpaid principal balance, without specific allowance | 117 | ' | ' | 117 | ' | 64 |
Unpaid principal balance | 579 | ' | ' | 579 | ' | 535 |
Associated specific allowance | 210 | ' | ' | 210 | ' | 217 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 485 | 493 | 542 | 489 | 541 | ' |
Average recorded investment, without specific allowance | 92 | 65 | 71 | 79 | 87 | ' |
Average recorded investment | 577 | 558 | 613 | 568 | 628 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 1 | 0 | 1 | 1 | 1 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized | 1 | 0 | 1 | 1 | 1 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 | 1 | 1 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | 1 | 0 | 1 | 1 | 1 | ' |
Mortgages | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 205 | ' | ' | 205 | ' | 207 |
Recorded investment, without specific allowance | 51 | ' | ' | 51 | ' | 18 |
Gross impaired loans | 256 | ' | ' | 256 | ' | 225 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 194 | ' | ' | 194 | ' | 197 |
Unpaid principal balance, without specific allowance | 51 | ' | ' | 51 | ' | 18 |
Associated specific allowance | 29 | ' | ' | 29 | ' | 28 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 197 | 200 | 210 | 198 | 201 | ' |
Average recorded investment, without specific allowance | 30 | 20 | 26 | 25 | 32 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 1 | 0 | 1 | 1 | 1 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 | 1 | 1 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Loans collateralized by securities | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 67 | ' | ' | 67 | ' | 67 |
Recorded investment, without specific allowance | 26 | ' | ' | 26 | ' | 28 |
Gross impaired loans | 93 | ' | ' | 93 | ' | 95 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 63 | ' | ' | 63 | ' | 63 |
Unpaid principal balance, without specific allowance | 26 | ' | ' | 26 | ' | 28 |
Associated specific allowance | 51 | ' | ' | 51 | ' | 55 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 65 | 65 | 74 | 65 | 71 | ' |
Average recorded investment, without specific allowance | 40 | 27 | 27 | 34 | 27 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Consumer finance | ' | ' | ' | ' | ' | ' |
Recorded investment | ' | ' | ' | ' | ' | ' |
Recorded investment, with a specific allowance | 224 | ' | ' | 224 | ' | 231 |
Recorded investment, without specific allowance | 40 | ' | ' | 40 | ' | 18 |
Gross impaired loans | 264 | ' | ' | 264 | ' | 249 |
Unpaid principal balance | ' | ' | ' | ' | ' | ' |
Unpaid principal balance, with a specific allowance | 205 | ' | ' | 205 | ' | 211 |
Unpaid principal balance, without specific allowance | 40 | ' | ' | 40 | ' | 18 |
Associated specific allowance | 130 | ' | ' | 130 | ' | 134 |
Average recorded investment | ' | ' | ' | ' | ' | ' |
Average recorded investment, with a specific allowance | 223 | 228 | 258 | 226 | 269 | ' |
Average recorded investment, without specific allowance | 22 | 18 | 18 | 20 | 28 | ' |
Interest income recognized | ' | ' | ' | ' | ' | ' |
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis | ' | ' | ' | ' | ' | ' |
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | ' |
Other_assets_and_other_liabili2
Other assets and other liabilities (Details) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Other assets (CHF million) | ' | ' | ' | ' |
Cash collateral on derivative instruments | 8,097 | 7,058 | 8,359 | 10,212 |
Cash collateral on non-derivative transactions | 2,445 | 1,541 | 1,412 | 1,905 |
Derivative instruments used for hedging | 2,100 | 1,894 | 2,062 | 2,387 |
Assets held-for-sale | 20,102 | 20,615 | 19,306 | 23,763 |
Loans held-for-sale | 19,755 | 20,223 | 18,914 | 23,284 |
of which real estate | 347 | 392 | 392 | 478 |
Assets held for separate accounts | 9,046 | 10,268 | 11,236 | 12,032 |
Interest and fees receivable | 6,041 | 4,831 | 4,859 | 5,733 |
Deferred tax assets | 5,557 | 5,683 | 6,185 | 6,599 |
Prepaid expenses | 649 | 585 | 552 | 809 |
Failed purchases | 2,996 | 2,542 | 2,365 | 3,131 |
Other | 7,656 | 7,388 | 6,729 | 6,415 |
Other assets | 64,689 | 62,405 | 63,065 | 72,986 |
Other liabilities (CHF million) | ' | ' | ' | ' |
Cash collateral on derivative instruments | 12,844 | 11,984 | 11,663 | 13,047 |
Cash collateral on non-derivative transactions | 740 | 754 | 955 | 1,957 |
Derivative instruments used for hedging | 202 | 512 | 384 | 763 |
Provisions | 2,653 | 2,633 | 2,641 | 1,251 |
of which off-balance sheet risk | 59 | 62 | 60 | 65 |
Liabilities held for separate accounts | 9,046 | 10,268 | 11,236 | 12,032 |
Interest and fees payable | 6,055 | 5,001 | 5,641 | 7,665 |
Current tax liabilities | 788 | 841 | 864 | 853 |
Deferred tax liabilities | 423 | 427 | 394 | 165 |
Failed sales | 1,267 | 2,235 | 2,396 | 2,944 |
Other | 14,895 | 14,113 | 15,273 | 15,440 |
Other liabilities | 48,913 | 48,768 | 51,447 | 56,117 |
Longterm_debt_Details
Long-term debt (Details) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Long-term debt | ' | ' | ' | ' |
Senior | 108,419 | 99,050 | 96,048 | 102,475 |
Subordinated | 23,551 | 21,145 | 21,002 | 15,580 |
Non-recourse liabilities from consolidated VIEs | 11,857 | 12,239 | 12,992 | 15,450 |
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 |
of which reported at fair value | 70,217 | 64,694 | 63,369 | 63,942 |
Structured notes | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' |
Long-term debt | 41,739 | 38,427 | 34,815 | 34,320 |
Longterm_debt_Details_2
Long-term debt (Details 2) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Long-term debt by maturities | ' | ' | ' | ' |
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 |
Structured notes | ' | ' | ' | ' |
Long-term debt by maturities | ' | ' | ' | ' |
Long-term debt | 41,739 | 38,427 | 34,815 | 34,320 |
Structured notes | Equity | ' | ' | ' | ' |
Long-term debt by maturities | ' | ' | ' | ' |
Long-term debt | 29,855 | 26,362 | 22,605 | ' |
Structured notes | Fixed income | ' | ' | ' | ' |
Long-term debt by maturities | ' | ' | ' | ' |
Long-term debt | 6,080 | 5,981 | 6,455 | ' |
Structured notes | Credit | ' | ' | ' | ' |
Long-term debt by maturities | ' | ' | ' | ' |
Long-term debt | 4,778 | 4,826 | 5,016 | ' |
Structured notes | Other | ' | ' | ' | ' |
Long-term debt by maturities | ' | ' | ' | ' |
Long-term debt | 1,026 | 1,258 | 739 | ' |
Group parent company | ' | ' | ' | ' |
Long-term debt by maturities | ' | ' | ' | ' |
Long-term debt | 5,112 | ' | 2,784 | ' |
Accumulated_other_comprehensiv2
Accumulated other comprehensive income (Details) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | Gains/(losses) on cash flow hedges | Gains/(losses) on cash flow hedges | Gains/(losses) on cash flow hedges | Gains/(losses) on cash flow hedges | Gains/(losses) on cash flow hedges | Cumulative translation adjustments | Cumulative translation adjustments | Cumulative translation adjustments | Cumulative translation adjustments | Cumulative translation adjustments | Unrealized gains/(losses) on securities | Unrealized gains/(losses) on securities | Unrealized gains/(losses) on securities | Unrealized gains/(losses) on securities | Unrealized gains/(losses) on securities | Actuarial gains/(losses) | Actuarial gains/(losses) | Actuarial gains/(losses) | Actuarial gains/(losses) | Actuarial gains/(losses) | Net prior service credit/ (cost) | Net prior service credit/ (cost) | Net prior service credit/ (cost) | Net prior service credit/ (cost) | Net prior service credit/ (cost) | Accumulated other comprehensive income | Accumulated other comprehensive income | Accumulated other comprehensive income | Accumulated other comprehensive income | Accumulated other comprehensive income | ||||
Increase (Decrease) in Accumulated other Comprehensive Income (CHF million) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | -15,977 | -16,083 | -15,875 | -15,201 | 6 | -11 | -27 | -11 | -29 | -13,922 | -13,674 | -11,967 | -13,674 | -12,767 | 60 | 52 | 77 | 52 | 84 | -2,722 | -2,757 | -3,731 | -2,757 | -3,801 | 495 | 515 | 583 | 515 | 610 | -16,083 | -15,875 | -15,065 | -15,875 | -15,903 |
Increase/(decrease) | ' | ' | ' | ' | 12 | 12 | -22 | 24 | -17 | 62 | -248 | -159 | -186 | 595 | 12 | 8 | -14 | 20 | -21 | 4 | -3 | 15 | 1 | 21 | 0 | 0 | 0 | 0 | 0 | 90 | -231 | -180 | -141 | 578 |
Increase/(decrease) due to equity method investments | ' | ' | ' | ' | 5 | 8 | 5 | 13 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 8 | 5 | 13 | 2 |
Reclassification adjustments, included in net income | ' | ' | ' | ' | -5 | -3 | 2 | -8 | 2 | 0 | 0 | 2 | 0 | 48 | 0 | 0 | 0 | 0 | 0 | 38 | 38 | 66 | 76 | 130 | -22 | -20 | -31 | -42 | -58 | 11 | 15 | 39 | 26 | 122 |
Total increase/(decrease) | ' | ' | ' | ' | 12 | 17 | -15 | 29 | -13 | 62 | -248 | -157 | -186 | 643 | 12 | 8 | -14 | 20 | -21 | 42 | 35 | 81 | 77 | 151 | -22 | -20 | -31 | -42 | -58 | 106 | -208 | -136 | -102 | 702 |
Balance | -15,977 | -16,083 | -15,875 | -15,201 | 18 | 6 | -42 | 18 | -42 | -13,860 | -13,922 | -12,124 | -13,860 | -12,124 | 72 | 60 | 63 | 72 | 63 | -2,680 | -2,722 | -3,650 | -2,680 | -3,650 | 473 | 495 | 552 | 473 | 552 | -15,977 | -16,083 | -15,201 | -15,977 | -15,201 |
Accumulated_other_comprehensiv3
Accumulated other comprehensive income (Details 2) (CHF) | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||||
Common shares issued | ' | ' | ' | ' | ' | ' | ||||||
Common Stock, Shares, Issued, Beginning Balance | 1,596,119,349 | 1,596,119,349 | 1,339,652,645 | 1,596,119,349 | 1,320,829,922 | ' | ||||||
Issuance of common shares | 11,049,598 | 0 | 254,643,090 | 11,049,598 | 273,465,813 | ' | ||||||
of which reserved for share-based compensation | 11,049,598 | 0 | 17,126,788 | 11,049,598 | 35,949,511 | ' | ||||||
Common Stock, Shares, Issued, Ending Balance | 1,607,168,947 | 1,596,119,349 | 1,594,295,735 | 1,607,168,947 | 1,594,295,735 | ' | ||||||
Treasury shares | ' | ' | ' | ' | ' | ' | ||||||
Treasury Stock, Shares, Beginning Balance | 8,866,124 | 5,183,154 | 27,495,313 | 5,183,154 | 27,036,831 | ' | ||||||
Sale of treasury shares | 78,696,088 | 67,970,125 | 144,989,659 | 146,666,213 | 230,922,166 | ' | ||||||
Repurchase of treasury shares | 101,311,442 | 72,306,505 | 121,624,269 | 173,617,947 | 212,129,195 | ' | ||||||
Share-based compensation, net of tax | 24,285,332 | 653,410 | 1,801,542 | 24,938,742 | 5,915,479 | ' | ||||||
Treasury Stock, Shares, Ending Balance | 7,196,146 | 8,866,124 | 2,328,381 | 7,196,146 | 2,328,381 | ' | ||||||
Common shares outstanding | 1,599,972,801 | [1] | 1,587,253,225 | [2] | 1,591,967,354 | [3] | 1,599,972,801 | [1] | 1,591,967,354 | [3] | 1,590,936,195 | |
Par value (in CHF per share) | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||
Authorized shares (in shares) | 2,299,616,660 | [4] | 2,269,616,660 | [4] | 2,269,616,660 | [4] | 2,299,616,660 | [4] | 2,269,616,660 | [4] | 2,269,616,660 | [4] |
Unissued shares (in shares) | 680,000,000 | 661,049,598 | 662,873,212 | 680,000,000 | 662,873,212 | ' | ||||||
Unissued shares reserved for potential conversion of issued buffer capital notes and mandatory and contingent covertible securities into shares | 498,874,240 | 498,874,240 | 498,874,240 | 498,874,240 | 498,874,240 | ' | ||||||
Subordinated mandatory and contingent convertible securities (MACCS) | ' | ' | ' | ' | ' | ' | ||||||
Common shares issued | ' | ' | ' | ' | ' | ' | ||||||
Issuance of common shares | 0 | 0 | 199,964,015 | 0 | 199,964,015 | ' | ||||||
Treasury shares | ' | ' | ' | ' | ' | ' | ||||||
Sale of treasury shares | 0 | 0 | 33,488,655 | 0 | 33,488,655 | ' | ||||||
[1] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | |||||||||||
[2] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 661,049,598 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | |||||||||||
[3] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 662,873,212 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498,874,240 of these shares were reserved for capital instruments. | |||||||||||
[4] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). |
Accumulated_other_comprehensiv4
Accumulated other comprehensive income (Details 3) (CHF) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | 307 | 543 | ' | 472 | ' | 850 | 971 |
Gains/(losses) on cash flow hedges | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | -5 | -3 | ' | 2 | ' | -8 | 2 |
Cumulative translation adjustments | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | 0 | 0 | ' | 2 | ' | 0 | 48 |
Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Sale of subsidiaries | 0 | 0 | ' | 2 | ' | 0 | 48 |
of which net impairment provision | ' | ' | 38 | ' | 46 | ' | ' |
Unrealized gains/(losses) on securities | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | 0 | 0 | ' | 0 | ' | 0 | 0 |
Actuarial gains/(losses) | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | 38 | 38 | ' | 66 | ' | 76 | 130 |
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 | 50 | 50 | ' | 88 | ' | 100 | 174 |
Income tax expense | -12 | -12 | ' | -22 | ' | -24 | -44 |
Net prior service credit/ (cost) | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | -22 | -20 | ' | -31 | ' | -42 | -58 |
Net prior service credit/ (cost) | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income, before tax | -28 | -25 | ' | -40 | ' | -53 | -74 |
Income tax expense | 6 | 5 | ' | 9 | ' | 11 | 16 |
Accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | ' | ' | ' | ' | ' | ' | ' |
Reclassification adjustments, included in net income | 11 | 15 | ' | 39 | ' | 26 | 122 |
Offsetting_of_financial_assets2
Offsetting of financial assets and financial liabilities (Details) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 492,900,000,000 | ' | 568,500,000,000 | ' |
Offsetting | -469,000,000,000 | ' | -544,900,000,000 | ' |
of which counterparty netting | -448,900,000,000 | ' | -523,900,000,000 | ' |
of which cash collateral netting | -20,100,000,000 | ' | -21,000,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 23,900,000,000 | ' | 23,600,000,000 | ' |
Total derivatives not subject to enforceable master netting agreements | 9,200,000,000 | ' | 10,100,000,000 | ' |
Total net derivatives presented in the consolidated balance sheets | 33,100,000,000 | ' | 33,700,000,000 | ' |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ' | ' | ' | ' |
Securities purchased under resale agreements, gross | 113,600,000,000 | ' | 112,000,000,000 | ' |
Securities purchased under resale agreements, offsetting | -32,400,000,000 | ' | -25,100,000,000 | ' |
Securities purchased under resale agreements, net | 81,200,000,000 | ' | 86,900,000,000 | ' |
Securities borrowing transactions, gross | 16,700,000,000 | ' | 22,700,000,000 | ' |
Securities borrowing transactions, offsetting | 0 | ' | -1,700,000,000 | ' |
Securities borrowing transactions, net | 16,700,000,000 | ' | 21,000,000,000 | ' |
Total subject to enforceable master netting agreements, gross | 130,300,000,000 | ' | 134,700,000,000 | ' |
Total subject to enforceable master netting agreements, offsetting | -32,400,000,000 | ' | -26,800,000,000 | ' |
Total subject to enforceable master netting agreements, net | 97,900,000,000 | ' | 107,900,000,000 | ' |
Total not subject to enforceable master netting agreements | 67,800,000,000 | ' | 52,100,000,000 | ' |
Total, gross | 198,100,000,000 | ' | 186,800,000,000 | ' |
Total, offsetting | -32,400,000,000 | ' | -26,800,000,000 | ' |
Total, net | 165,700,000,000 | ' | 160,000,000,000 | ' |
of which reported at fair value | 86,586,000,000 | 88,081,000,000 | 96,587,000,000 | 99,972,000,000 |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 23,900,000,000 | ' | 23,600,000,000 | ' |
Derivatives, financial instruments | 4,200,000,000 | ' | 4,900,000,000 | ' |
Derivatives, cash collateral received/pledged | 0 | ' | 100,000,000 | ' |
Derivatives, net exposure | 19,700,000,000 | ' | 18,600,000,000 | ' |
Securities purchased under resale agreements, net | 81,200,000,000 | ' | 86,900,000,000 | ' |
Securities purchased under resale agreements, financial instruments | 81,200,000,000 | ' | 86,900,000,000 | ' |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | ' | 0 | ' |
Securities purchased under resale agreements, net exposure | 0 | ' | 0 | ' |
Securities borrowing transactions, net | 16,700,000,000 | ' | 21,000,000,000 | ' |
Securities borrowing transactions, financial instruments | 16,300,000,000 | ' | 20,200,000,000 | ' |
Securities borrowing transactions, cash collateral received/pledged | 0 | ' | 0 | ' |
Securities borrowing transactions, net exposure | 400,000,000 | ' | 800,000,000 | ' |
Total financial assets subject to enforceable, net | 121,800,000,000 | ' | 131,500,000,000 | ' |
Total financial assets subject to enforceable, financial instruments | 101,700,000,000 | ' | 112,000,000,000 | ' |
Total financial assets subject to enforceable, cash collateral received/pledged | 0 | ' | 100,000,000 | ' |
Total financial assets subject to enforceable, net exposure | 20,100,000,000 | ' | 19,400,000,000 | ' |
Trading assets | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Total net derivatives presented in the consolidated balance sheets | 31,000,000,000 | ' | 31,600,000,000 | ' |
Other assets | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Total net derivatives presented in the consolidated balance sheets | 2,100,000,000 | ' | 2,100,000,000 | ' |
OTC-cleared | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 219,100,000,000 | ' | 270,600,000,000 | ' |
Offsetting | -216,100,000,000 | ' | -269,100,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 3,000,000,000 | ' | 1,500,000,000 | ' |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 3,000,000,000 | ' | 1,500,000,000 | ' |
OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 260,300,000,000 | ' | 282,200,000,000 | ' |
Offsetting | -239,800,000,000 | ' | -260,700,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 20,500,000,000 | ' | 21,500,000,000 | ' |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 20,500,000,000 | ' | 21,500,000,000 | ' |
Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 13,500,000,000 | ' | 15,700,000,000 | ' |
Offsetting | -13,100,000,000 | ' | -15,100,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 400,000,000 | ' | 600,000,000 | ' |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 400,000,000 | ' | 600,000,000 | ' |
Interest rate derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 395,300,000,000 | ' | 448,700,000,000 | ' |
Interest rate derivatives | OTC-cleared | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 212,700,000,000 | ' | 265,400,000,000 | ' |
Interest rate derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 182,500,000,000 | ' | 183,000,000,000 | ' |
Interest rate derivatives | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 100,000,000 | ' | 300,000,000 | ' |
Foreign exchange derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 41,900,000,000 | ' | 58,600,000,000 | ' |
Foreign exchange derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 41,800,000,000 | ' | 58,500,000,000 | ' |
Foreign exchange derivatives | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 100,000,000 | ' | 100,000,000 | ' |
Equity/index-related derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 26,400,000,000 | ' | 30,300,000,000 | ' |
Equity/index-related derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 13,600,000,000 | ' | 15,500,000,000 | ' |
Equity/index-related derivatives | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 12,800,000,000 | ' | 14,800,000,000 | ' |
Credit derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 25,000,000,000 | ' | 26,000,000,000 | ' |
Credit derivatives | OTC-cleared | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 6,400,000,000 | ' | 5,200,000,000 | ' |
Credit derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 18,600,000,000 | ' | 20,800,000,000 | ' |
Other products | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 4,300,000,000 | ' | 4,900,000,000 | ' |
Other products | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 3,800,000,000 | ' | 4,400,000,000 | ' |
Other products | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative assets, gross, subject to enforceable master netting agreements | 500,000,000 | ' | 500,000,000 | ' |
Offsetting_of_financial_assets3
Offsetting of financial assets and financial liabilities (Details 2) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 499,100,000,000 | ' | 573,400,000,000 | ' |
Offsetting | -474,200,000,000 | ' | -547,800,000,000 | ' |
of which counterparty netting | -448,900,000,000 | ' | -523,900,000,000 | ' |
of which cash collateral netting | -25,300,000,000 | ' | -23,900,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 24,900,000,000 | ' | 25,600,000,000 | ' |
Total derivatives not subject to enforceable master netting agreements | 9,800,000,000 | ' | 11,300,000,000 | ' |
Total net derivatives presented in the consolidated balance sheets | 34,700,000,000 | ' | 36,900,000,000 | ' |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ' | ' | ' | ' |
Securities sold under repurchase agreements, gross | 82,800,000,000 | ' | 86,500,000,000 | ' |
Securities sold under repurchase agreements, offsetting | -32,400,000,000 | ' | -26,800,000,000 | ' |
Securities sold under repurchase agreements, net | 50,400,000,000 | ' | 59,700,000,000 | ' |
Securities lending transactions, gross | 9,300,000,000 | ' | 6,600,000,000 | ' |
Securities lending transactions, offsetting | 0 | ' | 0 | ' |
Securities lending transactions, net | 9,300,000,000 | ' | 6,600,000,000 | ' |
Obligation to return securities received as collateral, at fair value, gross | 17,300,000,000 | ' | 18,500,000,000 | ' |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | ' | 0 | ' |
Obligation to return securities received as collateral, at fair value, net | 17,300,000,000 | ' | 18,500,000,000 | ' |
Total subject to enforceable master netting agreements, gross | 109,400,000,000 | ' | 111,600,000,000 | ' |
Total subject to enforceable master netting agreements, offsetting | -32,400,000,000 | ' | -26,800,000,000 | ' |
Total subject to enforceable master netting agreements, net | 77,000,000,000 | ' | 84,800,000,000 | ' |
Total not subject to enforceable master netting agreements | 32,700,000,000 | ' | 32,000,000,000 | ' |
Total, gross | 142,100,000,000 | ' | 143,600,000,000 | ' |
Total, offsetting | -32,400,000,000 | ' | -26,800,000,000 | ' |
Total, net | 109,700,000,000 | ' | 116,800,000,000 | ' |
of which reported at fair value | 60,529,000,000 | 70,824,000,000 | 76,104,000,000 | 79,443,000,000 |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 24,900,000,000 | ' | 25,600,000,000 | ' |
Derivatives, financial instruments | 9,600,000,000 | ' | 9,900,000,000 | ' |
Derivatives, cash collateral received/pledged | 0 | ' | 0 | ' |
Derivatives, net exposure | 15,300,000,000 | ' | 15,700,000,000 | ' |
Securities sold under repurchase agreements, net | 50,400,000,000 | ' | 59,700,000,000 | ' |
Securities sold under repurchase agreements, financial instruments | 50,400,000,000 | ' | 59,700,000,000 | ' |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | ' | 0 | ' |
Securities sold under repurchase agreements, net exposure | 0 | ' | 0 | ' |
Securities lending transactions, net | 9,300,000,000 | ' | 6,600,000,000 | ' |
Securities lending transactions, financial instruments | 9,100,000,000 | ' | 6,200,000,000 | ' |
Securities lending transactions, cash collateral received/pledged | 0 | ' | 0 | ' |
Securities lending transactions, net exposure | 200,000,000 | ' | 400,000,000 | ' |
Obligation to return securities received as collateral, at fair value, net | 17,300,000,000 | ' | 18,500,000,000 | ' |
Obligation to return securities received as collateral, financial instruments | 16,500,000,000 | ' | 17,500,000,000 | ' |
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 | 800,000,000 | ' | 1,000,000,000 | ' |
Total financial liabilities subject to enforceable, net | 101,900,000,000 | ' | 110,400,000,000 | ' |
Total financial liabilities subject to enforceable, financial instruments | 85,600,000,000 | ' | 93,300,000,000 | ' |
Total financial liabilities subject to enforceable, cash collateral received/pledged | 0 | ' | 0 | ' |
Total financial liabilities subject to enforceable, net exposure | 16,300,000,000 | ' | 17,100,000,000 | ' |
Trading Liabilities | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Total net derivatives presented in the consolidated balance sheets | 34,500,000,000 | ' | 36,500,000,000 | ' |
Other liabilities | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Total net derivatives presented in the consolidated balance sheets | 200,000,000 | ' | 400,000,000 | ' |
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, gross | 120,500,000,000 | ' | 120,800,000,000 | ' |
Total, offsetting | -32,400,000,000 | ' | -26,800,000,000 | ' |
Total, net | 88,100,000,000 | ' | 94,000,000,000 | ' |
Obligation to return securities received as collateral | ' | ' | ' | ' |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ' | ' | ' | ' |
Total, gross | 21,600,000,000 | ' | 22,800,000,000 | ' |
Total, offsetting | 0 | ' | 0 | ' |
Total, net | 21,600,000,000 | ' | 22,800,000,000 | ' |
OTC-cleared | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 213,000,000,000 | ' | 267,200,000,000 | ' |
Offsetting | -212,800,000,000 | ' | -267,000,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 200,000,000 | ' | 200,000,000 | ' |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 200,000,000 | ' | 200,000,000 | ' |
OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 270,900,000,000 | ' | 290,100,000,000 | ' |
Offsetting | -247,800,000,000 | ' | -265,700,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 23,100,000,000 | ' | 24,400,000,000 | ' |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 23,100,000,000 | ' | 24,400,000,000 | ' |
Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,200,000,000 | ' | 16,100,000,000 | ' |
Offsetting | -13,600,000,000 | ' | -15,100,000,000 | ' |
Total net derivatives subject to enforceable master netting agreements | 1,600,000,000 | ' | 1,000,000,000 | ' |
Amounts not offset in the consolidated balance sheets | ' | ' | ' | ' |
Derivatives, net | 1,600,000,000 | ' | 1,000,000,000 | ' |
Interest rate derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 385,800,000,000 | ' | 440,200,000,000 | ' |
Interest rate derivatives | OTC-cleared | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 207,100,000,000 | ' | 262,100,000,000 | ' |
Interest rate derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 178,700,000,000 | ' | 178,100,000,000 | ' |
Interest rate derivatives | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | ' | 0 | ' |
Foreign exchange derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 53,800,000,000 | ' | 68,400,000,000 | ' |
Foreign exchange derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 53,700,000,000 | ' | 68,200,000,000 | ' |
Foreign exchange derivatives | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 100,000,000 | ' | 200,000,000 | ' |
Equity/index-related derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 30,500,000,000 | ' | 33,700,000,000 | ' |
Equity/index-related derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 16,100,000,000 | ' | 18,600,000,000 | ' |
Equity/index-related derivatives | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,400,000,000 | ' | 15,100,000,000 | ' |
Credit derivatives | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 25,700,000,000 | ' | 26,300,000,000 | ' |
Credit derivatives | OTC-cleared | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,900,000,000 | ' | 5,100,000,000 | ' |
Credit derivatives | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 19,800,000,000 | ' | 21,200,000,000 | ' |
Other products | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 3,300,000,000 | ' | 4,800,000,000 | ' |
Other products | OTC | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 2,600,000,000 | ' | 4,000,000,000 | ' |
Other products | Exchange-traded | ' | ' | ' | ' |
Offsetting of derivatives | ' | ' | ' | ' |
Derivative liabilities, gross, subject to enforceable master netting agreements | 700,000,000 | ' | 800,000,000 | ' |
Tax_Details
Tax (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income from continuing operations before taxes (CHF) | ' | ' | ' | ' | ' |
Income from continuing operations before taxes | -346 | 1,743 | 1,645 | 1,397 | 3,519 |
Current and deferred taxes (CHF) | ' | ' | ' | ' | ' |
Deferred income tax expense | ' | ' | ' | 562 | 623 |
Income tax expense | 307 | 543 | 472 | 850 | 971 |
Reconciliation of taxes computed at the Swiss statutory rate (CHF) | ' | ' | ' | ' | ' |
Income tax expense computed at the statutory tax rate of 22% | -76 | ' | ' | ' | ' |
Swiss statutory rate (as a percent) | 22.00% | ' | ' | ' | ' |
Increase/(decrease) in income taxes resulting from: | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 228 | ' | ' | ' | ' |
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions | 228 | ' | ' | ' | ' |
Other non-deductible expenses | 386 | ' | ' | ' | ' |
of which non-deductible interest expenses | 40 | ' | ' | ' | ' |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 18 | ' | ' | ' | ' |
of which non-deductible provision accruals | 328 | ' | ' | ' | ' |
Lower taxed income | -5 | ' | ' | ' | ' |
of which tax benefit related non-taxable life insurance income | -5 | ' | ' | ' | ' |
Income taxable to non-controlling interests | -10 | ' | ' | ' | ' |
Changes in deferred tax valuation allowance | 505 | ' | ' | ' | ' |
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards | 105 | ' | ' | ' | ' |
of which valuation allowance deferred tax assets increases reassessment | 400 | ' | ' | ' | ' |
Change in recognition of outside basis difference | -733 | ' | ' | ' | ' |
Other | 12 | ' | ' | ' | ' |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | -4 | ' | ' | ' | ' |
of which foreign exchange translation gains or losses relating to deferred tax assets on tax loss carry-forwards recorded in UK entities | 6 | ' | ' | ' | ' |
of which tax expense relating to non-recoverable foreign and withholding taxes | 7 | ' | ' | ' | ' |
Income tax expense | 307 | 543 | 472 | 850 | 971 |
Tax_Details_2
Tax (Details 2) (CHF) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Tax effect of temporary differences (CHF) | ' | ' | ' |
Net operating loss carry-forwards | 758 | 758 | 1,436 |
Net deferred tax assets | 5,134 | 5,134 | 5,256 |
Tax benefits associated with share-based compensation (CHF) | ' | ' | ' |
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | 10 | -38 | ' |
Tax_Details_3
Tax (Details 3) (CHF) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Net deferred tax assets (CHF million) | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 5,557,000,000 | 5,683,000,000 | 6,599,000,000 | 5,557,000,000 | 6,599,000,000 | 6,185,000,000 |
Net operating loss carry-forwards | 758,000,000 | 1,436,000,000 | ' | 758,000,000 | ' | ' |
Temporary differences | 4,799,000,000 | 4,247,000,000 | ' | 4,799,000,000 | ' | ' |
Deferred tax liabilities | 423,000,000 | 427,000,000 | 165,000,000 | 423,000,000 | 165,000,000 | 394,000,000 |
Deferred Tax Assets (Liabilities), Net | 5,134,000,000 | 5,256,000,000 | ' | 5,134,000,000 | ' | ' |
Accumulated undistributed earnings from foreign subsidiaries | 6,600,000,000 | ' | ' | 6,600,000,000 | ' | ' |
Reasonably possible decrease in unrecognized tax benefits, low end of range | 0 | ' | ' | 0 | ' | ' |
Reasonably possible decrease in unrecognized tax benefits, high end of range | 55,000,000 | ' | ' | 55,000,000 | ' | ' |
Effective tax rate | ' | ' | ' | ' | ' | ' |
Effective tax rate (as a percent) | -88.70% | 31.20% | 28.70% | 60.80% | 27.60% | ' |
Employee_deferred_compensation2
Employee deferred compensation (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 632 | 709 | 510 | 1,341 | 1,190 |
Discontinued operations | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | -6 | -3 | -5 | -9 | -6 |
2011 Partner Asset Facility (PAF2) | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | -1 | 11 | -23 | 10 | -30 |
Adjustable Performance Plan cash awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | -11 | -2 | 2 | -13 | -1 |
Restricted Cash Awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 24 | 23 | 37 | 47 | 91 |
Other Cash Awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 98 | 128 | 120 | 226 | 237 |
2008 Partner Asset Facility (PAF) awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 61 | 22 | 11 | 83 | 53 |
Plus Bond awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Period over which award will be expensed | '3 years 0 months 0 days | ' | ' | ' | ' |
Contingent Capital Awards (CCA) | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 79 | 96 | ' | 175 | ' |
Capital Opportunity Facility (COF) | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 4 | 1 | ' | 5 | ' |
Performance shares | Performance share awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 156 | 172 | 126 | 328 | 330 |
Stock compensation plan | Share awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 227 | 250 | 203 | 477 | 457 |
Stock compensation plan | Scaled Incentive Share Unit (SISU) | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | -3 | 0 | 17 | -3 | 24 |
Stock compensation plan | Incentive Share Unit (ISU) | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 0 | 0 | 0 | 0 | -2 |
Stock compensation plan | Adjustable Performance Plan share awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | -3 | 1 | 16 | -2 | 21 |
Stock compensation plan | Plus Bond awards | ' | ' | ' | ' | ' |
Deferred compensation expense (CHF million) | ' | ' | ' | ' | ' |
Total compensation expense relating to deferred compensation | 7 | 10 | 6 | 17 | 16 |
Employee_deferred_compensation3
Employee deferred compensation (Details 2) (CHF) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 2,333 |
Aggregate remaining weighted-average requisite service period (years) | ' |
Aggregate remaining weighted-average requisite service period (in years) | 1.2 |
Adjustable Performance Plan cash awards | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 5 |
Restricted Cash Awards | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 82 |
Other Cash Awards | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 220 |
Contingent Capital Awards (CCA) | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 276 |
Capital Opportunity Facility (COF) | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 6 |
Performance shares | Performance share awards | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 535 |
Stock compensation plan | Share awards | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 1,195 |
Stock compensation plan | Adjustable Performance Plan share awards | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 4 |
Stock compensation plan | Plus Bond awards | ' |
Estimated unrecognized compensation expense (CHF million) | ' |
Total estimated unrecognized compensation expense | 10 |
Employee_deferred_compensation4
Employee deferred compensation (Details 3) (CHF) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
year | |||
Performance shares | Performance share awards | ' | ' | ' |
Number of share awards | ' | ' | ' |
Balance at beginning of period (in shares) | ' | 65,700,000 | 41,400,000 |
Granted (in shares) | ' | 0 | 24,300,000 |
Settled (in shares) | ' | -15,900,000 | -15,900,000 |
Forfeited (in shares) | ' | -400,000 | -400,000 |
Balance at end of period (in shares) | 49,400,000 | 49,400,000 | 49,400,000 |
of which vested (in shares) | 2,600,000 | 2,600,000 | 2,600,000 |
of which unvested (in shares) | 46,800,000 | 46,800,000 | 46,800,000 |
Stock compensation plan | Share awards | ' | ' | ' |
Share-based compensation disclosures | ' | ' | ' |
Share award equal to number of Group share awards (in shares) | 1 | ' | ' |
Vesting period (in years) | 3 | ' | ' |
Total value of awards granted | 66 | ' | ' |
Number of share awards | ' | ' | ' |
Balance at beginning of period (in shares) | ' | 103,600,000 | 72,900,000 |
Granted (in shares) | 2,700,000 | 3,200,000 | 35,200,000 |
Settled (in shares) | ' | -27,000,000 | -28,000,000 |
Forfeited (in shares) | ' | -1,400,000 | -1,700,000 |
Balance at end of period (in shares) | 78,400,000 | 78,400,000 | 78,400,000 |
of which vested (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
of which unvested (in shares) | 73,400,000 | 73,400,000 | 73,400,000 |
Stock compensation plan | Scaled Incentive Share Unit (SISU) | ' | ' | ' |
Number of share awards | ' | ' | ' |
Balance at beginning of period (in shares) | ' | 4,700,000 | 4,700,000 |
Granted (in shares) | ' | 0 | 0 |
Settled (in shares) | ' | -4,500,000 | -4,500,000 |
Forfeited (in shares) | ' | -100,000 | -100,000 |
Balance at end of period (in shares) | 100,000 | 100,000 | 100,000 |
of which vested (in shares) | 100,000 | 100,000 | 100,000 |
of which unvested (in shares) | 0 | 0 | 0 |
Stock compensation plan | Incentive Share Unit (ISU) | ' | ' | ' |
Number of share awards | ' | ' | ' |
Balance at beginning of period (in shares) | ' | 1,000,000 | 1,200,000 |
Granted (in shares) | ' | 0 | 0 |
Settled (in shares) | ' | 0 | 0 |
Forfeited (in shares) | ' | -300,000 | -500,000 |
Balance at end of period (in shares) | 700,000 | 700,000 | 700,000 |
of which vested (in shares) | 100,000 | 100,000 | 100,000 |
of which unvested (in shares) | 600,000 | 600,000 | 600,000 |
Stock compensation plan | Adjustable Performance Plan share awards | ' | ' | ' |
Number of share awards | ' | ' | ' |
Balance at beginning of period (in shares) | ' | 15,300,000 | 14,500,000 |
Granted (in shares) | ' | 0 | 800,000 |
Settled (in shares) | ' | -7,600,000 | -7,600,000 |
Forfeited (in shares) | ' | -200,000 | -200,000 |
Balance at end of period (in shares) | 7,500,000 | 7,500,000 | 7,500,000 |
of which vested (in shares) | 1,000,000 | 1,000,000 | 1,000,000 |
of which unvested (in shares) | 6,500,000 | 6,500,000 | 6,500,000 |
Employee_deferred_compensation5
Employee deferred compensation (Details 4) (Plus Bond awards) | 3 Months Ended |
Jun. 30, 2014 | |
Plus Bond awards | ' |
Other compensation benefits | ' |
Period over which award will be expensed | '3 years 0 months 0 days |
Pension_and_other_postretireme2
Pension and other post-retirement benefits (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Total benefit costs (CHF million) | ' | ' | ' | ' | ' |
Service costs on benefit obligation | 69 | 69 | 94 | 138 | 188 |
Interest costs on benefit obligation | 120 | 120 | 108 | 240 | 217 |
Expected return on plan assets | -181 | -181 | -184 | -362 | -368 |
Amortization of recognized prior service cost/(credit) | -22 | -22 | -23 | -44 | -46 |
Amortization of recognized actuarial losses/(gains) | 50 | 50 | 87 | 100 | 173 |
Net periodic benefit costs | 36 | 36 | 82 | 72 | 164 |
Settlement losses/(gains) | 0 | 0 | 1 | 0 | 1 |
Curtailment losses/(gains) | -7 | -3 | -17 | -10 | -28 |
Special termination benefits | 4 | 3 | 4 | 7 | 12 |
Total benefit costs | 33 | 36 | 70 | 69 | 149 |
PBO (CHF million) | ' | ' | ' | ' | ' |
Service costs | 69 | 69 | 94 | 138 | 188 |
Interest costs | 120 | 120 | 108 | 240 | 217 |
Pension and Other Postretirement Benefit Contributions | ' | ' | ' | ' | ' |
Contributions previously expected to be made by the company by the end of the current fiscal year | ' | ' | ' | 529 | ' |
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans | ' | ' | ' | 259 | ' |
Derivatives_and_hedging_activi2
Derivatives and hedging activities (Details) (CHF) | 3 Months Ended | |
In Billions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair value of derivative instruments | ' | ' |
Notional amount | 51,747 | 52,435.70 |
Positive replacement value (PRV) | 502.1 | 578.6 |
Negative replacement value (NRV) | 508.9 | 584.7 |
Cash flow hedges | ' | ' |
Maximum Length of Time Hedged in Cash Flow Hedge | '5 years 0 months 0 days | ' |
Not designated for hedge accounting | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 51,656.30 | 52,327.30 |
Positive replacement value (PRV) | 499.2 | 575.5 |
Negative replacement value (NRV) | 507.9 | 583.9 |
Not designated for hedge accounting | Interest rate derivatives | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 44,699 | 45,382 |
Positive replacement value (PRV) | 394.1 | 446.7 |
Negative replacement value (NRV) | 386.8 | 441.5 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 11,635.40 | 9,366.20 |
Positive replacement value (PRV) | 4.4 | 2.5 |
Negative replacement value (NRV) | 4.8 | 2.6 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 27,381.70 | 30,589.60 |
Positive replacement value (PRV) | 340.7 | 399.6 |
Negative replacement value (NRV) | 333.5 | 393.8 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 3,705.90 | 3,889.50 |
Positive replacement value (PRV) | 48.8 | 44.3 |
Negative replacement value (NRV) | 48.4 | 44.9 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 1,287.20 | 830.8 |
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 | 688.8 | 705.9 |
Positive replacement value (PRV) | 0.2 | 0.3 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Not designated for hedge accounting | Foreign exchange derivatives | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 4,419.10 | 4,350 |
Positive replacement value (PRV) | 43.9 | 61.3 |
Negative replacement value (NRV) | 57 | 72.5 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 1,992.90 | 2,098 |
Positive replacement value (PRV) | 12.3 | 21.6 |
Negative replacement value (NRV) | 12.7 | 21.5 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 1,409.40 | 1,382.10 |
Positive replacement value (PRV) | 23 | 28.9 |
Negative replacement value (NRV) | 34.9 | 39.2 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 952.6 | 815.6 |
Positive replacement value (PRV) | 8.5 | 10.7 |
Negative replacement value (NRV) | 9.3 | 11.6 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 49.7 | 48.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 14.5 | 5.5 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Not designated for hedge accounting | Credit derivatives | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 1,356.40 | 1,483.30 |
Positive replacement value (PRV) | 25.7 | 26.8 |
Negative replacement value (NRV) | 26.3 | 27.2 |
Not designated for hedge accounting | Equity/index-related derivatives | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 997 | 932.2 |
Positive replacement value (PRV) | 30.7 | 35.3 |
Negative replacement value (NRV) | 33.9 | 37.2 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 4.3 | 4 |
Positive replacement value (PRV) | 0.7 | 0.7 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 263.4 | 236.1 |
Positive replacement value (PRV) | 5.1 | 5.4 |
Negative replacement value (NRV) | 7.9 | 7.9 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 242.1 | 225.3 |
Positive replacement value (PRV) | 10.4 | 12.2 |
Negative replacement value (NRV) | 10 | 12 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 56.9 | 50.6 |
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 | 430.3 | 416.2 |
Positive replacement value (PRV) | 14.5 | 17 |
Negative replacement value (NRV) | 15.9 | 17.2 |
Not designated for hedge accounting | Other products | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 184.8 | 179.8 |
Positive replacement value (PRV) | 4.8 | 5.4 |
Negative replacement value (NRV) | 3.9 | 5.5 |
Not designated for hedge accounting | Other products | Forwards | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 20.2 | 19.2 |
Positive replacement value (PRV) | 0.6 | 0.7 |
Negative replacement value (NRV) | 0.4 | 1.1 |
Not designated for hedge accounting | Other products | Swaps | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 48.1 | 45.4 |
Positive replacement value (PRV) | 2.7 | 2.9 |
Negative replacement value (NRV) | 2 | 2.5 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 34 | 35.2 |
Positive replacement value (PRV) | 0.9 | 1.1 |
Negative replacement value (NRV) | 0.8 | 1 |
Not designated for hedge accounting | Other products | Futures | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 30.7 | 31.1 |
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 | 51.8 | 48.9 |
Positive replacement value (PRV) | 0.6 | 0.7 |
Negative replacement value (NRV) | 0.7 | 0.9 |
Designated for hedge accounting | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 90.7 | 108.4 |
Positive replacement value (PRV) | 2.9 | 3.1 |
Negative replacement value (NRV) | 1 | 0.8 |
Designated for hedge accounting | Interest rate derivatives | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 55.6 | 68.5 |
Positive replacement value (PRV) | 2.7 | 2.8 |
Negative replacement value (NRV) | 0.9 | 0.7 |
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 | 55.6 | 68.5 |
Positive replacement value (PRV) | 2.7 | 2.8 |
Negative replacement value (NRV) | 0.9 | 0.7 |
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 | 35.1 | 39.9 |
Positive replacement value (PRV) | 0.2 | 0.3 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 25.3 | 30.5 |
Positive replacement value (PRV) | 0.2 | 0.3 |
Negative replacement value (NRV) | 0.1 | 0.1 |
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 | 9.8 | 9.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Futures | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Credit derivatives | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Forwards | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Swaps | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Futures | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Forwards | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Swaps | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (OTC) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Futures | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ' | ' |
Fair value of derivative instruments | ' | ' |
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Derivatives_and_hedging_activi3
Derivatives and hedging activities (Details 2) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair value hedges | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Gains/(losses) recognized in income on derivatives | -24 | -290 | 243 | -314 | 329 |
Gains/(losses) recognized in income on hedged items | 14 | 300 | -247 | 314 | -331 |
Net gains/(losses) on the ineffective portion | -10 | 10 | -4 | 0 | -2 |
Fair value hedges | Interest rate derivatives | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Gains/(losses) recognized in income on derivatives | -26 | -290 | 249 | -316 | 337 |
Gains/(losses) recognized in income on hedged items | 16 | 300 | -253 | 316 | -339 |
Fair value hedges | Foreign exchange derivatives | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Gains/(losses) recognized in income on derivatives | 2 | 0 | -6 | 2 | -8 |
Gains/(losses) recognized in income on hedged items | -2 | 0 | 6 | -2 | 8 |
Cash flow hedges | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Net gains/(losses) on the ineffective portion | -1 | 0 | 0 | -1 | 0 |
Gains/(losses) recognized in AOCI on derivatives | 18 | 23 | -20 | 41 | -18 |
Gains/(losses) reclassified from AOCI into income | 5 | 3 | -2 | 8 | -2 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | 15 | ' | ' | ' | ' |
Cash flow hedges | Interest rate derivatives | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Gains/(losses) recognized in AOCI on derivatives | 13 | 14 | -25 | 27 | -20 |
Gains/(losses) reclassified from AOCI into income | 5 | 4 | -1 | 9 | 0 |
Cash flow hedges | Foreign exchange derivatives | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Gains/(losses) recognized in AOCI on derivatives | 5 | 9 | 5 | 14 | 2 |
Gains/(losses) reclassified from AOCI into income | 0 | -1 | -1 | -1 | -2 |
Net investment hedges | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Gains/(losses) recognized in AOCI on derivatives | -279 | 59 | 260 | -220 | -291 |
Net investment hedges | Foreign exchange derivatives | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' | ' |
Gains/(losses) recognized in AOCI on derivatives | -279 | 59 | 260 | -220 | -291 |
Derivatives_and_hedging_activi4
Derivatives and hedging activities (Details 3) (CHF) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Contingent credit risk | ' | ' |
Current net exposure | 13 | 12.9 |
Collateral posted | 11.9 | 11.8 |
Additional collateral required in a one-notch downgrade event | 1.2 | 1.4 |
Additional collateral required in a two-notch downgrade event | 2.9 | 3.4 |
Bilateral counterparties | ' | ' |
Contingent credit risk | ' | ' |
Current net exposure | 11.9 | 11.7 |
Collateral posted | 11 | 10.6 |
Additional collateral required in a one-notch downgrade event | 0.6 | 0.6 |
Additional collateral required in a two-notch downgrade event | 2 | 2.3 |
Special purpose entities | ' | ' |
Contingent credit risk | ' | ' |
Current net exposure | 0.9 | 1.1 |
Collateral posted | 0.9 | 1.2 |
Additional collateral required in a one-notch downgrade event | 0.6 | 0.8 |
Additional collateral required in a two-notch downgrade event | 0.8 | 1.1 |
Accelerated terminations | ' | ' |
Contingent credit risk | ' | ' |
Current net exposure | 0.2 | 0.1 |
Additional collateral required in a one-notch downgrade event | 0 | 0 |
Additional collateral required in a two-notch downgrade event | 0.1 | 0 |
Derivatives_and_hedging_activi5
Derivatives and hedging activities (Details 4) (CHF) | 3 Months Ended | |
In Billions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -632.3 | -698.7 |
Credit protection purchased | 603.2 | 663.9 |
Net credit protection (sold)/purchased | -29.1 | -34.8 |
Other protection purchased | 103.7 | 109 |
Fair value of credit protection sold | 12.8 | 12.5 |
Total return swaps | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -9.9 | -7.4 |
Maturity less than 1 year | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -114.2 | -110.4 |
Maturity between 1 to 5 years | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -411.8 | -489.6 |
Maturity greater than 5 years | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -106.3 | -98.7 |
Sovereigns | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -83.7 | -98.9 |
Credit protection purchased | 86.6 | 95.9 |
Net credit protection (sold)/purchased | 2.9 | -3 |
Other protection purchased | 9.4 | 10 |
Fair value of credit protection sold | 0.5 | -0.4 |
Non-sovereigns | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -548.6 | -599.8 |
Credit protection purchased | 516.6 | 568 |
Net credit protection (sold)/purchased | -32 | -31.8 |
Other protection purchased | 94.3 | 99 |
Fair value of credit protection sold | 12.3 | 12.9 |
Investment grade | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -467.6 | -525 |
Credit protection purchased | 449.8 | 500 |
Net credit protection (sold)/purchased | -17.8 | -25 |
Other protection purchased | 77.6 | 85 |
Fair value of credit protection sold | 8.8 | 8.5 |
Non-investment grade | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -164.7 | -173.7 |
Credit protection purchased | 153.4 | 163.9 |
Net credit protection (sold)/purchased | -11.3 | -9.8 |
Other protection purchased | 26.1 | 24 |
Fair value of credit protection sold | 4 | 4 |
Single-name instruments | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -387.2 | -414.6 |
Credit protection purchased | 369.9 | 392.8 |
Net credit protection (sold)/purchased | -17.3 | -21.8 |
Other protection purchased | 49.6 | 48.2 |
Fair value of credit protection sold | 9.1 | 7.7 |
Single-name instruments | Maturity less than 1 year | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -82.7 | -91.2 |
Single-name instruments | Maturity between 1 to 5 years | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -258.2 | -281.4 |
Single-name instruments | Maturity greater than 5 years | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -46.3 | -42 |
Single-name instruments | Sovereigns | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -77.7 | -88.1 |
Credit protection purchased | 75.2 | 85 |
Net credit protection (sold)/purchased | -2.5 | -3.1 |
Other protection purchased | 8.3 | 8.9 |
Fair value of credit protection sold | 0.3 | -0.4 |
Single-name instruments | Non-sovereigns | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -309.5 | -326.5 |
Credit protection purchased | 294.7 | 307.8 |
Net credit protection (sold)/purchased | -14.8 | -18.7 |
Other protection purchased | 41.3 | 39.3 |
Fair value of credit protection sold | 8.8 | 8.1 |
Single-name instruments | Investment grade | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -285 | -305.9 |
Credit protection purchased | 271.4 | 287.9 |
Net credit protection (sold)/purchased | -13.6 | -18 |
Other protection purchased | 34.8 | 37.7 |
Fair value of credit protection sold | 5.9 | 5.2 |
Single-name instruments | Non-investment grade | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -102.2 | -108.7 |
Credit protection purchased | 98.5 | 104.9 |
Net credit protection (sold)/purchased | -3.7 | -3.8 |
Other protection purchased | 14.8 | 10.5 |
Fair value of credit protection sold | 3.2 | 2.5 |
Multi-name instruments | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -245.1 | -284.1 |
Credit protection purchased | 233.3 | 271.1 |
Net credit protection (sold)/purchased | -11.8 | -13 |
Other protection purchased | 54.1 | 60.8 |
Fair value of credit protection sold | 3.7 | 4.8 |
Multi-name instruments | Maturity less than 1 year | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -31.5 | -19.2 |
Multi-name instruments | Maturity between 1 to 5 years | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -153.6 | -208.2 |
Multi-name instruments | Maturity greater than 5 years | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -60 | -56.7 |
Multi-name instruments | Sovereigns | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -6 | -10.8 |
Credit protection purchased | 11.4 | 10.9 |
Net credit protection (sold)/purchased | 5.4 | 0.1 |
Other protection purchased | 1.1 | 1.1 |
Fair value of credit protection sold | 0.2 | 0 |
Multi-name instruments | Non-sovereigns | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -239.1 | -273.3 |
Credit protection purchased | 221.9 | 260.2 |
Net credit protection (sold)/purchased | -17.2 | -13.1 |
Other protection purchased | 53 | 59.7 |
Fair value of credit protection sold | 3.5 | 4.8 |
Multi-name instruments | Investment grade | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -182.6 | -219.1 |
Credit protection purchased | 178.4 | 212.1 |
Net credit protection (sold)/purchased | -4.2 | -7 |
Other protection purchased | 42.8 | 47.3 |
Fair value of credit protection sold | 2.9 | 3.3 |
Multi-name instruments | Non-investment grade | ' | ' |
Credit protection sold/purchased | ' | ' |
Credit protection sold | -62.5 | -65 |
Credit protection purchased | 54.9 | 59 |
Net credit protection (sold)/purchased | -7.6 | -6 |
Other protection purchased | 11.3 | 13.5 |
Fair value of credit protection sold | 0.8 | 1.5 |
Derivatives_and_hedging_activi6
Derivatives and hedging activities (Details 5) (CHF) | 3 Months Ended | |
In Billions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Credit Derivatives [Line Items] | ' | ' |
Credit protection sold | 632.3 | 698.7 |
Credit protection purchased | 603.2 | 663.9 |
Other protection purchased | 103.7 | 109 |
Other instruments | 17.2 | 11.7 |
Total credit derivatives | 1,356.40 | 1,483.30 |
Guarantees_and_commitments_Det
Guarantees and commitments (Details) (CHF) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Guarantees | ' | ' |
Maturity less than 1 year | 44,962 | 41,327 |
Maturity greater than 1 year | 14,149 | 19,277 |
Total gross amount | 59,111 | 60,604 |
Total net amount | 58,056 | 59,511 |
Carrying value | 777 | 839 |
Collateral received | 19,715 | 19,755 |
Credit guarantees and similar instruments | ' | ' |
Guarantees | ' | ' |
Maturity less than 1 year | 2,692 | 2,688 |
Maturity greater than 1 year | 1,469 | 1,526 |
Total gross amount | 4,161 | 4,214 |
Total net amount | 3,969 | 4,066 |
Carrying value | 11 | 14 |
Collateral received | 2,214 | 2,333 |
Performance guarantees and similar instruments | ' | ' |
Guarantees | ' | ' |
Maturity less than 1 year | 5,026 | 4,910 |
Maturity greater than 1 year | 2,429 | 3,136 |
Total gross amount | 7,455 | 8,046 |
Total net amount | 6,603 | 7,125 |
Carrying value | 63 | 107 |
Collateral received | 3,073 | 3,312 |
Securities lending indemnifications | ' | ' |
Guarantees | ' | ' |
Maturity less than 1 year | 11,968 | 11,479 |
Maturity greater than 1 year | 0 | 0 |
Total gross amount | 11,968 | 11,479 |
Total net amount | 11,968 | 11,479 |
Carrying value | 0 | 0 |
Collateral received | 11,968 | 11,479 |
Derivatives | ' | ' |
Guarantees | ' | ' |
Maturity less than 1 year | 21,973 | 18,247 |
Maturity greater than 1 year | 9,010 | 13,403 |
Total gross amount | 30,983 | 31,650 |
Total net amount | 30,983 | 31,650 |
Carrying value | 664 | 715 |
Other guarantees | ' | ' |
Guarantees | ' | ' |
Maturity less than 1 year | 3,303 | 4,003 |
Maturity greater than 1 year | 1,241 | 1,212 |
Total gross amount | 4,544 | 5,215 |
Total net amount | 4,533 | 5,191 |
Carrying value | 39 | 3 |
Collateral received | 2,460 | 2,631 |
Guarantees_and_commitments_Det1
Guarantees and commitments (Details 2) (CHF) | 12 Months Ended | |
In Billions, unless otherwise specified | Jun. 30, 2015 | Jun. 30, 2014 |
Guarantees | ' | ' |
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | ' | 6 |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | 0.6 | 0.6 |
Guarantees_and_commitments_Det2
Guarantees and commitments (Details 3) (USD $) | 126 Months Ended |
In Billions, unless otherwise specified | Jun. 30, 2014 |
Guarantees | ' |
Residential mortgage loans sold | $166.70 |
Government-sponsored enterprises | ' |
Guarantees | ' |
Residential mortgage loans sold | 8.2 |
Private investors, primarily banks | ' |
Guarantees | ' |
Residential mortgage loans sold | 24 |
Non-agency securitizations | ' |
Guarantees | ' |
Residential mortgage loans sold | 134.5 |
Residential mortgage loans sold in non-agency securitizations that are still outstanding as of balance sheet date | 25.3 |
Borrower payments on mortgage loans sold | 90.1 |
Loan defaults on mortgage loans sold | $19.10 |
Guarantees_and_commitments_Det3
Guarantees and commitments (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Residential mortgage loans sold, outstanding repurchase claims | ' | ' | ' | ' | ' |
Balance at beginning of period | $570 | $580 | $1,947 | $580 | $1,926 |
New claims | 317 | 13 | 266 | 330 | 640 |
Claims settled through repurchases | 0 | 0 | -3 | 0 | -6 |
Other settlements | -416 | -9 | -164 | -425 | -170 |
Total claims settled | -416 | -9 | -167 | -425 | -176 |
Claims rescinded | -4 | -11 | -4 | -15 | -14 |
Transfers to/from arbitration and litigation, net | -314 | -3 | -347 | -317 | -681 |
Balance at end of period | 153 | 570 | 1,695 | 153 | 1,695 |
Repurchase price at the time of settlement | ' | ' | -3 | ' | -6 |
Other settlements, settlement value | -59 | -7 | -20 | -66 | -25 |
Provisions for outstanding repurchase claims | ' | ' | ' | ' | ' |
Balance at beginning of period | 136 | 146 | 59 | 146 | 55 |
Increase/(decrease) in provisions, net | -17 | -3 | 62 | -20 | 74 |
Realized losses | -59 | -7 | -23 | -66 | -31 |
Balance at end of period | 60 | 136 | 98 | 60 | 98 |
Government-sponsored enterprises | ' | ' | ' | ' | ' |
Residential mortgage loans sold, outstanding repurchase claims | ' | ' | ' | ' | ' |
Balance at beginning of period | 69 | 77 | 67 | 77 | 67 |
New claims | 3 | 6 | 24 | 9 | 36 |
Claims settled through repurchases | 0 | 0 | -1 | 0 | -4 |
Other settlements | -1 | -3 | -5 | -4 | -8 |
Total claims settled | -1 | -3 | -6 | -4 | -12 |
Claims rescinded | -4 | -11 | -4 | -15 | -10 |
Transfers to/from arbitration and litigation, net | 0 | 0 | 0 | 0 | 0 |
Balance at end of period | 67 | 69 | 81 | 67 | 81 |
Private investors, primarily banks | ' | ' | ' | ' | ' |
Residential mortgage loans sold, outstanding repurchase claims | ' | ' | ' | ' | ' |
Balance at beginning of period | 418 | 420 | 482 | 420 | 464 |
New claims | 0 | 1 | 93 | 1 | 115 |
Claims settled through repurchases | 0 | 0 | 0 | 0 | 0 |
Other settlements | -415 | -1 | -155 | -416 | -155 |
Total claims settled | -415 | -1 | -155 | -416 | -155 |
Claims rescinded | 0 | 0 | 0 | 0 | -4 |
Transfers to/from arbitration and litigation, net | 0 | -2 | 0 | -2 | 0 |
Balance at end of period | 3 | 418 | 420 | 3 | 420 |
Non-agency securitizations | ' | ' | ' | ' | ' |
Residential mortgage loans sold, outstanding repurchase claims | ' | ' | ' | ' | ' |
Balance at beginning of period | 83 | 83 | 1,398 | 83 | 1,395 |
New claims | 314 | 6 | 149 | 320 | 489 |
Claims settled through repurchases | 0 | 0 | -2 | 0 | -2 |
Other settlements | 0 | -5 | -4 | -5 | -7 |
Total claims settled | 0 | -5 | -6 | -5 | -9 |
Claims rescinded | 0 | 0 | 0 | 0 | 0 |
Transfers to/from arbitration and litigation, net | -314 | -1 | -347 | -315 | -681 |
Balance at end of period | $83 | $83 | $1,194 | $83 | $1,194 |
Guarantees_and_commitments_Det4
Guarantees and commitments (Details 7) (CHF) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other commitments | ' | ' |
Maturity less than 1 year | 75,637 | 62,108 |
Maturity greater than 1 year | 71,937 | 71,178 |
Total gross amount | 147,574 | 133,286 |
Total net amount | 143,534 | 128,968 |
Collateral received | 86,825 | 78,620 |
Unused revocable credit limits | 95,482 | 90,254 |
Irrevocable commitments under documentary credits | ' | ' |
Other commitments | ' | ' |
Maturity less than 1 year | 4,616 | 5,484 |
Maturity greater than 1 year | 28 | 28 |
Total gross amount | 4,644 | 5,512 |
Total net amount | 4,487 | 5,452 |
Collateral received | 2,725 | 3,381 |
Loan commitments | ' | ' |
Other commitments | ' | ' |
Maturity less than 1 year | 38,081 | 27,250 |
Maturity greater than 1 year | 70,604 | 69,740 |
Total gross amount | 108,685 | 96,990 |
Total net amount | 104,802 | 92,732 |
Collateral received | 52,452 | 47,996 |
Forward reverse repurchase agreements | ' | ' |
Other commitments | ' | ' |
Maturity less than 1 year | 28,969 | 26,893 |
Maturity greater than 1 year | 0 | 0 |
Total gross amount | 28,969 | 26,893 |
Total net amount | 28,969 | 26,893 |
Collateral received | 28,969 | 26,893 |
Other commitments | ' | ' |
Other commitments | ' | ' |
Maturity less than 1 year | 3,971 | 2,481 |
Maturity greater than 1 year | 1,305 | 1,410 |
Total gross amount | 5,276 | 3,891 |
Total net amount | 5,276 | 3,891 |
Collateral received | 2,679 | 350 |
Transfers_of_financial_assets_2
Transfers of financial assets and variable interest entities (Details) (CHF) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CMBS | ' | ' |
Transfers of financial assets disclosures | ' | ' |
Net gain/(loss) | 3 | 1 |
Proceeds from transfer of assets | 1,581 | 3,631 |
Cash received on interests that continue to be held | 53 | 32 |
RMBS | ' | ' |
Transfers of financial assets disclosures | ' | ' |
Net gain/(loss) | 14 | 2 |
Proceeds from transfer of assets | 10,842 | 14,257 |
Purchases of previously transferred financial assets or their underlying collateral | -4 | -8 |
Servicing fees | 1 | 2 |
Cash received on interests that continue to be held | 206 | 275 |
Other asset-backed financing activities | ' | ' |
Transfers of financial assets disclosures | ' | ' |
Net gain/(loss) | 15 | 7 |
Proceeds from transfer of assets | 964 | 553 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | -65 |
Cash received on interests that continue to be held | 4 | 329 |
Transfers_of_financial_assets_3
Transfers of financial assets and variable interest entities (Details 2) (CHF) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CMBS | ' | ' |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ' | ' |
Principal amount outstanding | 36,855 | 37,308 |
Total assets of SPE | 47,837 | 48,715 |
RMBS | ' | ' |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ' | ' |
Principal amount outstanding | 45,774 | 45,571 |
Total assets of SPE | 47,591 | 48,741 |
Other asset-backed financing activities | ' | ' |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ' | ' |
Principal amount outstanding | 23,632 | 27,854 |
Total assets of SPE | 23,632 | 27,854 |
Transfers_of_financial_assets_4
Transfers of financial assets and variable interest entities (Details 3) (CHF) | 3 Months Ended | 6 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | ||
Minimum | Minimum | Maximum | Maximum | Level 2 | Level 2 | Level 3 | Level 3 | Minimum | Minimum | Maximum | Maximum | Level 2 | Level 2 | Level 3 | Level 3 | ||||||
Key economic assumptions used in measuring fair value at time of transfer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of beneficial interests at time of transfer | ' | 566 | 158 | ' | ' | ' | ' | 501 | 141 | 65 | 17 | 1,865 | 1,963 | ' | ' | ' | ' | 1,720 | 1,922 | 145 | 41 |
Weighted-average life, in years | ' | '3 years 7 months 6 days | '8 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 7 months 7 days | '7 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment speed assumption (rate per annum) in % (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 6.30% | 23.00% | 31.00% | ' | ' | ' | ' |
Cash flow discount rate (rate per annum), in % (as a percent) | ' | ' | ' | 1.00% | 1.60% | 11.00% | 8.20% | ' | ' | ' | ' | ' | ' | 2.00% | 0.00% | 17.00% | 45.90% | ' | ' | ' | ' |
Expected credit losses (rate per annum), in % (as a percent) | ' | ' | ' | 1.00% | 0.00% | 2.00% | 7.50% | ' | ' | ' | ' | ' | ' | 2.60% | 0.00% | 14.00% | 45.80% | ' | ' | ' | ' |
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment rate per annum of the outstanding principal balance of mortgage loans in the first month assuming 100% prepayment (as a percent) | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment rate per annum of the outstanding principal balance of mortgage loans after the first month assuming 100% prepayment (as a percent) | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Constant prepayment rate assumed using a 100% prepayment assumption (as a percent) | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers_of_financial_assets_5
Transfers of financial assets and variable interest entities (Details 4) (CHF) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 1,297 | 1,132 |
Weighted-average life, in years | '5 years 4 months 26 days | '6 years 6 months 1 day |
Impact on fair value from 10% adverse change in cash flow discount rate | -20.7 | -25.5 |
Impact on fair value from 20% adverse change in cash flow discount rate | -40.6 | -50 |
Impact on fair value from 10% adverse change in expected credit losses | -9.8 | -10.9 |
Impact on fair value from 20% adverse change in expected credit losses | -19.6 | -21.5 |
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) | 1.40% | 1.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.90% | 0.20% |
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) | 24.40% | 37.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 23.60% | 36.60% |
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 | 8 | 26 |
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 | 2,761 | 2,354 |
Weighted-average life, in years | '8 years 6 months 1 day | '8 years 7 months 7 days |
Impact on fair value from 10% adverse change in prepayment speed | -31 | -26.6 |
Impact on fair value from 20% adverse change in prepayment speed | -61 | -48.6 |
Impact on fair value from 10% adverse change in cash flow discount rate | -57.3 | -65 |
Impact on fair value from 20% adverse change in cash flow discount rate | -111.5 | -124.9 |
Impact on fair value from 10% adverse change in expected credit losses | -34.3 | -42.2 |
Impact on fair value from 20% adverse change in expected credit losses | -67.3 | -79.6 |
RMBS | Minimum | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ' | ' |
Prepayment speed assumption (rate per annum), in % (as a percent) | 1.30% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 1.80% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.30% | 0.10% |
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) | 35.00% | 23.50% |
Cash flow discount rate per annum, in % (as a percent) | 39.60% | 22.40% |
Expected credit losses rate (rate per annum), in % (as a percent) | 38.40% | 17.30% |
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 | 350 | 359 |
Other asset-backed financing activities | ' | ' |
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 | 204 | 284 |
Weighted-average life, in years | '4 years 8 months 12 days | '3 years 8 months 11 days |
Impact on fair value from 10% adverse change in cash flow discount rate | -2.8 | -2.4 |
Impact on fair value from 20% adverse change in cash flow discount rate | -5.5 | -4.9 |
Impact on fair value from 10% adverse change in expected credit losses | -0.9 | -0.4 |
Impact on fair value from 20% adverse change in expected credit losses | -1.7 | -0.7 |
Other asset-backed financing activities | 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) | 0.20% | 1.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.10% | 0.70% |
Other asset-backed financing activities | 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) | 21.20% | 23.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 9.70% | 21.00% |
Other asset-backed financing activities | 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 | 157 | 204 |
Transfers_of_financial_assets_6
Transfers of financial assets and variable interest entities (Details 5) (CHF) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CMBS | Other assets | ' | ' |
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ' | ' |
Assets, transfer of financial interest, sale treatment not achieved | 244 | 432 |
CMBS | 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 | -244 | -432 |
Other asset-backed financing activities | Trading assets | ' | ' |
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ' | ' |
Assets, transfer of financial interest, sale treatment not achieved | 165 | 216 |
Other asset-backed financing activities | Other assets | ' | ' |
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ' | ' |
Assets, transfer of financial interest, sale treatment not achieved | 162 | 157 |
Other asset-backed financing activities | 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 | -327 | -373 |
Transfers_of_financial_assets_7
Transfers of financial assets and variable interest entities (Details 6) (CHF) | 3 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 |
VIE Disclosures | ' | ' | ' | ' |
Average maturity of CP (in days) | 53 | 19 | ' | ' |
Average maturity of conduit's assets (in years) | 2.4 | 2.1 | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 66,469 | 68,692 | 65,972 | 56,584 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 165,744 | 160,022 | 162,890 | 173,404 |
Trading assets | 235,427 | 229,413 | 237,069 | 245,834 |
Investment securities | 3,323 | 2,987 | 3,320 | 3,546 |
Other investments | 7,709 | 10,329 | 7,806 | 11,628 |
Net loans | 254,532 | 247,054 | 250,659 | 246,186 |
Premises and equipment | 4,811 | 5,091 | 4,926 | 5,459 |
Loans held-for-sale | 19,755 | 18,914 | 20,223 | 23,284 |
Other assets | 64,689 | 63,065 | 62,405 | 72,986 |
Customer deposits | 346,296 | 333,089 | 348,450 | 328,389 |
Trading liabilities | 75,129 | 76,635 | 73,029 | 89,917 |
Short-term borrowings | 29,426 | 20,193 | 24,181 | 20,976 |
Long-term debt | 143,827 | 130,042 | 132,434 | 133,505 |
Other liabilities | 48,913 | 51,447 | 48,768 | 56,117 |
Consolidated VIEs | ' | ' | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 916 | 952 | 737 | 1,592 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1,224 | 1,959 | 1,104 | 1,336 |
Trading assets | 3,439 | 3,610 | 3,492 | 3,850 |
Investment securities | 59 | 100 | 76 | 175 |
Other investments | 1,928 | 1,983 | 1,951 | 2,196 |
Net loans | 2,008 | 4,207 | 2,047 | 4,566 |
Premises and equipment | 495 | 513 | 505 | 561 |
Loans held-for-sale | 9,142 | 10,628 | ' | ' |
Other assets | 13,815 | 14,330 | 13,711 | 15,410 |
Total assets of consolidated VIEs | 23,884 | 27,654 | ' | ' |
Customer deposits | 269 | 265 | 233 | 167 |
Trading liabilities | 16 | 93 | 18 | 106 |
Short-term borrowings | 8,733 | 4,286 | 5,176 | 4,450 |
Long-term debt | 11,857 | 12,992 | 12,239 | 15,450 |
Other liabilities | 859 | 710 | 777 | 1,140 |
Total liabilities of consolidated VIEs | 21,734 | 18,346 | ' | ' |
Consolidated VIEs | Collateralized debt obligations | ' | ' | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 619 | 702 | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ' | ' |
Trading assets | 768 | 869 | ' | ' |
Investment securities | 0 | 0 | ' | ' |
Other investments | 0 | 0 | ' | ' |
Net loans | 0 | 0 | ' | ' |
Premises and equipment | 0 | 0 | ' | ' |
Loans held-for-sale | 6,843 | 7,479 | ' | ' |
Other assets | 6,881 | 7,516 | ' | ' |
Total assets of consolidated VIEs | 8,268 | 9,087 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Trading liabilities | 6 | 9 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Long-term debt | 8,260 | 9,067 | ' | ' |
Other liabilities | 24 | 34 | ' | ' |
Total liabilities of consolidated VIEs | 8,290 | 9,110 | ' | ' |
Consolidated VIEs | CP Conduit | ' | ' | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 0 | 1 | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1,224 | 1,959 | ' | ' |
Trading assets | 51 | 51 | ' | ' |
Investment securities | 59 | 100 | ' | ' |
Other investments | 0 | 0 | ' | ' |
Net loans | 579 | 2,012 | ' | ' |
Premises and equipment | 0 | 0 | ' | ' |
Loans held-for-sale | 0 | 0 | ' | ' |
Other assets | 1,639 | 1,473 | ' | ' |
Total assets of consolidated VIEs | 3,552 | 5,596 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Trading liabilities | 0 | 0 | ' | ' |
Short-term borrowings | 8,733 | 4,280 | ' | ' |
Long-term debt | 21 | 17 | ' | ' |
Other liabilities | 40 | 16 | ' | ' |
Total liabilities of consolidated VIEs | 8,794 | 4,313 | ' | ' |
Consolidated VIEs | Financial intermediation - Securitizations | ' | ' | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 50 | 2 | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ' | ' |
Trading assets | 0 | 3 | ' | ' |
Investment securities | 0 | 0 | ' | ' |
Other investments | 0 | 0 | ' | ' |
Net loans | 876 | 885 | ' | ' |
Premises and equipment | 0 | 0 | ' | ' |
Loans held-for-sale | 2,245 | 3,093 | ' | ' |
Other assets | 3,424 | 3,353 | ' | ' |
Total assets of consolidated VIEs | 4,350 | 4,243 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Trading liabilities | 0 | 0 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Long-term debt | 2,796 | 3,187 | ' | ' |
Other liabilities | 196 | 67 | ' | ' |
Total liabilities of consolidated VIEs | 2,992 | 3,254 | ' | ' |
Consolidated VIEs | Financial intermediation - Funds | ' | ' | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 113 | 100 | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ' | ' |
Trading assets | 1,507 | 1,687 | ' | ' |
Investment securities | 0 | 0 | ' | ' |
Other investments | 46 | 0 | ' | ' |
Net loans | 0 | 0 | ' | ' |
Premises and equipment | 0 | 0 | ' | ' |
Loans held-for-sale | 0 | 0 | ' | ' |
Other assets | 3 | 0 | ' | ' |
Total assets of consolidated VIEs | 1,669 | 1,787 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Trading liabilities | 0 | 0 | ' | ' |
Short-term borrowings | 0 | 7 | ' | ' |
Long-term debt | 327 | 179 | ' | ' |
Other liabilities | 19 | 2 | ' | ' |
Total liabilities of consolidated VIEs | 346 | 188 | ' | ' |
Consolidated VIEs | Financial intermediation - Loans | ' | ' | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 100 | 87 | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ' | ' |
Trading assets | 731 | 665 | ' | ' |
Investment securities | 0 | 0 | ' | ' |
Other investments | 1,489 | 1,491 | ' | ' |
Net loans | 18 | 779 | ' | ' |
Premises and equipment | 423 | 447 | ' | ' |
Loans held-for-sale | 54 | 56 | ' | ' |
Other assets | 228 | 308 | ' | ' |
Total assets of consolidated VIEs | 2,989 | 3,777 | ' | ' |
Customer deposits | 0 | 0 | ' | ' |
Trading liabilities | 7 | 8 | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Long-term debt | 87 | 93 | ' | ' |
Other liabilities | 154 | 153 | ' | ' |
Total liabilities of consolidated VIEs | 248 | 254 | ' | ' |
Consolidated VIEs | Financial intermediation - Other | ' | ' | ' | ' |
Consolidated VIEs in which the Group was the primary beneficiary | ' | ' | ' | ' |
Cash and due from banks | 34 | 60 | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ' | ' |
Trading assets | 382 | 335 | ' | ' |
Investment securities | 0 | 0 | ' | ' |
Other investments | 393 | 492 | ' | ' |
Net loans | 535 | 531 | ' | ' |
Premises and equipment | 72 | 66 | ' | ' |
Loans held-for-sale | 0 | 0 | ' | ' |
Other assets | 1,640 | 1,680 | ' | ' |
Total assets of consolidated VIEs | 3,056 | 3,164 | ' | ' |
Customer deposits | 269 | 265 | ' | ' |
Trading liabilities | 3 | 76 | ' | ' |
Short-term borrowings | 0 | -1 | ' | ' |
Long-term debt | 366 | 449 | ' | ' |
Other liabilities | 426 | 438 | ' | ' |
Total liabilities of consolidated VIEs | 1,064 | 1,227 | ' | ' |
Transfers_of_financial_assets_8
Transfers of financial assets and variable interest entities (Details 7) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Non-consolidated VIEs | ' | ' | ' | ' |
Trading assets | 235,427 | 237,069 | 229,413 | 245,834 |
Net loans | 254,532 | 250,659 | 247,054 | 246,186 |
Other assets | 64,689 | 62,405 | 63,065 | 72,986 |
Other liabilities | 48,913 | 48,768 | 51,447 | 56,117 |
Non-consolidated VIEs | ' | ' | ' | ' |
Non-consolidated VIEs | ' | ' | ' | ' |
Trading assets | 7,722 | ' | 7,520 | ' |
Net loans | 6,559 | ' | 7,565 | ' |
Other assets | 221 | ' | 53 | ' |
Total variable interest assets, non-consolidated VIEs | 14,502 | ' | 15,138 | ' |
Maximum exposure to loss | 23,765 | ' | 21,231 | ' |
Non-consolidated VIE assets | 216,577 | ' | 217,838 | ' |
Non-consolidated VIEs | Collateralized debt obligations | ' | ' | ' | ' |
Non-consolidated VIEs | ' | ' | ' | ' |
Trading assets | 141 | ' | 183 | ' |
Net loans | 174 | ' | 2 | ' |
Other assets | 0 | ' | 0 | ' |
Total variable interest assets, non-consolidated VIEs | 315 | ' | 185 | ' |
Maximum exposure to loss | 1,417 | ' | 186 | ' |
Non-consolidated VIE assets | 9,140 | ' | 10,211 | ' |
Non-consolidated VIEs | Financial intermediation - Securitizations | ' | ' | ' | ' |
Non-consolidated VIEs | ' | ' | ' | ' |
Trading assets | 5,071 | ' | 4,920 | ' |
Net loans | 717 | ' | 613 | ' |
Other assets | 4 | ' | 0 | ' |
Total variable interest assets, non-consolidated VIEs | 5,792 | ' | 5,533 | ' |
Maximum exposure to loss | 9,674 | ' | 7,496 | ' |
Non-consolidated VIE assets | 96,746 | ' | 101,524 | ' |
Non-consolidated VIEs | Financial intermediation - Funds | ' | ' | ' | ' |
Non-consolidated VIEs | ' | ' | ' | ' |
Trading assets | 1,322 | ' | 979 | ' |
Net loans | 2,858 | ' | 2,812 | ' |
Other assets | 30 | ' | 47 | ' |
Total variable interest assets, non-consolidated VIEs | 4,210 | ' | 3,838 | ' |
Maximum exposure to loss | 4,373 | ' | 4,026 | ' |
Non-consolidated VIE assets | 64,524 | ' | 55,509 | ' |
Non-consolidated VIEs | Financial intermediation - Loans | ' | ' | ' | ' |
Non-consolidated VIEs | ' | ' | ' | ' |
Trading assets | 575 | ' | 725 | ' |
Net loans | 1,682 | ' | 2,856 | ' |
Other assets | 0 | ' | 0 | ' |
Total variable interest assets, non-consolidated VIEs | 2,257 | ' | 3,581 | ' |
Maximum exposure to loss | 6,284 | ' | 7,433 | ' |
Non-consolidated VIE assets | 27,684 | ' | 31,144 | ' |
Non-consolidated VIEs | Financial intermediation - Other | ' | ' | ' | ' |
Non-consolidated VIEs | ' | ' | ' | ' |
Trading assets | 613 | ' | 713 | ' |
Net loans | 1,128 | ' | 1,282 | ' |
Other assets | 187 | ' | 6 | ' |
Total variable interest assets, non-consolidated VIEs | 1,928 | ' | 2,001 | ' |
Maximum exposure to loss | 2,017 | ' | 2,090 | ' |
Non-consolidated VIE assets | 18,483 | ' | 19,450 | ' |
Financial_instruments_Details_
Financial instruments (Details 2) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Assets (CHF million) | ' | ' | ' | ' |
Cash and Due from Banks | 724 | 404 | 527 | 386 |
Interest-bearing deposits with banks | 309 | 308 | 311 | 396 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,586 | 88,081 | 96,587 | 99,972 |
Securities received as collateral | 21,611 | 23,029 | 22,800 | 21,675 |
Trading assets | 235,427 | 237,069 | 229,413 | 245,834 |
Investment securities | 3,323 | 3,320 | 2,987 | 3,546 |
Other investments | 5,252 | 5,274 | 7,596 | 8,603 |
Loans | 19,897 | 19,980 | 19,457 | 19,570 |
Other intangible assets (mortgage servicing rights) | 66 | 55 | 42 | 39 |
Other assets | 31,273 | 32,588 | 31,518 | 38,168 |
Level 1 | Recurring basis | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Cash and Due from Banks | 0 | ' | 0 | ' |
Interest-bearing deposits with banks | 0 | ' | 0 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ' | 0 | ' |
Securities received as collateral | 20,881 | ' | 21,098 | ' |
Trading assets | 132,685 | ' | 122,452 | ' |
Investment securities | 2,205 | ' | 1,790 | ' |
Other investments | 84 | ' | 283 | ' |
Loans | 0 | ' | 0 | ' |
Loans - of which commercial and industrial | 0 | ' | 0 | ' |
Loans - of which financial institutions | 0 | ' | 0 | ' |
Other intangible assets (mortgage servicing rights) | 0 | ' | 0 | ' |
Other assets | 4,102 | ' | 4,861 | ' |
Other assets - of which loans held-for-sale | 0 | ' | 0 | ' |
Total assets at fair value | 159,957 | ' | 150,484 | ' |
Less other investments - equity at fair value attributable to noncontrolling interests | -80 | ' | -246 | ' |
Less assets consolidated under ASU 2009-17 | 0 | ' | 0 | ' |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 159,877 | ' | 150,238 | ' |
Level 1 | Recurring basis | Private equity | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Private equity - of which equity funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Hedge funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Hedge funds - of which debt funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Other equity investments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 84 | ' | 283 | ' |
Level 1 | Recurring basis | Other equity investments - of which private | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Life finance instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 177 | ' | 409 | ' |
Trading assets | 39,520 | ' | 41,829 | ' |
Investment securities | 2,203 | ' | 1,788 | ' |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 38,953 | ' | 40,199 | ' |
Investment securities | 1,810 | ' | 1,386 | ' |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 69 | ' | 14 | ' |
Investment securities | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Debt securities | RMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Debt securities | CMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Investment securities | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Equity securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 20,704 | ' | 20,689 | ' |
Trading assets | 81,385 | ' | 70,322 | ' |
Investment securities | 2 | ' | 2 | ' |
Level 1 | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 8,808 | ' | 6,610 | ' |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 2,165 | ' | 1,065 | ' |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 210 | ' | 8 | ' |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 6,138 | ' | 5,278 | ' |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Other | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 2,972 | ' | 3,691 | ' |
Level 2 | Recurring basis | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Cash and Due from Banks | 724 | ' | 527 | ' |
Interest-bearing deposits with banks | 309 | ' | 311 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,517 | ' | 96,383 | ' |
Securities received as collateral | 730 | ' | 1,702 | ' |
Trading assets | 557,435 | ' | 637,124 | ' |
Investment securities | 1,115 | ' | 1,195 | ' |
Other investments | 269 | ' | 344 | ' |
Loans | 11,299 | ' | 11,459 | ' |
Loans - of which commercial and industrial | 5,521 | ' | 6,302 | ' |
Loans - of which financial institutions | 4,842 | ' | 4,484 | ' |
Other intangible assets (mortgage servicing rights) | 0 | ' | 0 | ' |
Other assets | 22,076 | ' | 21,530 | ' |
Other assets - of which loans held-for-sale | 13,300 | ' | 12,770 | ' |
Total assets at fair value | 680,474 | ' | 770,575 | ' |
Less other investments - equity at fair value attributable to noncontrolling interests | -132 | ' | -149 | ' |
Less assets consolidated under ASU 2009-17 | -7,862 | ' | -8,996 | ' |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 672,480 | ' | 761,430 | ' |
Level 2 | Recurring basis | Private equity | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 2 | Recurring basis | Private equity - of which equity funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 2 | Recurring basis | Hedge funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 159 | ' | 289 | ' |
Level 2 | Recurring basis | Hedge funds - of which debt funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 119 | ' | 174 | ' |
Level 2 | Recurring basis | Other equity investments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 110 | ' | 55 | ' |
Level 2 | Recurring basis | Other equity investments - of which private | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 82 | ' | 15 | ' |
Level 2 | Recurring basis | Life finance instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Level 2 | Recurring basis | Debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 698 | ' | 1,592 | ' |
Trading assets | 60,918 | ' | 63,218 | ' |
Investment securities | 1,014 | ' | 1,098 | ' |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 5,224 | ' | 6,980 | ' |
Investment securities | 0 | ' | 2 | ' |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 655 | ' | 1,558 | ' |
Trading assets | 24,480 | ' | 24,268 | ' |
Investment securities | 587 | ' | 606 | ' |
Level 2 | Recurring basis | Debt securities | RMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 23,794 | ' | 23,343 | ' |
Level 2 | Recurring basis | Debt securities | CMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 5,122 | ' | 5,255 | ' |
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 2,232 | ' | 3,305 | ' |
Investment securities | 423 | ' | 490 | ' |
Level 2 | Recurring basis | Equity securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 32 | ' | 110 | ' |
Trading assets | 6,100 | ' | 5,778 | ' |
Investment securities | 101 | ' | 97 | ' |
Level 2 | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 485,198 | ' | 563,649 | ' |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 390,254 | ' | 444,056 | ' |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 43,251 | ' | 60,807 | ' |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 23,641 | ' | 28,763 | ' |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 24,587 | ' | 25,662 | ' |
Level 2 | Recurring basis | Other | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 5,219 | ' | 4,479 | ' |
Level 3 | Recurring basis | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Cash and Due from Banks | 0 | ' | 0 | ' |
Interest-bearing deposits with banks | 0 | ' | 0 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 69 | ' | 204 | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 13,481 | ' | 13,710 | ' |
Investment securities | 3 | ' | 2 | ' |
Other investments | 4,899 | ' | 6,969 | ' |
Loans | 8,598 | ' | 7,998 | ' |
Loans - of which commercial and industrial | 5,699 | ' | 5,309 | ' |
Loans - of which financial institutions | 1,572 | ' | 1,322 | ' |
Other intangible assets (mortgage servicing rights) | 66 | ' | 42 | ' |
Other assets | 5,923 | ' | 6,159 | ' |
Other assets - of which loans held-for-sale | 5,242 | ' | 5,615 | ' |
Total assets at fair value | 33,039 | ' | 35,084 | ' |
Less other investments - equity at fair value attributable to noncontrolling interests | -752 | ' | -2,781 | ' |
Less assets consolidated under ASU 2009-17 | -2,079 | ' | -2,458 | ' |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 30,208 | ' | 29,845 | ' |
Level 3 | Recurring basis | Private equity | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,251 | ' | 3,345 | ' |
Level 3 | Recurring basis | Private equity - of which equity funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 579 | ' | 2,236 | ' |
Level 3 | Recurring basis | Hedge funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 323 | ' | 392 | ' |
Level 3 | Recurring basis | Hedge funds - of which debt funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 312 | ' | 329 | ' |
Level 3 | Recurring basis | Other equity investments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,720 | ' | 1,632 | ' |
Level 3 | Recurring basis | Other equity investments - of which private | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,720 | ' | 1,630 | ' |
Level 3 | Recurring basis | Life finance instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,605 | ' | 1,600 | ' |
Level 3 | Recurring basis | Debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 4,600 | ' | 5,069 | ' |
Investment securities | 0 | ' | 0 | ' |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 305 | ' | 230 | ' |
Investment securities | 0 | ' | 0 | ' |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 1,774 | ' | 2,128 | ' |
Investment securities | 0 | ' | 0 | ' |
Level 3 | Recurring basis | Debt securities | RMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 548 | ' | 436 | ' |
Level 3 | Recurring basis | Debt securities | CMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 334 | ' | 417 | ' |
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 1,369 | ' | 1,567 | ' |
Investment securities | 0 | ' | 0 | ' |
Level 3 | Recurring basis | Equity securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 674 | ' | 595 | ' |
Investment securities | 3 | ' | 2 | ' |
Level 3 | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 5,125 | ' | 5,217 | ' |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 1,713 | ' | 1,574 | ' |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 390 | ' | 484 | ' |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 932 | ' | 1,240 | ' |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 1,097 | ' | 1,138 | ' |
Level 3 | Recurring basis | Other | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 3,082 | ' | 2,829 | ' |
Netting impact | Recurring basis | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Cash and Due from Banks | 0 | ' | 0 | ' |
Interest-bearing deposits with banks | 0 | ' | 0 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ' | 0 | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | -468,174 | ' | -543,873 | ' |
Investment 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 | ' |
Other intangible assets (mortgage servicing rights) | 0 | ' | 0 | ' |
Other assets | -828 | ' | -1,032 | ' |
Other assets - of which loans held-for-sale | 0 | ' | 0 | ' |
Total assets at fair value | -469,002 | ' | -544,905 | ' |
Less other investments - equity at fair value attributable to noncontrolling interests | 0 | ' | 0 | ' |
Less assets consolidated under ASU 2009-17 | 0 | ' | 0 | ' |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | -469,002 | ' | -544,905 | ' |
Netting impact | Recurring basis | Private equity | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Private equity - of which equity funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Hedge funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Hedge funds - of which debt funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Other equity investments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Other equity investments - of which private | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Life finance instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 0 | ' | 0 | ' |
Investment securities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Investment securities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 0 | ' | 0 | ' |
Investment securities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | RMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | CMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | Collateralized debt obligations | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Investment securities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Equity securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' |
Trading assets | 0 | ' | 0 | ' |
Investment securities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | -468,174 | ' | -543,873 | ' |
Netting impact | Recurring basis | Other | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' |
Total - at fair value | Recurring basis | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Cash and Due from Banks | 724 | ' | 527 | ' |
Interest-bearing deposits with banks | 309 | ' | 311 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,586 | ' | 96,587 | ' |
Securities received as collateral | 21,611 | ' | 22,800 | ' |
Trading assets | 235,427 | ' | 229,413 | ' |
Investment securities | 3,323 | ' | 2,987 | ' |
Other investments | 5,252 | ' | 7,596 | ' |
Loans | 19,897 | ' | 19,457 | ' |
Loans - of which commercial and industrial | 11,220 | ' | 11,611 | ' |
Loans - of which financial institutions | 6,414 | ' | 5,806 | ' |
Other intangible assets (mortgage servicing rights) | 66 | ' | 42 | ' |
Other assets | 31,273 | ' | 31,518 | ' |
Other assets - of which loans held-for-sale | 18,542 | ' | 18,385 | ' |
Total assets at fair value | 404,468 | ' | 411,238 | ' |
Less other investments - equity at fair value attributable to noncontrolling interests | -964 | ' | -3,176 | ' |
Less assets consolidated under ASU 2009-17 | -9,941 | ' | -11,454 | ' |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 393,563 | ' | 396,608 | ' |
Total - at fair value | Recurring basis | Private equity | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,251 | ' | 3,345 | ' |
Total - at fair value | Recurring basis | Private equity - of which equity funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 579 | ' | 2,236 | ' |
Total - at fair value | Recurring basis | Hedge funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 482 | ' | 681 | ' |
Total - at fair value | Recurring basis | Hedge funds - of which debt funds | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 431 | ' | 503 | ' |
Total - at fair value | Recurring basis | Other equity investments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,914 | ' | 1,970 | ' |
Total - at fair value | Recurring basis | Other equity investments - of which private | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,802 | ' | 1,645 | ' |
Total - at fair value | Recurring basis | Life finance instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Other investments | 1,605 | ' | 1,600 | ' |
Total - at fair value | Recurring basis | Debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 875 | ' | 2,001 | ' |
Trading assets | 105,038 | ' | 110,116 | ' |
Investment securities | 3,217 | ' | 2,886 | ' |
Total - at fair value | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 44,482 | ' | 47,409 | ' |
Investment securities | 1,810 | ' | 1,388 | ' |
Total - at fair value | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 655 | ' | 1,558 | ' |
Trading assets | 26,323 | ' | 26,410 | ' |
Investment securities | 587 | ' | 606 | ' |
Total - at fair value | Recurring basis | Debt securities | RMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 24,342 | ' | 23,779 | ' |
Total - at fair value | Recurring basis | Debt securities | CMBS | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 5,456 | ' | 5,672 | ' |
Total - at fair value | Recurring basis | Debt securities | Collateralized debt obligations | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 3,601 | ' | 4,872 | ' |
Investment securities | 423 | ' | 490 | ' |
Total - at fair value | Recurring basis | Equity securities | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Securities received as collateral | 20,736 | ' | 20,799 | ' |
Trading assets | 88,159 | ' | 76,695 | ' |
Investment securities | 106 | ' | 101 | ' |
Total - at fair value | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 30,957 | ' | 31,603 | ' |
Total - at fair value | Recurring basis | Other | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' |
Trading assets | 11,273 | ' | 10,999 | ' |
Financial_instruments_Details_1
Financial instruments (Details 3) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Liabilities (CHF million) | ' | ' | ' | ' |
Due to banks | 998 | 1,270 | 1,450 | 1,903 |
Customer deposits | 3,229 | 3,170 | 3,252 | 3,600 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 60,529 | 70,824 | 76,104 | 79,443 |
Obligation to return securities received as collateral | 21,611 | 23,029 | 22,800 | 21,675 |
Trading liabilities | 75,129 | 73,029 | 76,635 | 89,917 |
Short-term borrowings | 7,132 | 6,305 | 6,053 | 5,620 |
Long-term debt | 70,217 | 64,694 | 63,369 | 63,942 |
Other liabilities | 20,009 | 21,617 | 21,973 | 23,740 |
Level 1 | Recurring basis | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
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 | 20,881 | ' | 21,098 | ' |
Trading liabilities | 44,495 | ' | 40,392 | ' |
Short-term borrowings | 0 | ' | 0 | ' |
Long-term debt | 3 | ' | 0 | ' |
Other liabilities | 0 | ' | 0 | ' |
Total liabilities | 65,379 | ' | 61,490 | ' |
Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 3 | ' | 0 | ' |
Level 1 | Recurring basis | Other liabilities - of which failed sales | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Other liabilities | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 177 | ' | 409 | ' |
Trading liabilities | 17,778 | ' | 19,037 | ' |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 17,616 | ' | 18,863 | ' |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 9 | ' | 1 | ' |
Level 1 | Recurring basis | Equity securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 20,704 | ' | 20,689 | ' |
Trading liabilities | 17,758 | ' | 15,476 | ' |
Level 1 | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 8,959 | ' | 5,879 | ' |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 2,207 | ' | 896 | ' |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 232 | ' | 14 | ' |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 0 | ' | 0 | ' |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 6,201 | ' | 4,691 | ' |
Level 2 | Recurring basis | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Due to banks | 998 | ' | 1,450 | ' |
Customer deposits | 3,142 | ' | 3,197 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 60,529 | ' | 75,990 | ' |
Obligation to return securities received as collateral | 730 | ' | 1,702 | ' |
Trading liabilities | 499,193 | ' | 578,064 | ' |
Short-term borrowings | 7,031 | ' | 5,888 | ' |
Long-term debt | 59,901 | ' | 53,589 | ' |
Other liabilities | 17,460 | ' | 19,511 | ' |
Total liabilities | 648,984 | ' | 739,391 | ' |
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 8,134 | ' | 9,081 | ' |
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 26,120 | ' | 20,679 | ' |
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 8,898 | ' | 9,509 | ' |
Level 2 | Recurring basis | Other liabilities - of which failed sales | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Other liabilities | 479 | ' | 638 | ' |
Level 2 | Recurring basis | Debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 698 | ' | 1,592 | ' |
Trading liabilities | 4,744 | ' | 5,311 | ' |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 407 | ' | 603 | ' |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 655 | ' | 1,558 | ' |
Trading liabilities | 3,893 | ' | 4,130 | ' |
Level 2 | Recurring basis | Equity securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 32 | ' | 110 | ' |
Trading liabilities | 310 | ' | 309 | ' |
Level 2 | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 494,139 | ' | 572,444 | ' |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 383,422 | ' | 439,446 | ' |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 56,116 | ' | 71,547 | ' |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 25,055 | ' | 25,942 | ' |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 26,397 | ' | 30,622 | ' |
Level 3 | Recurring basis | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Due to banks | 0 | ' | 0 | ' |
Customer deposits | 87 | ' | 55 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | ' | 114 | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 4,915 | ' | 5,564 | ' |
Short-term borrowings | 101 | ' | 165 | ' |
Long-term debt | 10,313 | ' | 9,780 | ' |
Other liabilities | 3,325 | ' | 2,861 | ' |
Total liabilities | 18,741 | ' | 18,539 | ' |
Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' |
Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 7,374 | ' | 6,217 | ' |
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 2,028 | ' | 2,552 | ' |
Level 3 | Recurring basis | Other liabilities - of which failed sales | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Other liabilities | 727 | ' | 1,143 | ' |
Level 3 | Recurring basis | Debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 0 | ' | 2 | ' |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 0 | ' | 0 | ' |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 0 | ' | 2 | ' |
Level 3 | Recurring basis | Equity securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 19 | ' | 17 | ' |
Level 3 | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 4,896 | ' | 5,545 | ' |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 1,185 | ' | 1,129 | ' |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 696 | ' | 938 | ' |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 1,291 | ' | 1,230 | ' |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 1,265 | ' | 1,896 | ' |
Netting impact | Recurring basis | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
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 | 0 | ' | 0 | ' |
Trading liabilities | -473,474 | ' | -547,385 | ' |
Short-term borrowings | 0 | ' | 0 | ' |
Long-term debt | 0 | ' | 0 | ' |
Other liabilities | -776 | ' | -399 | ' |
Total liabilities | -474,250 | ' | -547,784 | ' |
Netting impact | Recurring basis | Long-term debt - of which treasury debt over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Long-term debt - of which structured notes over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Long-term debt - of which nonrecourse liabilities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Other liabilities - of which failed sales | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Other liabilities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Equity securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' |
Trading liabilities | 0 | ' | 0 | ' |
Netting impact | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | -473,474 | ' | -547,385 | ' |
Total - at fair value | Recurring basis | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Due to banks | 998 | ' | 1,450 | ' |
Customer deposits | 3,229 | ' | 3,252 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 60,529 | ' | 76,104 | ' |
Obligation to return securities received as collateral | 21,611 | ' | 22,800 | ' |
Trading liabilities | 75,129 | ' | 76,635 | ' |
Short-term borrowings | 7,132 | ' | 6,053 | ' |
Long-term debt | 70,217 | ' | 63,369 | ' |
Other liabilities | 20,009 | ' | 21,973 | ' |
Total liabilities | 258,854 | ' | 271,636 | ' |
Total - at fair value | Recurring basis | Long-term debt - of which treasury debt over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 8,134 | ' | 9,081 | ' |
Total - at fair value | Recurring basis | Long-term debt - of which structured notes over two years | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 33,494 | ' | 26,896 | ' |
Total - at fair value | Recurring basis | Long-term debt - of which nonrecourse liabilities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Long-term debt | 10,929 | ' | 12,061 | ' |
Total - at fair value | Recurring basis | Other liabilities - of which failed sales | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Other liabilities | 1,206 | ' | 1,781 | ' |
Total - at fair value | Recurring basis | Debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 875 | ' | 2,001 | ' |
Trading liabilities | 22,522 | ' | 24,350 | ' |
Total - at fair value | Recurring basis | Debt securities | Debt securities issued by foreign governments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 18,023 | ' | 19,466 | ' |
Total - at fair value | Recurring basis | Debt securities | Corporate debt securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 655 | ' | 1,558 | ' |
Trading liabilities | 3,902 | ' | 4,133 | ' |
Total - at fair value | Recurring basis | Equity securities | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Obligation to return securities received as collateral | 20,736 | ' | 20,799 | ' |
Trading liabilities | 18,087 | ' | 15,802 | ' |
Total - at fair value | Recurring basis | Derivative instruments | ' | ' | ' | ' |
Liabilities (CHF million) | ' | ' | ' | ' |
Trading liabilities | 34,520 | ' | 36,483 | ' |
Financial_instruments_Details_2
Financial instruments (Details 4) (CHF) | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Investment securities | Investment securities | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Loans | Loans | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which financial institutions | Loans - of which financial institutions | Other intangible assets. | Other intangible assets. | Other assets | Other assets | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Assets | Assets | ||||
Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Equity securities | Equity securities | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Other | Other | Hedge funds | Hedge funds | Other equity investments | Other equity investments | Other equity investments - of which private | Other equity investments - of which private | Life finance instruments | Life finance instruments | Equity securities | Equity securities | RMBS | |||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | RMBS | RMBS | CMBS | CMBS | Collateralized debt obligations | Collateralized debt obligations | Interest rate derivatives | Interest rate derivatives | Credit derivatives | Credit derivatives | Equity/Index-related products | Equity/Index-related products | ||||||||||||||||||||||||||||||||||||||||||||
Assets measured at fair value on a recurring basis for level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period, assets | ' | ' | ' | 204 | 13,710 | 15,509 | 5,069 | 5,888 | 2,128 | 3,192 | 436 | 724 | 417 | 1,023 | 1,567 | 447 | 595 | 485 | 5,217 | 6,650 | 1,574 | 1,859 | 1,138 | 1,294 | 1,240 | 1,920 | 2,829 | 2,486 | 2 | 170 | 6,969 | 8,184 | 323 | 392 | 1,720 | 1,632 | 1,720 | 1,630 | 1,600 | 1,818 | 5,369 | 6,366 | 7,998 | 6,619 | 5,309 | 4,778 | 1,322 | 1,530 | 42 | 43 | 6,159 | 5,164 | 5,615 | 4,463 | ' | 35,084 | 35,689 |
Transfers in, assets | 1,188 | 2,819 | 3,380 | 0 | 1,282 | 1,736 | 518 | 465 | 135 | 146 | 309 | 257 | 44 | 26 | 17 | 14 | 117 | 190 | 368 | 916 | 31 | 42 | 251 | 721 | 24 | 149 | 279 | 165 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 109 | 93 | 107 | 81 | 2 | 11 | 0 | 0 | 1,428 | 1,551 | 1,427 | 1,540 | ' | 2,819 | 3,380 |
Transfers out, assets | -1,928 | -4,283 | -5,513 | -135 | -2,207 | -2,273 | -1,261 | -979 | -487 | -483 | -252 | -292 | -181 | -100 | -130 | -39 | -231 | -173 | -266 | -897 | -12 | -198 | -124 | -262 | -123 | -258 | -449 | -224 | 0 | 0 | -14 | -40 | ' | ' | ' | ' | ' | ' | 0 | 0 | -14 | -40 | -366 | -1,644 | -276 | -322 | -17 | -2 | 0 | 0 | -1,561 | -1,556 | -1,544 | -1,554 | ' | -4,283 | -5,513 |
Purchases, assets | ' | ' | ' | 0 | 5,319 | 6,157 | 3,644 | 3,291 | 837 | 1,009 | 430 | 758 | 172 | 129 | 1,950 | 1,384 | 303 | 139 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,372 | 2,727 | 0 | 166 | 579 | 845 | ' | ' | ' | ' | ' | ' | 100 | 100 | 479 | 745 | 172 | 368 | 161 | 368 | 11 | 1 | 26 | 0 | 2,407 | 2,673 | 2,159 | 2,494 | ' | 8,503 | 10,209 |
Sales, assets | ' | ' | ' | 0 | -5,098 | -6,973 | -3,747 | -4,604 | -1,062 | -2,020 | -439 | -638 | -102 | -821 | -2,097 | -1,008 | -266 | -236 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,085 | -2,133 | 0 | -17 | -3,181 | -1,515 | ' | ' | ' | ' | ' | ' | -154 | -186 | -3,027 | -1,329 | -912 | -834 | -628 | -595 | -81 | -119 | 0 | 0 | -2,181 | -1,707 | -2,118 | -1,538 | ' | -11,372 | -11,046 |
Issuances, assets | ' | ' | ' | 0 | 1,542 | 721 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,542 | 721 | 92 | 164 | 314 | 111 | 192 | 116 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 2,516 | 3,593 | 1,799 | 1,346 | 429 | 240 | 0 | 0 | 347 | 700 | 346 | 700 | ' | 4,405 | 5,014 |
Settlements, assets | ' | ' | ' | 0 | -2,256 | -1,069 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2,134 | -1,004 | -361 | -198 | -504 | -302 | -257 | -225 | -122 | -65 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | -896 | -1,193 | -758 | -780 | -98 | -363 | 0 | 0 | -827 | -501 | -828 | -501 | ' | -3,979 | -2,763 |
Gain (loss) on transfers in/out included in trading revenues, assets | ' | ' | ' | 0 | 23 | 233 | -44 | 130 | -59 | 113 | 12 | 6 | 1 | -3 | -1 | 2 | 42 | 6 | 19 | 96 | 5 | 2 | -3 | 33 | 14 | 62 | 6 | 1 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 1 | -1 | 1 | 0 | 0 | 0 | 0 | 0 | 19 | 16 | 25 | 15 | ' | 43 | 248 |
Gain (loss) on all other activity included in trading revenues, assets | ' | ' | ' | 0 | 1,171 | 5 | 410 | 150 | 272 | 9 | 55 | 64 | -15 | 33 | 68 | 45 | 118 | -2 | 384 | -97 | 381 | -161 | 28 | -9 | -157 | 250 | 259 | -46 | 0 | 0 | 98 | -82 | ' | ' | ' | ' | ' | ' | 65 | -80 | 33 | -2 | 4 | -81 | 5 | -126 | 3 | -49 | 0 | 0 | 127 | 133 | 152 | 92 | 20 | 1,400 | -25 |
Gain (loss) on transfers in/out included in other revenues, assets | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 441 | 276 | ' | ' | ' | ' | ' | ' | 0 | 0 | 441 | 276 | 2 | 0 | 0 | 0 | 4 | 0 | -2 | -6 | -1 | 0 | -1 | 0 | ' | 440 | 270 |
Foreign currency translation impact, assets | ' | ' | ' | 0 | -5 | 467 | 11 | 170 | 10 | 91 | -3 | 27 | -2 | 19 | -5 | 20 | -4 | 14 | -5 | 194 | 3 | 50 | -3 | 41 | -1 | 62 | -7 | 89 | 1 | 0 | 7 | 257 | ' | ' | ' | ' | ' | ' | -6 | 61 | 13 | 196 | -30 | 229 | -21 | 149 | -3 | 49 | 0 | 2 | 6 | 158 | 9 | 131 | ' | -21 | 1,113 |
Balance at end of period, assets | ' | ' | ' | 69 | 13,481 | 14,513 | 4,600 | 4,511 | 1,774 | 2,057 | 548 | 906 | 334 | 306 | 1,369 | 865 | 674 | 423 | 5,125 | 6,579 | 1,713 | 1,560 | 1,097 | 1,627 | 932 | 2,076 | 3,082 | 3,000 | 3 | 319 | 4,899 | 7,925 | 323 | 392 | 1,720 | 1,632 | 1,720 | 1,630 | 1,605 | 1,713 | 3,294 | 6,212 | 8,598 | 7,149 | 5,699 | 4,899 | 1,572 | 1,298 | 66 | 39 | 5,923 | 6,631 | 5,242 | 5,842 | ' | 33,039 | 36,576 |
Financial_instruments_Details_3
Financial instruments (Details 5) (Recurring basis, CHF) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 114 | ' |
Transfers in, liabilities | 0 | ' |
Transfers out, liabilities | -114 | ' |
Purchases, liabilities | 0 | ' |
Sales, liabilities | 0 | ' |
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 | ' |
Foreign currency translation impact, liabilities | 0 | ' |
Balance at end of period, liabilities | 0 | ' |
Due to banks and customer deposits | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 55 | 25 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 25 | 53 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 2 | -13 |
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 |
Foreign currency translation impact, liabilities | 5 | -3 |
Balance at end of period, liabilities | 87 | 62 |
Trading Liabilities | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 5,564 | 5,356 |
Transfers in, liabilities | 519 | 1,024 |
Transfers out, liabilities | -754 | -814 |
Purchases, liabilities | 22 | 53 |
Sales, liabilities | -18 | -155 |
Issuances, liabilities | 838 | 489 |
Settlements, liabilities | -1,766 | -1,125 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 214 | 124 |
Gain (loss) on all other activity included in trading revenues, liabilities | 307 | 252 |
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 |
Foreign currency translation impact, liabilities | -11 | 165 |
Balance at end of period, liabilities | 4,915 | 5,369 |
Trading Liabilities | Interest rate derivatives | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 1,129 | 1,357 |
Transfers in, liabilities | 36 | 59 |
Transfers out, liabilities | -6 | -132 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 42 | 82 |
Settlements, liabilities | -234 | -43 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 4 | 3 |
Gain (loss) on all other activity included in trading revenues, liabilities | 216 | -269 |
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 |
Foreign currency translation impact, liabilities | -2 | 38 |
Balance at end of period, liabilities | 1,185 | 1,095 |
Trading Liabilities | Foreign exchange derivatives | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 938 | 1,648 |
Transfers in, liabilities | 0 | 15 |
Transfers out, liabilities | -2 | -14 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 3 | 13 |
Settlements, liabilities | -144 | -472 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -4 | -1 |
Gain (loss) on all other activity included in trading revenues, liabilities | -94 | 73 |
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 |
Foreign currency translation impact, liabilities | -1 | 50 |
Balance at end of period, liabilities | 696 | 1,312 |
Trading Liabilities | Credit derivatives | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 1,230 | 819 |
Transfers in, liabilities | 266 | 808 |
Transfers out, liabilities | -152 | -267 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 206 | 71 |
Settlements, liabilities | -542 | -226 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 7 | 40 |
Gain (loss) on all other activity included in trading revenues, liabilities | 279 | 89 |
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 |
Foreign currency translation impact, liabilities | -3 | 27 |
Balance at end of period, liabilities | 1,291 | 1,361 |
Trading Liabilities | Equity/Index-related products | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 1,896 | 1,003 |
Transfers in, liabilities | 190 | 111 |
Transfers out, liabilities | -589 | -302 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 402 | 275 |
Settlements, liabilities | -691 | -308 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 209 | 90 |
Gain (loss) on all other activity included in trading revenues, liabilities | -147 | 341 |
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 |
Foreign currency translation impact, liabilities | -5 | 34 |
Balance at end of period, liabilities | 1,265 | 1,244 |
Short-term borrowings. | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 165 | 124 |
Transfers in, liabilities | 13 | 46 |
Transfers out, liabilities | -35 | -34 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 249 | 203 |
Settlements, liabilities | -294 | -86 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | -1 | -4 |
Gain (loss) on all other activity included in trading revenues, liabilities | 2 | -61 |
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 |
Foreign currency translation impact, liabilities | 2 | 5 |
Balance at end of period, liabilities | 101 | 193 |
Long-term debt | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 9,780 | 10,098 |
Transfers in, liabilities | 605 | 1,728 |
Transfers out, liabilities | -1,840 | -1,209 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 3,386 | 2,818 |
Settlements, liabilities | -1,885 | -2,787 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 11 | 16 |
Gain (loss) on all other activity included in trading revenues, liabilities | 300 | -51 |
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 |
Foreign currency translation impact, liabilities | -44 | 347 |
Balance at end of period, liabilities | 10,313 | 10,960 |
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 | 6,217 | 6,189 |
Transfers in, liabilities | 220 | 321 |
Transfers out, liabilities | -971 | -893 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 2,493 | 1,966 |
Settlements, liabilities | -778 | -1,160 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 8 | 12 |
Gain (loss) on all other activity included in trading revenues, liabilities | 217 | -352 |
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 |
Foreign currency translation impact, liabilities | -32 | 223 |
Balance at end of period, liabilities | 7,374 | 6,306 |
Long-term debt | Long-term debt - of which nonrecourse liabilities | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 2,552 | 2,551 |
Transfers in, liabilities | 378 | 1,369 |
Transfers out, liabilities | -583 | -196 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 330 | 438 |
Settlements, liabilities | -673 | -1,274 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 16 | 10 |
Gain (loss) on all other activity included in trading revenues, liabilities | 14 | 114 |
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 |
Foreign currency translation impact, liabilities | -6 | 76 |
Balance at end of period, liabilities | 2,028 | 3,088 |
Other liabilities | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 2,861 | 2,848 |
Transfers in, liabilities | 79 | 31 |
Transfers out, liabilities | -93 | -131 |
Purchases, liabilities | 262 | 62 |
Sales, liabilities | -630 | -280 |
Issuances, liabilities | 633 | 1 |
Settlements, liabilities | -170 | -58 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 14 | -16 |
Gain (loss) on all other activity included in trading revenues, liabilities | 94 | -18 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 4 | 26 |
Gain (loss) on all other activity included in other revenues, liabilities | 269 | 135 |
Foreign currency translation impact, liabilities | 2 | 77 |
Balance at end of period, liabilities | 3,325 | 2,677 |
Other liabilities | Other liabilities - of which failed sales | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 1,143 | 1,160 |
Transfers in, liabilities | 65 | 12 |
Transfers out, liabilities | -42 | -77 |
Purchases, liabilities | 78 | 45 |
Sales, liabilities | -560 | -230 |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | -4 |
Gain (loss) on all other activity included in trading revenues, liabilities | 47 | -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 | -2 | 0 |
Foreign currency translation impact, liabilities | -2 | 38 |
Balance at end of period, liabilities | 727 | 936 |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, liabilities | 18,539 | 18,451 |
Transfers in, liabilities | 1,216 | 2,829 |
Transfers out, liabilities | -2,836 | -2,188 |
Purchases, liabilities | 284 | 115 |
Sales, liabilities | -648 | -435 |
Issuances, liabilities | 5,131 | 3,564 |
Settlements, liabilities | -4,115 | -4,056 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 238 | 120 |
Gain (loss) on all other activity included in trading revenues, liabilities | 705 | 109 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 4 | 26 |
Gain (loss) on all other activity included in other revenues, liabilities | 269 | 135 |
Foreign currency translation impact, liabilities | -46 | 591 |
Balance at end of period, liabilities | 18,741 | 19,261 |
Financial_instruments_Details_4
Financial instruments (Details 6) (Recurring basis, CHF) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Recurring basis | ' | ' |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ' | ' |
Balance at beginning of period, net assets/liabilities | 16,545 | 17,238 |
Transfers in, net assets/liabilities | 1,603 | 551 |
Transfers out, net assets/liabilities | -1,447 | -3,325 |
Purchases, net assets/liabilities | 8,219 | 10,094 |
Sales, net assets/liabilities | -10,724 | -10,611 |
Issuances, net assets/liabilities | -726 | 1,450 |
Settlements, net assets/liabilities | 136 | 1,293 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | -195 | 128 |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 695 | -134 |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | -4 | -26 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | 171 | 135 |
Foreign currency translation impact, net assets/liabilities | 25 | 522 |
Balance at beginning of period, net assets/liabilities | 14,298 | 17,315 |
Financial_instruments_Details_5
Financial instruments (Details 7) (CHF) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
Gains and losses on assets and liabilities | ' | ' | ' |
Net realized/unrealized gains/(losses) included in net revenues | ' | 667 | 103 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | ' | -454 | -976 |
Transfers into level 3 assets | 1,188 | 2,819 | 3,380 |
Transfers out of level 3 assets | 1,928 | 4,283 | 5,513 |
Trading Revenues | ' | ' | ' |
Gains and losses on assets and liabilities | ' | ' | ' |
Net realized/unrealized gains/(losses) included in net revenues | ' | 500 | -6 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | ' | -528 | -1,079 |
Other revenues | ' | ' | ' |
Gains and losses on assets and liabilities | ' | ' | ' |
Net realized/unrealized gains/(losses) included in net revenues | ' | 167 | 109 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | ' | 74 | 103 |
Financial_instruments_Details_6
Financial instruments (Details 8) (Nonrecurring basis, CHF) | Jun. 30, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Assets and liabilities recorded at fair value | ' | ' |
Loans | 0.2 | 0.3 |
Level 3 | ' | ' |
Assets and liabilities recorded at fair value | ' | ' |
Loans | 0.2 | 0.3 |
Financial_instruments_Details_7
Financial instruments (Details 9) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Financial instruments (CHF million) | ' | ' | ' | ' |
Cash and Due from Banks | 724 | 404 | 527 | 386 |
Interest-bearing deposits with banks | 1,749 | 1,728 | 1,515 | 1,563 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 165,744 | 162,890 | 160,022 | 173,404 |
Loans | 254,532 | 250,659 | 247,054 | 246,186 |
Other assets | 64,689 | 62,405 | 63,065 | 72,986 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -88,066 | -88,675 | -94,032 | -99,073 |
Short-term borrowings | -29,426 | -24,181 | -20,193 | -20,976 |
Long-term debt | -143,827 | -132,434 | -130,042 | -133,505 |
Other liabilities | -48,913 | -48,768 | -51,447 | -56,117 |
Aggregate fair value | ' | ' | ' | ' |
Loans (CHF million) | ' | ' | ' | ' |
Non-interest-earning loans | 1,039 | ' | 956 | ' |
Financial instruments (CHF million) | ' | ' | ' | ' |
Interest-bearing deposits with banks | 309 | ' | 311 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,586 | ' | 96,587 | ' |
Loans | 19,897 | ' | 19,457 | ' |
Other assets | 21,539 | ' | 20,749 | ' |
Due to banks and customer deposits | -713 | ' | -690 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -60,529 | ' | -76,104 | ' |
Short-term borrowings | -7,132 | ' | -6,053 | ' |
Long-term debt | -70,217 | ' | -63,369 | ' |
Other liabilities | -1,205 | ' | -1,780 | ' |
Aggregate unpaid principal | ' | ' | ' | ' |
Loans (CHF million) | ' | ' | ' | ' |
Non-interest-earning loans | 3,211 | ' | 3,262 | ' |
Financial instruments (CHF million) | ' | ' | ' | ' |
Interest-bearing deposits with banks | 306 | ' | 307 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,304 | ' | 96,217 | ' |
Loans | 20,010 | ' | 19,653 | ' |
Other assets | 27,671 | ' | 25,756 | ' |
Due to banks and customer deposits | -689 | ' | -680 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -60,458 | ' | -76,012 | ' |
Short-term borrowings | -7,075 | ' | -5,896 | ' |
Long-term debt | -69,361 | ' | -62,991 | ' |
Other liabilities | -2,631 | ' | -3,285 | ' |
Difference | ' | ' | ' | ' |
Loans (CHF million) | ' | ' | ' | ' |
Non-interest-earning loans, Difference | -2,172 | ' | -2,306 | ' |
Financial instruments (CHF million) | ' | ' | ' | ' |
Interest-bearing deposits with banks | 3 | ' | 4 | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 282 | ' | 370 | ' |
Loans | -113 | ' | -196 | ' |
Other assets | -6,132 | ' | -5,007 | ' |
Due to banks and customer deposits | -24 | ' | -10 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -71 | ' | -92 | ' |
Short-term borrowings | -57 | ' | -157 | ' |
Long-term debt | -856 | ' | -378 | ' |
Other liabilities | 1,426 | ' | 1,505 | ' |
Financial_instruments_Details_8
Financial instruments (Details 10) (CHF) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Interest-bearing deposits with banks | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | 0 | 4 |
Net gains/(losses) of which related to credit risk - on assets | -1 | -2 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | 472 | 532 |
Other investments | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | 202 | -34 |
Net gains/(losses) of which related to credit risk - on assets | 3 | 0 |
Loans | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | 531 | 224 |
Net gains/(losses) of which related to credit risk - on assets | 70 | -107 |
Other assets | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | 952 | 1,128 |
Net gains/(losses) of which related to credit risk - on assets | 351 | 300 |
Due to banks and customer deposits | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | -26 | 13 |
Net gains/(losses) of which related to credit risk - on liabilities | -8 | -1 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | -38 | 40 |
Short-term borrowings. | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | -46 | 6 |
Long-term debt | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | -2,162 | 800 |
Net gains/(losses) of which related to credit risk - on liabilities | -47 | 10 |
Fair Value, Option, Credit Risk, Changes in debt valuation adjustments on structured notes | 0 | 38 |
Vanilla debt | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) of which related to credit risk - on liabilities | -121 | -20 |
Other liabilities | ' | ' |
Gains (losses) on financial instruments | ' | ' |
Net gains/(losses) | 45 | 239 |
Net gains/(losses) of which related to credit risk - on liabilities | -39 | 51 |
Financial_instruments_Details_9
Financial instruments (Details 11) (CHF) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 1,973 | 4,043 |
Redeemable | 2,387 | 3,458 |
Total fair value | 4,360 | 7,501 |
Unfunded commitments | 343 | 863 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ' | ' |
Nonredeemable attributable to non-controlling interest | 641 | 1,819 |
Redeemable attributable to non-controlling interest | 116 | 107 |
Unfunded commitments attributable to non-controlling interest | 175 | 405 |
High end of period of time, in years, that the underlying assets of non-redeemable funds are expected to be liquidated | 10 | ' |
Funds held in trading assets and liabilities | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 37 | 29 |
Redeemable | 2,179 | 3,097 |
Total fair value | 2,216 | 3,126 |
Unfunded commitments | 0 | 0 |
Funds held in trading assets and liabilities | Debt funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 6 | 1 |
Redeemable | 105 | 18 |
Total fair value | 111 | 19 |
Unfunded commitments | 0 | 0 |
Funds held in trading assets and liabilities | Equity funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 31 | 28 |
Redeemable | 2,087 | 3,096 |
Total fair value | 2,118 | 3,124 |
Unfunded commitments | 0 | 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ' | ' |
Percentage of investment subject to on demand redemption | 35.00% | 55.00% |
Percentage of investment subject to monthly redemption | 29.00% | 17.00% |
Percentage of investment subject to quarterly redemption | 11.00% | 9.00% |
Percentage of investment subject to annual redemption | 26.00% | 19.00% |
Funds held in trading assets and liabilities | Equity funds sold short | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 0 | 0 |
Redeemable | -13 | -17 |
Total fair value | -13 | -17 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 1,936 | 4,014 |
Redeemable | 208 | 361 |
Total fair value | 2,144 | 4,375 |
Unfunded commitments | 343 | 863 |
Funds held in other investments | Hedge funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 312 | 320 |
Redeemable | 170 | 361 |
Total fair value | 482 | 681 |
Unfunded commitments | 1 | 37 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ' | ' |
Percentage of investment subject to on demand redemption | ' | 33.00% |
Percentage of investment subject to quarterly redemption | 84.00% | 45.00% |
Percentage of investment subject to annual redemption | 14.00% | 21.00% |
Funds held in other investments | Private equity funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 1,251 | 3,345 |
Redeemable | 0 | 0 |
Total fair value | 1,251 | 3,345 |
Unfunded commitments | 342 | 826 |
Funds held in other investments | Equity method investments | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 373 | 349 |
Redeemable | 38 | 0 |
Total fair value | 411 | 349 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Debt funds | Hedge funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 312 | 320 |
Redeemable | 119 | 183 |
Total fair value | 431 | 503 |
Unfunded commitments | 1 | 6 |
Funds held in other investments | Debt funds | Private equity funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 19 | 53 |
Redeemable | 0 | 0 |
Total fair value | 19 | 53 |
Unfunded commitments | 14 | 2 |
Funds held in other investments | Equity funds | Hedge funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 0 | 0 |
Redeemable | 0 | 25 |
Total fair value | 0 | 25 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Equity funds | Private equity funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 579 | 2,236 |
Redeemable | 0 | 0 |
Total fair value | 579 | 2,236 |
Unfunded commitments | 118 | 464 |
Funds held in other investments | Real estate funds | Private equity funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 264 | 350 |
Redeemable | 0 | 0 |
Total fair value | 264 | 350 |
Unfunded commitments | 87 | 110 |
Funds held in other investments | Others | Hedge funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 0 | 0 |
Redeemable | 51 | 153 |
Total fair value | 51 | 153 |
Unfunded commitments | 0 | 31 |
Funds held in other investments | Others | Private equity funds | ' | ' |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ' | ' |
Non-redeemable | 389 | 706 |
Redeemable | 0 | 0 |
Total fair value | 389 | 706 |
Unfunded commitments | 123 | 250 |
Recovered_Sheet1
Financial instruments (Details 14) (Recurring basis, CHF) | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Transfers between level 1 and level 2 | ' | ' |
Transfers to level 1 out of level 2, Trading assets | 5,502 | 4,986 |
Transfers out of level 1 to level 2, Trading assets | 90 | 257 |
Transfers to level 1 out of level 2, Trading liabilities | 5,187 | 3,792 |
Transfers out of level 1 to level 2, Trading liabilities | 100 | 43 |
Debt securities | ' | ' |
Fair Value, Transfers between level 1 and level 2 | ' | ' |
Transfers to level 1 out of level 2, Trading assets | 400 | 471 |
Transfers out of level 1 to level 2, Trading assets | 11 | 85 |
Transfers to level 1 out of level 2, Trading liabilities | 312 | 6 |
Transfers out of level 1 to level 2, Trading liabilities | 0 | 17 |
Equity securities | ' | ' |
Fair Value, Transfers between level 1 and level 2 | ' | ' |
Transfers to level 1 out of level 2, Trading assets | 409 | 422 |
Transfers out of level 1 to level 2, Trading assets | 78 | 171 |
Transfers to level 1 out of level 2, Trading liabilities | 129 | 250 |
Transfers out of level 1 to level 2, Trading liabilities | 81 | 17 |
Derivative instruments | ' | ' |
Fair Value, Transfers between level 1 and level 2 | ' | ' |
Transfers to level 1 out of level 2, Trading assets | 4,693 | 4,093 |
Transfers out of level 1 to level 2, Trading assets | 1 | 1 |
Transfers to level 1 out of level 2, Trading liabilities | 4,746 | 3,536 |
Transfers out of level 1 to level 2, Trading liabilities | 19 | 9 |
Recovered_Sheet2
Financial instruments (Details 15) (Recurring basis, CHF) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Trading assets | Investment securities | Investment securities | Investment securities | Investment securities | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Other investments | Loans | Loans | Loans | Loans | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which commercial and industrial | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Loans - of which financial institutions | Other intangible assets. | Other intangible assets. | Other intangible assets. | Other intangible assets. | Other assets | Other assets | Other assets | Other assets | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Other assets - of which loans held-for-sale | Assets | Assets | Assets | Assets |
Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Equity securities | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Derivative instruments | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Other | Private equity | Private equity | Hedge funds | Hedge funds | Other equity investments | Other equity investments | Life finance instruments | Life finance instruments | Life finance instruments | Life finance instruments | Life finance instruments | Life finance instruments | Life finance instruments | Life finance instruments | Life finance instruments | Life finance instruments | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Other equity investments - of which private | Equity securities | Equity securities | Equity securities | Equity securities | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | |||||||||||||||||||||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | Corporate debt securities | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | RMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | CMBS | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Collateralized debt obligations | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Net asset value | Market comparable | Market comparable | Market comparable | Market comparable | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Option model | Option model | Option model | Option model | Option model | Option model | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Option model | Option model | Option model | Option model | Option model | Option model | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Maximum | Weighted average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quantitative information about level 3 assets at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, assets | 69 | 204 | ' | ' | ' | ' | ' | ' | 13,481 | 13,710 | 14,513 | 15,509 | 4,600 | 5,069 | 4,511 | 5,888 | 1,774 | 2,128 | 2,057 | 3,192 | 122 | 129 | ' | ' | ' | ' | ' | ' | 1,125 | 807 | ' | ' | ' | ' | ' | ' | 427 | 592 | ' | ' | ' | ' | ' | ' | 548 | 436 | 906 | 724 | ' | ' | ' | ' | ' | ' | 334 | 417 | 306 | 1,023 | ' | ' | ' | ' | ' | ' | 1,369 | 1,567 | 865 | 447 | 338 | 278 | ' | ' | ' | ' | ' | ' | 110 | 118 | ' | ' | ' | ' | ' | ' | 785 | 423 | ' | ' | ' | ' | ' | ' | 674 | 595 | 423 | 485 | 25 | 35 | ' | ' | ' | ' | ' | ' | 421 | 270 | ' | ' | ' | ' | ' | ' | 5,125 | 5,217 | 6,579 | 6,650 | 1,713 | 1,574 | 1,560 | 1,859 | ' | ' | ' | ' | ' | ' | 1,097 | 1,138 | 1,627 | 1,294 | ' | ' | ' | ' | ' | ' | 932 | 1,240 | 2,076 | 1,920 | ' | ' | ' | ' | ' | ' | 3,082 | 2,829 | 3,000 | 2,486 | 646 | 589 | ' | ' | ' | ' | ' | ' | 2,398 | 2,139 | ' | ' | ' | ' | ' | ' | 3 | 2 | 319 | 170 | 4,899 | 6,969 | 7,925 | 8,184 | 1,251 | 3,345 | 323 | 392 | 1,720 | 1,632 | 1,605 | 1,600 | 1,713 | 1,818 | ' | ' | ' | ' | ' | ' | 1,720 | 1,630 | 350 | 384 | ' | ' | ' | ' | ' | ' | 944 | 813 | ' | ' | ' | 3,294 | 5,369 | 6,212 | 6,366 | 8,598 | 7,998 | 7,149 | 6,619 | 5,699 | 5,309 | 4,899 | 4,778 | 4,798 | 4,526 | ' | ' | ' | ' | ' | ' | 637 | 326 | ' | ' | ' | ' | ' | ' | 1,572 | 1,322 | 1,298 | 1,530 | ' | ' | ' | ' | ' | ' | 66 | 42 | 39 | 43 | 5,923 | 6,159 | 6,631 | 5,164 | 5,242 | 5,615 | 5,842 | 4,463 | 820 | 1,042 | ' | ' | ' | ' | ' | ' | 1,707 | 1,954 | ' | ' | ' | ' | ' | ' | 2,424 | 2,420 | ' | ' | ' | ' | ' | ' | 33,039 | 35,084 | 36,576 | 35,689 |
Unobservable input | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding spread (in bp) | ' | ' | 90 | 350 | 350 | 350 | 178 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buyback probability (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 100.00% | 100.00% | 62.00% | 59.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalization rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 7.00% | 12.00% | 12.00% | 9.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Correlation (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -83.00% | -83.00% | 96.00% | 100.00% | 14.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 100.00% | 100.00% | 82.00% | 80.00% | ' | ' | ' | ' | 34.00% | 32.00% | 97.00% | 97.00% | 83.00% | 70.00% | ' | ' | ' | ' | -83.00% | -83.00% | 96.00% | 100.00% | 14.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit spread (in bp) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 9 | 957 | 1,445 | 348 | 383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95 | 60 | 2,054 | 531 | 218 | 137 | ' | ' | ' | ' | 1 | 1 | 2,054 | 1,928 | 298 | 117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 897 | ' | 3,175 | ' | 1,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | 11 | 2,488 | 2,692 | 504 | 366 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98 | 93 | 884 | 813 | 302 | 318 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 75 | 2,389 | 623 | 467 | 270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent probability (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.00% | 69.00% | 59.00% | 69.00% | 59.00% | 69.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA multiple | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 12 | 12 | 7 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 10 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Life expectancy (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 19 | 20 | 9 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 21 | 21 | 9 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 27.00% | 35.00% | 7.00% | 8.00% | ' | ' | ' | ' | 0.00% | 0.00% | 20.00% | 28.00% | 10.00% | 14.00% | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 30.00% | 30.00% | 7.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 31.00% | 36.00% | 24.00% | 28.00% | ' | ' | ' | ' | 0.00% | 0.00% | 17.00% | 31.00% | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 112.00% | 135.00% | 91.00% | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 50.00% | 100.00% | 100.00% | 94.00% | 95.00% | ' | ' | 85.00% | 89.00% | 101.00% | 197.00% | 98.00% | 186.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 179.00% | ' | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 146.00% | 108.00% | 34.00% | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 100.00% | 118.00% | 69.00% | 92.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 160.00% | 104.00% | 99.00% | 99.00% | ' | ' | 0.00% | 0.00% | 105.00% | 103.00% | 59.00% | 68.00% | ' | ' | ' | ' |
Recovery rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 77.00% | 77.00% | 25.00% | 26.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% | 1.00% | 0.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 31.00% | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 0.00% | 252.00% | 170.00% | 26.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility skew (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9.00% | -8.00% | 2.00% | 2.00% | -1.00% | -1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 33.00% | 32.00% | 9.00% | 9.00% | ' | ' | ' | ' | 1.00% | 1.00% | 30.00% | 26.00% | 9.00% | 8.00% | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 24.00% | 18.00% | 6.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 1.00% | 29.00% | 34.00% | 14.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Default rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 25.00% | 27.00% | 5.00% | 3.00% | ' | ' | ' | ' | 0.00% | 0.00% | 18.00% | 14.00% | 1.00% | 0.00% | ' | ' | ' | ' | ' | ' | 1.00% | 0.00% | 15.00% | 7.00% | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 16.00% | 22.00% | 6.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss severity (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 100.00% | 100.00% | 48.00% | 42.00% | ' | ' | ' | ' | 0.00% | 0.00% | 40.00% | 50.00% | 3.00% | 2.00% | ' | ' | ' | ' | ' | ' | 25.00% | 0.00% | 100.00% | 100.00% | 68.00% | 31.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 100.00% | 90.00% | 59.00% | 57.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet3
Financial instruments (Details 16) (Recurring basis, CHF) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | Due to banks and customer deposits | Due to banks and customer deposits | Due to banks and customer deposits | Due to banks and customer deposits | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Trading Liabilities | Short-term borrowings. | Short-term borrowings. | Short-term borrowings. | Short-term borrowings. | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Other liabilities | Liabilities: | Liabilities: | Liabilities: | Liabilities: |
Discounted cash flow | Discounted cash flow | Discounted cash flow | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Interest rate derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Foreign exchange derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Credit derivatives | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Equity/Index-related products | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which structured notes over two years | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Long-term debt - of which nonrecourse liabilities | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | Other liabilities - of which failed sales | |||||||||||||||||||||||||||
Minimum | Maximum | Weighted average | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Option model | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Vendor price | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Discounted cash flow | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | Market comparable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Maximum | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | Minimum | Minimum | Maximum | Maximum | Weighted average | Weighted average | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quantitative information about level 3 liabilities at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, liabilities | 0 | 114 | ' | ' | ' | 87 | 55 | 62 | 25 | 4,915 | 5,564 | 5,369 | 5,356 | 1,185 | 1,129 | 1,095 | 1,357 | ' | ' | ' | ' | ' | ' | 696 | 938 | 1,312 | 1,648 | ' | ' | ' | ' | ' | ' | 1,291 | 1,230 | 1,361 | 819 | ' | ' | ' | ' | ' | ' | 1,265 | 1,896 | 1,244 | 1,003 | ' | ' | ' | ' | ' | ' | 101 | 165 | 193 | 124 | 10,313 | 9,780 | 10,960 | 10,098 | 7,374 | 6,217 | 6,306 | 6,189 | 5,910 | ' | ' | ' | ' | ' | ' | 452 | ' | ' | ' | 2,028 | 2,552 | 3,088 | 2,551 | 1,831 | 2,105 | ' | ' | ' | ' | ' | ' | 143 | 301 | ' | ' | ' | ' | ' | ' | 3,325 | 2,861 | 2,677 | 2,848 | 727 | 1,143 | 936 | 1,160 | 50 | 195 | ' | ' | ' | ' | ' | ' | 661 | 829 | ' | ' | ' | ' | ' | ' | 18,741 | 18,539 | 19,261 | 18,451 |
Unobservable input | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread (in bp) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -10 | 148 | 98 | 74 | 56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding spread (in bp) | ' | ' | 90 | 90 | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51 | ' | 51 | ' | 51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Buyback probability (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 100.00% | 100.00% | 62.00% | 59.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 100.00% | 100.00% | 62.00% | 59.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Correlation (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 17.00% | 99.00% | 100.00% | 62.00% | 70.00% | ' | ' | ' | ' | -10.00% | -10.00% | 70.00% | 70.00% | 48.00% | 50.00% | ' | ' | ' | ' | 34.00% | 32.00% | 98.00% | 98.00% | 55.00% | 53.00% | ' | ' | ' | ' | -83.00% | -83.00% | 96.00% | 100.00% | 14.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -83.00% | -83.00% | 99.00% | 100.00% | 16.00% | 13.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit spread (in bp) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 2,052 | 1,831 | 252 | 133 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 305 | 673 | 372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 813 | 535 | 1,362 | 2,692 | 1,185 | 2,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gap risk (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 5.00% | 4.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mean reversion (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 10.00% | 10.00% | 6.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 8.00% | 31.00% | 36.00% | 23.00% | 27.00% | ' | ' | ' | ' | 19.00% | 23.00% | 31.00% | 36.00% | 25.00% | 29.00% | ' | ' | ' | ' | 0.00% | 0.00% | 17.00% | 11.00% | 2.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 217.00% | 104.00% | 104.00% | 99.00% | ' | ' | 0.00% | 0.00% | 93.00% | 87.00% | 13.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 100.00% | 100.00% | 63.00% | 68.00% | ' | ' | ' | ' |
Recovery rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 0.00% | 77.00% | 77.00% | 43.00% | 38.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.00% | 26.00% | 23.00% | 26.00% | 23.00% | 26.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Skew (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.00% | 49.00% | 152.00% | 159.00% | 118.00% | 106.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volatility (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 3.00% | 252.00% | 170.00% | 26.00% | 28.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 3.00% | 252.00% | 170.00% | 28.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 1.00% | 29.00% | 35.00% | 14.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Default rate (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 15.00% | 21.00% | 6.00% | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss severity (in %) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 10.00% | 100.00% | 90.00% | 62.00% | 61.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet4
Financial instruments (Details 17) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||||
Financial assets (CHF million) | ' | ' | ' | ' |
Loans | 254,532 | 250,659 | 247,054 | 246,186 |
Financial liabilities (CHF million) | ' | ' | ' | ' |
Short-term borrowings | 29,426 | 24,181 | 20,193 | 20,976 |
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 |
Carrying Value | Assets and liabilities not measured at fair value where a fair value is disclosed | ' | ' | ' | ' |
Financial assets (CHF million) | ' | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,158 | ' | 63,435 | ' |
Loans | 231,016 | ' | 223,902 | ' |
Other financial assets | 145,936 | ' | 142,656 | ' |
Financial liabilities (CHF million) | ' | ' | ' | ' |
Due to banks and deposits | 368,769 | ' | 351,476 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 27,538 | ' | 17,928 | ' |
Short-term borrowings | 22,294 | ' | 14,140 | ' |
Long-term debt | 73,610 | ' | 66,673 | ' |
Other financial liabilities | 92,096 | ' | 96,611 | ' |
Level 1 | Assets and liabilities not measured at fair value where a fair value is disclosed | ' | ' | ' | ' |
Financial assets (CHF million) | ' | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ' | 0 | ' |
Loans | 0 | ' | 0 | ' |
Other financial assets | 68,039 | ' | 72,134 | ' |
Financial liabilities (CHF million) | ' | ' | ' | ' |
Due to banks and deposits | 212,058 | ' | 212,418 | ' |
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 financial liabilities | 0 | ' | 1,129 | ' |
Level 2 | Assets and liabilities not measured at fair value where a fair value is disclosed | ' | ' | ' | ' |
Financial assets (CHF million) | ' | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 78,610 | ' | 62,891 | ' |
Loans | 234,112 | ' | 225,641 | ' |
Other financial assets | 76,670 | ' | 69,310 | ' |
Financial liabilities (CHF million) | ' | ' | ' | ' |
Due to banks and deposits | 156,614 | ' | 138,980 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 27,538 | ' | 17,928 | ' |
Short-term borrowings | 22,298 | ' | 14,148 | ' |
Long-term debt | 71,560 | ' | 64,043 | ' |
Other financial liabilities | 91,559 | ' | 94,414 | ' |
Level 3 | Assets and liabilities not measured at fair value where a fair value is disclosed | ' | ' | ' | ' |
Financial assets (CHF million) | ' | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 548 | ' | 544 | ' |
Loans | 2,508 | ' | 3,940 | ' |
Other financial assets | 1,619 | ' | 1,568 | ' |
Financial liabilities (CHF million) | ' | ' | ' | ' |
Due to banks and deposits | 10 | ' | 9 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | ' | 0 | ' |
Short-term borrowings | 0 | ' | 0 | ' |
Long-term debt | 4,018 | ' | 3,774 | ' |
Other financial liabilities | 617 | ' | 1,085 | ' |
Total - at fair value | Assets and liabilities not measured at fair value where a fair value is disclosed | ' | ' | ' | ' |
Financial assets (CHF million) | ' | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,158 | ' | 63,435 | ' |
Loans | 236,620 | ' | 229,581 | ' |
Other financial assets | 146,328 | ' | 143,012 | ' |
Financial liabilities (CHF million) | ' | ' | ' | ' |
Due to banks and deposits | 368,682 | ' | 351,407 | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 27,538 | ' | 17,928 | ' |
Short-term borrowings | 22,298 | ' | 14,148 | ' |
Long-term debt | 75,578 | ' | 67,817 | ' |
Other financial liabilities | 92,176 | ' | 96,628 | ' |
Assets_pledged_and_collateral_1
Assets pledged and collateral (Details) (CHF) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Assets pledged and collateral (CHF million) | ' | ' |
Total assets pledged or assigned as collateral | 146,633 | 142,952 |
of which encumbered | 93,046 | 92,300 |
Fair value of collateral received with the right to sell or repledge | 385,554 | 359,517 |
of which sold or repledged | 288,640 | 267,896 |
Litigation_Details
Litigation (Details) | 3 Months Ended | 3 Months Ended | ||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
CHF | Minimum | Maximum | Tax and securities law matters | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse Securities (USA) LLC | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | Credit Suisse AG | |
CHF | CHF | CHF | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Individual investor actions | Mortgage-related matters - Monoline insurer disputes | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | Tax and securities law matters | ||
Deutsche Zentral-Genossenschaftsbank AG, New York Branch | Deutsche Zentral-Genossenschaftsbank AG, New York Branch | Federal Home Loan Banks of Seattle, San Francisco, Chicago, Indianapolis and Boston - Chicago action | Federal Home Loan Banks of Seattle, San Francisco, Chicago, Indianapolis and Boston - Indianapolis action | Commerzbank AG, London Branch | CIFG Assurance North America, Inc. | United States Department of Justice (DOJ) | US Securities and Exchange Commission (SEC) | US Department of Justice, the New York State Department of Financial Services, the Board of Governors of the US Federal Reserve System and the SEC | New York State Department of Financial Services | Board of Governors of the US Federal Reserve System | US Internal Revenue Service (IRS) | |||||
Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | Illinois state court | Indiana state court | Supreme Court for the State of New York, New York County (SCNY) | Supreme Court for the State of New York, New York County (SCNY) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Litigation provisions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | 892,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increases in litigation accruals | ' | ' | ' | 1,618,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of possible losses that are not covered by existing provisions | ' | 0 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net litigation provisions recorded | 1,807,000,000 | ' | ' | 1,598,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RMBS offerings by third party | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of RMBS issued by third party underwritten by CSS LLC | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Value of RMBS issued by third party underwritten by CSS LLC | ' | ' | ' | ' | 111,000,000 | 138,000,000 | 38,000,000 | 224,000,000 | 121,000,000 | ' | ' | ' | ' | ' | ' | ' |
Reduction in value of RMBS issued by third party underwritten by CSS LLC | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | ' | ' | ' | ' | ' | ' | ' |
Guaranteed payments on a credit default swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,000,000 | ' | ' | ' | ' | ' | ' |
Fines, judgments and settlements paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | 196,000,000 | 2,815,000,000 | 715,000,000 | 100,000,000 | ' |
of which disgorgement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,000,000 | ' | ' | ' | ' |
of which prejudgment interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,000,000 | ' | ' | ' | ' |
of which civil money penalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
of which restitution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 666,500,000 |
of which fines | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,333,500,000 | ' | ' | ' | ' | ' |
Subsidiary_guarantee_informati2
Subsidiary guarantee information (Details) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed consolidating statements of operations (CHF million) | ' | ' | ' | ' | ' |
Interest and dividend income | 5,690 | 4,445 | 6,220 | 10,135 | 11,042 |
Interest expense | -3,104 | -2,267 | -3,580 | -5,371 | -6,596 |
Net interest income | 2,586 | 2,178 | 2,640 | 4,764 | 4,446 |
Commissions and fees | 3,309 | 3,275 | 3,538 | 6,584 | 6,786 |
Trading revenues | 197 | 638 | 357 | 835 | 2,172 |
Other revenues | 371 | 738 | 417 | 1,109 | 637 |
Net revenues | 6,463 | 6,829 | 6,952 | 13,292 | 14,041 |
Provision for credit losses | 18 | 34 | 51 | 52 | 73 |
Compensation and benefits | 2,973 | 2,993 | 2,926 | 5,966 | 5,917 |
General and administrative expenses | 3,441 | 1,690 | 1,873 | 5,131 | 3,605 |
Commission expenses | 377 | 369 | 457 | 746 | 927 |
Total other operating expenses | 3,818 | 2,059 | 2,330 | 5,877 | 4,532 |
Total operating expenses | 6,791 | 5,052 | 5,256 | 11,843 | 10,449 |
Income tax expense | 307 | 543 | 472 | 850 | 971 |
Income from continuing operations | -653 | 1,200 | 1,173 | 547 | 2,548 |
Income/(loss) from discontinued operations, net of tax | -9 | 15 | -9 | 6 | -3 |
Net income | -662 | 1,215 | 1,164 | 553 | 2,545 |
Net income/(loss) attributable to noncontrolling interests | 38 | 356 | 119 | 394 | 197 |
Net income attributable to shareholders | -700 | 859 | 1,045 | 159 | 2,348 |
of which from continuing operations | -691 | 844 | 1,054 | 153 | 2,351 |
of which from discontinued operations | -9 | 15 | -9 | 6 | -3 |
Income from continuing operations before taxes | -346 | 1,743 | 1,645 | 1,397 | 3,519 |
Credit Suisse (USA), Inc - Consolidated | ' | ' | ' | ' | ' |
Condensed consolidating statements of operations (CHF million) | ' | ' | ' | ' | ' |
Interest and dividend income | 1,462 | ' | 1,728 | 2,947 | 3,472 |
Interest expense | -899 | ' | -1,078 | -1,773 | -2,061 |
Net interest income | 563 | ' | 650 | 1,174 | 1,411 |
Commissions and fees | 1,061 | ' | 1,043 | 2,115 | 1,960 |
Trading revenues | 225 | ' | -450 | 729 | -441 |
Other revenues | 242 | ' | 290 | 956 | 508 |
Net revenues | 2,091 | ' | 1,533 | 4,974 | 3,438 |
Provision for credit losses | 0 | ' | 2 | 0 | 2 |
Compensation and benefits | 924 | ' | 863 | 1,849 | 1,774 |
General and administrative expenses | 503 | ' | 515 | 971 | 1,038 |
Commission expenses | 61 | ' | 57 | 117 | 119 |
Total other operating expenses | 564 | ' | 572 | 1,088 | 1,157 |
Total operating expenses | 1,488 | ' | 1,435 | 2,937 | 2,931 |
Income tax expense | 210 | ' | -15 | 688 | 80 |
Income from continuing operations | 393 | ' | 111 | 1,349 | 425 |
Income/(loss) from discontinued operations, net of tax | 0 | ' | -4 | 0 | 6 |
Net income | 393 | ' | 107 | 1,349 | 431 |
Net income/(loss) attributable to noncontrolling interests | 25 | ' | 98 | 373 | 167 |
Net income attributable to shareholders | 368 | ' | 9 | 976 | 264 |
of which from continuing operations | 368 | ' | 13 | 976 | 258 |
of which from discontinued operations | 0 | ' | -4 | 0 | 6 |
Income from continuing operations before taxes | 603 | ' | 96 | 2,037 | 505 |
Bank parent company and other subsidiaries | ' | ' | ' | ' | ' |
Condensed consolidating statements of operations (CHF million) | ' | ' | ' | ' | ' |
Interest and dividend income | 4,102 | ' | 4,355 | 6,933 | 7,299 |
Interest expense | -2,170 | ' | -2,484 | -3,528 | -4,434 |
Net interest income | 1,932 | ' | 1,871 | 3,405 | 2,865 |
Commissions and fees | 2,234 | ' | 2,448 | 4,408 | 4,727 |
Trading revenues | -144 | ' | 806 | 22 | 2,605 |
Other revenues | 167 | ' | 129 | 222 | 152 |
Net revenues | 4,189 | ' | 5,254 | 8,057 | 10,349 |
Provision for credit losses | 4 | ' | 33 | 23 | 35 |
Compensation and benefits | 2,069 | ' | 1,975 | 4,148 | 4,069 |
General and administrative expenses | 2,953 | ' | 1,381 | 4,191 | 2,606 |
Commission expenses | 313 | ' | 397 | 623 | 802 |
Total other operating expenses | 3,266 | ' | 1,778 | 4,814 | 3,408 |
Total operating expenses | 5,335 | ' | 3,753 | 8,962 | 7,477 |
Income tax expense | 68 | ' | 467 | 114 | 845 |
Income from continuing operations | -1,218 | ' | 1,001 | -1,042 | 1,992 |
Income/(loss) from discontinued operations, net of tax | -9 | ' | -5 | 6 | -9 |
Net income | -1,227 | ' | 996 | -1,036 | 1,983 |
Net income/(loss) attributable to noncontrolling interests | 4 | ' | 222 | -189 | 368 |
Net income attributable to shareholders | -1,231 | ' | 774 | -847 | 1,615 |
of which from continuing operations | -1,222 | ' | 779 | -853 | 1,624 |
of which from discontinued operations | -9 | ' | -5 | 6 | -9 |
Income from continuing operations before taxes | -1,150 | ' | 1,468 | -928 | 2,837 |
Bank | ' | ' | ' | ' | ' |
Condensed consolidating statements of operations (CHF million) | ' | ' | ' | ' | ' |
Interest and dividend income | 5,564 | ' | 6,083 | 9,880 | 10,771 |
Interest expense | -3,069 | ' | -3,562 | -5,301 | -6,495 |
Net interest income | 2,495 | ' | 2,521 | 4,579 | 4,276 |
Commissions and fees | 3,295 | ' | 3,491 | 6,523 | 6,687 |
Trading revenues | 81 | ' | 356 | 751 | 2,164 |
Other revenues | 409 | ' | 419 | 1,178 | 660 |
Net revenues | 6,280 | ' | 6,787 | 13,031 | 13,787 |
Provision for credit losses | 4 | ' | 35 | 23 | 37 |
Compensation and benefits | 2,993 | ' | 2,838 | 5,997 | 5,843 |
General and administrative expenses | 3,456 | ' | 1,896 | 5,162 | 3,644 |
Commission expenses | 374 | ' | 454 | 740 | 921 |
Total other operating expenses | 3,830 | ' | 2,350 | 5,902 | 4,565 |
Total operating expenses | 6,823 | ' | 5,188 | 11,899 | 10,408 |
Income tax expense | 278 | ' | 452 | 802 | 925 |
Income from continuing operations | -825 | ' | 1,112 | 307 | 2,417 |
Income/(loss) from discontinued operations, net of tax | -9 | ' | -9 | 6 | -3 |
Net income | -834 | ' | 1,103 | 313 | 2,414 |
Net income/(loss) attributable to noncontrolling interests | 29 | ' | 320 | 184 | 535 |
Net income attributable to shareholders | -863 | ' | 783 | 129 | 1,879 |
of which from continuing operations | -854 | ' | 792 | 123 | 1,882 |
of which from discontinued operations | -9 | ' | -9 | 6 | -3 |
Income from continuing operations before taxes | -547 | ' | 1,564 | 1,109 | 3,342 |
Group parent company | ' | ' | ' | ' | ' |
Condensed consolidating statements of operations (CHF million) | ' | ' | ' | ' | ' |
Interest and dividend income | 40 | ' | 13 | 78 | 27 |
Interest expense | -57 | ' | -11 | -109 | -23 |
Net interest income | -17 | ' | 2 | -31 | 4 |
Commissions and fees | 3 | ' | 1 | 2 | 3 |
Trading revenues | 47 | ' | 0 | 36 | 0 |
Other revenues | -742 | ' | 1,039 | 134 | 2,314 |
Net revenues | -709 | ' | 1,042 | 141 | 2,321 |
Provision for credit losses | 0 | ' | 0 | 0 | 0 |
Compensation and benefits | 16 | ' | 18 | 34 | 32 |
General and administrative expenses | -25 | ' | -34 | -52 | -74 |
Commission expenses | 0 | ' | 0 | 0 | ' |
Total other operating expenses | -25 | ' | -34 | -52 | -74 |
Total operating expenses | -9 | ' | -16 | -18 | -42 |
Income tax expense | 0 | ' | 13 | 0 | 15 |
Income from continuing operations | -700 | ' | 1,045 | 159 | 2,348 |
Income/(loss) from discontinued operations, net of tax | 0 | ' | 0 | 0 | 0 |
Net income | -700 | ' | 1,045 | 159 | 2,348 |
Net income/(loss) attributable to noncontrolling interests | 0 | ' | 0 | 0 | 0 |
Net income attributable to shareholders | -700 | ' | 1,045 | 159 | 2,348 |
of which from continuing operations | -700 | ' | 1,045 | 159 | 2,348 |
of which from discontinued operations | 0 | ' | 0 | 0 | 0 |
Income from continuing operations before taxes | -700 | ' | 1,058 | 159 | 2,363 |
Other Group subsidiaries | ' | ' | ' | ' | ' |
Condensed consolidating statements of operations (CHF million) | ' | ' | ' | ' | ' |
Interest and dividend income | 86 | ' | 124 | 177 | 244 |
Interest expense | 22 | ' | -7 | 39 | -78 |
Net interest income | 108 | ' | 117 | 216 | 166 |
Commissions and fees | 11 | ' | 46 | 59 | 96 |
Trading revenues | 69 | ' | 1 | 48 | 8 |
Other revenues | 704 | ' | -1,041 | -203 | -2,337 |
Net revenues | 892 | ' | -877 | 120 | -2,067 |
Provision for credit losses | 14 | ' | 16 | 29 | 36 |
Compensation and benefits | -36 | ' | 70 | -65 | 42 |
General and administrative expenses | 10 | ' | 11 | 21 | 35 |
Commission expenses | 3 | ' | 3 | 6 | 6 |
Total other operating expenses | 13 | ' | 14 | 27 | 41 |
Total operating expenses | -23 | ' | 84 | -38 | 83 |
Income tax expense | 29 | ' | 7 | 48 | 31 |
Income from continuing operations | 872 | ' | -984 | 81 | -2,217 |
Income/(loss) from discontinued operations, net of tax | 0 | ' | 0 | 0 | 0 |
Net income | 872 | ' | -984 | 81 | -2,217 |
Net income/(loss) attributable to noncontrolling interests | 9 | ' | -201 | 210 | -338 |
Net income attributable to shareholders | 863 | ' | -783 | -129 | -1,879 |
of which from continuing operations | 863 | ' | -783 | -129 | -1,879 |
of which from discontinued operations | 0 | ' | 0 | 0 | 0 |
Income from continuing operations before taxes | 901 | ' | -977 | 129 | -2,186 |
Subsidiary_guarantee_informati3
Subsidiary guarantee information (Details 2) (CHF) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive income (CHF million) | ' | ' | ' | ' | ' |
Net income | -662 | 1,215 | 1,164 | 553 | 2,545 |
Gains/(losses) on cash flow hedges | 12 | 17 | -15 | 29 | -13 |
Foreign currency translation | 65 | -273 | -166 | -208 | 761 |
Unrealized gains/(losses) on securities | 12 | 8 | -14 | 20 | -21 |
Actuarial gains/(losses) | 42 | 35 | 81 | 77 | 151 |
Net prior service cost | -22 | -20 | -31 | -42 | -58 |
Other comprehensive income/(loss), net of tax | 109 | -233 | -145 | -124 | 820 |
Comprehensive income/(loss) | -553 | 982 | 1,019 | 429 | 3,365 |
Comprehensive income/(loss) attributable to noncontrolling interests | 41 | 331 | 110 | 372 | 315 |
Comprehensive income/(loss) attributable to shareholders | -594 | 651 | 909 | 57 | 3,050 |
Credit Suisse (USA), Inc - Consolidated | ' | ' | ' | ' | ' |
Comprehensive income (CHF million) | ' | ' | ' | ' | ' |
Net income | 393 | ' | 107 | 1,349 | 431 |
Gains/(losses) on cash flow hedges | 0 | ' | 0 | 0 | 0 |
Foreign currency translation | 84 | ' | -15 | -81 | 745 |
Unrealized gains/(losses) on securities | 0 | ' | 0 | 0 | 1 |
Actuarial gains/(losses) | 6 | ' | 10 | 8 | 20 |
Net prior service cost | 0 | ' | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | 90 | ' | -5 | -73 | 766 |
Comprehensive income/(loss) | 483 | ' | 102 | 1,276 | 1,197 |
Comprehensive income/(loss) attributable to noncontrolling interests | 29 | ' | 94 | 352 | 285 |
Comprehensive income/(loss) attributable to shareholders | 454 | ' | 8 | 924 | 912 |
Bank parent company and other subsidiaries | ' | ' | ' | ' | ' |
Comprehensive income (CHF million) | ' | ' | ' | ' | ' |
Net income | -1,227 | ' | 996 | -1,036 | 1,983 |
Gains/(losses) on cash flow hedges | 6 | ' | -21 | 15 | -17 |
Foreign currency translation | -18 | ' | -151 | -130 | 23 |
Unrealized gains/(losses) on securities | 10 | ' | -6 | 15 | -11 |
Actuarial gains/(losses) | 5 | ' | 4 | 11 | 8 |
Net prior service cost | -1 | ' | 0 | -1 | 0 |
Other comprehensive income/(loss), net of tax | 2 | ' | -174 | -90 | 3 |
Comprehensive income/(loss) | -1,225 | ' | 822 | -1,126 | 1,986 |
Comprehensive income/(loss) attributable to noncontrolling interests | 4 | ' | 201 | -192 | 480 |
Comprehensive income/(loss) attributable to shareholders | -1,229 | ' | 621 | -934 | 1,506 |
Bank | ' | ' | ' | ' | ' |
Comprehensive income (CHF million) | ' | ' | ' | ' | ' |
Net income | -834 | ' | 1,103 | 313 | 2,414 |
Gains/(losses) on cash flow hedges | 6 | ' | -21 | 15 | -17 |
Foreign currency translation | 66 | ' | -166 | -211 | 768 |
Unrealized gains/(losses) on securities | 10 | ' | -6 | 15 | -10 |
Actuarial gains/(losses) | 11 | ' | 14 | 19 | 28 |
Net prior service cost | -1 | ' | 0 | -1 | 0 |
Other comprehensive income/(loss), net of tax | 92 | ' | -179 | -163 | 769 |
Comprehensive income/(loss) | -742 | ' | 924 | 150 | 3,183 |
Comprehensive income/(loss) attributable to noncontrolling interests | 33 | ' | 295 | 160 | 765 |
Comprehensive income/(loss) attributable to shareholders | -775 | ' | 629 | -10 | 2,418 |
Group parent company | ' | ' | ' | ' | ' |
Comprehensive income (CHF million) | ' | ' | ' | ' | ' |
Net income | -700 | ' | 1,045 | 159 | 2,348 |
Gains/(losses) on cash flow hedges | 5 | ' | 6 | 13 | 4 |
Foreign currency translation | 1 | ' | 0 | 1 | 0 |
Unrealized gains/(losses) on securities | 0 | ' | 0 | 0 | 0 |
Actuarial gains/(losses) | 0 | ' | 0 | 0 | 0 |
Net prior service cost | 0 | ' | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | 6 | ' | 6 | 14 | 4 |
Comprehensive income/(loss) | -694 | ' | 1,051 | 173 | 2,352 |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | ' | 0 | 0 | 0 |
Comprehensive income/(loss) attributable to shareholders | -694 | ' | 1,051 | 173 | 2,352 |
Other Group subsidiaries | ' | ' | ' | ' | ' |
Comprehensive income (CHF million) | ' | ' | ' | ' | ' |
Net income | 872 | ' | -984 | 81 | -2,217 |
Gains/(losses) on cash flow hedges | 1 | ' | 0 | 1 | 0 |
Foreign currency translation | -2 | ' | 0 | 2 | -7 |
Unrealized gains/(losses) on securities | 2 | ' | -8 | 5 | -11 |
Actuarial gains/(losses) | 31 | ' | 67 | 58 | 123 |
Net prior service cost | -21 | ' | -31 | -41 | -58 |
Other comprehensive income/(loss), net of tax | 11 | ' | 28 | 25 | 47 |
Comprehensive income/(loss) | 883 | ' | -956 | 106 | -2,170 |
Comprehensive income/(loss) attributable to noncontrolling interests | 8 | ' | -185 | 212 | -450 |
Comprehensive income/(loss) attributable to shareholders | 875 | ' | -771 | -106 | -1,720 |
Subsidiary_guarantee_informati4
Subsidiary guarantee information (Details 3) (CHF) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||||
Assets (CHF million) | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 66,469 | 65,972 | 68,692 | 56,584 | ' | ' |
Interest-bearing deposits with banks | 1,749 | 1,728 | 1,515 | 1,563 | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 165,744 | 162,890 | 160,022 | 173,404 | ' | ' |
Securities received as collateral | 21,611 | 23,029 | 22,800 | 21,675 | ' | ' |
Trading assets | 235,427 | 237,069 | 229,413 | 245,834 | ' | ' |
Investment securities | 3,323 | 3,320 | 2,987 | 3,546 | ' | ' |
Other investments | 7,709 | 7,806 | 10,329 | 11,628 | ' | ' |
Net loans | 254,532 | 250,659 | 247,054 | 246,186 | ' | ' |
Premises and equipment | 4,811 | 4,926 | 5,091 | 5,459 | ' | ' |
Goodwill | 7,983 | 7,956 | 7,999 | 8,554 | ' | ' |
Other intangible assets | 245 | 228 | 210 | 237 | ' | ' |
Brokerage receivables | 56,309 | 49,353 | 52,045 | 72,247 | ' | ' |
Other assets | 64,689 | 62,405 | 63,065 | 72,986 | ' | ' |
Assets of discontinued operations held-for-sale | 979 | 749 | 1,584 | 0 | ' | ' |
Total assets | 891,580 | 878,090 | 872,806 | 919,903 | ' | ' |
Liabilities and equity (CHF million) | ' | ' | ' | ' | ' | ' |
Due to banks | 26,701 | 24,211 | 23,108 | 29,440 | ' | ' |
Customer deposits | 346,296 | 348,450 | 333,089 | 328,389 | ' | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 88,066 | 88,675 | 94,032 | 99,073 | ' | ' |
Obligation to return securities received as collateral | 21,611 | 23,029 | 22,800 | 21,675 | ' | ' |
Trading liabilities | 75,129 | 73,029 | 76,635 | 89,917 | ' | ' |
Short-term borrowings | 29,426 | 24,181 | 20,193 | 20,976 | ' | ' |
Long-term debt | 143,827 | 132,434 | 130,042 | 133,505 | ' | ' |
Brokerage payables | 68,842 | 70,250 | 73,154 | 91,404 | ' | ' |
Other liabilities | 48,913 | 48,768 | 51,447 | 56,117 | ' | ' |
Liabilities of discontinued operations held-for-sale | 742 | 781 | 1,140 | 0 | ' | ' |
Total liabilities | 849,553 | 833,808 | 825,640 | 870,496 | ' | ' |
Total shareholders' equity | 40,944 | 43,230 | 42,164 | 42,402 | ' | ' |
Noncontrolling interests | 1,083 | 1,052 | 5,002 | 7,005 | ' | ' |
Total equity | 42,027 | 44,282 | 47,166 | 49,407 | 44,946 | 42,284 |
Total liabilities and equity | 891,580 | 878,090 | 872,806 | 919,903 | ' | ' |
Credit Suisse (USA), Inc - Consolidated | ' | ' | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 4,819 | ' | 4,787 | ' | ' | ' |
Interest-bearing deposits with banks | 7,732 | ' | 81 | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 144,167 | ' | 127,153 | ' | ' | ' |
Securities received as collateral | 21,814 | ' | 23,479 | ' | ' | ' |
Trading assets | 72,652 | ' | 73,580 | ' | ' | ' |
Investment securities | 3 | ' | 2 | ' | ' | ' |
Other investments | 3,012 | ' | 5,116 | ' | ' | ' |
Net loans | 11,460 | ' | 19,955 | ' | ' | ' |
Premises and equipment | 812 | ' | 891 | ' | ' | ' |
Goodwill | 656 | ' | 658 | ' | ' | ' |
Other intangible assets | 102 | ' | 78 | ' | ' | ' |
Brokerage receivables | 30,808 | ' | 25,667 | ' | ' | ' |
Other assets | 19,687 | ' | 18,104 | ' | ' | ' |
Assets of discontinued operations held-for-sale | 0 | ' | 11 | ' | ' | ' |
Total assets | 317,724 | ' | 299,562 | ' | ' | ' |
Liabilities and equity (CHF million) | ' | ' | ' | ' | ' | ' |
Due to banks | 1,029 | ' | 251 | ' | ' | ' |
Customer deposits | 1 | ' | 1 | ' | ' | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 105,753 | ' | 98,600 | ' | ' | ' |
Obligation to return securities received as collateral | 21,814 | ' | 23,479 | ' | ' | ' |
Trading liabilities | 16,680 | ' | 14,304 | ' | ' | ' |
Short-term borrowings | 51,997 | ' | 42,842 | ' | ' | ' |
Long-term debt | 32,639 | ' | 31,300 | ' | ' | ' |
Brokerage payables | 55,583 | ' | 55,749 | ' | ' | ' |
Other liabilities | 11,843 | ' | 11,284 | ' | ' | ' |
Liabilities of discontinued operations held-for-sale | 0 | ' | 19 | ' | ' | ' |
Total liabilities | 297,339 | ' | 277,829 | ' | ' | ' |
Total shareholders' equity | 19,191 | ' | 18,583 | ' | ' | ' |
Noncontrolling interests | 1,194 | ' | 3,150 | ' | ' | ' |
Total equity | 20,385 | ' | 21,733 | ' | ' | ' |
Total liabilities and equity | 317,724 | ' | 299,562 | ' | ' | ' |
Bank parent company and other subsidiaries | ' | ' | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 61,064 | ' | 63,290 | ' | ' | ' |
Interest-bearing deposits with banks | -3,824 | ' | 3,304 | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 21,574 | ' | 32,860 | ' | ' | ' |
Securities received as collateral | -203 | ' | -679 | ' | ' | ' |
Trading assets | 162,984 | ' | 156,156 | ' | ' | ' |
Investment securities | 2,025 | ' | 1,625 | ' | ' | ' |
Other investments | 4,553 | ' | 5,091 | ' | ' | ' |
Net loans | 226,575 | ' | 211,202 | ' | ' | ' |
Premises and equipment | 3,802 | ' | 4,004 | ' | ' | ' |
Goodwill | 6,449 | ' | 6,463 | ' | ' | ' |
Other intangible assets | 143 | ' | 132 | ' | ' | ' |
Brokerage receivables | 25,500 | ' | 26,377 | ' | ' | ' |
Other assets | 43,311 | ' | 43,452 | ' | ' | ' |
Assets of discontinued operations held-for-sale | 979 | ' | 1,573 | ' | ' | ' |
Total assets | 554,932 | ' | 554,850 | ' | ' | ' |
Liabilities and equity (CHF million) | ' | ' | ' | ' | ' | ' |
Due to banks | 25,875 | ' | 22,896 | ' | ' | ' |
Customer deposits | 334,943 | ' | 321,850 | ' | ' | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -17,687 | ' | -4,568 | ' | ' | ' |
Obligation to return securities received as collateral | -203 | ' | -679 | ' | ' | ' |
Trading liabilities | 58,445 | ' | 62,508 | ' | ' | ' |
Short-term borrowings | -22,571 | ' | -22,649 | ' | ' | ' |
Long-term debt | 105,668 | ' | 95,341 | ' | ' | ' |
Brokerage payables | 13,259 | ' | 17,405 | ' | ' | ' |
Other liabilities | 36,637 | ' | 39,795 | ' | ' | ' |
Liabilities of discontinued operations held-for-sale | 742 | ' | 1,121 | ' | ' | ' |
Total liabilities | 535,108 | ' | 533,020 | ' | ' | ' |
Total shareholders' equity | 20,008 | ' | 21,409 | ' | ' | ' |
Noncontrolling interests | -184 | ' | 421 | ' | ' | ' |
Total equity | 19,824 | ' | 21,830 | ' | ' | ' |
Total liabilities and equity | 554,932 | ' | 554,850 | ' | ' | ' |
Bank | ' | ' | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 65,883 | ' | 68,077 | ' | ' | ' |
Interest-bearing deposits with banks | 3,908 | ' | 3,385 | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 165,741 | ' | 160,013 | ' | ' | ' |
Securities received as collateral | 21,611 | ' | 22,800 | ' | ' | ' |
Trading assets | 235,636 | ' | 229,736 | ' | ' | ' |
Investment securities | 2,028 | ' | 1,627 | ' | ' | ' |
Other investments | 7,565 | ' | 10,207 | ' | ' | ' |
Net loans | 238,035 | ' | 231,157 | ' | ' | ' |
Premises and equipment | 4,614 | ' | 4,895 | ' | ' | ' |
Goodwill | 7,105 | ' | 7,121 | ' | ' | ' |
Other intangible assets | 245 | ' | 210 | ' | ' | ' |
Brokerage receivables | 56,308 | ' | 52,044 | ' | ' | ' |
Other assets | 62,998 | ' | 61,556 | ' | ' | ' |
Assets of discontinued operations held-for-sale | 979 | ' | 1,584 | ' | ' | ' |
Total assets | 872,656 | ' | 854,412 | ' | ' | ' |
Liabilities and equity (CHF million) | ' | ' | ' | ' | ' | ' |
Due to banks | 26,904 | ' | 23,147 | ' | ' | ' |
Customer deposits | 334,944 | ' | 321,851 | ' | ' | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 88,066 | ' | 94,032 | ' | ' | ' |
Obligation to return securities received as collateral | 21,611 | ' | 22,800 | ' | ' | ' |
Trading liabilities | 75,125 | ' | 76,812 | ' | ' | ' |
Short-term borrowings | 29,426 | ' | 20,193 | ' | ' | ' |
Long-term debt | 138,307 | ' | 126,641 | ' | ' | ' |
Brokerage payables | 68,842 | ' | 73,154 | ' | ' | ' |
Other liabilities | 48,480 | ' | 51,079 | ' | ' | ' |
Liabilities of discontinued operations held-for-sale | 742 | ' | 1,140 | ' | ' | ' |
Total liabilities | 832,447 | ' | 810,849 | ' | ' | ' |
Total shareholders' equity | 39,199 | ' | 39,992 | ' | ' | ' |
Noncontrolling interests | 1,010 | ' | 3,571 | ' | ' | ' |
Total equity | 40,209 | ' | 43,563 | ' | ' | ' |
Total liabilities and equity | 872,656 | ' | 854,412 | ' | ' | ' |
Group parent company | ' | ' | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 1,065 | ' | 795 | ' | ' | ' |
Interest-bearing deposits with banks | 0 | ' | 0 | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ' | 0 | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' | ' | ' |
Trading assets | 0 | ' | 0 | ' | ' | ' |
Investment securities | 3,818 | ' | 1,481 | ' | ' | ' |
Other investments | 43,145 | ' | 42,570 | ' | ' | ' |
Net loans | 709 | ' | 3,185 | ' | ' | ' |
Premises and equipment | 0 | ' | 0 | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | ' | ' |
Other intangible assets | 0 | ' | 0 | ' | ' | ' |
Brokerage receivables | 0 | ' | 0 | ' | ' | ' |
Other assets | 266 | ' | 243 | ' | ' | ' |
Assets of discontinued operations held-for-sale | 0 | ' | 0 | ' | ' | ' |
Total assets | 49,003 | ' | 48,274 | ' | ' | ' |
Liabilities and equity (CHF million) | ' | ' | ' | ' | ' | ' |
Due to banks | 2,807 | ' | 3,242 | ' | ' | ' |
Customer deposits | 0 | ' | 0 | ' | ' | ' |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | ' | 0 | ' | ' | ' |
Obligation to return securities received as collateral | 0 | ' | 0 | ' | ' | ' |
Trading liabilities | 0 | ' | 0 | ' | ' | ' |
Short-term borrowings | 0 | ' | 0 | ' | ' | ' |
Long-term debt | 5,112 | ' | 2,784 | ' | ' | ' |
Brokerage payables | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 140 | ' | 84 | ' | ' | ' |
Liabilities of discontinued operations held-for-sale | 0 | ' | 0 | ' | ' | ' |
Total liabilities | 8,059 | ' | 6,110 | ' | ' | ' |
Total shareholders' equity | 40,944 | ' | 42,164 | ' | ' | ' |
Noncontrolling interests | 0 | ' | 0 | ' | ' | ' |
Total equity | 40,944 | ' | 42,164 | ' | ' | ' |
Total liabilities and equity | 49,003 | ' | 48,274 | ' | ' | ' |
Other Group subsidiaries | ' | ' | ' | ' | ' | ' |
Assets (CHF million) | ' | ' | ' | ' | ' | ' |
Cash and due from banks | -479 | ' | -180 | ' | ' | ' |
Interest-bearing deposits with banks | -2,159 | ' | -1,870 | ' | ' | ' |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 3 | ' | 9 | ' | ' | ' |
Securities received as collateral | 0 | ' | 0 | ' | ' | ' |
Trading assets | -209 | ' | -323 | ' | ' | ' |
Investment securities | -2,523 | ' | -121 | ' | ' | ' |
Other investments | -43,001 | ' | -42,448 | ' | ' | ' |
Net loans | 15,788 | ' | 12,712 | ' | ' | ' |
Premises and equipment | 197 | ' | 196 | ' | ' | ' |
Goodwill | 878 | ' | 878 | ' | ' | ' |
Other intangible assets | 0 | ' | 0 | ' | ' | ' |
Brokerage receivables | 1 | ' | 1 | ' | ' | ' |
Other assets | 1,425 | ' | 1,266 | ' | ' | ' |
Assets of discontinued operations held-for-sale | 0 | ' | 0 | ' | ' | ' |
Total assets | -30,079 | ' | -29,880 | ' | ' | ' |
Liabilities and equity (CHF million) | ' | ' | ' | ' | ' | ' |
Due to banks | -3,010 | ' | -3,281 | ' | ' | ' |
Customer deposits | 11,352 | ' | 11,238 | ' | ' | ' |
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 | 4 | ' | -177 | ' | ' | ' |
Short-term borrowings | 0 | ' | 0 | ' | ' | ' |
Long-term debt | 408 | ' | 617 | ' | ' | ' |
Brokerage payables | 0 | ' | 0 | ' | ' | ' |
Other liabilities | 293 | ' | 284 | ' | ' | ' |
Liabilities of discontinued operations held-for-sale | 0 | ' | 0 | ' | ' | ' |
Total liabilities | 9,047 | ' | 8,681 | ' | ' | ' |
Total shareholders' equity | -39,199 | ' | -39,992 | ' | ' | ' |
Noncontrolling interests | 73 | ' | 1,431 | ' | ' | ' |
Total equity | -39,126 | ' | -38,561 | ' | ' | ' |
Total liabilities and equity | -30,079 | ' | -29,880 | ' | ' | ' |
Subsidiary_guarantee_informati5
Subsidiary guarantee information (Details 4) (CHF) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities of continuing operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of continuing operations | -17,618 | 14,554 |
Investing activities of continuing operations (CHF million) | ' | ' |
(Increase)/decrease in interest-bearing deposits with banks | -243 | 529 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -5,756 | 14,007 |
Purchase of investment securities | -459 | -212 |
Proceeds from sale of investment securities | 48 | 36 |
Maturities of investment securities | 92 | 92 |
Investments in subsidiaries and other investments | -483 | -901 |
Proceeds from sale of other investments | 850 | 1,617 |
(Increase)/decrease in loans | -9,057 | -3,652 |
Proceeds from sale of loans | 943 | 484 |
Capital expenditures for premises and equipment and other intangible assets | -411 | -440 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 8 |
Other, net | 150 | -2 |
Net cash provided by/(used in) investing activities of continuing operations | -14,326 | 11,566 |
Financing activities of continuing operations (CHF million) | ' | ' |
Increase/(decrease) in due to banks and customer deposits | 16,644 | 16,043 |
Increase/(decrease) in short-term borrowings | 9,095 | 5,896 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -5,659 | -37,364 |
Issuances of long-term debt | 32,023 | 17,259 |
Repayments of long-term debt | -19,616 | -33,622 |
Issuances of common shares | 297 | 928 |
Sale of treasury shares | 4,033 | 5,128 |
Repurchase of treasury shares | -4,792 | -5,479 |
Dividends paid/capital repayments | -1,227 | -406 |
Excess tax benefits on share based awards | 0 | 0 |
Other, net | -1,468 | -464 |
Net cash provided by/(used in) financing activities of continuing operations | 29,330 | -32,081 |
Effect of exchange rate changes on cash and due from banks (CHF million) | ' | ' |
Effect of exchange rate changes on cash and due from banks | 574 | 1,130 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of discontinued operations | -183 | -348 |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Net increase/(decrease) in cash and due from banks | -2,223 | -5,179 |
Cash and due from banks at beginning of period | 68,692 | 61,763 |
Cash and due from banks at end of period | 66,469 | 56,584 |
Credit Suisse (USA), Inc - Consolidated | ' | ' |
Operating activities of continuing operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of continuing operations | -1,908 | 2,033 |
Investing activities of continuing operations (CHF million) | ' | ' |
(Increase)/decrease in interest-bearing deposits with banks | -7,688 | -2 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -17,533 | 7,299 |
Purchase of investment securities | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 0 | 0 |
Investments in subsidiaries and other investments | -300 | 224 |
Proceeds from sale of other investments | 780 | 910 |
(Increase)/decrease in loans | 8,466 | 1,739 |
Proceeds from sale of loans | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | -122 | -119 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 |
Other, net | 7 | -61 |
Net cash provided by/(used in) investing activities of continuing operations | -16,390 | 9,990 |
Financing activities of continuing operations (CHF million) | ' | ' |
Increase/(decrease) in due to banks and customer deposits | 783 | 76 |
Increase/(decrease) in short-term borrowings | 9,346 | 12,717 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 7,526 | -23,215 |
Issuances of long-term debt | 2,896 | 679 |
Repayments of long-term debt | -1,440 | -1,974 |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | 0 | 0 |
Excess tax benefits on share based awards | 0 | 0 |
Other, net | -756 | 323 |
Net cash provided by/(used in) financing activities of continuing operations | 18,355 | -11,394 |
Effect of exchange rate changes on cash and due from banks (CHF million) | ' | ' |
Effect of exchange rate changes on cash and due from banks | -17 | 167 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of discontinued operations | -8 | -7 |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Net increase/(decrease) in cash and due from banks | 32 | 789 |
Cash and due from banks at beginning of period | 4,787 | 4,523 |
Cash and due from banks at end of period | 4,819 | 5,312 |
Bank parent company and other subsidiaries | ' | ' |
Operating activities of continuing operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of continuing operations | -15,916 | 12,484 |
Investing activities of continuing operations (CHF million) | ' | ' |
(Increase)/decrease in interest-bearing deposits with banks | 7,156 | 1,561 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 11,771 | 6,708 |
Purchase of investment securities | -459 | -212 |
Proceeds from sale of investment securities | 48 | 36 |
Maturities of investment securities | 10 | 39 |
Investments in subsidiaries and other investments | -151 | -863 |
Proceeds from sale of other investments | 43 | 438 |
(Increase)/decrease in loans | -16,894 | -3,567 |
Proceeds from sale of loans | 943 | 484 |
Capital expenditures for premises and equipment and other intangible assets | -285 | -317 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 8 |
Other, net | 142 | 59 |
Net cash provided by/(used in) investing activities of continuing operations | 2,324 | 4,374 |
Financing activities of continuing operations (CHF million) | ' | ' |
Increase/(decrease) in due to banks and customer deposits | 15,914 | 15,195 |
Increase/(decrease) in short-term borrowings | -251 | -6,821 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -13,185 | -14,149 |
Issuances of long-term debt | 29,134 | 16,338 |
Repayments of long-term debt | -20,246 | -31,113 |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | -59 | -147 |
Excess tax benefits on share based awards | 0 | 0 |
Other, net | -355 | -1,417 |
Net cash provided by/(used in) financing activities of continuing operations | 10,952 | -22,114 |
Effect of exchange rate changes on cash and due from banks (CHF million) | ' | ' |
Effect of exchange rate changes on cash and due from banks | 589 | 961 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of discontinued operations | -175 | -341 |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Net increase/(decrease) in cash and due from banks | -2,226 | -4,636 |
Cash and due from banks at beginning of period | 63,290 | 56,853 |
Cash and due from banks at end of period | 61,064 | 52,217 |
Bank | ' | ' |
Operating activities of continuing operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of continuing operations | -17,824 | 14,517 |
Investing activities of continuing operations (CHF million) | ' | ' |
(Increase)/decrease in interest-bearing deposits with banks | -532 | 1,559 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | -5,762 | 14,007 |
Purchase of investment securities | -459 | -212 |
Proceeds from sale of investment securities | 48 | 36 |
Maturities of investment securities | 10 | 39 |
Investments in subsidiaries and other investments | -451 | -639 |
Proceeds from sale of other investments | 823 | 1,348 |
(Increase)/decrease in loans | -8,428 | -1,828 |
Proceeds from sale of loans | 943 | 484 |
Capital expenditures for premises and equipment and other intangible assets | -407 | -436 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 8 |
Other, net | 149 | -2 |
Net cash provided by/(used in) investing activities of continuing operations | -14,066 | 14,364 |
Financing activities of continuing operations (CHF million) | ' | ' |
Increase/(decrease) in due to banks and customer deposits | 16,697 | 15,271 |
Increase/(decrease) in short-term borrowings | 9,095 | 5,896 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | -5,659 | -37,364 |
Issuances of long-term debt | 32,030 | 17,017 |
Repayments of long-term debt | -21,686 | -33,087 |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | -59 | -147 |
Excess tax benefits on share based awards | 0 | 0 |
Other, net | -1,111 | -1,094 |
Net cash provided by/(used in) financing activities of continuing operations | 29,307 | -33,508 |
Effect of exchange rate changes on cash and due from banks (CHF million) | ' | ' |
Effect of exchange rate changes on cash and due from banks | 572 | 1,128 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of discontinued operations | -183 | -348 |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Net increase/(decrease) in cash and due from banks | -2,194 | -3,847 |
Cash and due from banks at beginning of period | 68,077 | 61,376 |
Cash and due from banks at end of period | 65,883 | 57,529 |
Group parent company | ' | ' |
Operating activities of continuing operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of continuing operations | 250 | 146 |
Investing activities of continuing operations (CHF million) | ' | ' |
(Increase)/decrease in interest-bearing deposits with banks | 0 | 0 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Purchase of investment securities | -2,217 | 0 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 0 | 0 |
Investments in subsidiaries and other investments | -1,352 | 0 |
Proceeds from sale of other investments | 3 | 32 |
(Increase)/decrease in loans | 2,476 | 281 |
Proceeds from sale of loans | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | 0 | 0 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 |
Other, net | 0 | 0 |
Net cash provided by/(used in) investing activities of continuing operations | -1,090 | 313 |
Financing activities of continuing operations (CHF million) | ' | ' |
Increase/(decrease) in due to banks and customer deposits | -433 | -1,314 |
Increase/(decrease) in short-term borrowings | 0 | 0 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Issuances of long-term debt | 2,217 | 0 |
Repayments of long-term debt | 0 | 0 |
Issuances of common shares | 297 | 928 |
Sale of treasury shares | 0 | 38 |
Repurchase of treasury shares | -705 | -192 |
Dividends paid/capital repayments | -1,125 | -154 |
Excess tax benefits on share based awards | 0 | 0 |
Other, net | 861 | 221 |
Net cash provided by/(used in) financing activities of continuing operations | 1,112 | -473 |
Effect of exchange rate changes on cash and due from banks (CHF million) | ' | ' |
Effect of exchange rate changes on cash and due from banks | -2 | -2 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of discontinued operations | 0 | 0 |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Net increase/(decrease) in cash and due from banks | 270 | -16 |
Cash and due from banks at beginning of period | 795 | 19 |
Cash and due from banks at end of period | 1,065 | 3 |
Group Parent company - subsidiary that holds a banking license | ' | ' |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Dividend income from investments | 150 | 161 |
Group Parent company - subsidiary that doesn't hold a banking license | ' | ' |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Dividend income from investments | 113 | 21 |
Other Group subsidiaries | ' | ' |
Operating activities of continuing operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of continuing operations | -44 | -109 |
Investing activities of continuing operations (CHF million) | ' | ' |
(Increase)/decrease in interest-bearing deposits with banks | 289 | -1,030 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 6 | 0 |
Purchase of investment securities | 2,217 | 0 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 82 | 53 |
Investments in subsidiaries and other investments | 1,320 | -262 |
Proceeds from sale of other investments | 24 | 237 |
(Increase)/decrease in loans | -3,105 | -2,105 |
Proceeds from sale of loans | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | -4 | -4 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 |
Other, net | 1 | 0 |
Net cash provided by/(used in) investing activities of continuing operations | 830 | -3,111 |
Financing activities of continuing operations (CHF million) | ' | ' |
Increase/(decrease) in due to banks and customer deposits | 380 | 2,086 |
Increase/(decrease) in short-term borrowings | 0 | 0 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Issuances of long-term debt | -2,224 | 242 |
Repayments of long-term debt | 2,070 | -535 |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 4,033 | 5,090 |
Repurchase of treasury shares | -4,087 | -5,287 |
Dividends paid/capital repayments | -43 | -105 |
Excess tax benefits on share based awards | 0 | 0 |
Other, net | -1,218 | 409 |
Net cash provided by/(used in) financing activities of continuing operations | -1,089 | 1,900 |
Effect of exchange rate changes on cash and due from banks (CHF million) | ' | ' |
Effect of exchange rate changes on cash and due from banks | 4 | 4 |
Net cash provided by/(used in) operating activities of discontinued operations (CHF million) | ' | ' |
Net cash provided by/(used in) operating activities of discontinued operations | 0 | 0 |
Net increase/(decrease) in cash and due from banks (CHF million) | ' | ' |
Net increase/(decrease) in cash and due from banks | -299 | -1,316 |
Cash and due from banks at beginning of period | -180 | 368 |
Cash and due from banks at end of period | -479 | -948 |